Can you make a living by trading a 250$ Forex account??
By parmalat
@parmalat (28)
Romania
December 17, 2006 6:54am CST
I hope there are Forex traders on this site. At first it sounds excellent: you start with only 250$, you trade currencies and this seems familiar, brokers are taking care of the strategies, what more can you possibly want?! But in a few months I found out it's not really that way. I'm not sure if it's about my strategies or my self control. It always looks like if I had a little more money in my account I would have survived. Useless to say that I lost two mini accounts (500$). So, the question is: have you ever heared of someone who started with 250$ and has reached a level where he earns a living by trading his account? As for me... I won more money in the casino than by trading Forex minis.
1 person likes this
4 responses
@kclim8 (4)
• Malaysia
30 Jan 08
Trading forex or any financial instruments (options, stocks, CFDs, futures) is a -ve sum game. Meaning there will be more losers funding the winners as well as the brokers, banks, etc.. As such, I would estimate that 95% of the traders would be losers while only a handful of 5% will be winners. This is quite in line with the normal (bell) curve.
Trading forex with a trading capital of $250 and expecting to make lots more is not so realistic. Many small account holders will finance a few successful traders. With this low capital, it is not sensible to even talk about risk management.
If you are serious, learn more and perhaps take some courses. Then paper trade for at least 3-6 months. You should trade with your real money only if you can prove to yourself that you can make money with paper trades. Create a journal of when you enter, why you enter, your stop loss, and your take profit points. Every time you lose money, review your journal and learn from it.
Your preferred trading broker can also have an impact on your winnings. You need to research them thoroughly. Some are out there to catch you of your ignorance!
Good luck.
@fxfriski (209)
• Singapore
3 Mar 07
There is no way anyone can make a living by trading a 250$ mini account. Unless he is very lucky, then he should be in a casino.
The minimum amount required to make a living is either a 10K$ account and live way below your means or a 100K$ account which will make you decent amounts.
Unless of course you are talking about managing funds... Then you get to fly in private jets in no time...
