I recently blew my account of 2000USD because of poor money management trading style. Now I only have 100USD to deposit. Is it realistic for me to expect that I can grow 100 dollars to thousands???
My trading strategy is price action, support and resistance and RSI.
I’ve been trading on and off for about 4years. I’m basically still a newbie.
Real money account or demo?
I think you need to question your expectations. It’s absolutely possible to turn $100 into $1000, but it won’t happen quickly, given the information you’ve shared about past performance. Turning that $100 into $1000 is a 10X return.
Who, anywhere, is getting that trading forex, let alone any other tradeable asset, who isn’t trading with questionable risk management or a huge wallet?
Also, perhaps you need to evaluate your strategy. Try something new, if you’re down 95% doing what you’ve been doing.
Can you share more about your strategy and what you’re seeing in your losing trades?
Thanks or the feedback.
I’m trading live. And my trading strategy is identifying major support and resistance on a 4H time frame and 1H time frame. Then use RSI for entry on 15min or 30min charts. I trade both retracements and continuations. I hope this makes sense.
I’ve also tried hedging, but it was disastrous.
Don’t treat a smaller account any differently, keep to a sensible risk to reward and stick to it. Patience is your best friend, don’t let emotions get the best of you… you know the drill. My only comment would be: don’t set goals that may be too much to reach in the short term, it will stress you out and force you to trade risky. Keep cool, calm and collected. I have full faith that you can achieve anything
Hedging is never successful without proper money management. I will not recommend hedging to you at all.
Its better you keep the lots small and to intra day trades. Check the current trend in the larger time frames like 4H 1H and confirm your entry and exit point minutes charts.
firstly, I think you need to have risk management and I will suggest you place small lots in intraday. keep an eye on the recent events as well and how they’re effecting the pair.
Yes it’s possible but it will take a long time with realistic goal (like 10-20% monthly returns). Of course you can increase risk by taking more leverage but in this case you should perfectly avoid volatility outbreaks which is very hard because it is sensitive to incoming world information.
Why don’t you test it on a demo account? Trade as though you have only $100 using nano lots and risking no more than $1-$2 per trade and see if you can increase your balance by $100.
Yes you can. It will take a lot of time and you need to have a broker with high leverage. If you have blown your account i would recommend going on demo for a few months anyway to iron out any problems and then by then you may have more money to invest too
@NicksFX honestly trading demo account doesn’t come with same emotions. I’ll keep trying with live account. I’m confident I will be profitable soon.
Echoing above it is possible to grow a $100 account with good and strict risk management but you must accept that it will take a long while to achieve “safely”.
Try to make 100% profit a week.
Of course not, but you can see if it is practical in terms of lot sizes, margin etc. And if you blow your $100 account while practicing good risk management then you know not to try your strategy live.