The $100 Forex Trading Challenge
If you are just getting into the world of forex trading, then one of the things that you may be faced with limited trading capital. In other words you might only have a very limited amount of money to start trading with period after all, most of us need to use our money to pay rent, to pay our mortgage, to feed our children, and more. Therefore what we are here to talk about today is Andrew’s $100 forex trading challenge.
Now, this $100 forex trading challenge involves Andrew starting with just $100, and seeing how long it takes to work his way up to $1000. The goal here is to take as little time as possible to grow the trading account from $100 into $1000 period now, what we do have to say of course is that Andrew was obviously successful in this, because if he wasn’t, we wouldn’t be talking about it. Andrew took a total of just four days to turn $100 into $1000.
So, today we are not here to talk about whether or not it is possible to turn $100 into $1000 through 4X trading, but rather exactly how to go about doing so. What we’re here to do today is to provide you with all the most important tips and rules so you can turn $100 into $1000 in under 5 days. let’s take a closer look at Andrew’s $100 forex trading challenge and exactly how you can achieve the same results as he just did.
The $100 Forex Trading Challenge – Biggest Tips & Rules
Let’s get right to it and provide you with some of the biggest tips and rules in terms of how to complete this $100 forex trading challenge in as little time as Andrew did. Let’s get through it and help you turn $100 into $1000 in under one week.
Choosing the Right Trading Account
In order for you to successfully complete this $100 forex trading challenge, one of the most important things that you need to do is to choose the right type of trading account.
Generally speaking, when you go you can sign up with a broker, there are four different kinds of trading accounts that you can choose from, including the standard account, the mini account, the micro account, and the nano trading account.
What’s important for you to know is that with a standard account the lot size is 100,000 units, with them any account the lot size is 14,000 units, with a micro account the lot size is 1000 units, and with a nano trading account that size is just 100 units.
Play song these figures, if you start forex trading with just $100, it therefore serves to reason that the best option for you to start with is a nano trading account that allows you to trade with very small lot sizes. This type of trading account will allow you to trade with the smallest possible lot sizes and with the lowest possible fees and commissions.
Set Realistic Goals
In terms of this $100 forex trading challenge, one of the things that we need to be very clear about is that you aren’t going to get filthy rich in just a few weeks, or even in a single year. If you start out with such little money, it is going to take you quite some time to grow that trading account into something really substantial that resembles real wealth.
In other words you just aren’t going to escape the rat race when you start forex trading with just $100. The bottom line here is that you just can’t set unrealistic goals. And you can’t be discouraged when you don’t make all that much money per day. When you start trading with such little money, such as just $100, it is imperative that you set yourself realistic goals.
Treat it Like a Large Account
When it comes to successfully completing this $100 forex trading challenge, so you end up with $1000 by the end of the week, another thing that you need to do is to trade as though you were trading with a large trading account. For example even though you only have $100, you should treat it as though it is a full $10,000.
If you do not have any more money to spare then losing just $100 is more or less just as bad as losing $10,000. If you lose it all, you lose it all, and that’s the bottom line.
Therefore, you always have to do everything in your power to manage your risk as good as possible, and generally speaking, this means that you should never risk any more than two percent of your total trading capital on a single trade. Remember folks, risk management is essential when it comes to forex trading.
Stick with Short Timeframes
Another big time ticket you need to follow if you want to successfully complete this $100 forex trading challenge is that you need to engage in short term trading, which generally means scalping trading, which means that trades are only open for 15 minutes at the very most, and sometimes even less.
The fact of the matter is that it’s much easier to trade on very short time frames when you only have a limited amount of money to trade.
When you trade on very short time frames those stop loss levels and take profit levels are going to be very close. Using longer timeframes when you have such limited capital to trade with can be extremely difficult, and moreover, as a trading movie, longer time frames are harder to trade with anyway, regardless of investment size.
Calm Down with The Leverage
Lots of people who start forex trading with such little money figured that they can just use unlimited amounts of leverage in order to make a ton of money in a very limited amount of time period now, the problem with leverage is of course that if you lose the trade you are on the hook for the full amount that you leveraged, not just for the monetary amount that you invested.
Therefore if you ever trade by 500 to 1 and you invested $100 it would therefore mean that you are at $50,000 in the hole if the trade goes South. As a newbie trader, it is strongly recommended that you leverage traits by no more than a ratio of 30 to 1, if even that.
Final Thoughts on the $100 Forex Trading Challenge
We definitely recommend taking a look at the video that we embedded here today, because there you will see exactly how Andrew managed to be so successful in this $100 forex trading challenge. You should take a look at all of the videos that we have included here, because Andrew provides many different tips in all of those videos, and in the last one even shows you exactly the trades that he placed in order to get to those $1000, and all in just 4 days!
If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.