Will it be possible to turn an account of $30 into $500 within three months of consistent trading?
This is my goal and I don’t know how realistic it is
10 Likes
How long have you been trading your “Demo Account” ? - How long did it take for you to do that in “DEMO…” ?
2 Likes
Yes, I think it is possible. It may require some luck and leverage. I wouldn’t try it unless you understand you may lose your initial deposit. To some people, $30 is a lot of money.
7 Likes
Yes try this strategy
https://forums.babypips.com/t/simple-and-powerful-strategy don’t take too much leverage and target 10-50 only
3 Likes
Now I am confused; if this is your goal then how you don’t the real scenario? Are you expecting this profit ratio unless making it in demo?
Bro, do yourself a favor and do a lot of backtesting first and use a demo account until you double your account 3 times, after that you can start thinking on reaching such goal.
Dont rush your learning
6 Likes
It is impossible, or rather, it means very little going forward: if you achieved what is a 1566% gain, how sustainable would it be?
If your three months started on 1st January 2019
you would have 63 working days (having taken off weekends and public holidays) in which to achieve your feat: this would mean scoring a 24.85% gain every one of those days in order to meet your goal.
In order to open the smallest position ($1000) with most brokers you would be exposed to a 33.33-to-1 leverage on your $30, which would put a lot of pressure on your account.
All of this means that you may as well donate that amount to charity, or buy you and a friend a meal out, or buy a few lottery tickets with it: it is wasted on such a project.
9 Likes
Is it me, or does the trading capital keep getting smaller every now and then.
Seriously, get a job and save for your trading capital.
Brokers want you to deposit that, it’s a trap. They know how easy it is for a beginner to loss $30 even trading only 0.01 lot size. “They know”
4 Likes
Anybody who seriously entertain the OP’s question doesn’t know what they are talking about.
Take your 30 dollars and buy some scratch tickets, because all you are talking about here is gambling. If you want to learn how to actually trade, then forget about profits and start studying how the markets work.
My comment is not a feel-good comment, but it is the truth. The OP’s mentality is destructive.
14 Likes
Using PipMeHappy’s numbers above.
$30 to $500 1566% gain 1st quarter
Same plan. $500 to $7,830 2nd quarter.
$7,830 to 122,618 3rd quarter.
$122,618 to $1,929,198. Happy New Year!!!
I think the gain is actually 1666%, so $2.3 million using the same formula.
Possible with crystal ball. Probable, no. Sustainable, no.
But a good lesson.
“Rule number No 1. Never lose money. Rule No 2. Don’t forget rule No.1.” Warren Buffet.
6 Likes
Boys…it can be done… Sept 2018 I ran this experiment (Live Account) and took $10.00 to a final result of $900 over 57 days…
Just to show that huge deposits are not required with a bit of savvy and discipline.
Thread containing the detailed Journal over 50 or so days is below…
Can it be done consistently… possibly… I had to run a little more risk (pre - $200) than I would normally but it was a lot of time for a small result compared to my normal trading strategies.
I mention in the thread that as your balance grows so should the risk management, so the massive percentage gains will shrink dramatically on larger balances… as it should.
Edit: I topped this account up to $1000 and added it to my multi account strategy… it is now around $1650 - $1700 or so.
7 Likes
Possible yes, but high risk and difficult, requieres high Leverage, and a complete emotional and psycological control. I agree with the other comments about trading demo, AND before going real with that ammout think about a cent account instead of a standard. Take step by step and be disciplined.
2 Likes
Also it Will take a lot of time un trading to spot all the possible options thru the pairs you trade (do you have that Time?)
1 Like
Thank you all for your reply so far. I think with all this replies I now know the step to take. Once again, thanks to y’all
2 Likes
I think I do. Its al about planning.
1 Like
I had to put on my rubber boots before writing this post because it’s getting pretty thick in here.
When you blow up your 30 dollars then head on back here and start learning how Forex and price speculation works.
2 Likes
Yes sure,
But you have to be able to identify a trending trade. I supported a friend i introduced to Forex trading and he made 270$ in 2 months and there on he added his capital …
Spotting Reversal points inTested Ressistance levels and Support levels is key and tested confirmed will play pivot for your success. If you have not built those skills yet…you will be wasting time…
2 Likes
High leverage when you know how market works, trade 24hrs when you know market entry. I was able to raise $25 demo to $900 for 5 days. But TBH you must practice and know how to handle your emotions. I can’t promise to work for really. I don’t know how it happened actually as I didn’t practice again on such amount after some advice I shifted to $100.
Have your own strategy and set the goal how you wanna make it per day. Be yourself and trust in yourself
4 Likes
The number 1 reason why most people fail in Forex ‘UNDER CAPITALIZATION’
3 Likes