Im relatively new, started trading about 6 month ago, currently doing a 1 year training programme with Learn To Trade. The last couple of month I started building up profit and confidence after a shaky start and one thing they told us at the very beginning was to set an achievable target (monthly, weekly or daily). Everybody seem to be avoiding the question and couldnt find anything on Google either about how much (in percentage) does a professional FOREX trader make monthly? I set myself a 10% a month target by the end of Year 1 (consistently every month), but I already reached that and just wondering if I should be more ambitious. What are your targets if I may ask and what do you think is achievable long term?
Everyone that trades do NOT have the same goals , therefor is hard to give that kind of info. Now when one starts trading with a small acct ,its much easier to have a high monthly % . Now when the acct gets much larger people will back off , even if you are making a large amount of money but the % will be lower. If you don’t do that , you will risk loosing a large % of your money after you worked sooo hard for it.
Different strokes for different folks. You can try a target driven approach and a few winners will give you the confidence to go more. In my opinion one becomes a good trader by capitalizing on what the market gives to you, rather than you imposing a requirement on it.
When you have targets you start forcing it.
Your number one goal should be making good high quality trades with good risk management. The money will come automatically without any effort and you will probably make more than your initial target. Its a mindest change and you will probably ignore this advice and I don’t blame you. I also dismissed it when I started out
Different people have different goals that they find achievable. For someone that can be 1-5% of their account, for someone else it can be a lot more. You should figure out what is achievable for you and aim for that, while keeping in mind that just because you have a set goal you don’t have to chase it at all costs, because that would mean that you’ll be taking unnecessary risks and you can end up losing money rather than profiting.
Haha no, I think this is great advice, would be stupid to chase a target and lose the real goal in sight. My main target is to stay consistent and as you said I`ll just take whatever the market offers
I think most goal among trader joined forex because they want to making money, I am also actually joined forex because want to get additional income from this business but indeed not easy task making profit consistently in trading
There will be losing trades wants in a while, i go by the month average which should be a wining month. During the month any trade that’s a looser , i should be able to erase and it will not affect my way of trading. Making money is never easy no matter what you do for a living.
True. People shouldn’t think that forex is easy just because one sits in front of the computer all day. Forex is like any other job - it requires knowledge, training, experience, patience, effort, and so on and so forth.
