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Many people have an erroneous misconception that you need a lot of money in order to succeed at trading. Nothing can be further from the truth. You don’t need a lot of money to make a lot of money. What you need is the right approach and the right trading strategy.

You must have heard or read a lot about George Soros. George Soros is famous for breaking the Bank of England in the early 1990s when he successful speculated on the devaluation of British Pound and make a nice $1 Billion in a few days. But have you ever heard about Bruce Kovner? Bruce Kovner started trading the forex and the futures market in 1977. He did not have money. So, he used his credit card to fund $3,000 into his trading account. Over the years, he became of the richest man in the world. His net worth is around $11 Billion now.

My purpose of narrating this story was that you don’t need to have a lot of money to make it big in the game of trading. What you need is just a few thousand dollars and the right approach and the trading strategy. What you need to learn is to make more winning trades as compared to losing trades. This brings us to the subject of risk and money management in trading. Something that gets ignored by most new traders who learn it the hard way by burning their fingers and losing a big amount. After that they never lose sight of the risk control system that comes first in trading and only than profits come. With good risk controls in place, you will emerge a long term winner in the game of trading.

You will have to learn the art of surviving in the market long term. With more winners and less losers, your account will keep on growing. Suppose, you set the goal of growing your account by 50% each month! What this means is that in a year, your account will grow to around $130,000. Starting with $1,000 means that you made $130,000! Do the math yourself. This just illustrates the power of compounding.

Now 50% ROI is not bad. But what about 100%. Can you di it? I know people, who can achieve 1000% ROI. So suppose, you make 100% ROI. In that case, within 1 year you will have grown your $1,000 into $1 million. Not bad, huh! But, it will only come if you know risk management.

This is exactly one Hoosain Harneker from South Africa did! He had no money, not even $1,000! So he kept on practicing on his demo account while working to make $1,000. In a few months, he consistently doubled his demo account three times in a row. Now, he had the money too. He started trading live and became a millionaire in one year. You too can do it with the right approach and the right method in the forex market!

Mr. Ahmad Hassam has done Masters from Harvard. If you are inexperienced and have little time, give 60 days RISK FREE trial to this Flexible Forex Day Trading Course by Bill Poulos that teaches trading not more than 20 minutes each day and making a 5 figure monthly income.Watch the 4 FREE Forex Training Videos by Bill. First double your Forex Demo Account three times in a row!

Article Source:http://www.articlesbase.com/finance-articles/do-you-want-to-turn-1000-into-1m-trading-in-2010-1659031.html

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