I disagree with this in general most newbies lose money due to bad trading not bad entries. Letting losing trades run and cutting winners off and in some cases its over trading high frequency trading is fine if you win rate is high if its not the spread will chip away at your cash. Just simply entering the opposite direction won’t change any of that stuff and I think thats the bigger drain on a new account.
If you want to start small and grow an account in this lifetime I think you need a good high frequency trade strat (compounds faster),strict money management, a lot of time to spend looking at the charts, you need to be able to trade London and New York session and you need to realize and accept for a long time your time will be worth more flipping burgers somewhere than staring at a chart for 10 hrs a day. Its not going to be easy but it is definitely possible. There are many degrees of what I laid out and you have to be honest with your self about how much effort and time you can really put into a small account. Temper your goals and expectations with reality and you will be less likely to do something stupid and outside the plan.
Well, I am sorry if I wrote this a bit confusing. I mean it like that: I started with my own strat to code robots. I checked them in backtesting. What did they do? BIG LOSS! So, my strat was crappy. Then I checked a bit with different values and logics and after a while I stumbled over a strat that gave me profit. Just the opposite strat than my first.
I am shuttling now around the world, so I have no time or energy to code right now. I have my netbook and mt4 with me anyways. So i trade a bit manually. Guess what? Same outcome! If I do what I wouldn’t do, I win.
Though, a bit generalized. You are right. My point is: If you trade like a normal human species with all what a human species would normally do in such a case, you will lose with 99% probability. If you trade another “style” you get much better. My own singular experience so far, of course. Right now in the 50% profit zone with real money without any killed account before and some new ideas for my bit pets, which will just do what I tell them to do. I just decided to let my account not again run into loss zone. So, for me I can’t lose anymore on forex. I have enough profit now to grow my account from there. If I don’t make it from this, which is still more than those thin suggestions of somebody here, then it shall not be. Right now I have plenty of buffer money. I have to focus on risk management and all the other things, though. Again seeing it as fisherman, I am watching the prices now with eagle eyes and follow my victim with precision. If my wale bounces back, he will run into the trap. I guess. :rolleyes: But I learned how to set sls tighter. Not too tight, though. I hope. :rolleyes:
What Buckscoder says couldn’t be more true. The same strategies applied to me when I used to play poker in casinos. The best winning streaks where when I started acting as nobody else would have. Thumbs up for this ‘inspirational’ post mate.
I have started with $300 and I am successful to double it in 1 week. I am not a big trader but I can said that forex is the place where we can double our investment if we have the capacity to trade in forex. Forex is a very risky, but if we trade by making plan or doing hard work in studying forex then we can become successful trader.
Forex is the new era business where we can earn lots of money.
I agree, it is perfectly attainable and realistic. I shoot for 3%-4% per week, sometimes you get much more and very rarely do you get much less if you know what you are doing.
The smallest amount I have ever used for a new account and successfully grown into something decent was actually $50. I tried a new broker and threw a little cash at the micro-account. Turned out rather well for me at the time.
So you really think 30% a month is easy? If so why is everyone not doing it. I recently went to a seminar held by the biggest spreadbetting firm in the uk. The speaker was their chief matket analyst with over 20 years experience and also written a very succesful forex book. He only profits between 2-5% a month. Ibteresting to know that lots of people on babypips must be amazing traders…why are you all not taking over these peoples jobs!!!
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