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It wasn’t easy but we did it, $1k to $100k on both demo and live accounts. Let’s take a moment to celebrate and then get down to business. There, was that long enough? Ok.
Why did some people make it and other give up or just painfully failed? I have narrowed it down to several reasons. Hopefully you will be able to take these lessons away from this article and impliment them into your own trading.
1. Trading more then 1% a trade.
Seems a little weird that the people who eventually made the $100k only risked a max of 1% of their capital in any given trade? Well thats what everyone who made it did. Trading this amount of capital keeps you in the game if you eventually run into a losing streak on the market. This is a vital piece of information to remember. Even though your profits will be lower then a person who risks, say, 10% a trade, your long term ability to stay in the game is far greater then the 10% trader.
2. Trading more then 3 major currency pairs at a time.
There is no way getting around it, Forex can sometimes be a risky and volitile market. Information saturates the internet about every major currency pair. Keeping track of more then 3 currency pairs will often leave the trader in paralysis of analysis. Personally i only trade 2 majors and keep up to date on those. Being a master of 2 currency pairs is far better then being a jack of all pairs and a master of none.
3. Being lazy and not constantly learning.
People change, and markets based on people change with them. Forex changes all the time, what is a favoured currency, what isn’t favoured can change week to week. My point here is not to only trade the news, my point is that the people who succceeded in making the $100k were always shaprpening their skills. This market can make you filthy rich so why wouldnt you spend the time learning all you can about it? I can never understand new traders who read a few books on Forex and think that their learning is finished. If you want to make money off Forex remember this, the cost of trading forex is Capital and Learning.
4. Only focusing on one time frame.
Last but not least here is something we probably all did as new traders. But the sooner you kick this habit the better off you will be. Let me give you an example. If a daily chart is showing an upward trend reversal, but on a 1 minute chart it is showing a strong start to an upward trend, if you are only focusing on the 1 minute chart you are going to lose a lot of chedder. My point here is simple, keep an eye on the overall picture at all times. Use 2 -3 different time period charts for a big picture and then use 1 to make your trading decision.
Remember the Forex market does not play favorites. Learn to trade smarter and the profits will follow.
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Help answer the question about forex
How does an automated forex trading system work?
Might be nice if someone can simplify how it works. I am also looking for an automated forex trading system too.
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10 Responses to “Winning Forex: the 100k Challenge”
Keep in mind this is ONE part of our overall strategy and is NOT even in my favorite Top 5 tools! Mainly we use our Total Strength currency comparison tool and simply look for buys in the strongest currencies and sells in the weakest. Come to our 2 weeks free forex classes to learn this far easier and much more profitable system!
We have many other tools we use which show us the currencies STATISTICAL strength/weakness and that tells us the odds of it hitting the profit targets. We also always trail a stop to get us out with smaller profits when targets aren’t hit. You can also draw trendlines under the lows of the up bar. There are 3 other exit methods we use, feel free to come to our 2 weeks of free classes and learn them. Impossible to fully explain here without you seeing our charts.
If you are looking for the best forex software, check out this site
http://make-money-with-forex.org/
Here you'll find the best forex software that can help you to increase your forex trading profit
It is possible to AVERAGE 1% profit each day. But there's one catch, you have to trade with $1million in your trading account.
Absolutely. We teach in our classes clusters of Support/Resistance including Fib clusters you’re referring to ( Fib Retracements and Targets) + Previous Days/Weeks/Months highs & lows, & Weekly / Monthly Pivots. A cluster for those who don’t know is when MULTIPLE areas of support/resistance are within a tight 10 to 30 pip area or zone. Markets typically reverse at these.
In fact we do this multi time frame analysis each day for all of our mentor students and the ZONES show up on the charts.
How do you take profits when price does not reach the extension targets ? Thx
If you are looking for the right kind of automated forex trading software to boost your trading performance you will need all the help you can get. This is because the forex market is rife with virtually every kind of trading software, all claiming to be the best bet when it comes to honing your trading skills, but not all of which are effective.
The best automated forex trading software may not exactly come cheap, but if you are just starting out you have a lot of free options available to you. You can visit online brokers which offer demo and free accounts which you can use to practice your skills on, as well as learning software to help you get started.
Some sites may require a small startup fee, which you don't have to worry about if you plan to go forward and start your very own account. You can also go for internet-based automated forex trading software. One advantage of this type of currency trading software is that it is accessible where there is an internet connection.
That means you can still check-up on your stocks even while on vacation. Another perk is that there is no need to store important data on your pc, which can be lost in the unfortunate event of a hard disk crash. If you are hesitant about relying on your own judgment when it comes to choosing an forex trading software, you can ask for assistance from your broker or dealer. He or she may be able to recommend software which will work best with your type of investment.
Another tip is to ask fellow brokers by posting your queries on the forums. Forums are the best places to network and get your questions answered the quickest. You might also get a few tips from fellow forex brokers on what currency trading software to avoid.
If you are looking for the best forex software, visit this site
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This software is the best software that can help increase your trading profit and user friendly.
Best Wishes,
Typically, what happens is you will be given the difference between the strike price and the current market price, as clearly the Writer of the Option cannot physically deliver a curreny pair at an older, lesser price than the market. So they owe to indemnify you, or place in you in a financial position similar to that as if you have the currency pair at the current market value.
Now as for option contracts, YOU DO NOT need to exercise them if they are about to expire. That would make no sense, as if they are 'out-the-money' you would lose money. A contract can expire, leaving you out the contract's premium.
Hope this helped
you ever use fibonacci clusters? much better
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