Forex Freedom by Robert Borowski - HTML preview

HOW TO TURN $300 INTO A FULL-TIME INCOME

So let’s start talking about the strategy on how to turn your $300 into a full-time income. This is what you want, isn’t it?

First of all you need to have a “trading strategy” – you need to know what to look for and how to trade to make money. If you haven’t got a good trading strategy, or are open to learning new techniques then go to www.RapidForex.com to learn. The rest of this eReport assumes that you already have a trading strategy, and we’ll only look at the strategy of how to grow your money. Remember, it’s important to know what you are doing. Paying a little bit for an education will improve your chances of making a full-time income as a FOREX trader. If you don’t know what you’re doing then there is a 99.999% chance that you will fail horribly. Do yourself a favor and make sure to get some training.

This growth strategy works by increasing how many lots you trade depending on how much money you have in your account. As you trade you only trade the number of lots permitted; never more, however you may trade less lots than prescribed if you so choose. We’ll discuss why later.

When you start your account with $300 you are only allowed to trade one mini lot. If you win on your trades and gain money then that’s great. If you should fall below $300 then you would continue trading one mini lot, but being more careful on your trades.

Once you’ve grown your account to $400 then you are ready for step #2. At this point you will be trading two mini lots on your trades. Now you will begin to be earning money twice as fast compared to before. If for some reason you choose (i.e. if you are less certain about a trade) you may still trade just one mini lot – the choice is yours. At this point should you experience loosing trades that drop your account below $400 then you revert back to step one, trading one mini lot.

When your account reaches $600 then you move up to step #3. Now you are allowed to trade three mini lots on your trade, but can of course trade less if you want to. Again, if you loose any money and fall below $600 then you go back to step #2. If you are unfortunate to loose even more and fall below $400 then you would go back to step #1, however when you have over $900 then you move on to step #4.

By now you should understand how this strategy works. Look at the following chart to see the progression of your account. This chart also shows how many pips you need to capture (assuming $1 per pip per mini lot traded) to move to the next step.

* From your start of $300

(Note: This plan assumes you are following a strategy that only risks a maximum of 20 pips per trade such as the “Forex Surfing” or the “Forex Scalping” techniques available at www.RapidForex.com. If you are using other strategies then you may need to adjust this plan to fit your equity management rules.)

Considering that you could realistically get 100 pips per week (easily if you trade smart – make sure to have some training) that means that you could possibly get to $10,000 in just 4 months. Compare that to sticking $300 into your local bank’s savings account – you’d be lucky to earn a dollar in the same time frame!

Now when you get to $10,000 you are ready for a big jump. You can now trade “regular lots” rather than mini lots. What you do is you contact your FOREX broker to change your account type from mini to regular. This is usually done by sending them a fax requesting the change, and takes about a day for the change to take place.

You may be wondering why this strategy doesn’t suggest moving from a mini to a regular sooner; after all you can open a regular account with as little as $2,000. Remember that just because you “can” do something doesn’t mean you “should” do something. Though you can open a regular account for only $2,000 you really shouldn’t do it because just a few bad trades can wipe you out. It’s better to be more conservative and have a better chance of succeeding over the long haul. Most experienced traders would recommend that if you have less than $5000 to open a mini account. The strategy is set as it is because if you were to move up to a regular account too soon and had a couple of loosing trades then you would have whipped out a significant portion of your account. Following this step-by-step strategy is much safer.

UPDATE: Since writing this eReport brokers have change the way they treat “mini accounts” and “regular accounts”. They now offer the same great spreads to their “mini” customers as they do to their “regular” customers. Because of this you no longer need to change over your account to a “regular” account once you reach $10,000. Furthermore it is beneficial to remain with a “mini” account for other reasons that are explained in my other eBooks.

While you are on step #10 if you happen to have some loosing trades and fall below $10,000 then don’t worry. As long as you are over $8,000 you may continue trading a regular account, however if your account drops below $8,000 then immediately contact your broker and have your account type changed back to a mini and continue from whichever step your account balance dictates you to be at (i.e. step #9). You may only reapply for regular account status once you cross $10,000 again.

Step 10 - $10,000 to $14,999 – trade 1 regular lot – 500 pips

Step 11 - $15,000 to $19,999 – trade 2 regular lots – 250 pips

Step 12 - $20,000 to $29,999 – trade 3 regular lots – 333 pips

After this point you should only increase your regular lots traded as you move up $10,000 (or more), and stringently follow proper equity management rules.

At this point you are making a great income. For example if you were to capture 100 pips trading 3 regular lots then you’ve just made $3,000!!! Remember, you could easily capture 100 pips a week (if you know what you’re doing, so remember to go to www.RapidForex.com to learn).

If you were to average only 100 pips per week (realistic & easy) and follow this system exactly then you would finish step #12 after only 6 months! Remember, in the “real world” you’ll have good weeks and bad weeks. So what if it takes you longer to achieve this goal? Let’s say you only average 50 pips a week (i.e. you make fewer trades) to make $30,000 in 12 months… how much are you currently earning in a year?

An important way to “think” about this strategy is to think of it as a game. Consider pips and the amount of money you have in your account to be the way you keep score. You’ve noticed that for each step I tell you how many pips you need to capture, or “score”, to move up to the next step. (Remember, some currency pairs pip value is less than a dollar for which you’ll need a few more pips.) The object of this game is to strategically score pips to raise your account to higher and higher amounts. It’s also important to think of this as a “business”, so make good rational business decisions (don’t gamble, trade smart).

It’s also important in this “game” that you forget that it’s real money, and not draw any out until you’ve passed $30,000. It may be tempting to withdraw money when your account starts to build but please resist this temptation. Continue to earn money for your living expenses the way you’ve been doing while building your account.

Only after you’ve crossed $30,000 would you then be “allowed” to withdraw money. Set a rule for yourself that you will never withdraw any more than 50% of the money you make trading a month. This way your account continues to grow so you can afford to trade even more lots… making even more money each month! By this point you should be able to comfortably live off of your 50% (VERY comfortably).

Please remember to exercise good equity management in all your trades, never risking more than 2% of your margin account on any single trade, however if you have a small mini account you may bend this rule to 5%. For example, if you have $300 in your account, 2% is $6, equal to 6 pips loss, and 5% is $15 or 15 pips (go for safe, high probability little trades at first). Realistically you need to be prepared to suffer losses with any system, so obviously your risk per trade has to be a bit higher than professional traders would normally employ. Once you get your account to $1,000 or more then definitely limit your risk to only 2% of your margin account on any single trade. Don’t be greedy and you’ll survive a few losses to continue your gains. Please don’t trade money you can’t afford to loose.

Now here is perhaps the most important point of this entire eReport. Get training! Think about it, many people go to school (College, University or take specialty courses) to learn how to be proficient for their jobs. You’d agree that doctors, lawyers, and other professionals make good money, but they wouldn’t if they weren’t trained for their careers. Sure they paid dearly for their schooling, but the investment of their training became returned upon graduating. Many are now wealthy!

If you don’t know what you are doing then I guarantee that you will fail at this! I simply can’t stress this enough. Remember that the few bucks you spend to learn what to do can make you very successful at making a whole lot of money!

Remember the saying, “Give a man a fish and you feed him for a day, but teach him how to fish and you feed him for life.” Go learn to “fish” and you’ll be well fed for life!

I trust that you’ve enjoyed reading this eReport, and have benefited by it. I wish for you thousands and thousands of pips! May you be blessed with success in all your trades!

Your friend,

Robert Borowski

P.S. Tell me your thoughts about this system and about your successes with it. Send me testimonials to freedom@rapidforex.com. Please understand that I’m usually too busy to personally reply, but I love to read your emails. Hearing your positive feedback really makes my heart smile. Go ahead, send me a “thanks” message. Thank you for it in advance! (Big Smiles @ You)

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