I’ve been trading FOREX for years in the micro account and have realized that if you do not have $10,000 to open a standard account you are forced to take on heavy risk to build your capital so that when you win a few pips here and there it means something instead of a few pennies
This is my several micro account attempt to turn $50 into $10,000 usually on average I lost $50 every two weeks for the past year.
I have heard that some traders know how to take 50 dollars and turn it into a few thousand dollars in just ONE MONTH! This is who I want to be join me so we can discuss how to do this together.
It’s just not a chance you will fail to turn 50 into 10000 in a month, you will fail. That kind of get rich quick type thinking is really more gambling than trading.
Actually with forex I’ve found it easier to start off with a small balance vice just about any other type of investment, just imagine trying to build a diversified stock or bond portfolio with just a few hundred dollars. Every trading technique that can be done with a six figure account can become with a $50 micro/nano account. If you can prove to yourself that in fact you can be consistently profitable with a small account…then it’ll be time to scale up.
Before the Mid-90’s when the internet started becoming a reliable technology for online “discount” brokerages, you wouldn’t have had access to the foreign exchange market unless you were willing to trade 1,000,000 units of currency… sans leverage
Be thankful for what you got. Oanda allows you to trade any lot size, which means you can execute a professional-grade risk management strategy with ANY amount of capital. Still others that offer micro-lots will allow you to work with as little as $1000. Maybe instead of blowing $50 a week GAMBLING, you could have saved up for a few months, and started with an amount that could allow you to achieve great wealth without taking excessive risks.
Remember…
The market wasn’t built to make you rich… quite the contrary
edit:
and when I say “you” I mean every retail trader, who, like you, wants to get rich with paltry sums of capital.
It takes too long to get rich using professional risk management with paltry sums of capital, how do some people increase their account size by 1000 percent in just one month?
I heard about a guy that bought a lottery ticket and won a few million bucks. Guess I just need to start buying lottery tickets and win too.
For every story you hear of minimal money turning into a big amount, you’ll have tens of thousands of stories of people that made the same attempt and busted their accounts.
Focus on solid trading and compound your earnings. Over time even the smallest amount of money will eventually turn into a sizeable account. It may takes years over years, but even then, that’s still something worth bragging about.
That is credible but there are people who are skilled enough to turn a few dollars into a lot of money in the span of one month and would like to know the framework to go about it without them revealing the actual strategy as that is priceless.
Again, it’s not skill. It was luck. If they could do that every month, they would have all the money in the world. Let’s bring this conversation back to reality please.
I would not believe for a second that they could repeat that success.
I’ll give you the frame work though.
10,000/2= 5k/2=2.5k… 50$ must be doubled 6+ times to amount to 10k. Let’s say 7 times.
If there are 22 trading days, then you will need to double your money every 3.1 days. 72*3.1=23.2.
If you start with 50$ and make 23.2% every day (compounding your winnings), then after one month you will have 10k.
Take your 50$ and bet it all every time.
There is a mathematical formula that calculates odds of consecutive events that are dependent on previous events. I’ll just tell you this, probability decreases compoundedly. the odds of 22 consecutive 23.2% profit bets becomes stupidly low.
Trust me, if you are smart but also stuck on the idea of getting rich quick, spend 50$ on the megaball or other lotto every two weeks.
If you don’t want to flush money away, then set a meager goal. Such as trying to break even in a one month period.
While luck is involved it also takes some skill to do it as luck is preparation meeting opportunity. Many people can turn 50 dollars into a few thousand dollars a month consistently they are just very experienced and have good strategies. If anyone of them are out there maybe they can give us a some tips on how to go about it.
Every trade does not have to be perfect but a few good trades with high leverage for the month could definitely get it done.
I found a way to get a standard size account with a $300 deposit to open i downloaded trade interceptor app on my smart phone ( which is the best app in the world for forex charts better than some trading stations) but if you go live and link your Fxcm( cuz thats what i have ) they have a exclusive offer where you can open a standard account with a $300 balance. and their desktop trade station is awesome as well its very similar to mt4 as well as you can continue to use your original trade station if you choose to do so … they dont charge any commission or increase the spread they make their money as an introducing broker check them out and tell me what you think ( tradeinterceptor dot com ) i love using the demo version on my phone just to mange my trades while im at work
Hi. It’s late and I’m tired but I think you misunderstood the OP’s statement.
First, he didn’t say turn $50.00 USD into $10,000.00 in one month.
I believe he wrote turn $50.00 USD into $3,000.00 (he said a few thousand).
Next, I don’t think your math allowed for increasing gains exponentially as your position increases from your gains.
In other words, only your first trade is for $50.00 (assuming you’re a winning trader).
$50.00 would approx. buy 2.5 micro lots = .25 / pip. (unless I’m too tired to think and I’m wrong.)
First trade position $50.00, lets say you won $5.00 - a 20 point scalp, easily doable.
Next trade position $55.00, and you won $6.87 (.275 per point) x 25 points =$5.50
Next trade position $61.87, etc.
With each increased position size your gains are obviously easier to come by.
You can see how easily you’d make money considering you can have many many scalps in a single session.
Let’s also not forget news days where price can really move and if you’re good at reading price direction, you can really clean up quickly.
I’ve demo scalped consistently for weeks/months until I get burned out. When I say scalp I mean usually over 18 points a trade and I was being conservative with points, so a real money with slippage would still be profitable. I also have an online buddy that scalps with me often same trades and he makes tons of real money so I know my scalping technique works even though I hate sitting in front of the screen. He usually scalps at least 35 points regularly, I think at least 3-4 times a day.
If you’re not a successful trader, try scalping - demo it first for at least a couple weeks.
This allows one to build profit very quickly if they are a winning trader and if you only start with $50.00, that’s all you’re really risking. Who cares if you lose potential profits… If you never increase your position and risk a lot of your account, you’ll never make significant money, unless you’ve already got hundreds of thousands or more in your account.
Either you just skimmed over my post, or you don’t quite have a handle on the math involved.
[I]“increasing gains exponentially as your position increases from your gains[/I],” is called: [B]compounding[/B].
“If you start with 50$ and make 23.2% every day [B][I][U](compounding your winnings)[/U][/I][/B]…” thats what i actually wrote.
an annualized percentage rate (APR) is expressed as a simple interest rate, meaning that it us calculated once on the original principal. In many cases, the interest is actually on a monthly basis and is calculated as such. thus, an APR is many times an expression of the sum of compounded interest over 12 periods.
if you gain 10% per month, next month you will gain another 10% on the original balance plus 10% on the interest earned last month, 10% of 10% is 1%. given this understanding, compounded interest can be expressed in simple terms over 12 months by this formula: (1+r)^t where r = percentage rate expressed as an integer (0.1 for 10%) and t = number of periods. (1+0.1) to the power of 12. that is 3.14 (it was funny to me when it came out to pi, roughly). to express that as a percentage, move the decimal: 314%. soooooo, a monthly 10% compounded, is 314% annually. math is awesome!
now that you MAY have a basic idea of how the math of this works, i will give you a shortcut for some calculations as apposed to making algebraic equations with the formulas. to know how many periods it would take a sum of money to double at a given compounded percentage rate, you can divide 72 by that percentage expressed as a whole number.
lets see if that is true in our above example. 314% would mean that your original balance would double ABOUT 1.5 times. ($1,000 * 3.14 = $3,138) 1000 double once is $2,000. double that twice, is 4,000. that’s to much. double that 1.5 times, that is 3000, perfect!
now lets try the shortcut: 72/10=7.2. so, it will take 7.2 periods (months in our example) to double once. 1.5 (doubles) * 7.2 = 10.8 (rounded up to 11)
WOW, our little shortcut is not exact, but it is a pretty good approximation!
now that you understand compounding interest and the “rule of 72,” you can read my post again and be able to slightly understand what i was saying.
I suppose the best way to make a few high-leveraged ‘sure’ trades is to trade news events. That’s what I think in my opinion. But you’ld probably need to practice news trading quite a lot and will need to read commentaries. I would suggest Forex Peace Army’s commentaries and I’m sure there are also some here for news releases. I’m sure this is the best way to make money fast without putting yourself at too much risk.
By the way, I once opened an account with $100.00 in it, and using this other ‘forex guru’s’ signals, I thought I was gonna be rich no time since he had a good past performance history. So I used very high leverage on my trades. And guess, what? It only took a few losses for me to have my account completely wiped out. Anyway, I’ve since learnt my lesson. 1st, dont over-leverage. 2nd - Be careful when listening to gurus. Since then, I’ve been trading myself on demo account (just to make sure I dont lose anymore money). Also whilst trading on demo, even though it is a $10,000.00 demo account, I’m trading lots of 0.01 since that is what I will trade on my live account when I finally start trading live (hopefully I’ll start in May). I’ve traded a maximum of 3 pairs. I might add a 4th if I’m able to grow my account to a certain size. And just for the record, this month I’ve closed with $35.15 profit, of which by the way, I know I could have made much more but towards the end of the month I stopped trading cuz I was busy. I also made bad trades towards the end of the month cuz I was busy as well, but before I was $50 up. Do the math as to how much you can make if you make 50% return every month and you compound it. Of cause this is all on paper, it would be better if I could show you actual performance, which I plan to be able to do in the near future.
Hi, everyone! I tried to use scalping on my demo account but it’s just failed. I’m also interested very much in scalping technique because my technique was not a good one. Besides, not all brokers allow to use scalping ans for me it was not so easy to find a good broker. Now, I know with which brokers scalping can be used but I need any good strategy or advice.
Thanks
Depends on the broker true scalping is done on the 1 minute chart but big brokers have higher spreads so it is impossible although they come with more security for your account so it is a trade off.
A good strategy is to use moving averages and look for divergences but that is very simple and cannot produce the millions of dollars in profits that we are seeking here in just one months time.
