you can start with 300 pounds and still make money.I started with 200 with iii.co.uk and i amke an average of 100 pounds a week.i ahve a target of 20pounds a day with 1 pound a point,so 20 points i am contend.
Guys, Guys, Guys, especially you bluedental,
Wake up mate. Even if waffi has achieved this, it is extremely rare and extremely high risk, you could blow your account a million times over before you make money doing this. You should be asking questions like: How long you been doing this? How many accounts have you blown? Are you up on your complete experience? ect ect.
Step back and take a hard look at what waffi has just said. waffi himself would know this is irresponsible trading clearly in the gambling camp hoping it pays off. If he denies this then he is not a trader but a gambler who wants to be called one and doesn't understand clear risk/reward and money management.
What he says is true, it can be done, trading succesfully can also be achieved by the way your tea tastes in the morning or throwing darts at a stock chart to place orders but it's not highly succesfull, this kind is clearly in the 98% (whatever amount) fail rate.
Right, lets look at what he's got and what he's using:
£300
£1pp (per point)
20pt target per day(£20)
Now at £1pp depending on market but the margin will be no less than half the account, ie, £150 plus. Now to have spreads of several pts, also depending on company but excluding special offers as these are here to lure you in only (obviously).
If waffi uses a 10pt stop this would be half his target but not only that, it would represent 3.3% risk of total account and excluding any spreads (assumes no spread is paid and gets market price), this falls into high risk territory.
1 loss = 3.3% of account. now if you keep the same stop of 10pts you run higher risk every losing trade, if you lessen the stops to keep in line with 3.3% risk then you have a far greater chance of being whipsawed out of the trade or the winners become less because obviously you have a lower trade value to counteract the stop loss policy.
Here are the factors:
10pts stop
1 loss = 3.3%
2 loss = 3.4%
3 loss = 3.7%
4 loss = 3.8%
5 loss = 4.0% ect and so on.
Waffi, how long you been trading? Whats your stop loss policy? What market/stocks you trade?
Bluedental, you haven't listened to a word I've said so far and have been totally absorbed into small amounts for big gains (extreme risk/low reward). Try buying some get rich quick schemes on the net or go to the casino. You'll soon figure out how these things sound attractive but seldom work.
