How fast can I grow $200 in forex?
Okay, so I’m pretty good with the demo accounts….made about K profit this week. But obviously that isn’t reality since they give you a whopping K to start with.
I want to start small so if I lose it all I won’t have regrets. I’m typically pretty good at growing small amounts of money….I grew less than 0 to over 00 in a few months on the stock market.
Any tips or ideas? Any particular currencies I should stick to for such a low investment? I know that 0 will only buy about ,000 worth with margin leverage at 50:1, and my calculations show that I will be getting very little profit even on large pip deals.
200 trades per day??? That is a lot!
On the demo account I average about 10 trades per day…but I’ve had some great moments….once made K on one trade in ten minutes. Of course, not real money but I expect to receive the same when I get my balance to that point.
Stop-loss….with demo money I rarely use but will definitely use with real money.
The whole point of starting off with only 0 though is that I really have nothing to lose. So if I rack up K and lose K on a trade I really won’t feel bad.
Thanks for the tip on the USD/JPY. I’m looking at the chart right now, and it looks like the downward trend will continue. In my demo account I have been trading USD/DKK and done very well, but I have heard it is better/easier to trade with Euro, Yen, and Pound.
@Ted
The odds may be against me, but I have been known to beat the odds. Just made in my 0 live account (started the day with in losses, then got off a NZD/USD deal). Now I can afford to lose without blinking.
That is my whole point. When starting with so little, you can afford to lose as much as you want and not cry about it.
Unlike most traders, I am starting off by educating myself FIRST instead of diving in and "learning from experience."
@wildbirdie
Oanda calls it a demo account. I’m not picky about the terminology.
You have a good point. But I checked over my large gains in the demo/practice account, and none of them would have been stopped out. I mean, some of the positions were only held for 10 minutes to an hour.
I DO have experience with placing stops (with stocks), but I agree that I should be implementing the same strategy in both the practice and live accounts.