My Plan - Your Opinion

Beginner Questions
1

Hi guys,

I am a complete newbie at this forex game, I have only just completed kindergarten on the school section of this website.

My question to you is do you think my goals are realistic? Here they are:

  1. I intend on daily trading and don’t want to leave positions open for days or weeks.
  2. I plan on using the demo mode of a broker for the next 2 to 3 months (minimum) or until I am consistently seeing a profitable strategy.
  3. I hope to make £20 to £30 profit per day on average.

Input very much appreciated.

2
  1. I intend on daily trading and don’t want to leave positions open for days or weeks.

Seems fine to me, no problem with wanting to take that approach, many do too.

  1. I plan on using the demo mode of a broker for the next 2 to 3 months (minimum) or until I am consistently seeing a profitable strategy.

If you’re developing this yourself, and you’ve already admitted that you are a complete newbie then you will be looking at a number of years rather than months until you are profitable (consistently). May seem like a long time, but it’s the going average, not a fabricated lie.

  1. I hope to make £20 to £30 profit per day on average.

Can’t answer how realistic this target is until you know how much you are opening an account with - this target will translate into a realistic or unrealistic return on investment.

3

[QUOTE=Jezzode;812301]Can’t answer how realistic this target is until you know how much you are opening an account with

I was thinking of starting with £500. To be honest I am just looking to supplement my income and trade 2 to 3 days a week looking for a better return than sitting with the money in a bank account.

4

You make it sound so easy, too :wink:

Lets say you did have a £500 account and you wanted to make £20 or £30 profit in a single trade:

  1. £20 would be a 4% return
  2. £30 would be a 6% return

Both of the above are, in all honesty, rather high from a % prospective. They are also very achievable short term, but the key fact to take into consideration is consistency and lasting long term.

To put this into some kind of context, the average successful retail trader will be making between 5% and 10% [B][U]per month, in total[/U][/B] (more likely closer to 5%).

5

This is the kind of info I am after, thank you.

6

Then again it’s all a game of numbers.

Open an account with £2K, make 5% a month for 10 years, cash out with £700k.

A mathematically sound example, but one that perhaps proves little in terms of realistic outcome - either way though, trading of any type should be thought of as a long term project.

Best of luck.

7

Totally agreed with jezzode, n it also a business. Your very own business.

1)u have to understand yourself.What kind of trader u want to be.
2) u need to master n approach.
3) u need to master a strategy.
4) u hv to start planning your trades.
5) lastly is Track n Tweak.

God be with us

8

Hey guys,
Im totally uninformed person. I found trader (account manager) who want to trade for me.
But after reading stories about scamm and been scammed it’s hard for me to trust.
Is there any option to check ID of manager or what is your suggestion.
He is saying that I should put money In
Fxoption24 and then he will lead me.
Please any advice, I’m desperate