Id say no it’s not possible and you will just lose that money from the business you sold. It will just be a waste so don’t do it. You can only be sure if you’ve been trading profitably already. In other words, an experienced trader.
15 pips a day is still hard to achieve especially if you’re on a losing streak. It might sound really small but you gotta factor in the amount of losing pips you’ll get as well. And they will be huge i promise you especially if you say you don’t have experience yet in forex.
I’d say it is entirely possible, in my experience.
I would stick with plans to learn a lot, but I have found it is not essential to follow news feeds etc, religiously.
I’ve been averaging 60ish pips/trading day since November, so 15 is definitely available to new traders.
The thing that allowed me to do much better recently than I did initially was to spend far less time trading, and to trade charts with long term time frames.
Good luck. If you can succeed with several other businesses I’m sure you can learn to succeed in this
Ok. Thank you all for your input. It is appreciated.
Looks like the best advice is start with demo(few months), then VERY small(few months), then add a little(few months), then add a little more(few months) if system is successful.
Honestly, one year from now, I’d sign on the dotted to breakeven. One year of free schooling!
After that though, all bets are off.
I believe it is possible but for the majority who will try … very few will achieve it. The psychology factor alone involved required to be consistently profitable will weed out most who try. If you are serious, I would suggest trading the least amount of time on demo. If in time you can be do well with a small live account such as 1-2k, I suggest you then move up to 5k … then after 10k … until you feel mentally ready to get to trade with your target account size. Take the time you need to get there and don’t rush it.
I guess you can , even if not trading manually but by copying others in zulutrade , you will just need to risk at max and if you are lucky your investment could grow very quickly , if you are not it will shrink in minutes.
try a few different, proven strategies, then choose one you like and trade it to the letter. Then just have some general market awareness-what this means is: pay attention to the news and world events…i.e. the EURO is in huge trouble and it is only a matter of time, watch how the EUR\USD pair reacts the the NFP tomorrow morning to get a feel for the impact of news, as much as technical analysis tries to predict moves caused by news, right now the market has several anchors dropped for the last month, which means traders sitting on the sidelines, waiting for certainty…so, trade your technical strategies when there is a fair amount of market certainty, then you’ll be ok.
I’d like to give you the perspective of another newbie (myself). I’ve been studying an approach for about a month, and I think it’s beginning to make sense. But I also know that, statistically, about 90% of all newcomers to forex lose their bankrolls. So I am demo trading it, and I hope that I can continue to demo trade until I can get it to be “profitable”. I think I know the methodology, but getting it right real time is something else. That takes practice. So a word to the wise…
Don’t jump in the pool until you’ve had some swimming lessons!
Skip the demo account. You just can’t replicate the feeling of trading with real money. Open a mirco account with $500 and trade ONLY .01 lots (that way if you do blow your account, it will take you awhile). It took me 3 months and over 500 almost ‘random’ trades to lose half my 500 dollar account, so it will be a lot harder to blow it than everyone is saying (assuming your not a complete idiot with your risk management, letting trades run too -500 pips etc). I would recommend opening MULTIPLE accounts actually and trying different strategies on each one. I currently have one account I make swing/position trades on and another for intra-day trades. I’m still a complete noob to forex, but anyone with any common sense can tell you that an intraday trading system will be faster to forward test than a position trading system. So if you looking to find a working system, something you can gain confidence with fast, so you can start making money, then an intra-day trading system is definitely the way to go. Also, deffinitly read up on price action, harmonic patterns and elliot waves. They’ve really made the market make much more sense to me. Technical indicators work for some people, but for me ‘understanding’ the market has really gave me much more confidence in my trading and so far, has seemed to turn my trading around 180 degrees (35% account increase in the last 6 weeks, with max 5% balance draw-down)
It depends on how you trade, who you are, how consistent you are, and market conditions. I turned $500 into $5000 in a span of about 6 months, but there were a lot of losses before and then after that period of time when I was in the zone. Also when ever I had a big loss, I would avoid trading for an extended period because I was afraid, now, I don’t get into huge losses because I kill them before they grow, and I keep on trading. I have started to get that magic back after trading on an off for a couple of years. I just had my best month ever. Practice, practice, and then more practice. They say it takes 10,000 hours to become an expert. I have no idea how many hours I have put in, but it is starting to pay off now. I make weekly withdrawals from my account [I]while[/I] growing my equity at the same time. That should be your goal, rather than an arbitrary number. Good luck and have fun ~ trading beats real work any day.
I am trading manually. I was never a big fan of autotrading. I have been at it for over a decade and have no reason to change away from manual trading.
First you need is moneymanagment. D’ont try to get the big wins first. Test yourself with a small amount of money. Demotrading get never the real rush on live trading. Believe me the losses come faster you think.
Again??? C’mon. Well is it good to ask but let me ask something, wich serious bank in these days pay more than 8% per year in compound interest?. I know people who can double their accounts in one year or that is what they claim but i guess they cannot do it all the time. Chill down dude, not only math applies here, emotions does to and you are in the right way to lose everything, i was like that once, disaster, big disaster. In my peak performance i could achieve 5% or something in a single month followed by a 1% a month loss. Trading is not an exact formula if it were i would be a millonaire by now.
