I think only you can answer that question. We both have different valuations for money. Ask yourself this question, what is my time worth? Mentally/psychologically can you manage to put a ton of effort in for a minimal return?
For myself, i don’t like to trade anything less then $5/pip. So I know I need to have at least $1200 in my account to be able to trade my system at $5/pip and sustain losses. If i fall below that, i stop trading, reevaluate my process and then top up my account so I can trade at that level again.
For numbers sake, I am for at least a 20 pip profit, so the min i take from a trade is $100. Divide that by the my time I put into my research and following my trades, it’s right about $10/hr. That’s a price I can tolerate to learn a service that can be much more lucrative in the long term.
To be fair, it is all relative. Everyone has to start somewhere, and the value of time and money is subjective. The hourly payoff for your efforts may be small at first, but it will grow over time and you do not want to carry heavy risk when starting out anyway.
Hahahaha you will agree with me that investing in trading has to do with capital you know you are willing to lose. Now, if I have $1200 or even $800 that I am capable and willing to lose I will not even be thinking of being a trader… this may sound strange to you but its the truth.
First of all this post is an old one, I tried the $30 thing but it didn’t work. So I had to go back to practice but am wanting to start again with $100 cause this is quit a huge money that am willing and ready to lose. Thanks a lot for your genuine comments and I will love to know more about you
You can do it its just a matter of creating a profitable strategy, two answers above i showed turning 40 usd to 500 usd in less than a week. Hope everything works fine for you.
Your completely right, 30 is a lot to some but little to others. So I would say you value the dollar for more then just 1 dollar. $100 right now will land your right around .40/pip. Which imo is way better then $30 starting bankroll. You need to determine what kind of trader you are, develop a system that has proven to work for you through a demo account, then research you charts. I would probably recommend trading 1 major pair. Either the eurusd or the audusd, depending on the broker your using those 2 usually have peer spreads, high volitilty and both are considered to be Majors. Sticking to a major pair would be best imo. Good luck feel free to reach out if you have any questions
It depends on how many successful trades you are going to have as well as the risk that you take with each of your trades. From personal experience, I can clearly and confidently state that it is possible.
All things are possible,to day monday 3/2/2020,
I have watched this other guy growing a $44 dollar account to $500+.
He started in the morning by 5pm he had an equity of 500 dollars but some trades were still running in positive.
Who is your mentor matters also.
$30 is low. $100 is more realistic with good money management because with 2% risk per trade, ($2 per trade) you could trade micro contracts.
So some currencies you could trade a micro contract for less than 10p per point.
If trading intraday strategies, 20 points risk is do-able.
Even with micro contracts, the margin needed would be more than $30.
Hope this helps
With my experience with FOREX trading thus far I’ve gotten these results with a $30 account before, but I made an initial investment in my education & the earn while you learn system that the platform has. Doing it on my own before getting my proper education definitely did not have me with these results. Basically, this has taught me that you will either initially invest in your education by master traders to get these results, or be prepared to loose that initial investment amount (and more) for you to learn it yourself overtime.
I hope this helps
I agree with you. I don’t believe Babypips is ALL you need to become a profitable trader and won’t teach you how to develop a trading plan. But, it’s amazing to learn the basics of forex trading, so every newbie should be going through the Pips School as a start. I did a lot of studying and practicing on my own before I met my current mentor, who helped improve my trading drastically. I recommend finding an honest mentor to learn from. It can be kind of difficult though since a lot of “mentors” out here are actually scammers, or just make their money by selling BS courses that teach you basic forex knowledge
Oh most definitely not! It’s a great platform, don’t get me wrong. It’s great especially for definitions and learning the lingo of forex, but my eyes have definitely been opened and I’m forever grateful .
In 3 months I’d say no, cause to
Turn $30 in into $500 in 3 months months means higher lots size and that can only end in tears cause the market doesn’t do any favors to no one…
I’d say focus on getting $30 to $50, then $50 into a $100, and the best way to develop such strategy is through a demo account…
Remember this is not a get rich quick scheme, this is Forex
It is very possible. Personally I have traded a $50 into $700 in 10 trading days
Please how do I create a new thread I have forgotten lol. Its been long I used BP. I want to share my result of how “$30 to $500 in three months is it achievable” actually went.
I Took $5 to $1000 in 2 months, leverage 1:3000, no jokes, don’t let nobody tell you what you can or can’t do, many junkie forex gurus told me it was impossible and I did it anyway just for fun
Gentleman, Anything is possible in the Forex market. Do remember, $6.5 Trillion (with a ‘T’) changes hands every day. That is huge! I would agree that it would be difficult for a novice to achieve these results… starting with $30. But the real challenge is to put this discussion to the test, AND JUST TRY IT YOURSELF. For an experienced trader/investor… that undertaking will tell you more about your own trading style and expertise… than you probably care to know. This is a learning forum. Absolutely no room here for insults. Save those for yourself.
Totally achievable but very unsustainable. I’ve done it many times with the help of the right market conditions. I turned $300 into $38,000 with high leverage, luck and Brexit in days. I don’t recommend this as a strategy for anyone new and all those who are not, know why this isn’t a great use capital unless you’re testing tooling or strategy. 3 months isn’t really enough time but like many have suggested the learning opportunity to achieve your goal will tell you alot.
Hi, I’m new here and really like the site/forum.
I’ve stared a tickmill acount with theirs 30$ welcome bonus.
It’s been 3 months and now it’s up 900$.
So I truly believe it’s possible to grow it from 30$ to 500$. Have done it.
You can check the account here:
https://www.fxblue.com/users/dtraderb
I’d like to talk about the possibilities of doing it over again.
Regards
I think nothing is impossible to achieve while trading, as far as it is a practical goal. Keep yourself rational and motivated and there’s nothing you can’t attain.
I missed this thread.
I feel sorry for you man, that you had to read all these messages with people stating that it is very possible and can be also sustained
With 25% per day, I wonder why they don’t just take out a loan, trade $100K for a few months and join the top 10 richest people in the world