Hi all. This site is awesome. My name is Jesse, in Asheville, NC USA. Looking forward to getting to know you guys.
My goal is (at some point) to AVERAGE a $200.00 to $300.00 per day profit. (I know that I will lose at times) My plan is to leave a minimum of 25% of all gains in my account. The friend who introduced me to Forex said not to play with real money until doubling my practice account. I plan to wait until I’ve tripled it.
My question is: Are these realistic/attainable goals? and if so, how long should I expect it to take? (I know this depends on a lot of variables, I’m just looking for ballpark estimates based on real life experience.) By the way, I plan on opening my first account as a micro with $1000.00
Going well pipsrgood. You appear to be on the right track. Of course you have to finish the rest of the school so there is still much more for you to learn.
But I think after 3 years you can expect to make some consistant money.
The amount of money you aim to make will depend on your leverage and this depends on your funds available. Certainly not with only $1000 - with this $10 per day may be a good target.
10$ a day for starters on a 1000$ micro is great if he can pull it off. I have a friend who started this way, he only got a 6$ average his first months. now he makes about 200$ a day, after 1,5 years (of course on average, some days are good, some ar bad).
i’ve asked this question in another post, no answers, so maybe someone will answer now: is it too risky to trade standard lots on a 10 000$ account? i mean day-trading, using a system similar to james’ 45-pip a day. of course, no more than 1 lot, but that still means u will use 1000$ at a time(1% margin to buy 100k lot).
thanks, and again, 10$ a day is a very good target for a micro, hope he will succed.
sounds like you got a good head on your shoulder. Just keep good money management rules always so you can live to trade another day and keep learning and learning and learning and even when you become successful you will still be learning and learning so don’t give up!! By the way this is a great site for newbies.
Hi there , as a newbie, my experience so far is with two demo accounts, one with oanda, has $100,000 to start, and in the first week I was up to $132,000, amazing, I know. But it was just really gambling and luck. The other account was a system that I downloaded ,I think it was FXCM, anyway, that was not so lucky.
I have now done my pips school and college, and I am still using the OANDA account, I think when I eventually use real money, the story will be very different, i.e, I will be a lot more careful, stick to risking only 1% etc,.
I can’t answer that part because I’m demoing with another broker (North Finance) which does allow that, however apparently they are not “regulated” so I’m not sure if I will go with them for real.
However, I would suggest demoing with the amount you plan to start with for real. Making 32K on a 100K demo is rather misleading as to how it will really be compared to paring that down to using 1K real money and getting only 320 in return …and then you’d have to do that about 100 times :rolleyes: successfully to match the 32K profit you experienced in demo which probably only took a few successful trades. :eek: .
