HOW TO TURN $300 INTO A FULL-TIME INCOME
HOW TO TURN $300 INTO A FULL-TIME INCOME
HOW TO TURN $300 INTO A FULL-TIME INCOME
Just to make sure you understand I'm going to briefly explain "lot" sizes. When you are trading a "mini" account the "lot" sizes are 10,000. What this means is by trading one mini lot you are trading 10,000 worth of currency (i.e. US Dollar). The nice thing is that to "control" that lot you don't need to have $10,000 at all. Your broker will let you trade a mini lot as long as you have $100 "on margin" (some will even let you trade a mini lot with only $50 on margin). So, if you have $100 you can trade $10,000!!! (Need a FOREX broker?
When a currency pair (trading one currency for another) moves up or down a "pip" you will generally make $1 for each pip. A pip is 1/100 of a penny, but when you multiply it by say $10,000 traded then a pip is equal to $1 of profit. Now if you were to trade two mini lots (like you could do if you had $200 or more in your trading account) you would then make $2 for each pip, etc
When you have at least $2,000 in your trading account you can then trade "regular lots" instead of "mini lots". Regular lots are ten times the size of a mini, so you'd be trading $100,000 (with only $1,000 on margin) and each pip is usually $10. As you can see you'd be making money faster trading regular lots over mini
HOW TO TURN $300 INTO A FULL-TIME INCOME
So let's start talking about the strategy on how to turn your $300 into a full-time income. This is what you want, isn't it?
First of all you need to have a "trading strategy" you need to know what to look for and how to trade to make money. If you haven't got a good trading strategy, or are open to learning new techniques to learn. If you don't know what you're doing then there is a 99.999% chance that you will fail horribly. Do yourself a favor and make sure to get some training.
This growth strategy works by increasing how many lots you trade depending on how much money you have in your account. As you trade you only trade the number of lots permitted; never more, however you may trade less lots than prescribed if you so choose. We'll discuss why later.
When you start your account with $300 you are only allowed to trade one mini lot. If you win on your trades and gain money then that's great. If you should fall below $300 then you would continue trading one mini lot, but being more careful on your trades.
Once you've grown your account to $400 then you are ready for step #2. At this point you will be trading two mini lots on your trades. Now you will begin to be earning money twice as fast compared to before. If for some reason you choose (i.e. if you are less certain about a trade) you may still trade just one mini lot the choice is yours. At this point should you experience loosing trades that drop your account below $400 then you revert back to step one, trading one mini lot.
When your account reaches $600 then you move up to step #3. Now you are allowed to trade three mini lots on your trade, but can of course trade less if you want to. Again, if you loose any money and fall below $600 then you go back to step #2. If you are unfortunate to loose even more and fall below $400 then you would go back to step #1, however when you have over $900 then you move on to step #4.
Now considering that you could realistically get 100 pips per week (easily if you trade smart make sure to have some training) that means that you could possibly get to $10,000 in just 4 months. Compare that to sticking $300 into your local bank's savings account you'd be lucky to earn a dollar in the same time frame!
Now when you get to $10,000 you are ready for a big jump. You can now trade "regular lots" rather than mini lots. What you do is you contact your FOREX broker to change your account type from mini to regular. This is usually done by sending them a fax requesting the change, and takes about a day for the change to take place.
You may be wondering why this strategy doesn't suggest moving from a mini to a regular sooner; after all you can open a regular account with as little as $2,000. Remember that just because you "can" do something doesn't mean you "should" do something. Though you can open a regular account for only $2,000 you really shouldn't do it because just a few bad trades can wipe you out. It's better to be more conservative and have a better chance of succeeding over the long haul. Most experienced traders would recommend that if you have less than $5000 to open a mini account. The strategy is set as it is because if you were to move up to a regular account too soon and had a couple of loosing trades then you would have whipped out a significant portion of your account. Following this step-by-step strategy is much safer.
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