$200 Forex Account Trading Challenge
Being able to turn $200 into $1,000 through Forex trading may not be easy, but it is doable, and it’s what this $200 Forex Account Trading Challenge is all about. The fact of the matter is that many people have to start trading with very small accounts, such as with $200. For many people this is just unavoidable.
Many people might think that trading Forex with such a small account is pointless due to a lack of funding. However, this is not the case, and it’s what this $200 Forex Account Trading Challenge is all about. We are here to show you that it is more than possible to turn a small $200 into $1,000 in just a couple of weeks.
Sure, the growth of your FX account is going to be painfully slow in the beginning, but growth is possible. Moreover, once growth starts to happen, the rate of growth will grow exponentially over time, always going faster.
Today we want to talk about our $200 Forex Account Trading Challenge and how far we have already come. Mind you, this is the fourth day of our challenge, and we have already manage to increase our trading account balance by over 50%. Let’s go over some of the most crucial advice you need to follow in order to be successful at this $200 Forex Account Trading Challenge.
$200 Forex Account Trading Challenge – Progress on Day 3
As we have stated before, when you start with a small $200 Forex account, making gain is going to be very slow in the beginning. Due to the way you have to trade when you have a small account, painstakingly slow growth is not avoidable.
It’s just the way it is, and our own trading account does reflect this. However, this is not to say that we have not been successful so far or that we have failed at this challenge. In fact, it is going exactly according to our plan, and we’re well on our way to success.
We started out with a minimal $200 account balance, and on day 3 we had already passed the $300 mark, nearly $310 in our trading account. This means that it took us just 2 days to make an ROI of 54%. An ROI of 54% in such a short period of time is very impressive to say the least.
Of course, the overall returns on the initial investment are not massive, but in relation to how much we started with, it’s actually quite large. We will keep you updated in terms of our account growth and how we are faring with this $200 Forex Account Trading Challenge.
Tips To Succeed In The $200 Forex Account Trading Challenge
Ok, so trading with such a small account, $200, is quite difficult, as there is not a big buffer zone. Large losses, even single losses, can spell doom for such a small trading account. This is why it is crucial for you to adhere to the following tips to succeed with this $200 Forex Account Trading Challenge.
Don’t Have Profit Goals
Perhaps the most important tip for you to follow is that you don’t create profit goals that you can’t meet. Really, you should not be setting any profit goals at all. You should not be focusing on specific target levels for profits because as we have noted a few times now, profits are going to be really small in the beginning anyway. Therefore, what you need to focus on is winning trades regardless of how small individual profits are.
Create & Stick To A Solid Trading Strategy
The next step for success with this $200 Forex Account Trading Challenge is to create a successful trading strategy. Now, you don’t have to create your own strategy from scratch or invent some new ground breaking way of trading. However, there are hundreds of FX trading strategies out there, and many which combine various aspects.
It is your duty here to find a trading strategy that works, one that tends to be profitable, is usable for small accounts, and is easy to execute as well. If you don’t know much about trading strategies, it’s recommended to join our Income Mentor Box Day Trading Academy. Trading blindly without a solid strategy is a great way to fail this $200 Forex Account Trading Challenge.
Engaging in Proportional Risk Management
Something else you need to do in order to maximize your chances of success with this particular FX trading challenge is to always use a good risk management technique. This is extremely important when trading with such a small Forex account.
The reason for this is because with a small account, if you risk too much money in a single trade, and the trade goes south, you could lose everything. Most pro traders will stick to the 1% risk rule, which means never risking more than 1% of your total account balance per trade.
Therefore, if a trade is lost, at least you still have the other 99% of your money remaining. Of course, when it comes to exceedingly small accounts, sticking to a 1% risk rule may not be possible due to minimum trading amount requirements. However, the bottom line is that for this $200 Forex Account Trading Challenge to work, in the beginning, you need to stick to low risk trading.
$200 Forex Account Trading Challenge – Final Thoughts
The bottom line is that this $200 Forex Account Trading Challenge is absolutely doable. Turning $200 into $1,000 in a couple weeks is indeed possible, as long as you stick to the tips we have provided here, and as long as you watch Andy’s videos which explain everything in great detail.
Keep in mind that this challenge is not over yet. We’ve gone from $200 to just over $300 in a couple of days, and growth is expected to continue in an exponential manner. It shouldn’t be more than a week until we hit the $1,000 mark.
Now, if you really want to learn everything there is to know about FX trading, so you can trade with small accounts successfully, there is no better place to learn from than the Income Mentor Box Day Trading Academy.