Starting out with $200 and waht next...

gognen

Private
Messages
17
Hello traders,
I have a question directed to experienced traders, but not to get answer from people who have still trading on a demo account and their opinion. I apologize if this sounds rude, but I guess you will understand that I need advice from someone already experienced in this business.

I am practicing for almost 4 years on FOREX demo account and I am feeling somehow ready to enter into the real world, but starting out with only $200 (I cannot afford more money as in my country the standard of living is very low). By trading, I have success in realizing my strategy of making 2% daily and achieving the goal of $50000 for around 340 trading days (excluding weekends and holidays) or 1.5 years. I am mainly hybrid trader (news, technicals and sentiment recognition).
But on the other side, in my head started to rise confusion when I have read on the forums and sites from experienced traders(I guess so) that the above mentioned is near impossible to be made on real account, and best starting deposit is from $5000 to $10000 (which for me this is institutional deposit and big money, impossible to afford) for which I was not able to find any credible information why.

What is your opinion on this, is my strategy a rational expectation (even for realizing it after 2 to 3 years) or only great delusion that will make you laugh out loud for the real account starting out with only $200?

Thank you.

P.S. I am not in desperation for money or trading for a living method
 

LoRio

Sergeant
Messages
479
Hello traders,
I have a question directed to experienced traders, but not to get answer from people who have still trading on a demo account and their opinion. I apologize if this sounds rude, but I guess you will understand that I need advice from someone already experienced in this business.

I am practicing for almost 4 years on FOREX demo account and I am feeling somehow ready to enter into the real world, but starting out with only $200 (I cannot afford more money as in my country the standard of living is very low). By trading, I have success in realizing my strategy of making 2% daily and achieving the goal of $50000 for around 340 trading days (excluding weekends and holidays) or 1.5 years. I am mainly hybrid trader (news, technicals and sentiment recognition).
But on the other side, in my head started to rise confusion when I have read on the forums and sites from experienced traders(I guess so) that the above mentioned is near impossible to be made on real account, and best starting deposit is from $5000 to $10000 (which for me this is institutional deposit and big money, impossible to afford) for which I was not able to find any credible information why.

What is your opinion on this, is my strategy a rational expectation (even for realizing it after 2 to 3 years) or only great delusion that will make you laugh out loud for the real account starting out with only $200?

Thank you.

P.S. I am not in desperation for money or trading for a living method
The afforementioned strategy is not a strategy.
You have developed "Traders Eyes" , which in many cases, i presume ,have caught yourself knowing what is going to follow by looking at a chart in combination with the fundamentals.
That is a good approach but it lacks foundation.

Lacking foundation does not render it useless , but it renders it weak when a blow comes to your real live account ,your mind is racing [yes it will] you consider jumping in again to cover losses immediately [yes you will] and later on notice that you blame a "strategy" for something the "strategy" did not cause.(cause on high stress trades , it was not your strategy pointing out the "oppurtunity").

What i advise is not dumping your approach.Dump your girlfriend instead.But "one last night" her first.Get some chocolate syrup...Im kidding.

What i advise is not dumping your strategy , but rather solidifying it.
See how your approach works and write everything down as a process you follow.

Example :
1.Open Chart
2.Find <span class="glossarylink">

<a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=Support" onmouseover="return overlib('Support is a price level (often an area, not an EXACT price) that traders tend to buy at. This often prevents price from falling below this level, th [...]');" onmouseout="return nd();">
<img class="inlineimg" src="http://www.forexpeacearmy.com/forex-forum/images/styles/f4/misc/vbglossarlink.gif" border="0" /></a> <a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=Support" onmouseover="return overlib('Support is a price level (often an area, not an EXACT price) that traders tend to buy at. This often prevents price from falling below this level, th [...]');" onmouseout="return nd();">Support</a>



</span> And <span class="glossarylink">

<a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=resistance" onmouseover="return overlib('Resistance is a price level (often an area, not an EXACT price) that traders tend to sell at. This often prevents price from going above this level, [...]');" onmouseout="return nd();">
<img class="inlineimg" src="http://www.forexpeacearmy.com/forex-forum/images/styles/f4/misc/vbglossarlink.gif" border="0" /></a> <a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=resistance" onmouseover="return overlib('Resistance is a price level (often an area, not an EXACT price) that traders tend to sell at. This often prevents price from going above this level, [...]');" onmouseout="return nd();">resistance</a>



</span> on H4
3.Get current D1 trend
4.Pull A fibonacci retracement from the previous low to the projected <span class="glossarylink">

<a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=resistance" onmouseover="return overlib('Resistance is a price level (often an area, not an EXACT price) that traders tend to sell at. This often prevents price from going above this level, [...]');" onmouseout="return nd();">
<img class="inlineimg" src="http://www.forexpeacearmy.com/forex-forum/images/styles/f4/misc/vbglossarlink.gif" border="0" /></a> <a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=resistance" onmouseover="return overlib('Resistance is a price level (often an area, not an EXACT price) that traders tend to sell at. This often prevents price from going above this level, [...]');" onmouseout="return nd();">resistance</a>



</span> (if uptrend) on H4 and find the first <span class="glossarylink">

<a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=support" onmouseover="return overlib('Support is a price level (often an area, not an EXACT price) that traders tend to buy at. This often prevents price from falling below this level, th [...]');" onmouseout="return nd();">
<img class="inlineimg" src="http://www.forexpeacearmy.com/forex-forum/images/styles/f4/misc/vbglossarlink.gif" border="0" /></a> <a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=support" onmouseover="return overlib('Support is a price level (often an area, not an EXACT price) that traders tend to buy at. This often prevents price from falling below this level, th [...]');" onmouseout="return nd();">support</a>



</span> level in conjuction with already visible supports)
4b.Pull A fibonacci retracement from the previous high to the projected <span class="glossarylink">

<a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=support" onmouseover="return overlib('Support is a price level (often an area, not an EXACT price) that traders tend to buy at. This often prevents price from falling below this level, th [...]');" onmouseout="return nd();">
<img class="inlineimg" src="http://www.forexpeacearmy.com/forex-forum/images/styles/f4/misc/vbglossarlink.gif" border="0" /></a> <a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=support" onmouseover="return overlib('Support is a price level (often an area, not an EXACT price) that traders tend to buy at. This often prevents price from falling below this level, th [...]');" onmouseout="return nd();">support</a>



</span> (if downtrend) on H4 and find the first <span class="glossarylink">

<a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=resistance" onmouseover="return overlib('Resistance is a price level (often an area, not an EXACT price) that traders tend to sell at. This often prevents price from going above this level, [...]');" onmouseout="return nd();">
<img class="inlineimg" src="http://www.forexpeacearmy.com/forex-forum/images/styles/f4/misc/vbglossarlink.gif" border="0" /></a> <a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=resistance" onmouseover="return overlib('Resistance is a price level (often an area, not an EXACT price) that traders tend to sell at. This often prevents price from going above this level, [...]');" onmouseout="return nd();">resistance</a>



</span> level in conjuction with already visible resistances)
5.Check the news calendar .Is anything expected today , or tommorow for this currency?
6.Place a <span class="glossarylink">

<a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=pending+order" onmouseover="return overlib('An order that will not execute until the price reaches a level selected by the trader. Forex Traders Glossary');" onmouseout="return nd();">
<img class="inlineimg" src="http://www.forexpeacearmy.com/forex-forum/images/styles/f4/misc/vbglossarlink.gif" border="0" /></a> <a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=pending+order" onmouseover="return overlib('An order that will not execute until the price reaches a level selected by the trader. Forex Traders Glossary');" onmouseout="return nd();">pending order</a>



</span> at the first <span class="glossarylink">

<a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=support" onmouseover="return overlib('Support is a price level (often an area, not an EXACT price) that traders tend to buy at. This often prevents price from falling below this level, th [...]');" onmouseout="return nd();">
<img class="inlineimg" src="http://www.forexpeacearmy.com/forex-forum/images/styles/f4/misc/vbglossarlink.gif" border="0" /></a> <a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=support" onmouseover="return overlib('Support is a price level (often an area, not an EXACT price) that traders tend to buy at. This often prevents price from falling below this level, th [...]');" onmouseout="return nd();">support</a>



</span> or <span class="glossarylink">

<a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=resistance" onmouseover="return overlib('Resistance is a price level (often an area, not an EXACT price) that traders tend to sell at. This often prevents price from going above this level, [...]');" onmouseout="return nd();">
<img class="inlineimg" src="http://www.forexpeacearmy.com/forex-forum/images/styles/f4/misc/vbglossarlink.gif" border="0" /></a> <a href="http://www.forexpeacearmy.com/forex-forum/vbglossar.php?do=showentry&amp;item=resistance" onmouseover="return overlib('Resistance is a price level (often an area, not an EXACT price) that traders tend to sell at. This often prevents price from going above this level, [...]');" onmouseout="return nd();">resistance</a>



</span>(limit order).

repeat 10 times before trading day starts "I NEVER deviate from the process."

If it helps have a list of Hard Rules , rules you never break when trading.
For this you have to look within yourself after you have traded some real money .
Observe yourself while trading , like step above you , sort of outside you and think
why am i doing this ?what caused this?how can i avoid this. etc.

And yes it can be done.
Finally ,extra 1 [i tell everyone dont worry]: open an extreme account with a very high leverage broker and very little funds ($5,$10) .Trade that account on the maximum possible risk able. Its a fun account , what happens on that account does not matter , you never deposit more than $10 on that account , its the "you never know account" , it helps get the edge of,and in the process you will learn a thing or two about trading , and brokers.

Extra 2 :
[video=youtube;GhKJ9P3agRc]
[/video]

Extra 3 : Subscribe to this man here ,and watch his TA videos.

[video=youtube;uY0MKUKkkKg]
[/video]

Extra 4(yes new record 4 extras!) :

[video=youtube;zoN0D337GaA]
[/video]

And also , you can join forex competitions on the side .
Check ForexBall , ForexCup.
Cheers
 
Last edited by a moderator:

LoRio

Sergeant
Messages
479
Hello traders,
I have a question directed to experienced traders, but not to get answer from people who have still trading on a demo account and their opinion. I apologize if this sounds rude, but I guess you will understand that I need advice from someone already experienced in this business.

I am practicing for almost 4 years on FOREX demo account and I am feeling somehow ready to enter into the real world, but starting out with only $200 (I cannot afford more money as in my country the standard of living is very low). By trading, I have success in realizing my strategy of making 2% daily and achieving the goal of $50000 for around 340 trading days (excluding weekends and holidays) or 1.5 years. I am mainly hybrid trader (news, technicals and sentiment recognition).
But on the other side, in my head started to rise confusion when I have read on the forums and sites from experienced traders(I guess so) that the above mentioned is near impossible to be made on real account, and best starting deposit is from $5000 to $10000 (which for me this is institutional deposit and big money, impossible to afford) for which I was not able to find any credible information why.

What is your opinion on this, is my strategy a rational expectation (even for realizing it after 2 to 3 years) or only great delusion that will make you laugh out loud for the real account starting out with only $200?

Thank you.

P.S. I am not in desperation for money or trading for a living method
The afforementioned strategy is not a strategy.
You have developed "Traders Eyes" , which in many cases, i presume ,have caught yourself knowing what is going to follow by looking at a chart in combination with the fundamentals.
That is a good approach but it lacks foundation.

Lacking foundation does not render it useless , but it renders it weak when a blow comes to your real live account ,your mind is racing [yes it will] you consider jumping in again to cover losses immediately [yes you will] and later on notice that you blame a "strategy" for something the "strategy" did not cause.(cause on high stress trades , it was not your strategy pointing out the "oppurtunity").

What i advise is not dumping your approach.Dump your girlfriend instead.But "one last night" her first.Get some chocolate syrup...Im kidding.

What i advise is not dumping your strategy , but rather solidifying it.
See how your approach works and write everything down as a process you follow.

Example :
1.Open Chart
2.Find support and resistance on H4
3.Get current D1 trend
4.Pull A fibonacci retracement from the previous low to the projected resistance (if uptrend) on H4 and find the first support level in conjuction with already visible supports)
4b.Pull A fibonacci retracement from the previous high to the projected support (if downtrend) on H4 and find the first resistance level in conjuction with already visible resistances)
5.Check the news calendar .Is anything expected today , or tommorow for this currency?
6.Place a pending order at the first support or resistance(limit order).

repeat 10 times before trading day starts "I NEVER deviate from the process."

If it helps have a list of Hard Rules , rules you never break when trading.
For this you have to look within yourself after you have traded some real money .
Observe yourself while trading , like step above you , sort of outside you and think
why am i doing this ?what caused this?how can i avoid this. etc.

And yes it can be done.
Finally ,extra 1 [i tell everyone dont worry]: open an extreme account with a very high leverage broker and very little funds ($5,$10) .Trade that account on the maximum possible risk able. Its a fun account , what happens on that account does not matter , you never deposit more than $10 on that account , its the "you never know account" , it helps get the edge of,and in the process you will learn a thing or two about trading , and brokers.

Extra 2 :
[video=youtube;GhKJ9P3agRc]
[/video]

Extra 3 : Subscribe to this man here ,and watch his TA videos.

[video=youtube;uY0MKUKkkKg]
[/video]

Extra 4(yes new record 4 extras!) :

[video=youtube;zoN0D337GaA]
[/video]

And also , you can join forex competitions on the side .
Check ForexBall , ForexCup.
Cheers
 
Last edited by a moderator:

dkami

Sergeant
Messages
748
Hello traders,
I have a question directed to experienced traders, but not to get answer from people who have still trading on a demo account and their opinion. I apologize if this sounds rude, but I guess you will understand that I need advice from someone already experienced in this business.

I am practicing for almost 4 years on FOREX demo account and I am feeling somehow ready to enter into the real world, but starting out with only $200 (I cannot afford more money as in my country the standard of living is very low). By trading, I have success in realizing my strategy of making 2% daily and achieving the goal of $50000 for around 340 trading days (excluding weekends and holidays) or 1.5 years. I am mainly hybrid trader (news, technicals and sentiment recognition).
But on the other side, in my head started to rise confusion when I have read on the forums and sites from experienced traders(I guess so) that the above mentioned is near impossible to be made on real account, and best starting deposit is from $5000 to $10000 (which for me this is institutional deposit and big money, impossible to afford) for which I was not able to find any credible information why.

What is your opinion on this, is my strategy a rational expectation (even for realizing it after 2 to 3 years) or only great delusion that will make you laugh out loud for the real account starting out with only $200?

Thank you.

P.S. I am not in desperation for money or trading for a living method
IMPO $200 is not nearly enough to start trading and achieving your goal of $50000 for around 340 trading days (excluding weekends and holidays) or 1.5 years.

Tip, You should only trade with money you can afford to loose (It sounds to me that you could not afford to loose $200 if this is all you can start out with);)
 

dkami

Sergeant
Messages
748
Extra 4(yes new record 4 extras!) :

[video=youtube;zoN0D337GaA]
[/video]


Cheers
1min of listening to this ding bat is enough to book yourself into a mental asylum for shock treatment for the next 10yrs:rolleyes:

And Mark Douglas is old school, I think you would be much better off getting a younger mentor that's up with the time's!
 
Last edited by a moderator:

Pharaoh

Colonel
Messages
19,742
If you do find yourself successfully making profits, don't sit back and leave all the money in the account. Imagine starting with $200, spending a year making some healthy profits, and having all your trades cancelled when you try to make a withdrawal.

Set up a regular system for withdrawing at least some of your profits.
 

gognen

Private
Messages
17
1. The afforementioned strategy is not a strategy.
You have developed "Traders Eyes" , which in many cases, i presume ,have caught yourself knowing what is going to follow by looking at a chart in combination with the fundamentals.
That is a good approach but it lacks foundation.

2. Lacking foundation does not render it useless , but it renders it weak when a blow comes to your real live account ,your mind is racing [yes it will] you consider jumping in again to cover losses immediately [yes you will] and later on notice that you blame a "strategy" for something the "strategy" did not cause.(cause on high stress trades , it was not your strategy pointing out the "oppurtunity").

3. What i advise is not dumping your approach.Dump your girlfriend instead.But "one last night" her first.Get some chocolate syrup...Im kidding.

4. What i advise is not dumping your strategy , but rather solidifying it.
See how your approach works and write everything down as a process you follow.

Example :
1.Open Chart
2.Find support and resistance on H4
3.Get current D1 trend
4.Pull A fibonacci retracement from the previous low to the projected resistance (if uptrend) on H4 and find the first support level in conjuction with already visible supports)
4b.Pull A fibonacci retracement from the previous high to the projected support (if downtrend) on H4 and find the first resistance level in conjuction with already visible resistances)
5.Check the news calendar .Is anything expected today , or tommorow for this currency?
6.Place a pending order at the first support or resistance(limit order).

repeat 10 times before trading day starts "I NEVER deviate from the process."

6. If it helps have a list of Hard Rules , rules you never break when trading.
For this you have to look within yourself after you have traded some real money .
Observe yourself while trading , like step above you , sort of outside you and think
why am i doing this ?what caused this?how can i avoid this. etc.

And yes it can be done.
7. Finally ,extra 1 [i tell everyone dont worry]: open an extreme account with a very high leverage broker and very little funds ($5,$10) .Trade that account on the maximum possible risk able. Its a fun account , what happens on that account does not matter , you never deposit more than $10 on that account , its the "you never know account" , it helps get the edge of,and in the process you will learn a thing or two about trading , and brokers.

8a. Extra 2 :
[video=youtube;GhKJ9P3agRc]
[/video]

8b.Extra 3 : Subscribe to this man here ,and watch his TA videos.

[video=youtube;uY0MKUKkkKg]
[/video]

8c.Extra 4(yes new record 4 extras!) :

[video=youtube;zoN0D337GaA]
[/video]

And also , you can join forex competitions on the side .
Check ForexBall , ForexCup.
Cheers

1. I totally agree on this. You recognized my psychology. Thumbs up.
2. At least on my demo trading I am keeping myself disciplined and not rushing for quick profits. For example, this 2% daily is my ultimate rule. No more, no less. Losses are integrated component in my trades and sometimes there are no trades at all. Not all the time everything is going as I expect.
3. Well, I am married, so my wife is all the time nagging me when I will get her a car and a house on a beautiful place. :D :mad: :rolleyes: :p
4. Actually I am using zigzag, fundamentals and Fibonacci already and I will consider this as a simple approach. Even making some statistical calculations although I do not respect this approach very much. In the theory of chaos statistics are almost nullified.
6. I never break my rules in demo trading. Well, I guess in live will be too. I will get to know this soon.
7. Good advice to experiment different approaches.
8a. I have read a book from Mark Douglas - "Trading in the Zone". Interesting book.
8b. I know this already, but thank you anyway.
8c. Well, Life Coach is not my favorite cake. My parents already taught me and prepared me for my life. Off course I have still to learn many things in my life, but I prefer 8a and 8b as a good pointer that 8c :rolleyes:
 
Last edited by a moderator:

LoRio

Sergeant
Messages
479
1min of listening to this ding bat is enough to book yourself into a mental asylum for shock treatment for the next 10yrs:rolleyes:

And Mark Douglas is old school, I think you would be much better off getting a younger mentor that's up with the time's!
hahaha sure kid.
Do sugest a modern mentor though.you never know,even poop has oxygen.
lets hear it
 

gognen

Private
Messages
17
IMPO $200 is not nearly enough to start trading and achieving your goal of $50000 for around 340 trading days (excluding weekends and holidays) or 1.5 years.

Tip, You should only trade with money you can afford to loose (It sounds to me that you could not afford to loose $200 if this is all you can start out with);)
Well, I have read this many times as I said, but I need details how do you explain that $200 is not enough. It is nothing that matters to force me to a decision if it is good or bad to make the start. I already made the decision. It is only for discussion purposes or I will have to find it myself. I mean no offense to you. ;)

I have a daytime job (writing from there), no problem, even I have savings which I am eager to invest them in this business because I find it very interesting, but in my country, average savings are very low in comparison that can be in European countries, US, Australia, New Zealand and few other that I didn't mention them. So yes, I can afford to lose $200.
 
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