[Challenge] $20 to $3000 Forex Account Building. Want to Join?

olsup

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There are many people who want build their forex account from a small amount to a big amount. One truthful thing is that that there is no way you can do that without taking big risk. So that informed this challenge.

Please do the following:
  • You can trade with money you can afford to lose or trade with a demo account.
  • Follow your trading plan judiciously
  • The risk management used for this challenge is NOT what you should apply to your normal account
The attached document is self explanatory and it is what you are to use for the challenge.
I will also appreciate any question you may have.


Good Luck!
 

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HustleTong

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I'm sure this is actually possible as I've been leverage trading for a while
But it's misleading unless you expose the strategy
 

kweiss

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Been there, done that, does not work.

You need same market conditions to make so much percentage each month. That means your risk is much higher than normal. You are exposing yourself more to the market in order to get more profit to hit the monthly target. The issue with that is you need to trade more and larger too which in return can lead to larger losses. Also, if you have many losses in a row, it will reduce your account size massively too.

If this was possible and it would have been repeated multiple times.

I have turned 70 into 2000 in seven months before but it was a one time thing and the market conditions were perfect for it. Also, it meant holding for a long period of time so on some positions the drawdown got very low.

But you can still make 100% in under 12 months by just compouding your account at 8% a month. 8% in forex is easy.

Without a proper strategy with an edge and positive expectancy, no trading will work
 

olsup

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I'm sure this is actually possible as I've been leverage trading for a while
But it's misleading unless you expose the strategy
It is not in any way misleading. For one to succeed in forex, you need to have the following:
  • Good trading plan
  • Good Risk Management
  • Good Money Management
  • Good Psychology
  • A lot of PATIENCE

In other to move from $20 to $3000, applying the kind of risk management that is always advocated will take years to reach that goal. That is why in this challenge, risk management/money management is being watered down. At every level 30% of balance is being risked (for this challenge alone). You are also advised to use ONLY money you can afford to lose or a demo account for this challenge.

You also need to have a good trading plan. In case you do not have one, go to Youtube and search for "good forex trading plan" You can choose one and use for this challenge.

If you are up for this, then lets goooooo....
 
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olsup

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Been there, done that, does not work.

You need same market conditions to make so much percentage each month. That means your risk is much higher than normal. You are exposing yourself more to the market in order to get more profit to hit the monthly target. The issue with that is you need to trade more and larger too which in return can lead to larger losses. Also, if you have many losses in a row, it will reduce your account size massively too.

If this was possible and it would have been repeated multiple times.

I have turned 70 into 2000 in seven months before but it was a one time thing and the market conditions were perfect for it. Also, it meant holding for a long period of time so on some positions the drawdown got very low.

But you can still make 100% in under 12 months by just compouding your account at 8% a month. 8% in forex is easy.

Without a proper strategy with an edge and positive expectancy, no trading will work
For the fact that it did not work for you does not mean that it will not work for another person.
Same market condition does not come every other time but what you need is to have a good trading plan, wait for your trade setups to form according to your trading plan and the take trades from level 1 if you want to follow the challenge.

If you are not able to get something to work for you, do not say it does not work.
 

BlogPro

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Saying you need a "good trading plan" in such threads is like saying you need a "magical spell".

Why the arbitrary 30%?
What happens when the risk benchmarks are hit?
At every level you're more than doubling your money (which is frankly not possible) or will take forever.
 

Abhi Balesh

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With this trading plan, it means you must not lose any trade in the start, this might be a bit difficult though.
 

olsup

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Saying you need a "good trading plan" in such threads is like saying you need a "magical spell".

Why the arbitrary 30%?
What happens when the risk benchmarks are hit?
At every level you're more than doubling your money (which is frankly not possible) or will take forever.
In other to move quickly at achieving the goal, that more is risked. The money that is being risked is where you will place your stop loss. If you loss a trade at a particular level then you repeat the previous level in other to get back to that level. If you lose 2 consecutive trades, give it a break for about a week and then come back.

At every level, the money is NOT being doubled. Kindly go through the attached document again. Try and study what is there if this is really of interest to you.

Cheers
 

BlogPro

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In other to move quickly at achieving the goal, that more is risked. The money that is being risked is where you will place your stop loss. If you loss a trade at a particular level then you repeat the previous level in other to get back to that level. If you lose 2 consecutive trades, give it a break for about a week and then come back.

At every level, the money is NOT being doubled. Kindly go through the attached document again. Try and study what is there if this is really of interest to you.

Cheers

You're doubling the amount you're risking. All your expected profits are over 100% of the risked amount.

The rest of the amount coming from a leveraged account or from your own capital doesn't make a difference.

If am risking $6 of my trading money - and trading with $26 - and expecting to make a $8 profit - it doesn't matter where the $20 comes from.

The thing is, you'll keep hitting your SLs. Continuously and rapidly. And you'll keep going down the supposed "levels".

Walking away from the market for a few days means nothing, does nothing.

Your supposed risk plan with levels does not add any real value. You've defined arbitrary levels with a higher risk quotient with higher profit quotient. The market does not spew consistent 40% profits.

Why not trade recursively with the same risk quotient on every trade?
 

olsup

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With this trading plan, it means you must not lose any trade in the start, this might be a bit difficult though.
What I have there is not a trading plan. It is what will help you in the journey in other to achieve your goal.
Catching 20 pips is easy and also difficult depending on your level on understanding of forex. Forex is NOT what you just open your PC/phone and the you say you want to start trading and making gains. It is something you MUST be dedicated to in other to make something out of it.

A food for thought: Why do people spend 4-5 year to get a university degree?
 

olsup

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You're doubling the amount you're risking. All your expected profits are over 100% of the risked amount.

The rest of the amount coming from a leveraged account or from your own capital doesn't make a difference.

If am risking $6 of my trading money - and trading with $26 - and expecting to make a $8 profit - it doesn't matter where the $20 comes from.

The thing is, you'll keep hitting your SLs. Continuously and rapidly. And you'll keep going down the supposed "levels".

Walking away from the market for a few days means nothing, does nothing.

Your supposed risk plan with levels does not add any real value. You've defined arbitrary levels with a higher risk quotient with higher profit quotient. The market does not spew consistent 40% profits.

Why not trade recursively with the same risk quotient on every trade?
What I can only say in regard to the above is that if you have a good trading plan and have a lot of patience for your trade setups to come, you should be able to catch 20 pips. Yes, in between you may have losses. Agreed, cos I am not saying that you will have 100% success rate.

This challenge is you those who are fully dedicated to forex trading (not for those who just want to look in) to see things from another perspective. That is why I made it clear to use money you can afford to lose or a demo account.

I trade my normal account conservatively but for this, it is what it is, a challenge.

If it interests you enough, you can join. If you also choose not to, it is fine as well.
 
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