Many people see forex as a way of getting rich fast. One of the ways they hope to get rich fast is by compounding their winnings. This means they will place a trade, win, and then increase the size of their next bet, using the winnings from the previous bet.
This can seem like a great way to make loads of money. After all if your strategy allows you to win an average of £10 with every £100 bet, you should be able to win £20 with each £200 bet. Right?
Let’s go with this assumption for now and have a look at what happens if you compound your winnings.
First of all what is a reasonable amount of money to start with? Let say 1000 units of your currency. This could be 1000 Pounds, 1000 Dollars, 1000 Euros, it doesn’t matter the result is the same.
If you have £1000 to start with then let’s say you are able to increase your capital by 1% per day. That would mean turning £1000 into £1010 on the first day. How hard could that be? You have a whole day and you only have to make £10. On the next day we’d place bets using our £1010 and we should be able to turn it into £1020.40.
It doesn’t sound difficult does it? Of course some days may be better than others but for the purposes of our experiment we are assuming an average of 1% per day increase in capital.
WILL START THIS PROJECT JAN 2011....
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