Hello everyone, the question 'how can I turn $100 in to $1000 in four weeks' is a strange one. What are you going to do with the $1000? Forex trading is not a get rich quick business for most people it is a really sophisticated 'get poor quick business' that thrives on the lack of knowledge of traders and punishes greed and fear heavily or it can be a 'get rich a bit slower' business for those that have done their homework and have avoided or learned from the pitfalls.
I am assuming that what people really want to know is 'how can I make a lot of money quickly and reliably'. Of course each person's view of what is 'a lot of money' and what is 'quickly' will be different and the younger and less experienced will perhaps have a shorter time frame and think bigger returns but I guess most people would agree that a million dollars is a good benchmark for what is 'a lot of money'. To make a million dollars in theory can be done in three years starting with $1,000. Multiplying your money by 10 each year for three years be 10 x 10 x 10 = 1,000 x $1,000 = $1,000,000. How many millionaires do you personally know? So let's agree that it is not common and therefore not so easy as some marketing people would have you believe. Yes it is possible to turn $100 in to $1000 in 4 weeks absolutely! However to do that you will have to have tried this many times and what I would say is that it is impossible to turn $100 in to $1,000 in four weeks AT YOUR FIRST ATTEMPT.
Back to my example of making a million dollars this would equate to making around 21% profit per month each month and reinvesting the profits (i.e. not withdrawing it) for three years. Or perhaps you want a massive amount of money next month. Unfortunately it is much easier to make a lot of money slowly than fast and many people will spend a few years losing money till they learn this and either give up, run out of money or find a reliable way to trade successfully and learn to be a bit more patient. The time they waste looking would be better spent learning and investing. If experienced traders are telling you consistently that turning $100 in to $1000 in four weeks and you keep ignoring them then you will be giving lots of $100 to experienced traders because all winning traders take money from all losing traders, that is how the business works, it is your choice as to which group you want to belong to. The entry requirements to the first group is very easy there are mush fewer people in the second group and that is purely down to the entry requirements being much more difficult.
There are two ways to be successful in this business and in my humble opinion only two, learn to trade yourself or let someone who knows how to trade manage your account for you, or better still a combination of the two so that you are independent and your risk is diversified across a number of different trading methods and accounts. To learn how to trade will take a significant investment of your time however if you keep at it the rewards are there, history tells us however that most people do not get to this stage. The smart thing to do would be study and while you are learning to let someone else trade for you so that you are still making money even while you are learning. This is where a money manager comes in.
The other more risky options are buying an EA (or lots of them) in the hope that one will make money for you or trade somebody's signals. These two approaches are risky for you as you have to pay upfront and the vendor will 100% benefit even if you do not. Ask yourself honestly if you had a successful EA would YOU sell it? If you answered yes the only plausible explanation is that you want money NOW so that you can either go spend it or invest it on your EA. But hang on a minute If I can make somebody $1,000 per day why would I want to sell it for $97 that doesn't seem fair does it? Personally I would want a share of the profits unless of course I knew that the EA would eventually lose a large chunk of my money. So even a successful EA owner should wish to be a money manager.
Please, please be wary of any fancy websites with people talking and long, long pages of emotive sales pitch talking of what it would be like to be rich etc. This is slick marketing, would you prefer to trust someone who was great at marketing or great at trading? If they are great at marketing where is their effort spent?
Oh and I will admit that yes I am a money manager and yes I have done all of the above, bought EAs, learned MQL and built my own EAs, spent thousand and thousands on courses etc so I have been in a similar situation to many of you.
My advice would be do your homework and at least learn how to qualify or more importantly dis-qualify all the hype. Back tests are for people who like to predict last weeks winning lottery numbers (i'm quite good at that but I can't seem to get next weeks quite right), people who sell EAs should be treated with great caution. Only trust INDEPENDENTLY verified trading history such as MyFXBook which is the gold standard. Even when you look at trading results do not look at the red account balance line, look at the yellow equity line because this is what you can actually walk away with. You cannot spend an account balance of $1,000 if the equity is $200. If the method increases lot sizes after a loss to 'make up for the loss' RUN FOREST RUN as this is the road to eventual ruin. The risk must be controlled at all times and losses must be taken with the same mental discipline as a win. Spock would have made a great trader if he wasn't fictional and from the future where they don't have money.
This is a serious business for serious people, the market does not care what you want to do it only cares what you do do (no doo doo jokes please :-)).
Good luck and I hope you have at least learned something, and yes if you click on my name it will take you to my page but seriously there are plenty of PAMM account providers than can trade for you, just make sure they know what they are doing. Is their monthly profit bigger than their drawdown, i.e. how quickly can they recover from a loss. Does the yellow EQUITY curve look sustainable or does it look like a drunk spider crawled all over the page?