It depends on how large of a lot you are playing in order to determine how much you make per day.cr0cop wrote:would the 'Drain The Banks' strategy be good even for someone trading forex with a $500 dollar account, or around how much do you think would be needed to pull $50 dollars a day from the forex using hte ' Drain The Banks strategy?
a mini lot (0.1 lot) is worth about $1 per point (pip). So if yo make 25 pips every day then your pips need to be worth $2 i.e so you need to be playing 0.2 lots (2 mini lots).
Is $500 enough? Well $100 down is going to hurt, but presumably you try to avoid that.
Suggest you use a demo account as small as possible and see if you can trade it. Usually $3000 is the smallest demo, but you can easily burn off $2500 and get it down to $500. REAL easy to unmake money with forex.
Then use that $500 demo account. Or just get whatever demo size you get, and pretend it is only $500.