How I made $700 in one day

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Posted by Jude on Wednesday July 20, 2011 14:22:8:

Forex trading is really one of the fastest ways to make money online but it relies on a couple of things such as:
- Fair prediction Skills
- Internet connection
- An online Forex account
- Discipline

I just thought I should share this with you guys on how I made $700 a day from just doing forex trading. It doesn't happen every day though but on that particular day, I made the right prediction and decision, enjoyed the ride on a rising trend and closed my position automatically when it reached the exit target.

Now here is the story, I normally trade the EUR/USD pair as it is one of the most volatile and can be profitable if you know how to trade it. It happened during the night although I wouldn't advise you to try this all the time but it happened that I mistakenly left a buy order open at a very low price and it clicked by around 11pm. During the Asian session which is when most traders sleep, the EUR/USD price rose sporadically and reached about 70 pips and the position was opened from my $1500 account by staking in $1000 on a 1:100 leverage from my broker. This allowed me to trade currencies worth $100,000 with just $1000. Now this meant that for every 1 pip upwards movement, I can gain $10 and so since it rose up to 70 pips, I gained $700 and since I set a profit target at around that point, it clicked and I closed at a good price.
Now all these happened while I slept and that is one of the beauties of trading forex - You are allowed to analyze the markets and then decide on a price to buy and sell, you are your own boss and can decide when to trade, when not to and what factors to consider or predictions to make.

What I learn about this is that whenever your predictions are right or mostly right you can make it big in Forex. One mistake I made even though I gained $700 was that I forgot to close my buy orders since I was not a day trader and may have very well lost if it went the other way. I think if you are going to start trading forex, you entry price really matters and buying currencies when prices are low like at the start of the morning of after a terrible economic new and fall of such currency can help you make quick profits when prices recover.
If you wish to follow my set and forget strategy to make money from Forex, you should try trading with just maybe %10 of your funds and then set a much higher exit target than compared to your stop loss so that when the trend favours you, you make big gains but when it does not, you only get minimal losses. For instance, if you want to set a profit stop price, you can make it 40 pips and then your exit stop loss point can be 20 pips below as this gives you a higher reward to loss ratio



Comments:
Re: How I made $700 in one day Reply by maxwell on Wednesday October 31, 2012 at 14:2:7:

It was good that you managed to make that profit take but i must point out that you had over exposed. exposing $1000 out of an account with only $1500 was quit risky and if it had gone against you it could have swept your account clean. I advice people to be more cautions when doing this forex thing. I started trading in 2006 and have some experience.



Re: How I made $700 in one day Reply by paul on Thursday February 7, 2013 at 11:6:36:

it seems Maxwell you have enough experience e on the ground.for me am a new trader trying to gain experience so that i can start trading with my own live account.i would rely appreciate if you could guide me on how to trade and offer me detailed training kits