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$300 Start up in a Mini a/c - What trading system could increase this to $1000/month

  • #21
  • Apr 10, 2007 8:05am Apr 10, 2007 8:05am
  •  dado26
  • | Joined Mar 2007 | Status: Plan your trade and trade your plan | 180 Posts
Quote
In my own experience I've found that (like you) consistency is the problem. Anyone can double their money by being on the right side of a trade and buying a good number of lots... but can they do it twice? Three times? How about 300?

Well said! Consistency of possitive trades is the key factor of making money in FX.

-------------------
Plan your trade and trade your plan......
  • #22
  • Apr 11, 2007 4:20pm Apr 11, 2007 4:20pm
Quoting Rajj
One of the major reasons i have noticed why 95% of new traders (who start little) loose almost all their cash(if not all) is because of the amount they demo trade with. I remeber when i was demo trading with $10,000...making the money with simple trading methods were quite easy. I had no psychological analysis affecting me then because i knew that i had enough money to trade with. So loosing 10% of my account per trade wasn't that bad.

I now chose to start a demo trade with $300, and right now its really not easy coz those methods are not just as helpful as i thought they were. From a combination of MA crossovers, to MACD, RSI etc. Now i trade very carefully and i'm learning quite a few tricks.

But the point is that all i notice is that, if i gain about $70 today, by tomorrow it's gone in just one trade. So i keep moving up and down around my $300. There's no steady progress. I even made up my mind to open only 1lot per trade instead of my normal 2lots/trade inorder to minimize the loss per trade

I was only hoping we could get someone in this forum who started with about this same amount of $250 -$300 and increased his/her a/c steadily over a period of time. I know money management skills are required here, but this only works if you also has a few good trading system skills to match or even better, override the losses when you start with a little.............or who has a different view? Can anyone be kind enough to help? Thanks
Look VEEEERRRYYY patiently for a very very high probability setup and then put in half of your assets (so that you can do it again 1 more time). You will see that small account double, triple, quadruple in just a matter of days.

I did it myself just a couple of weeks ago with the same amount in my real account. And now I can trade with smaller amounts more quietly.
  • #23
  • Apr 11, 2007 4:56pm Apr 11, 2007 4:56pm
I've turned 100-200 into close to a 1000 twice over a 8-10 week period. Once around July 2006 and then not long ago from january to end of febuary of this year. Each time I briefly flirted with 1000 and then everything went to hell. I decided after the second time I couldn't have a single word of discretion in my system, because it seems as time went on, the more my account grew, the more un-disciplined I'd be with my trading rules.
  • #24
  • Apr 12, 2007 2:14am Apr 12, 2007 2:14am
Quoting aicccia
I've turned 100-200 into close to a 1000 twice over a 8-10 week period. Once around July 2006 and then not long ago from january to end of febuary of this year. Each time I briefly flirted with 1000 and then everything went to hell. I decided after the second time I couldn't have a single word of discretion in my system, because it seems as time went on, the more my account grew, the more un-disciplined I'd be with my trading rules.
how were u able to achieve this? And what new discipline skill are you engaging now? 8-10week period of such and increase is quite good...pls share your technique and experience.
  • #25
  • May 6, 2007 2:21pm May 6, 2007 2:21pm
Quoting Moe
check this one out this guy got over 2,000% again i will never overlevrage my trades like this, this is just to show you guys if you got a good system you can make a lot of money.


http://www.fxsol.com/pmp/ended.asp click on winner circle.
WOW! Incredible! Awestruck! Unbelievable! Just 7 trades!
  • #26
  • May 6, 2007 3:57pm May 6, 2007 3:57pm
Quoting Rajj
how were u able to achieve this? And what new discipline skill are you engaging now? 8-10week period of such and increase is quite good...pls share your technique and experience.
I just used MAs and a momentum indicator and when they both went down or up at the same time, I opened an order. Now I've just put it all into an EA. And now forex has never been more tedious.
  • #27
  • May 6, 2007 4:59pm May 6, 2007 4:59pm
It can be done, but coming into the market you really should take a slower approach. After a you've built the account up, I could see setting aside part of it for the riskier trades. But it should always be a small margin of your account. Never risk any more then you are willing to lose.

As for losing it all the day after I would say you're risking to much on your trades. Learn to cut your losses earlier. Stop losses should be used as a "what if all hell breaks loose" if they are that large. If you're breaking even though, it's not bad just focus on cutting those losses down.

As for the best bet to do it is trends and support and resistance.

Best of luck, even though I hope you take a more moderate approach.
  • #28
  • May 6, 2007 6:36pm May 6, 2007 6:36pm
When my mentor taught me one of the first things he said was:
"There are old traders, bold traders but no old bold traders."
Open an excel sheet and starting with your original amount compound 1.5% per week. You'll quickly see that your money doubles in a year. This is pretty awesome in my opinion.
  • #29
  • May 6, 2007 9:40pm May 6, 2007 9:40pm
I opened a $350 account on 19th of April to try building it up as a challenge and I faced the same problems as you. Now it's the 7th of May and my account is at $480.

I think what George Soros mentioned on this is the best, the way to make money in the long run is to preserve your capital and go for the home run.
  • #30
  • May 6, 2007 11:06pm May 6, 2007 11:06pm
Quoting aicccia
I just used MAs and a momentum indicator and when they both went down or up at the same time, I opened an order. Now I've just put it all into an EA. And now forex has never been more tedious.
Question from a newbie: What would you consider a momentum indicator.
It's All About Attitude ...
  • #31
  • May 8, 2007 6:39am May 8, 2007 6:39am
Who should I use as my broker now that I am setting up my live account? I live in the US. I am unsure as to whether to use MIGFX or interbankfx or who. I want to use the MT4 trading platform. Who do youguys use to trade your live account???
  • #32
  • May 11, 2007 9:21am May 11, 2007 9:21am
Rajj, you asked what system could turn a $300 account into a $1000 account in one month. IMO, forex trading is for risk capital only. So, for me, forex is a very small part of my overall financial plan. My honest answer: I don't know what system will do that. Can it be done? Certainly. It does seem a bit ambitious when considering general money management and risk management guidelines. An equally important question is, "Is this same technique scalable?"

Having said that...

Rajj said:
Quote
...."i belive little pips make a might a/c...just as little drops of water make an ocean (if only it can be consistent)"

Interesting observation. Ever do any boating? You can open the paper and check the tide tables. Spot on every time. Did you notice a wave table in the paper? Nor did I. Forecasters can tell you approximately how high the seas are running, but not exactly where or when a particular wave will crash to shore. I suggest learning to trade the "tides" not trying to time the "waves".
  • #33
  • May 22, 2007 12:55pm May 22, 2007 12:55pm
Why do more than 90% lose trading forex when one simple and outrageously profitable strategy exists that would tilt the odds in their favor?

Have you ever considered that most people on this forum would do much better after a years trading by only making one trade in one pair..., at the beginning of the year? Like buying one contract (or a couple of mini's) of GBP/JPY on January 2nd with a $5000 account and risk $500 to $1000. If it keeps going, hold on until the end of the year, or some major trendline break - if it stops you out, you are done for the year. And only down perhaps 20% instead of losing the whole account.

The likelihood of success is even greater if you purchase or sell a pair that has a positive carry.

In fact, for 2006, almost 90% of the positive carry pairs would have been profitable doing some reasonable form of this technique. And likely to double or triple the size of your account. On the last 30 years of following this procedure, over 70% of your trades would be net profitable, with large average returns the norm.

And, again, when you lose, it is contained.

Or, you could make 5 fractional trades with 5 different interest earning pairs.

January is not just a random pick of time to do this trade. Most governments make policy decisions and forex moves based on annual triggers. Research and profit.

If you research the profitability of this concept, you will see that the basic essence of trend trading is fulfilled, holding on when you are winning

Interest earnings are the greatest edge possible in forex trading, and the main reason hedge funds have been "mining" the markets for decades.

Now you can be your own hedge fund. Just figure out and hold to your risk, and when you are profiting, let the market reward you to the greatest extent that it is willing. When the reward disappears in one market, go to the markets with greater reward.

TheRealThing
  • #34
  • May 22, 2007 2:14pm May 22, 2007 2:14pm
You guys are focusing on the wrong things. Your focus shouldn't be on how much money you're making per trade, or how much money you need for this or that, how long till you double your account, etc. Your focus should be on trading, and only trading.

Making good trades should be your primary goal. Once you've mastered that, then making money will be easy.

Use the smallest margin you can, and trade in micro lots, especially when you've only got a few hundred in your account.

I made a mistake and my first trade in my $250 account was a mini lot, margin was 100:1. I had $100 riding on a single trade- That's 40% of my entire account! Talk about risky, but luckily for me i ended up taking a quick $30 profit. If i had held, i'd have made about $300 eventually, but hindsight is 20/20. That could have easily had been a $100 loss though.

Newbies should trade on the daily chart. Make your trade, set your stop loss, and then go play with your wii for a while. Don't obsess over it, you should have faith in your skills and your system way before you ever make a trade.

I'd also suggest cashing out half your profits and putting it into something safer for longterm investing, but that's just me, but i realize it's kinda hard to do that when you don't have the cash to begin with. You really do need to plan for things like that though.
So far so good.
  • #35
  • Jun 6, 2007 3:46pm Jun 6, 2007 3:46pm
that's right paul2,


i talked to a lot of traders since i went into this business in 2005 and the conclusion i came up with was that even if u make 30% a year, u should be splendid with that return if u really love trading. the max return i ve got was 100% in 1 month(lst july) but that month wasn't that impressive to me since i went into so much speculation and don't forget the surprise-rate-hike of the BOE that benefited me a lot. But to me, i love trading and i do that just because i love to trade the news and the charts and make my own analysis and benefit from past mistakes(hindsight). this thing is really challenging to me. i see myself outperforming myself and my skills if i do more than 30% on a yearly basis(30% is enough for me). some time, i don't open a position for a week or 2, just bcoz i don't see any convincing chart that makes me jump into a long or short.

my advice to u: do NOT go for strong performamces(800% and less/more), just develop ur own analysis for CONSISTENT returns. only consistent returns make ur life more stable and secure. speculations come and go
  • #36
  • Jun 7, 2007 4:52am Jun 7, 2007 4:52am
Man... the problem with newcomers is that they just dont have real expectations... someone above said that scoring a 10% equity increase per month consistently should be easy...

If you could sustain a 10% equity increase per month, I'd recommend you to knock on some Wall Street or London doors because there are many institutions there who would be shoveling millions of dollars down your throat for you to manage their money.

Do you have the slightest idea of how utterly difficult is to reach such performance levels on a monthly basis?!!?!?
  • #37
  • Jun 9, 2007 4:17am Jun 9, 2007 4:17am
Quoting dado26
Well I do not agree on that.Hypoteticly speaking.....If I am taking such a risky investment like FX I am expecting higher results.I wont say that 100% is nothing....but it depends which market are we talking about....
So bassicly I am expecting 10% per month....or more....
----------------
Plan your trade and trade your plan
you expect 200% per year ? or more? Dude really apply for some CEO jobs. Less risk and good money
  • #38
  • Jun 12, 2007 6:32am Jun 12, 2007 6:32am
Hey....

Anyone know what method and strategy the guy use to achieved such return of 1000-2000%?

Impressive. Dont mind learning from him man.........
  • #39
  • Jun 12, 2007 10:45am Jun 12, 2007 10:45am
Quoting CYMAN
Hey....

Anyone know what method and strategy the guy use to achieved such return of 1000-2000%?

Impressive. Dont mind learning from him man.........
Forget it, it's impossible to sustain such results. Michael Jordan scored over 60 points in one match a few times throughout his career, but his average at the end was in the high 20s.

Search for sustained growth, not equity spikes.
  • #40
  • Jun 12, 2007 11:16am Jun 12, 2007 11:16am
Haha well said WTB!!
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