Forex Trading Challenge: Turning $100 into $1,000
If you are a beginner trader who is just starting with forex trading, then something that you should definitely check out is this $100 forex trading challenge. The whole point of this $100 forex trading challenge is to start with just $100 and then to turn that into a full $1000 by the end of the week.
Now, with all of that being said, trading with just $100 is not very easy, and there are many different tips and rules that you need to follow in order to be successful with this $100 forex trading challenge the simple reality is that trading with such little capital is extremely difficult but that said it is not impossible to grow a small trading account.
This $100 forex trading challenge that we are here to talk about today comes to us courtesy of Andrew, a reputable trade and the mentor behind both the Income Mentor Box Forex Trading Academy and the Stock Trading Mentor Box stock market trading school.
Andrew himself did this $100 forex trading challenge, and within just four days he managed to turn that $100 into a full $1000. So, what we’re here to do today is to provide you with all of the biggest tips and rules that Andrew himself followed in order to be successful with this challenge. Let’s get through it and help you make money. we’re here to help you turn nothing into something.
The $100 Forex Trading Challenge – How to Win
So, as mentioned above turning $100 into $1000 through forex trading is not particularly easy, and if you don’t follow the rules and tips that we set out below, then you definitely aren’t going to be successful. However if you do follow all of the rules and tips that we set out below, then you should have no troubles achieving the same results that Andrew did, or in other words turning $100 into $1000 in just four days.
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Have Realistic Goals
Right off the bat, one of the worst things that you could possibly do is to think that forex trading with just $100 is somehow going to get you out of the rat race, so to speak. In other words a lot of beginner traders think that they can take such a small amount of money and then become rich in just a few months by doing some smart trading. However, the fact of the matter is that when it comes to 4X trading, it’s not a get rich quick scheme, and it’s not a sprint.
Forex trading is a marathon, one that takes a long time to complete period of course it is possible turn $100 into $1000 in just a few days, but with that being said you aren’t going to get filthy rich in such a short amount of time period in other words in order to prevent yourself from becoming discouraged, and to prevent yourself from becoming unmotivated, you need to set realistic goals that are possible to achieve.
Choosing the Right Trading Account
If you plan on being successful with this $100 forex trading challenge, something else that you need to do is to choose the right kind of trading account. What you need to know here is that there are usually four different types of trading accounts that you can open with a broker.
These include standard accounts, mini accounts, micro accounts, and nano trading accounts. What you also need to know here is that when it comes to standard accounts of the lot sizes 100,000 units, with a many trading account of a lot sizes 14,000 units, with a micro trading account the lot size is 1000 units, and with a nano trading account the lot size is just 100 units.
Therefore, based on those figures, if you are trading with just $100, it serves to reason that you should be using a nano trading account. These small trading accounts allow you to engage in forex trading without having to invest too much money, and it also helps keep fees and commissions to a minimum.
Short Timeframes are Essential
In terms of being able to successfully complete this $100 forex trading challenge another extremely important tips that you need to follow is to always stick with short time frames. When it comes to trading with such a small amount of money, using short timeframes is absolutely central, and this generally means that you should engage in forex scalping trading. This means that trades will only be open for a maximum of 15 minutes, and potentially open for only a few minutes.
The fact of the matter is that when you trade with shorts timeframes, it is much easier to keep track of things then if you are trading with long time frames. Moreover when you trade on short timeframes, those a stop loss levels and take profit levels are going to be very close and easy to reach. Simply put, it’s just a lot harder to trade on longer timeframe than it is on shorter timeframes, and it usually requires a larger investment as well.
Trade Like You’ve Got $10,000
In terms of being able to 110 dollars $1000 with this particular Forex trading challenge, another thing that you absolutely need to do is to treat those $100 as if they were $10,000. The simple fact of the matter is that if you have absolutely no money to spare then losing $100 is just as bad as losing $10,000.
In other words, what you need to do is to engage in proper risk management, and this generally means not investing more than two percent of your total trading capital into a single trade. Now investing just $2 into a single trade might not be possible on various brokers or trading platforms, but with that being said this theory of risk management still needs to be adhered to.
Go Easy on Leverage
The other tip that you need to follow for this $100 forex trading challenge is to go easy on leverage. Sure you can leverage the trade by ratio of 500 to 1, but if you lose that trade, then you are in serious trouble, because you are on the look for the full leveraged amount. Therefore if you were just trading with $100, it is recommended that you only leveraged trades by very small ratios, if at all. Until you have enough money to cover your leverage to losses, you shouldn’t be leveraging trades.
Winning the $100 Forex Trading Challenge – The Bottom Line
When it comes to this $100 forex trading challenge, we definitely recommend watching the various videos that we have included here today, as the videos were Andrew himself shows how he turned $100 into $1000 in just four days. Remember folks if you follow all of the tips and rules that we have provided you with above, you should have absolutely no problems turning $100 into $1000 in just a few days.
If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.