I agree, 20k as an absolute minimum.
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real "miracle" stories of growing a "micro/mini" FX account...you have one?
- Thread starter increasenow
- Start date
I agree, 20k as an absolute minimum.
Quote from short&naked:
Sure, you can bag 200-300% one year, but one large draw down and you are back to the market average.
Focus on compounding, not big, fast returns. Trust me, you cannot keep these returns up. Ask anybody who has been in this game for more than a few years.
Crunch the numbers, with a 1% risk and ~1% return on a trade the average intraday player is producing around 10% per month give or take (conservative estimate), without taking excessive risks of 'one large drawdown'. Compounded that's ~200% pa. Now think what I call aggressive compounding (risking a percentage of gains alongside the 1%) and the returns are potentially phenomenal (liquidity allowing).
Quote from cabletrader:
Crunch the numbers, with a 1% risk and ~1% return on a trade the average intraday player is producing around 10% per month give or take (conservative estimate), without taking excessive risks of 'one large drawdown'. Compounded that's ~200% pa. Now think what I call aggressive compounding (risking a percentage of gains alongside the 1%) and the returns are potentially phenomenal (liquidity allowing).
Yes, however, with such tight risk rules those intraday returns must be backed by a sharp edge (one that lasts and there aren't many out there). Most traders producing 200% pa don't have a sharp edge but are merely taking excessive risk--something that isn't revealed until they blow up (some years later in certain cases). They mentality is, "so far so good".
i trade FX EUR/USD onlyQuote from increasenow:
real "miracle" stories of growing a "micro/mini" FX account...you have one?
Has anyone really taken a $250, $300 or $500 "micro/mini" Forex account to even $1,000 or $2,000 or even $5,000?...just want to see if this is even a possibility for the "Joe the Forex Trader" out there...or do most people just use the "micro/mini" account to "practice" trades on...please share you insight etc.
What was your account balance you started with?
what number of lots did you trade most?
what cross rate?
how long did it take you to get to $1k, $2k, $3-5K?
started 250$ took 1.5 weeks to get to 3.5K
.6% per day everyday is alot at the end of the year compounded
Quote from increasenow:
real "miracle" stories of growing a "micro/mini" FX account...you have one?
Has anyone really taken a $250, $300 or $500 "micro/mini" Forex account to even $1,000 or $2,000 or even $5,000?...just want to see if this is even a possibility for the "Joe the Forex Trader" out there...or do most people just use the "micro/mini" account to "practice" trades on...please share you insight etc.
What was your account balance you started with?
what number of lots did you trade most?
what cross rate?
how long did it take you to get to $1k, $2k, $3-5K?
Back in November I took $360 and turned it into $1770(http://www.elitetrader.com/vb/attachment.php?s=&postid=2183264) . Nothing spectacular. I would be happy with a micro account with FXCM if it did not subject me to retarded money withdrawing rules. Now I have a mini/standard account and can withdraw money by Wire but I have to fax it in(F' them!).
My "dream" broker is dbfx. They offer 100:1 even if you have $1 million.
All in all forex is a brutal market and whipsaws are deadly. Whipsaws are what "keeps me up at night" so to speak.
Quote from short&naked:
Yes, however, with such tight risk rules those intraday returns must be backed by a sharp edge (one that lasts and there aren't many out there). Most traders producing 200% pa don't have a sharp edge but are merely taking excessive risk--something that isn't revealed until they blow up (some years later in certain cases). They mentality is, "so far so good".
I don't follow what you mean by tight risk rules??