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Turn $10 into $1000 in a day by forex trading

Discussion in 'Beginners Bootcamp' started by Jack Francisco, Jun 11, 2012.

  1. FringFX

    FringFX Sergeant

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    What I was driving at on that post was that most traders focus on the money and not on trading well. if the focus is on the former, then disaster is nearly inevitable. if on the latter, then there's genuine chance of success.
     
  2. Pharaoh

    Pharaoh Colonel

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    Physically impossible, no. 7 super risky trades to double an account would give you 128 times your starting investment. The issue is that the odds of winning even one of these trades would likely be less than 50%, so the chances of surviving all 7 would be extremely low. Playing roulette in Las Vegas would probably give you better chances.
     
  3. itkraze

    itkraze Private, 1st Class

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    Its possible in only one day but if you have a cent account and a good strategy that gives you 75 - 85% winning rate then you may achieve this target over some months time.
     
  4. alanrox

    alanrox Corporal

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    So do you have this 75% - 85% winning rate system ???

    Interesting know....
     
  5. FringFX

    FringFX Sergeant

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    What is a cent account? I don't think that is offered in most brokers.
     
  6. Pharaoh

    Pharaoh Colonel

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    A cent account let's each cent appear to be a dollar inside the account. This can be useful as a bridging step between demo and a larger live account.

    It can also be used to try to convince potential account management clients that you are trading $10k of your own money when you really have only $100 at risk. Worse are the 000 accounts. For those, each dollar appears to be $1000.
     
  7. itkraze

    itkraze Private, 1st Class

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    Not yet but I am practicing on a system that can give 15 - 20 pips consistently with a very high winning rate. The problem is only of risk to reward ratio in that system, as SL have to be at least 25 -30 pips.
     
  8. Pharaoh

    Pharaoh Colonel

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    Let's take a worst case scenario - wins are 15 pips and losses are 30 pips. If you can win twice as many trades as you lose, you're at breakeven. If you can win more than 2 out of 3 on this system, you can make profit.

    I prefer to see the risk-reward ratio go the other way, but if the winning percentages are high enough (and stay high enough), then it's possible to come out ahead with a bad risk-reward ratio.
     
  9. Red Herring

    Red Herring Corporal

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    With $10, I can only trade 0.01 volume with my 1:100 leverage! In a day I can make $5 only and I am happy because if things goes opposite, I will lose only $5! I need $5 as a free margin so nothing can be done with $10, at least $15 is required with a 1:100 leverage...
     
  10. forex-amplified

    forex-amplified Private

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    You need more than a miracle to make that happen
     

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