The $200 Forex Trading Challenge
Today we are here to talk about the $200 Forex trading challenge, a cool little challenge for any trader starting out with minimal funds. The whole point of this challenge is to turn $200 into $1,000 through FX trading. Now, the point here is not to turn that $200 into $1,000 as quickly as possible, but to get there safely and eventually. What we really want to stress here is that this $200 Forex trading challenge is not a race to the finish, but a marathon of endurance.
The reason why we are doing this $200 Forex trading challenge is for all of the newbie traders out there who don’t have much cash to spare. You see, most newbie traders think that it is impossible to start trading FX with such limited funds.
Now, it is true that it is much more difficult to trade FX with so little money, compared to if you have a large trading account. However, just because trading with a small account is hard does not mean that it is impossible to grow your account. Sure, growth may be slow at first, but the rate of gains or profits will start to increase exponentially day after day.
We started our own $200 Forex trading challenge a few days ago, and today is day four, and yes, we are well on our way to reaching that $1,000 mark. We are here not only to show you that it is possible to turn $200 into $1,000 via Forex trading, but also how you can do this. We’re here to provide you with the most essential tips and tricks to help you win this $200 Forex trading challenge and to start making real money in the world of FX.
$200 Forex Trading Challenge – Steady Progress on Day 3
The first thing we want to show you is that it is indeed possible to win this $200 Forex trading challenge. We personally are already well on our way to that $1,000 mark. We started out with $200 on day 1, and now, on day 3, we have well over $300 in our trading account. To be clear, since day 1, we have managed to make an ROI of 54%.
Of course, a return of 54% on our initial investment is very impressive, especially in as little as 3 days. Now, the actual amount of money we have gained is not huge, just a little over $100, but this is how it works when you start trading with such a small Forex account. Growth in the beginning is always going to be slow. Small trades means gaining small profits.
However, as you will discover from both the videos we have included here, as well as our instructions, you need to start small in order to get to a point where you can trade with large amounts. This is just the way it works. If you follow along with Andy and his $200 Forex trading challenge, and you follow our tips, you should be able to complete this challenge in no more than two weeks.
The $200 Forex Trading Challenge – Some Essential Advice
Here are some of the most important tips and pieces of advice which you need to follow in order to successfully complete this $200 Forex trading challenge.
A Solid Strategy
One thing which every trader needs, no matter if you are trading with a large or a small account, is to have a solid trading strategy in your arsenal. If you don’t have a good trading strategy, one that works most of the time and is easy to use, you won’t make any gains, no matter if you have a large or small Forex account. Educate yourself, familiarize yourself with crucial Forex concepts and strategies, and then go from there.
It’s All About Risk Management
Something else you need to do in order to ensure success with this $200 Forex trading challenge is to engage in proportional risk management. Risk management is all about ensuring that you don’t invest too much of your total account balance into a single trade.
Most pro traders follow the 1% risk rule, which means never risking more than 1% of your total account balance on a single trade. Now, if you only have $200, making such small trades might not be possible. However, keep in mind that trades should be kept very small, so in case you lose a trade, it doesn’t wipe out your whole account at once.
Don’t Jump The Gun
The other tip we want to provide you with today for this $200 Forex trading challenge is to never jump the gun. What we mean here is that just because you won a couple of $10 trades doesn’t mean that you should start placing $100 trades all of a sudden. Sure, you can increase the amount you invest per trade slowly and gradually, but never by so much. If you win 10 trades, each $10 trades, maybe try increasing trades to $20 a couple days later.
$200 Forex Trading Challenge – Conclusion
As you can see, it is more than possible to be successful with this $200 Forex trading challenge. We personally are now on day 4 and have already made a whole lot of progress. On day 3, we saw our balance increase from $200 to slightly over $300, for a total 3 day ROI of 54%. Once again, no, the rate of gain is not too quick here.
This is something that needs to be done slowly and steadily. Once you make more money and have substantially increased your FX trading account, then you will be able to trade with more money and start making larger gains. Remember that this $200 Forex trading challenge is going to take a couple weeks until we reach $1,000.
Please follow along with our videos and keep this challenge in mind. If you watch all of your videos and keep to the instructions and tips we provide, you should have no problems successfully completing this $200 Forex trading challenge. If you really want to learn about Forex trading and how to become a pro at it, joining the Income Mentor Box Day Trading Academy is highly recommended.