GOALS GOAL - Forex journey, aiming to turn $1 into a million.

[Numndbl]

Alright, let me give you a quick backstory. I've been in the trading game for a bit over 10 years, and now I've decided to embark on a unique challenge—something nobody has attempted before. Just to be clear, I'll still be doing my regular trading with my usual accounts and clients; this is just a side project. The trades will be similar, but the risk is different. Currently, the account stands at $75.

Now, for those familiar with trading, you know that growing a $1 account is close to mission impossible. First off, you need a broker that allows leverage above 1:1000 because 0.01 lot is the minimum trading size. Then, a hefty dose of skill comes into play—thankfully, my experience has got that covered. Lastly, a bit of luck doesn't hurt. Starting with just $1 means I had a mere 6-pip range to work with, and anything over that would spell doom for the account. The first entry had to be 99% spot-on. It gets a bit easier as the account grows, but the initial steps are quite the tightrope walk.



Given the unpredictable nature of the trading world—brokers can go down, regulations may change—I've decided to break down this journey into 5 phases. First up, going from $1 to $100. After that, I'll open a new account, transfer the funds, and aim for the $100 to $1000 phase. The progression continues with $1k to $10k, then $10k to $100k, and finally, the stretch from $100k to a million, if it ever reaches that point. I might even explore different brokers for each phase; that's something I'll decide along the way.

Currently, I'm using myfxbook to track the status of my account.

 

[Lolano]

So, what's the real strategy, you know?

 

[Numndbl]

So, what's the real strategy, you know?

Through my experience in this industry, I've come to realize that much of what's marketed to retail traders is often misleading. Personally, I don't rely on indicators or predefined strategies; instead, I focus on tracking price movements. My approach combines technical and fundamental analysis, along with monitoring COT reports and market sentiment. In short, the majority of retail traders tend to be incorrect, so I closely observe their behavior to identify potential opposite trading opportunities.

 

[Lolano]

In short, the majority of retail traders tend to be incorrect, so I closely observe their behavior to identify potential opposite trading opportunities.

I completely agree with your perspective. Best of luck to you, and I'll be following along.

 

[Airship]

Your progress is impressive! Wishing you the best of luck. I've also been trading forex for a few months, but unfortunately, I've blown some accounts as well. Currently, I'm backtesting daily using only price action, and I plan to take on a similar challenge when the time is right.

 

[Fricarr]

Would you mind sharing which broker you use?

 

[Batersch]

That's impressive! Good luck to you. I've also been trading forex for a few months, but I've blown some accounts. I'm currently backtesting daily using only price action, with no indicators. Soon, I'll attempt the same challenge when I'm ready.

 

[Discoverol]

Would you mind sharing which broker you use?

 

[Gaucompa]

Through my experience in this industry, I've come to realize that much of what's marketed to retail traders is often misleading. Personally, I don't rely on indicators or predefined strategies; instead, I focus on tracking price movements. My approach combines technical and fundamental analysis, along with monitoring COT reports and market sentiment. In short, the majority of retail traders tend to be incorrect, so I closely observe their behavior to identify potential opposite trading opportunities.

I’m glad to hear this! Have you studied any of ICT's materials?

 

[Sleekko]

Stay vigilant and utilize stop-loss (SL) orders judiciously. Avoid excessive greed.

The most promising pair for quick returns is XAU/USD, but thorough study is essential for success. Good luck!

 

[Piluen]

Through my experience in this industry, I've come to realize that much of what's marketed to retail traders is often misleading. Personally, I don't rely on indicators or predefined strategies; instead, I focus on tracking price movements. My approach combines technical and fundamental analysis, along with monitoring COT reports and market sentiment. In short, the majority of retail traders tend to be incorrect, so I closely observe their behavior to identify potential opposite trading opportunities.

If it's not too much trouble, I'd appreciate learning about the factors you consider before entering a trade. Perhaps you could create a video or post about it here?

 

[Numndbl]

I’m glad to hear this! Have you studied any of ICT's materials?

I only just learned about that by searching it up. In my early days, I used to read other people's strategies, but I found it to be a waste of time. You can learn the market basics for free on Babypips, and after that, it's all about self-learning.

Would you mind sharing which broker you use?

I began using Roboforex due to its high leverage options, as there are only a few brokers offering leverage higher than 1:1000. They seemed the most reliable among them, and I haven't had any issues so far.

If it's not too much trouble, I'd appreciate learning about the factors you consider before entering a trade. Perhaps you could create a video or post about it here?

Here's a basic strategy that's simple yet often overlooked by 90% of traders: follow price strength and weakness. For example, take the EUR/USD pair. If it drops, then pauses (accumulation), drops further, and pauses again, but negative fundamental news continues and it only briefly drops before returning to its range, that's a signal to start buying. Patience is key. While many traders will buy all the way down and keep adding trades, you should wait, observe, and buy when retail traders have given up and believe it will keep dropping. That's typically when banks have accumulated enough and the price starts moving up. The same principle applies to selling, just in the opposite scenario.

 

[Piluen]

Here's a basic strategy that's simple yet often overlooked by 90% of traders: follow price strength and weakness. For example, take the EUR/USD pair. If it drops, then pauses (accumulation), drops further, and pauses again, but negative fundamental news continues and it only briefly drops before returning to its range, that's a signal to start buying. Patience is key. While many traders will buy all the way down and keep adding trades, you should wait, observe, and buy when retail traders have given up and believe it will keep dropping. That's typically when banks have accumulated enough and the price starts moving up. The same principle applies to selling, just in the opposite scenario.

That makes sense, thanks for the explanation.

I'll follow this thread to see how it develops. Good luck!

 

[Numndbl]

I’m glad to hear this! Have you studied any of ICT's materials?

I just looked into this ICT thing, and it seems like he might be another charlatan.

Check out this link for more details: Forex Peace Army review.

 

[SereneMans]

Through my experience in this industry, I've come to realize that much of what's marketed to retail traders is often misleading. Personally, I don't rely on indicators or predefined strategies; instead, I focus on tracking price movements. My approach combines technical and fundamental analysis, along with monitoring COT reports and market sentiment. In short, the majority of retail traders tend to be incorrect, so I closely observe their behavior to identify potential opposite trading opportunities.

Price action is king! I’m entering my eighth year of trading. It took me 4 to 5 years to realize the power of price action, and only then did I start making money. I’m on a similar journey but started with 1,000 EUR.

 

[Numndbl]

Price action is king! I’m entering my eighth year of trading. It took me 4 to 5 years to realize the power of price action, and only then did I start making money. I’m on a similar journey but started with 1,000 EUR.

Good luck! Maybe you can share your journey as well?

 

[Styxin]

I began using Roboforex due to its high leverage options, as there are only a few brokers offering leverage higher than 1:1000. They seemed the most reliable among them, and I haven't had any issues so far.

Are they allowed to deposit $1 and start trading?

 

[Numndbl]

Are they allowed to deposit $1 and start trading?

The minimum deposit required is $10. When setting up a new trading account, there are two options available: a regular account with a leverage of 1:1000 and a high-risk account with a leverage of 1:2000. With the high-risk account, you can start trading with as little as $1, or potentially even less, although I haven't personally tried it. However, all trades are automatically closed if the account balance falls between $0.10 and $20. Additionally, there is a spread of up to 2 pips on major currency pairs, which means that starting with less than $1 might not be feasible due to the potential impact of even minor market movements.

 

[SereneMans]

Good luck! Maybe you can share your journey as well?

I've been considering documenting my own trading experience. I use cTrader, but I could also share my progress on Forex Factory's Trade Explorer, though it currently doesn't support cTrader.

 

[Numndbl]

I've been considering documenting my own trading experience. I use cTrader, but I could also share my progress on Forex Factory's Trade Explorer, though it currently doesn't support cTrader.

Myfxbook is compatible with cTrader.