Could this plan work to make me an extra £10,000 by trading spot forex? Please help/advise.Thanks.?

Currently I am 18 years old and I am looking to make an extra £10,000 to start building wealth gradually by breaking my financial goals into chunks at a time every year. I have £3,000 in liquid cash currently, but I’m not willing to risk all of it, maybe £100-£200 in some other cash I gain over Christmas time. I have a practice account with a Spot-Forex broker my brother set me up with a few months ago FX Club. I have been practicing and learning at the same time by reading babypips.com. What I would like to know is if I start with say my £100 starting capital, could I possibly grow it into the £10,000 I desire in a time range of 6 months to 1 year by age 19? Is this possible to do in such a short time frame with such a small amount of capital? Please give a good reasonable answer. Thanks.

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This entry was posted on Sunday, May 16th, 2010 at 6:53 pm and is filed under learn forex trading. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

5 Responses to “Could this plan work to make me an extra £10,000 by trading spot forex? Please help/advise.Thanks.?”

Acka May 16th, 2010 at 7:52 pm

£100 to £1000 in 1 year, its not going to happen.

Salerio May 16th, 2010 at 8:26 pm

Well my mate managed to turn £20,000 into $5,000,000 in two weeks, so it would seem to be possible. The issue is that he was willing to lose all of that and walk away with a smile :) The buzz is from the trading. If you don’t have money to lose don’t do it. The only way you’re going to get that kind of leverage on Forex is by trading options. No currency moves by a factor of 100 in 12 months especially taking into account commission charges and spread.

Maybe you should just pop down to the Royal and Sun Alliance and shove your 3k into a saving bond :)

khalilkyd May 16th, 2010 at 8:26 pm

Hi,
It costs $30 commission per contract and you are after a pip which is $10.Leave it alone and daytrading
is a losing game. The only people who benifit are the brokers .
It took me more than 20 yrs to learn to make a living out of Forex. I never daytrade . I suggest you place
part of ur funds with a reputable investment firm and hope for the best. Investment is not a science. Its
and art . Good luck Good luck .

Free2Day May 16th, 2010 at 9:26 pm

Greetings William M,

100 or 200 pounds to risk?

Hmmm….. I would try Stock Index Trading with a mini-account. You’re young and have plenty of time on your side.

On another note, I would save enough money to go with an ECN Forex Broker and avoid Bucket Shops like the plague!

The overall consensus on this board is for you to place your funds with a specialized savings firm. I concur with that recommendation. But and if you really have a plan that requires investment action, look into the link with-in the source box.

Hope this helps….

Party May 16th, 2010 at 9:50 pm

hi there !!

as a trader… I always think positive and I think if you are well-planned, concentrated, if you understand how the forex market works, the movements, the trend analysis and everyday some homework.. I think you can easily reach your goal. I think you can do some reading of stockmarket and forex markets and practice the trades on currencies with play money first and then jump into real money…

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