Turning $100 into $1,000: Forex Trading Challenge

When you just start trading forex, the fact of the matter is that you might not have all that much capital to spare. In general, forex trading does require a good deal of capital in order to build something substantial. Starting with a very limited amount of capital does make things difficult. Now, with that being said, the fact of the matter is that you can start with a very small amount of money. What we are here to look at today is a particular forex trading challenge where the goal is to take $100 into turn it into $1000 by the end of the week.

OK, so the fact of the matter is that trading with just $100 is not easy at all. In order to prevent yourself from losing such a small amount of money, you do need to engage in proper risk management, and there are many other tips and rules that you need to follow. If you don’t follow the tips and rules that we are about to set out below then your chances of being successful are very slim.

This particular forex trading challenge is all about providing you with the necessary information that you need in order to start trading forex with just $100. The goal is of course to help you turn that $100 into $1000 by the end of the week.

Now, this is not just some random forex trading challenge that we came up with out of thin air. In fact our very own Andrew from the Income Mentor Box Day Trading Academy decided to do this forex trading challenge just last week. As you will see from the videos that we have included here today, Andrew was actually very successful here. Let’s go over the rules you need to follow in order to be successful with this $100 forex trading challenge.

How to Win the $100 Forex Trading Challenge

What we want to do right now with all of the best rules and tips that you need to follow in order to be able to turn $100 into $1000. Our aim is to help you win this forex trading challenge by the end of the week, and if you follow the rules and tips that we provide you with, then you should have no problems emulating Andrew’s results.

It All Starts with the Right Trading Account

First and foremost, if you plan on winning this $100 forex trading challenge, what you need to do is to choose the right kind of trading account for your purposes. Now, there are actually four different kinds of trading accounts. The four different accounts include standard size accounts, many accounts, micro accounts, and nano trading accounts.

It is also important to note that with a standard trading account the lot size is 100,000 units, with a mini trading account the lot size is 14,000 units, with a micro trading account the last size is 1000 units, and with a nano trading account of a lot sizes just 100 units.

Based on those figures, if you are trading with just $100, it makes sense to only use a small nano trading account. This is the best account to use if you don’t have much money to invest with, and it also helps to keep these and commissions to a minimum.

VISIT ANDREW’S TRADING CHANNEL

Treat $100 as if it were $10,000

The fact of the matter is that if you only have $100 to trade with, it really doesn’t matter how much it is, because if you lose $100 and that’s all you have to spare, then it’s just as bad as losing $1000 or $10,000.

If you start out with $100 and you lose it all, then you have nothing left. Therefore, what you need to do here is to engage in proper risk management techniques.

You have to treat those $100 as if they were $10,000. When you start out with such little trading capital in forex trading, every single dollar counts.

Therefore, we recommend following a classic risk management rule, which means that you should only be investing around 2% of your total trading capital into a single trade. This is one of the most important risk management rules that you need to follow when it comes to this particular forex trading challenge.

Be Realistic

In order to windows $100 forex trading challenge, the other thing that you need to realize is that this is a marathon, not a Sprint, and starting forex trading with just $100 is not going to get you out of the so called rat race.

The fact of the matter here is that you need to set yourself realistic goals, or else you will lose motivation. You just aren’t going to get filthy rich when you start trading with $100. Sure it is possible to turn those $100 into $1000 in a very limited amount of time, but you still aren’t going to get filthy rich, so be realistic about the amount of profits that you hope to achieve.

Calm Down with the Leverage

Yet another important tip to follow when it comes to winning this $100 forex trading challenge is that you really need to stay away from leveraging or trade as much as humanly possible. The fact of the matter is that it is of course possible to leverage your trades by as much as 500 to 1, or even more, but with that said this is extremely risky.

Remember folks leveraging your trades means that you are on the hook for the full amount that you leverage in the event that you lose a trade. So if you invest $100 into a trade, and you leverage it by 500 times, it means that you are actually on the hook for $50,000. Therefore as a beginner trader who is trying this forex trading talent, we recommend not leveraging your trades at all, or if you want to, don’t leverage them more than by a ratio of 50 to 1 at the most.

Short Timeframes are Key

The final tip that we want to leave you with today when it comes to winning this $100 forex trading challenge is that you need to stick with short time frames. You want to stick with either 5 minutes, 10 minute, or 15 minutes time frames.

Anything longer than that and your stop loss and take profit levels are going to be too far away, and moreover, the longer the time period is, the harder everything becomes a keep track of. Therefore if you want to be a successful humanely possible, especially with such limited trading capital, is sticking with very short timeframes is absolutely essential.

The $100 Forex Trading Challenge – The Bottom Line

The bottom line here is that if you follow all the rules and tips that we have provided you with here today, you should have absolutely no problems winning this $100 forex trading challenge. With all of the tips we provided you with today, turning $100 into $1000 in just a few days is definitely possible. If you take a look at the video that we have included here today, you will see that Andrew was able to complete this particular forex trading challenge within just four days. There is absolutely no reason why you cannot do the same.

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.