Standard Month Salary (FREEDOM)
SGD $2500 / 21 (average working day in a month) = $120
0830 - 1830 = 10 hour (Working time which includes traveling time)
For 1 hr you spend each day you gain $12
Per day you need to earn $120 to gain freedom over work
You will probably have to pay tax on your profits a way or another depending on the country where you are. I know that where I live, if I am to quit my job to do forex full time, taxes will take from 30 to 40% of my profit. That would be also true If I keep my job but make significant profit from forex. Unfortunatly I am not there yet
Setting up a daily target seems a bit like a short timeframe to me. Most people keep an eye on their weekly profit but have a monthly objective. To have a daily target you would need to make several trades in a day. Most don’t do more than a couple of trades per week.
Still, you are right to do this kind of calculation IMO, if done properly, it can give you an objective in terms of monthly profit or annual profit, which should be one part your trading plan.
However the hard part will always be to aquire the skill to reach these 18 pips a day consistantly, or whatever your objective would be. Making X pips one month is easy, making X pips every month for several years is really hard.
If you need to hit 18 pips per day, that is what you need to average out at. So I would be aiming for 40 or 50 pips per day to account for the days you make losses.
You can trade where ever you want and not declare any income, but you run into problems if you ever need a mortgage or loan and on paper you show up as unemployed?
You will still need to pay taxes (in most countries anyway) regardless of whether you have earned it overseas…the tax department would catch up with you sooner or later unfortunately.
Sorry to be pessimistic but I don’t think you ll be able to live from a $2000 account. That would mean you would have to double your capital every month. That is too much even for a very good trader. It would mean to take a crazy amount of risk, and you would not survive long.
If there was a easy to understand system giving you 20 pip per day we would all be billionaires allready. I would be very happy to make 10 pip per day, I would risk 3% of the capital per trade, that would give me a growth of nearly 10% per month, I would triple my capital in a year. I would be a very successful trader with that! I would still need at least 20 000$ in the forex account to live from it. And that is all very optimistic numbers.
Remember: forex is not a way to get rich quickly; it is a marathon.
Now to answer your request about a trading setup, my advice would be to stick to the basics first: Support and Resistance, trendlines. Play the bounce off the trendlines for exemple, as described in the school section. Train on high time frames such as D1, they are easier to decript. Back-test that a lot and try get used to the way price moves.
lol I just started being active on the forum and I am allready being accused of being a multi. thx for the welcome konan, really, it makes me feel like to contribute. And who’s multi would I be please?
Sonic R is a simple system that relies on support and resistance levels and trend following, its a good system if you trade the 15 minute charts on the swing. just google sonic r system all the indicators and instructions are provided free
