finished high school hungrier than ever i love forex six months in and keen to get my money on the table obviously took it off when i started school,i will probably have approx 2k gbp within the next 6 months when i expect to have completed training and expect to b able to trade at most 2 pairs with reasonable success,i am after all training to become a ninga forex god,i have to the way i see it my bankroll will b to small to fail and had pre school been working on scaled down strategie that was how i had worked out to keep it simple b4 i started school,(started school 2 weeks ago solo reasearch previously)so you can probably understand my raised heart beat when skimming thru undergrad works i discover that a 50k usd bankroll would b bout the min,omg i will b 70 by the time i get that sort of money the reason i started reasearch into forex was to help accumulate those types of numbers am i wasting my time?
R u trying to trade for a living now or do u just want to build up enough capital. Its never a waste of time doing something u love. Start with your 2 grand but have reasonable expectations and if u have a good strategy and MM u can grow it.
Good luck and green pips.
thanks been reivaluating my dilema since post and came to very similar conclusion ,i am new start and would like to be able to trade succesfully maybe fulltime one day short term i need second job so hope to make it trading as i enjoy it so much , and have to build decent bankroll i have full time job and can save a little so will keep that up and trade part time hopefully between the 2 as u say with time i can build a bigger backroll so not really a good focus to waste to much time on at moment,getting ahead of myself tuttut first flaw i learnt about myself as a speculator closely followed by greed i had allready conquerd these 2 problems whilst studying and playing poker so sure i can factor these into my trading tilt cope strategie,all 3 of my x wifes and lots of my friends over the years have told me i am overanalyitical hoping this can give me an edge in trading world,thanks 3xfx good luck 2 u 2
2k pound is a very healthy amount in my country. But you have to trade them according to your perspective. I think you might have a plan of compounding if you want to earn big from forex. For this you need to go slow and eliminate any thought of getting rick quick.
I suggest you start with a demo account first to practice your forex skills while also building your trading capital. Once you develop a strategy that is profitable and that you’re comfortable with, you might have enough capital by that time and be able to enjoy larger returns.
It always depends on what you want out of it. Think of percentages: Let’s say you can make 15% per year which is a very respectable ROI and will put you in the top 10% of professional traders if you can achieve this with consistence. This means you would earn 300 in your first year if you start with 2,000. Micro-accounts like that are often more vulnerable for a blowout for a range of reasons. I think it is a good amount to place in a live account, trade only 0.01 lots and learn how to trade. You are likely to lose all of that, but it is the price you pay for your education. It may not be enough to learn, but a solid step in the right direction.
You can start trading with a very less amount but with a good sum you can manage your trades well, and that the only difference, you can trade freely with huge capitals.
yes and thats probably how it should b i think it will do me good to have lmlited bankroll as ill treat it more seriously,someone told me i should treat my money like a member of my family when trading,although having said that since devoting time to pipschool ive droped fundamental and sentiment reasearch and have left 2 trades on eur/usd and gbp/usd rolling 24 7 taking haircuts when they are i see them and resetting with no more than a min on platform newsfeed and i am up 250 pips,mainly left them running to practice tools learnt from school but gota say feels good all the same,the acc was set with 1k ballance and gota say i feel almost the same emotions with demo as when i was real so will test similar strat when im finished with pipschool
yup its defo a long game i like to think posotive though(gota beat 15% roi) seems to help with reasearch so hoping not to lose again(allready taken 2 knocks live below 5% so budgeted into tilt strat and coped but was still painfull enough )luckily i found pipschool so i wont go live now till im a success in demo
Hey, I know it’s a little off topic, but do you think 4% monthly is something possible or not? This would be about 48% yearly, so when you said that 10% of successful traders make 15% yearly I have had a thought that I need to re-think my ideas about %%%…
To start with throw all your expected ROI out if the window and focus on making correct choices. Look at it as a game, the points you can score are called pips. While there is nothing wrong playing a bit with a demo account I am not a big fan of using it much, you know its fake so you need super strong discipline to trade it the same as you would trade a real account. Start with 1 pair, work out a strategy and when you have it working on 1 pair see if it works on another one. Ones this gives you consistent results without ever risking too big a portion of your trading account and you feel comfortable doing it, you could perhaps start to occasionally add funds to your account. But don’t set targets, don’t think about money returns, focus on making the best choices you can make. If you trade well, results will come.
4% monthly is possible as long as you have a good strategy and risk/reward.
Hi i just joined today.What do i need to do.How much can i start with
ROI depends on your Risk reward and money management as everyone will say. But some of my mentors trade with 2% risk at a time and bring back 2%-4% per a trade, not all win but with the right risk reward it surely pays off. Roughly 3 trades a week, 2% risk, 2 win at 3% gain and one loss at 2% equals 4% gain, 20% a month, 240% a year, those are very rough numbers, also all saying that they work out at 2 win 1 lose, which is never always the case, you will have weeks were you just don’t win at all and that’s a drawdown, so making that 240% to 180%, but you get the point. but if you got the right risk reward it can work. 150% a year is a very high number to reach for indeed, but if you have high probability trades with good money management and risk reward, anything is possible.
Broodbaby,
trading is what you make it to be, if you trade with 2k capital that is 100% fine, just don’t get risky until you have experience under your belt and have a good grasp on the market. Pipdiddy made a great point, DEMO DEMO DEMO I cannot stress that enough, really demo to get that feel for the market and the screen time. Like I just said, you pull in big or small numbers, it depends on what you’re aiming for and your risk reward and money management. It wont happen overnight and to get big numbers it will take a while and a larger capital.
10,000$ account at 2% risk per a trade
200$ risk, say SL is 50 pips set each time for maths sake, making lots traded about .4 (.4x500=200$)
you try for 2:1 risk reward at least
You place 2 trades both win at 100 pips
200 pips profit
3rd trade loses at 50pips
150 pips profit.
1500x.4= 600$
600$ profit off of those trades, say in a perfect world that was one week. Gain capital, risk the same, good R&R and MM and numbers will go up.
Innocent Muluswela,
First place to start Babypips school here on the site School of Pipsology | Learn Forex Trading
Complete that school, than do it all over again to really familiarize yourself with it.
After that you’ll have a firm understanding of the market. Than you decide the capital to start with. You took the right first step coming to this site, but it will be a journey ahead!
There is no fixed rule about how many dollars to start as beginner in forex business because different person has different point of view about small or high capital in trading. But for me, if you’re still beginner in trading then you shouldn’t start with too high capital because beginner traders would make more mistakes than expert traders. I suggested to risk not more than $500 as capital in trading. But the most important is your emotion control and money management so you won’t risk more than you could afford to take.
demo is ok if it feels the same as real the trouble is u gota take a hit for real first to confirm you have same emotional reaction in demo otherwise as martijn said will be tuff to adjust,also i aggre about the roi ,i used to play lot of poker and managed my bankroll casually focusd on bottom line only(using simple trafik lite system for risk) as worrying about your stack to much puts you on tilt and you cant afford to be on tilt to much as its difficult to make the rite call at best of times,some old trader dude said “speculation should be treated as a casual past time” he also said something about “inteligent speculation” thats y i wished id started trading 10 yrs ago instead of poker looks like u can increase the odds with hard work trading for sure
You got a good attitude my friend, Just keep up the hard work, patience is extremely key in forex, it will never happen overnight!
It’s [I]possible[/I], and there are certainly some members here achieving it, but for any individual “coming to trading as a new participant” it’s statistically extremely unlikely and probably achievable only in the distant future, if at all. This thread may help/interest you.