I need help on how to grow a small fx account.

[Harris]

I want to grow an account of about $150 - $200. I need help/suggestions on how to grow it to over $1000 in one month.

 

[deFX]

1. Trading system
2. Trading psychology
3. Money management

 

[Sebata]

You will need to have patience and a clear strategy in place. Also use micro lots of 0.01 otherwise you will risk blowing your account

 

[coco2020]

I want to grow an account of about $150 - $200. I need help/suggestions on how to grow it to over $1000 in one month.

Use small lot sizes and have patience.

 

[Kilo]

Any suggestions on which strategy to use? I’ve been looking for a good strategy I don’t mind going lot 0.01 with a good strategy.

 

[cchong]

I think what you really need are as follow:
1. Time
You need to spend time learning all you can about forex trading. If you don't have time. Then forget it.
2. Energy
You need lots of energy to focus on your learning. If you don't have enough energy, go to rest and exercise more to build up your energy
3. Patience
Patience is one the key factors to success. If you want to "get rich quick" by using quick and shallow learning methods and not willing to have patience and endurance to learn the hard way and go through all the hard work of learning, then please just walk away. There is no way you are going to succeed.
4. Information
You need to go learn as much info as you could, learn to read them, pay attention to the details and try to understand them. Try to watch lots of youtube videos (they are all 100% free to watch) about forex trading, what are the good tools that will help you, what are the dangers and risks, how to manage them well and not go greedy or crazy with your settings or plans, etc.
5. Experience
There is simply no quick fix for everything especially when it comes to trading. You would need to go through some good learning months and years to gain a good understanding and experience before you know more clearly of what you want, what you prefer, what works for you and how you want it to work well for you, etc. There is no way for any shortcut for true and long term success. Simple as that.
6. Money
No money no talk. If you want to grow your money, you gonna have to learn how to manage it. Yes you could start small, but learning how to manage your risks is very important, never invest with money that you could not afford to lose. And always be ready to move on even when you lost your money. Because money is not everything. You should cherish what you still have which is more important in life rather than just money itself only.

Next, you would need to know and decide on whether you want an active income or passive income. If you want active income, then you would need to do active trading that could help generate a quicker and larger income for you within a shorter period. However that would simply mean that you really need to go all out for it with lots of time and energy with good info and skills applied and lots of experience in order to succeed. You won't have that much time for other stuff, that could be a problem for some or many traders. However, if you just want a passive income, then you can consider using an EA (Expert Advisor) to do auto-trading job for you, all you need is a good and reliable EA, and you need to know the best settings that works well for you, and you also need to choose a trusted broker that works well for you and your EA. Those are very important factors for your success in EA trading. If you have all that, then you are good to go. Simple as that.

 

[cchong]

I want to grow an account of about $150 - $200. I need help/suggestions on how to grow it to over $1000 in one month.

To grow from $150-$200 to $1000 in just one month? That is exactly what I meant by "get rich quick" mindset or scheme. To be honest with you, there are tons and tons of scams out there that promise you with these kinds of plans or strategies. I can assure you, 100% of them are nothing but scams. Only scams would promise you with that kind of crazy profits. If you believe in that kind of strategy or plans, then you would surely get scammed every day and every time. In short, such strategy of growing from $150 or $200 or even $100 to $1000 in one month SIMPLY DON'T EXIST. There is probably and possibly one and only way to do it though, just go to casino and gamble, if you are really that super lucky guy, then maybe you could gain $1000 in one single night. But you and I both know that this is just a joke. Please don't do that as 99% of gamblers always lose and never win in the end. Please listen to my advice, never ever gamble, and never go for "Get Rich Quick" kind of mindset. You will never succeed. You have absolutely 0% of chance to reach $1000 in one month. If anyone promise you that, run away for your best safety. Simple as that.

But, if you are willing to grow your account seriously by going through a long and hard way. Then I have good news for you. Yes, you can achieve it. But not one month but many more months. And you need to do a lot of hard work, and also you must be ready to lose your $100, $150 or even $200 along the way. Because that is part and puzzle of growing and learning in your journey of financial success. There is no shortcut for you. None. If you really want success? Then be ready to pay a high price of spending your precious time, energy and money, go through lots of researching, studying and reading work, and go watch lots of youtube free videos (consider them as free gift for you because you don't need to pay any money to watch and learn from them) and keep on learning how to trade with the necessary tools and good strategies. I have mentioned a lot of tips for you in my previous post and response. Please read them carefully and prepare to start right and stop your "get rich quick" mindset. Because if you don't change that mindset, soon or later it will get you in huge, huge trouble for sure.

One more important tips for you, never start learning trading using a real account. Always use demo accounts to learn your skills first for your best safety. Only use real account when you are confident enough that your strategy works. That's a very important way to protect you from losing your precious money.

Wish you all the best in your learning of trading. Lots of stuff you need to learn. Take it slow my friend. If you are willing to go slow and be serious in your learning. Soon or later I believe you would be closer on the way to your success. That is all I can say to you. Take care and God bless. Bye.

 

[cchong]

Any suggestions on which strategy to use? I’ve been looking for a good strategy I don’t mind going lot 0.01 with a good strategy.
[/QUOT

First of all you would need to ask yourself, what exactly that you want for your trading, what kind of strategy you prefer, what trading style suits you the best? Be clear about what you want and expect. Let me help you with just one question, are you looking for strategies to do manual trading which will help you generate much more money but requires you to spend a lot of time doing market analysis, chart patterns and etc.? or you simply don't have time and energy for that and you basically only need an EA (Expert Advisor) which is a forex trading robot to do all the trading for you and you can just "set and forget", sit back and relax while still earning some passive income which is less than active trading but still happy with the smaller profits that you earned? Which one suits you better? If you can answer these questions, then I think you pretty much know what you want. That's a good way to start searching for stuff that works best for you. Simple as that.

 

[cchong]

Just to share my thoughts with you all on forex trading matters:
1. Manual Trading/Full Time Trading (for Active Income):
To be honest, I have very little experiences in manual trading. But if you really want to earn bigger money, manual trading is the best as it gives you the full power and authority to control your trading style and manage everything the way you want it. However, you need a lot of time to manage your trading well by doing market analysis and probably need to use different kinds of indicators or price action strategies and many other strategies that you know to help you make the right choice of when to enter and exit your trades at the right time. If you are good with using these tools for your trading and you have some years of good enough experiences of how to trade well, then I think you will be a good trader that could earn quite a lot of money. If you are that person, then you are good to go. However, if you are not an experienced traders and just a beginner, then you surely needs lot of time to start learning lots of stuff in order to start right. There is no shortcut for your success. Pay the price and learn everything you can. In due time, I believe you will be on your way to your success and I wish you all the best.

2. Auto Trading/Part time Trading (for Passive Income):
Since this is my personal choice, I have more experiences in this area. If passive income is your choice, then you just need three things as follow:
a. Find a good EA (Expert Advisor) that works well for you
b. Find the good settings that work well for you
c. Find a good broker that you could trust and work well for you and your EA

The rest is just some basic knowledge of how to open a forex account (demo and real account), how to install an EA with MT4/MT5 accounts, stuff like that. If you have learned and know how to do those basic stuff, then I think you are pretty much good to go.

For those of you who are looking for a good EA, I have posted a new thread with an EA that I use and it works well for me. If you are interested to try it too, feel free to use the following link to get this EA 100% free for your testing and use it at your own risk:
Red Dragon MT5 (My Favourite EA: 48% Profit & 26% Drawdown)

Red Dragon MT5 (My Favourite EA: 48% Profit & 26% Drawdown) - Top Forex Forum | Get Forex Trading Strategies & Feeds | Forex Forum

Red Dragon MT5 is one of the best EA that I've tested and I'm still using it today. Therefore I'm willing to share it with you 100% for FREE. Monthly profits: around 48% Max. Drawdown: around 26% Minimum account balance to start: $1000 with a STANDARD account or $100 with a CENT account for...

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Okay that's all I can say about forex trading. Wish you all the best in your learning and findings of best ways that helps you in your trading. Take care everyone. Be safe and stay safe as always. May God bless you all. Bye.

 

[lurhays]

When trading with a small account, it's important to set realistic goals. Don't expect to make huge profits overnight. Instead, focus on making consistent small profits.

Leverage can amplify your profits, but it can also increase your losses. Be careful when using leverage and make sure you understand the risks.