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Mini trading success

  • #1
  • First Post: Dec 9, 2005 9:51pm Dec 9, 2005 9:51pm
Is it possible to trade mini fx successfully building up from few hundred dollar account?

How many of you able to do it?
  • #2
  • Dec 9, 2005 10:27pm Dec 9, 2005 10:27pm
Well I have been able to do it. Although you must be very very disciplined. I started out with $500 and was able to take it to $1500 in two weeks but not trading smartly as I got knocked back down to $250 after I committed just about every newbie mistake possible. After taking time off to rethink my strategy and to read up on psychology of trading, I have made 5 straight winning trades and getting my balance back up there.


I cant stress how important it is to educate yourself. ForexFactory and the people here have helped me soooo much and now Im back on track. I for one plan on joining the PF because it will help me out even more.
1337 Trader The market knocked me down, but not out!
  • #3
  • Dec 10, 2005 12:51am Dec 10, 2005 12:51am
hi jojo,

Who's your broker?
  • #4
  • Dec 10, 2005 3:55am Dec 10, 2005 3:55am
Yup, it's possible. I started with $500 at the start of this month, and am now now at $1400. Actually, it's my dad's account. Since he's out of the country, I'm trying out his new account at InterbankFx. I'm definitely switching over to them too. It's amazing what a big difference a broker makes. I guess you have to find one that you're comfortable with.

If you're very new and it's you're first account, I'd suggest start with $1000. This will give you some margin to play with, without feeling cramped. Also, get a broker that supports hedging.

Good Luck
Habeeb
Keeping it Simple
  • #5
  • Dec 10, 2005 4:05am Dec 10, 2005 4:05am
hi habee,

That's encouraging ,what trading system you're using?
  • #6
  • Dec 10, 2005 1:17pm Dec 10, 2005 1:17pm
Hi blackship, my broker is FXCM but I will probably be switching to interbank. Something about FXCM just makes me nervous as Ive had spikes on the charts and when I look at my Metatrader charts I dont see thme. Twice Ive had straddle orders placed only to have the price spike to exactly my entry and then go the other way. Weird or coincidence, Im not sure, but when I get my account up a little more I will probably be switching to interbank too.
1337 Trader The market knocked me down, but not out!
  • #7
  • Dec 10, 2005 1:55pm Dec 10, 2005 1:55pm
Quoting Blackship
Is it possible to trade mini fx successfully building up from few hundred dollar account?

How many of you able to do it?
If you trade 500 and with 2500 lots it is like you trade 20000 with at least 100 000 lots.

I traded 300$ with minimal lot size 10 000. I blew up it
kiss the trend
  • #8
  • Dec 10, 2005 2:18pm Dec 10, 2005 2:18pm
Quoting jojocal19
...my broker is FXCM but I will probably be switching to interbank...
Keep in mind that on Sundays InterbankFX opens 4hrs later than FXCM.
I have accounts with both of these brokers.
  • #9
  • Dec 10, 2005 3:57pm Dec 10, 2005 3:57pm
Quoting Blackship
Is it possible to trade mini fx successfully building up from few hundred dollar account?

How many of you able to do it?
I think discipline is the key to any trading account. You can successfully build up any type of account with discipline. Sure, there are a lot of other factors that affect your account and your trading. But writing down a set of rules and sticking to those rules can make your account a success.

If only I could practice what I preach! This #@%$#$%#@#$ ain't easy! But, Sunday evening will soon be here and we'll just keep trying, won't we?
Because helping each other is a good thing.
  • #10
  • Dec 10, 2005 11:38pm Dec 10, 2005 11:38pm
hi jo,

Why don't you try forex.com?They have a web based platform and you can login anywhere if you're away from your PC
  • #11
  • Dec 11, 2005 7:10am Dec 11, 2005 7:10am
Quoting Blackship
hi habee,

That's encouraging ,what trading system you're using?
I have an account with GCI. I would've loved to have an account with FxSolutions but they have a different way of charging the margin required. Like I've said, I'm going to switch to InterbankFx too.

Yes, you can build up any size account. I guess the reason why most blow up mini accounts is because building it up takes so long, that they become impatient, and over leverage, and start making silly mistakes.

Good Luck
Habeeb
Keeping it Simple
  • #12
  • Dec 11, 2005 7:51am Dec 11, 2005 7:51am
Starting off with a mini account (even if you have the finantial capacity of kicking off with a larger sum) is a good idea in order to introduce you to the discipline and emotions of real-money trading. If you cannot build up a $1,000 to $10,000, there is no chance you will be able to build $10,000 into $100,000.

So start small, get used to it, PROVE yourself that you can do it by growing that mini account, and once you've done it, feed the account with larger funds, not before.
  • #13
  • Dec 11, 2005 11:53am Dec 11, 2005 11:53am
Quoting WTB
Starting off with a mini account (even if you have the finantial capacity of kicking off with a larger sum) is a good idea in order to introduce you to the discipline and emotions of real-money trading. If you cannot build up a $1,000 to $10,000, there is no chance you will be able to build $10,000 into $100,000.

So start small, get used to it, PROVE yourself that you can do it by growing that mini account, and once you've done it, feed the account with larger funds, not before.
Very true, But I also think if you can build up a mini of 1000 to 2000 in one year, you could consider your self a pretty good trader. A lot of traders think to big at first, and this is where the drop out rate is high, as their expectations are not realized. If you think in the way of doubling a penny every day for 30 days, it would be over a million dollars in 30 days. Imagine starting out with say 10,000 dollars and doubling it every year. 8years = One million two hundred eighty thousand. You would be unstoppable after 8 yrs. And you could withdraw half at any year after 6 yrs and put a smile on your face. You couldn't do that in any business because you would have to sell twice as many widgets every year to make this possible. But in forex you can!
  • #14
  • Dec 12, 2005 3:30am Dec 12, 2005 3:30am
Quoting jojocal19
Well I have been able to do it. Although you must be very very disciplined. I started out with $500 and was able to take it to $1500 in two weeks but not trading smartly as I got knocked back down to $250 after I committed just about every newbie mistake possible. After taking time off to rethink my strategy and to read up on psychology of trading, I have made 5 straight winning trades and getting my balance back up there.


I cant stress how important it is to educate yourself. ForexFactory and the people here have helped me soooo much and now Im back on track. I for one plan on joining the PF because it will help me out even more.
Hi,
This question might sound stupid, but what is PF? I have read this term in other threads, and yet to figure out...

Gavin
  • #15
  • Last Post: Dec 12, 2005 8:14am Dec 12, 2005 8:14am
PF is a subscriber based forum that will be launched very soon by some of FF's most experienced traders. It's a $99 a month subscription and you should pretty much get inside their brains and the systems they trade.
Always wait for the opportune moment… just be careful not to miss it.
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