How to Trade Forex With $100 and Make 300% Profit
How to trade forex with $100 and make 300% profit. A student asked how he can trade profitably with a $100 real forex account and I decide to write this post so every reader can learn from my answers. So many related questions can also be asked concerning the above question.
Such questions as, how long will I trade the $100 real account to make a profit? How much profit am I likely to make after the expected time? Can I start trading with $100? What lot size is good for $100 forex?
The only way to succeed at anything is first learning the process, acting and having solutions to every problem encountered while learning and re-learning and unlearning. You would have to learn a new skill, re-learn the skills you know about and be a master at it, and also unlearn those skills that do not guarantee success.
I welcome you to a step-by-step guide on how to trade forex with $100 and make a 300% profit. Here are the steps below.
1. How to Trade Forex with $100: Market Research.
Applied knowledge is power, but knowledge must first be learned. A trader has to devote time to learning and constant learning. The forex market has been in existence for decades and it is important to know that the market keeps expanding with innovations and ideas.
Read extensively my post on Fundamental analysis Vs. Technical Analysis: 2 Myths & Solution. That post highlights how a trader can benefit maximally in the forex market with both analyses.
You need to discover the type of trader you are in the forex market. Are you a swing trader, position trader, day trader, or scalper? Having known what best suits you and what time of the day you can devote to trading helps make you a better trader in the forex market.
2. Start with a Demo Account.
How to Trade Forex With $100 and Make 300% Profit. You can open a demo account on MT4 or MT5 or better still you should open a demo account with your broker. Some brokers provide demo accounts for their clients. Trade with your demo account like you are trading a real account. I advise you to open a minimum demo account available with your broker. You can’t be aiming at opening a real account with a maximum of $100 and you start trading a demo account of $10,000.
If possible, open a demo account of $100 and start trading with it. Once you can double that demo account with constant practice and a good trading plan, I am sure you are ready to start a real account. You can also trade our free daily signals with your demo account.
3. Open a real account.
How to Trade Forex With $100 and Make 300% Profit. The next thing to do is to open a real forex trading account, I would recommend two forex brokers but you should also do your research about them and many others. These brokers are XM and AMARKETS.
Fund your trading account with $100 and start trading with it. You should aim at risking only 1% of your equity. For a trading risk-reward ratio, risk $1 to get $3. You should also have a journal for your trades, this journal will guide you to what must be made for the day. Once you lose 2 trades in a day, you should stop trading for that day.
Starting a real account is similar to trading your demo account but be cautious because your emotions play a major role. Trading real money can be filled with so many emotions and fear.
The best pair I advise my students to trade is the EUR/USD pair. EUR/USD has a low spread and high liquidity. This is one major reason why beginners are always trading the EUR/USD pair.
4. Always Review Your Goals.
How to Trade Forex With $100 and Make 300% Profit. Learning how to compound your trades should come with daily goals. Never aim at doubling your equity in a day. Do not aim too high but aim at achieving a minimum number of pips every day. You can aim at 10 pips for every trade order. You can risk 10 pips to get a minimum of 20 pips over time as you progress.
Always withdraw your profit either weekly or bi-weekly. Whatever amount withdrawn is yours to keep and boast of that you can learn and earn while trading forex.
5. Importance of XM and AMARKETS
XM allows a micro trading account whereby using a 1.00 lot size is like trading with a 0.01 lot size. Leverage of 1:888 is allowed and they have a good customer-client relationship. XM also has low spreads on its currency pairs.
AMARKETS allows leverage as high as 1:1000 and they have 80+ pairs you can trade on their platform with a good customer-client relationship.
FAQ – Frequently Asked Questions
How to Trade Forex With $100 and Make 300% Profit
Q: How can I make 100 forex a day and how many pips does it take to make $100?
A: You can make $100 a day trading forex but all of that depends on your equity which makes up the lot size you can use for trading. Trading a lot size of 1.00 and earning 100 pips makes $100.
Q: What time does the forex market open in Nigeria?
A: Forex market opens 24 hours, every weekday. In Nigeria, opens at 11 pm GMT+1 on Sundays and closes at 10 pm GMT+1 on Fridays.
Q: Can I start trading forex with $1?
A: Your broker decides if you can trade with as little as $1. Many brokers have a minimum of $10 to deposit. AMARKETS allows a $1 deposit.
Q: What does equity mean in forex?
A: Equity is the amount of money in your trading account per time. It could be your trading account balance plus profit or your trading balance minus loss from open positions.
How to Trade Forex With $100 and Make 300% Profit has made its reader understand that forex is not a place for gamblers. You have to learn and keep learning to make the best advantage of the forex market. We shall provide weekly forex education on this website and you can comment on the next topic you would want us to teach you. Remember, applied knowledge is power and the only key to success is the application of the right knowledge.