Double or Even Triple Your Forex Trading Account Risking 2-5% Only,1. Continue As Planned – Leave The Money In And Double Your Trade Lot Size
A trader can double his forex account after taking more trades and set a proper time frame for trading. It is not possible to do that in a few days or months, it may take many months or years as well. Normally, a trader can double his trading account in 25 to 30 years but if you trade with high leverages and place more orders with big chances 25/06/ · Using leverage you will double your account with just 40 pips. And you will blow it with 32 pips. Risking the $ If you are good/lucky after 3 trades you will have $ 03/12/ · can you double your money in every month by Forex trading. If your initial investment is $ then what will happen after 2 years. Month Balance($) 1 2 Answer (1 of 10): Investors have a tendency to think about their investments in terms of ROI (return on investment), ROE (return on equity), and so on, but there is one measurement that Simply, yes, due to high leverage offered by forex brokers it’s very much possible to double a forex trading account. This will require a lot of risk and shouldn’t be attempted by the majority ... read more
Now this is something of a hybrid between number one and two. With this scenario you will be able to continue to grow, and at the same time you will be able to take some of your profits and use them for other purposes. You may wish to be very conservative and put them right into a savings account. You may also wish to go on a trip or give the money away or whenever you want to do with it.
It is up to you, but this way you are continuing to grow your account at a faster pace than you did before. This might be the best of both worlds because you still have a chance to use some of your profits for other purposes. Earning an income from Forex trading is one of the primary goals that many traders have.
It is certainly possible to earn a full time income from your trading efforts, but it is not as easy as first you may have thought. Even very successful fund managers will struggle from time to time and have losing months here and there. This approach of reinvesting a portion of your earnings can allow you to enjoy your profit and continue growing your account at the same time. This approach allows you to continue investing more and more money into your account which will allow you to accelerate your account growth.
All of these options can do quite well for expanding your trading account in the years to come. You may try one of them out and decide that you would rather switch to another. Be flexible but also commit to your plan with discipline. Discipline will take you the furthest in the world of trading.
Did you think we were finished? Option number six could be to open a second account with some of your surplus profits. Take this second account and link it together using a trade copier. I have developed specialized Forex trade copiers for this very purpose and have continued expanded its functionality the last couple of years. But why do this? On the secondary account you can set variable risk management options that will help you grow your account either more conservatively or more aggressively depending on your preference.
For example, you might treat your secondary account as your high-risk growth account. You will program your trade copier to place each trade size in the slave account with twice the risk or whatever amount you set of the trade taken in your primary account. Adding on a second account like this will allow you to diversify your risk and allow you to protect one account while growing the other account more aggressively.
You can take this last idea and use it to open up multiple accounts. You may wish to allocate a different amounts of risk per trade per account with some accounts being very conservative and others being very aggressive.
You might also wish to trade only certain currencies in the different accounts—the choice is yours. This is a very excellent question as well. Part of a good, solid diversification plan can include opening up accounts with multiple Forex brokers.
No Forex broker is perfect, we all know that, and some are better than others. Depending on the country that you live in there might be advantages to having multiple Forex brokers to manage your money. Using the MetaTrader 4 Local Trade Copier you can link your primary account to multiple slave accounts regardless of what broker the account is from. There is no restriction whatsoever in this way so long as all your platforms are running the MetaTrader 4 software platform.
Now you have a boatload of ideas to run and implement. Carefully decide which is best for you, or which ones are best for you. I am also a Forex trader, a programmer, an entrepreneur, and the founder of ea-coder.
Besides, as your position is in profit, and so your equity is increased, and you have more room for the second position. The second position my friends takes, will have a reasonable and proper stop loss too, but no target. Again, he waits for the price to run accordingly, and if another continuation setup forms, he repeats the same process. Sometimes when the market trends strongly, and several continuation setups form, he will have the chance to take several positions while all the previous positions are in profit and their stop loss orders are moved to breakeven.
On This is what I did too. All of his three positions are still open. So his account would be tripled already. So we will not have such a strong trend always. I took two short positions as usual, but my stop loss was hit by My first position hit the x5 target, and I closed the second position with a ~ pips profit when the My friend could take only one position that was closed by him almost at the same time that I closed my second position.
So with this trade setup, I made more profit than him. In spite of this, even if we can do it rarely, it will have a good return. So if you like to copy him, first you have to learn how to pick the strong setups , and then Scale Up when continuation setups form.
What he does is the maximum level a trader can go. I don't believe in luck. I believe in sweat. The more you sweat, the luckier you get. Skip to content On August 29th, I published an article about two important mistakes that novice traders make: Averaging Down and Scaling Up; Which One Works?
By The LuckScout Team I don't believe in luck. View all of The LuckScout Team 's posts. Notify of. new follow-up comments new replies to my comments. Inline Feedbacks. Manage consent. The forex market is extremely liquid compared to other markets and does provide a huge amount of trading opportunities every year, or even every day for lower time frame traders. This frequent opportunity is also paired with the fact brokers offer a huge amount of leverage in the forex markets, compared to other markets.
The first entry would have a RR of , the second entry a RR of and the third with an RR of The KEY to scaling into positions though, is to remove the risk from the previous entries.
This is how accounts are grown, safely. You must need a large account to make large profits, right? This is where forex prop firms come in….
Forex prop firms are companies that offer funding to profitable traders.
Maybe you have found a good robot to use and have traded it consistently and profitably for the last few months or years. Maybe you have a good trade copier service that you receive trades from and you have traded aggressively to this point. Fortunately the trade calls have been very good so far and you have doubled your money. Regardless of which path you may have taken, congratulations on profitable trading! It is no easy task to be successful trading Forex.
While this is not a proven number it is likely to be near the truth. Successful Forex trading is incredibly difficult—it is one of the most difficult things on the planet to do. But why should I say this since you already know it to be a fact. No one that is successful in trading got there overnight. It is a long and difficult process most times. Now what I would like to share with you today are some ideas on what you can do now since achieving this great task of doubling your account size.
I have five ideas that I think might benefit you and that you should consider for moving forward. This sounds like a very simple principle, and it is. The more difficult thing, of course, is to actually carry it out consistently. It all depends on what your goals are.
Some people are just trading Forex in order to make a monthly income and pay the bills. This is a fine goal too. Do you know what the amount of money you need in your account to earn a full-time income? However, if your goals are bigger and you would like to increase your account size to become a million dollars or two then you will want to consistently reinvest your profits for account equity growth.
IMPORTANT: Remember how dangerous a thing greed can be. Also never risk more than what is safe according to your risk management strategies. Always remember the worst case scenario. There can always be times of drawdowns. After all, markets are unstable and unpredictable and no trader is perfect.
Make sure that you are trading conservatively enough to prepare for the worst eventualities that could come along the way. This approach can put you at ease and help you sleep better at night. Knowing that each trade you take risks a smaller percentage of your overall account balance can be a very good feeling. This means that even when you lose on a trade or two at a time you are only losing an even smaller percentage of your account than before. With this approach you may feel more at liberty to take trades and be less likely to babysit them.
Are you one of the types of traders who like to work hard and play hard? Do you want to have immediate gratification for the work that you have done and the gains that you have achieved? If so, then pull those profits out, pay the taxes on the gains, and take a trip around the world if you have earned enough money to do so! You started into trading in order to make a profit.
You want a sense of security that money can provide. You want to be able to pay your bills. You want to be able to go on vacations and buy nice things. You want to be able to give money away or you want to be able to take care of your family. These are all very nice things to think about and achieve. These are great goals to have, fueling your ambition for future Forex trading profits.
It may help to have a plan upfront. This third idea is great if you want to reward yourself for all the hard work that you have put in. Now this is something of a hybrid between number one and two. With this scenario you will be able to continue to grow, and at the same time you will be able to take some of your profits and use them for other purposes. You may wish to be very conservative and put them right into a savings account. You may also wish to go on a trip or give the money away or whenever you want to do with it.
It is up to you, but this way you are continuing to grow your account at a faster pace than you did before. This might be the best of both worlds because you still have a chance to use some of your profits for other purposes.
Earning an income from Forex trading is one of the primary goals that many traders have. It is certainly possible to earn a full time income from your trading efforts, but it is not as easy as first you may have thought. Even very successful fund managers will struggle from time to time and have losing months here and there. This approach of reinvesting a portion of your earnings can allow you to enjoy your profit and continue growing your account at the same time.
This approach allows you to continue investing more and more money into your account which will allow you to accelerate your account growth. All of these options can do quite well for expanding your trading account in the years to come. You may try one of them out and decide that you would rather switch to another.
Be flexible but also commit to your plan with discipline. Discipline will take you the furthest in the world of trading. Did you think we were finished? Option number six could be to open a second account with some of your surplus profits. Take this second account and link it together using a trade copier.
I have developed specialized Forex trade copiers for this very purpose and have continued expanded its functionality the last couple of years. But why do this? On the secondary account you can set variable risk management options that will help you grow your account either more conservatively or more aggressively depending on your preference. For example, you might treat your secondary account as your high-risk growth account. You will program your trade copier to place each trade size in the slave account with twice the risk or whatever amount you set of the trade taken in your primary account.
Adding on a second account like this will allow you to diversify your risk and allow you to protect one account while growing the other account more aggressively. You can take this last idea and use it to open up multiple accounts.
You may wish to allocate a different amounts of risk per trade per account with some accounts being very conservative and others being very aggressive.
You might also wish to trade only certain currencies in the different accounts—the choice is yours. This is a very excellent question as well. Part of a good, solid diversification plan can include opening up accounts with multiple Forex brokers.
No Forex broker is perfect, we all know that, and some are better than others. Depending on the country that you live in there might be advantages to having multiple Forex brokers to manage your money. Using the MetaTrader 4 Local Trade Copier you can link your primary account to multiple slave accounts regardless of what broker the account is from. There is no restriction whatsoever in this way so long as all your platforms are running the MetaTrader 4 software platform.
Now you have a boatload of ideas to run and implement. Carefully decide which is best for you, or which ones are best for you. I am also a Forex trader, a programmer, an entrepreneur, and the founder of ea-coder. com Forex blog. I have created two of the most popular trade copiers and other trading tools for MT4 that are already used world wide by hundreds of currency traders.
Love the Money Management Tips…. Thank You…. I use a combination of a techniques to survive — but may home in on one now after viewing your logic ….. Your last idea to use your services for trade copier sounds great also.
What a great chap you are -Thank you! Your ideas are worth sharing, but I believe you need to go out more and share. Like participate in forums and give value. Hi Great advice. Just started FX less than a month ago, Many losses.
Notify me of followup comments via e-mail. You can also subscribe without commenting. Skip to content Share on Facebook. Here are five good ideas that can help you expand and get to the next level… 1. Decrease Future Risk — Leave The Money And Lot Size As Is. In Summary? What If I Am Trading REALLY Well And Have Even More Funds Available? What If I Want To Diversify With Accounts From Multiple Brokers? Jen September 1, Rimantas Petrauskas September 2, Jen, thank you for kind words.
Can I Double My Forex Trading Account?,LEGAL INFORMATION
Here are five good ideas that can help you expand and get to the next level. 1. Continue As Planned – Leave The Money In And Double Your Trade Lot Size. There is a basic principle in 24/09/ · Besides, as your position is in profit, and so your equity is increased, and you have more room for the second position. However, the % risk he takes for the second position is 30/05/ · Better try to make 10 points in one pair every day using the same amount of money and the same leverage. After you manage to double your account three times using this A trader can double his forex account after taking more trades and set a proper time frame for trading. It is not possible to do that in a few days or months, it may take many months or years as well. Normally, a trader can double his trading account in 25 to 30 years but if you trade with high leverages and place more orders with big chances 25/06/ · Using leverage you will double your account with just 40 pips. And you will blow it with 32 pips. Risking the $ If you are good/lucky after 3 trades you will have $ 03/12/ · can you double your money in every month by Forex trading. If your initial investment is $ then what will happen after 2 years. Month Balance($) 1 2 ... read more
Regardless of which path you may have taken, congratulations on profitable trading! Only consistently profitable traders are able to double accounts, usually after years of studying. Again, he waits for the price to run accordingly, and if another continuation setup forms, he repeats the same process. So we will not have such a strong trend always. After all, markets are unstable and unpredictable and no trader is perfect. You want to be able to pay your bills.
These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. New photo contest: "Everywhere with RoboForex" The last 3 months of trading Contest from moderators "Buy and Hold" "Forex Nostradamus" Contest "KingSize" Contest "Demo Option" Contest "Best stock trader" Contest Other Trading binary options from Roboforex company Archive. What he does is the maximum level a trader can go. Take this second account and link it together using a trade copier. Learn more, double your balance in forex everymonth.
No comments:
Post a Comment