The answer: yes (it is too much to ask).
It’s easy to fall into the trap of ‘but it is ONLY 1%’!!! I mean: 1%??? What’s 1%???
Well 1% per day is somewhere in the region of (assuming that you’re able to trade 5 days per week with no Public Holidays to worry about although with FOREX that’s not NORMALLY an issue for consideration) 20% per month. And 20% per month is 240% per annum. When you look at it that way: all of a sudden it doesn’t look so easy neither is it realistic. See my point???
And EVEN IF I were to say that it IS NOT too much to ask: there is no way EVER that you are going to make 1% every single day. You will having days that you lose. On those days: you then have to FIRST make back what you’ve lost and only THEN make your 1%. So now on THAT day: you in effect are having to make MORE than 1% just to be able to say that you’ve made 1% for that day. Now its starts getting a little bit more difficult.
One could also argue: well is it too much to ask to make an AVERAGE of 1% per day per week. Again: you’re back to 20% per month and 240% per annum.
Then there is the psychology part. What if you DO NOT make your 1% per day target??? Are you going to continue to trade that day UNTIL you’ve reached such target??? Are you going to be able to NOT ‘revenge trade’ if you’re down 5% on a particular day UNTIL you’ve reached your 1% per day target??? The answer (if you’re a human being anyway) is NO!!! You’re probably not going to have the self control to NOT ‘revenge trade’ if you find yourself in that position.
So ‘all in all’: forget about it. It IS too much to ask.
Now if you’re prepared to ‘take it down a notch’ and be happy with anywhere between 5% and 10% per MONTH ON AVERAGE PER YEAR. Well THEN you’re looking at this realistically. If you can achieve that: you’re looking at 60% per annum at least. And if you’re able to achieve that: the chances are that some months you’ll do even better. But THOSE months should not be considered the norm and an excuse to change your targets or ‘take your trading UP a notch’. And ‘in the real world’: 60% per annum sure ain’t something to be ‘sniffed at’.
Don’t fall for the bullsht adverts that are constantly ‘in your face’ the moment you have a FOREX ‘cookie’ on your PC and are then browsing the web. Don’t fall for the bullsht threads on forums that purport to make thousands per month out of only a few hundred USD. They ‘come and go’ and don’t normally last too long. Don’t fall for the ‘snake oil salesmen’ that will try to sell you automated trading systems that ‘promise’ 20% per month or more consistently even IF they have the ‘records’ to ‘prove’ prior performance. Such records are normally ‘curve fitted’ and ‘cherry picked’.
Obviously: the above is based on a good few year’s worth of experience, knowing what I myself and my technical trading systems are ‘good’ for (5% - 10% per month ON AVERAGE), and my personal opinion. And until somebody can come to me with IRREFUTABLE EVIDENCE AND PROOF that they have made 1% per day (even ON AVERAGE PER ANNUM i.e. forget about PER DAY CONSISTENTLY): that is my ‘story’, my opinion, and my advice and I stand by it.
Sorry: I know it’s not what you want(ed) to hear. But that’s the way it is in my opinion noted.
No offence and not directed at you personally in any way: but I’d STILL LOVE to know WHY everybody that ‘stumbles’ across this business of trading thinks that they can do better than people that have been in this business for YEARS (all their lives). Where does the notion come from that they can do better than the likes of the big investment banks with FLOORS of experienced traders with HUGE amounts of capital to trade with???
Anyway: $10 000 in starting capital is really nothing to be ‘sniffed at’ either. Work with it carefully, be realistic in your goals, and you’ll turn that amount into something substantial in a shorter space of time than you think possible. ‘Gamble’ with it (trying to make 1% per day NO MATTER WHAT): it’ll be ‘gone’ in a FAR shorter space of time.