20 euros a day for beginner

[dudebro]

@tedmos38

If you are a beginner then your goal should be to minimize losses and not to maximize the profits, because there is no perfect strategy and there is no perfect trader. So do practice on demo as everyone has suggested and try to be on a positive side at the end of the week or month. If you will learn to minimize the losses then the profits will eventually fall on your plate.

That’s great mindset. Start out by not losing, instead of focusing on just winning. Love that!

@KchanFXPrimus

Lets do a small breakdown on the possibility of earning 15 - 20 euro a trade.

Awesome example. This is why this site is great! Sometimes you have to put the specifics down to see what’s possible or not.

[ponponwei]

I love too that risk management is taken into account. Good stuff!

[jeremia_w]

Set a daily target itself is a problem. It’s something dangerous to set a target every day to achieve. Let me break it down for you

1. On the losing side, let’s think if you lose during the day and still not achieving the target, what will you do? Because you have a target, you will force to make a trade or double the gain, and how about if this next trade is a losing trade again? Now your target is bigger than before, and you need to double the gain you must get before, and if you lose again? The target itself will be bigger and bigger until you win, and if this cycle keeps happening during the day, your account will be blown soon. The problem is we don’t know whether we will win or lose on the next trade and we can’t sure about it even if you know your win rate. Because your win rate is the rate for the past trades you made, not the future you’re going to make. Even if your win rate is accurately achieved every time, you still don’t know when will the winning trade come. What do I mean by this, let’s say your win rate is 40%. Now it means 4 out of 10 trades you will win. How if the 4 winning trades come after the 6 losing trades. You are already in danger after 2 streaks of losing trades, and now it’s not 2 but 6. It’s just a sample of 10 trades, now imagine it on a bigger picture like 50 trades or even 100 trades. How dangerous is that to set a target and make a calculation based on the win rate.

2. On the winning side, it’s dangerous too to set a target. Now if you have achieved your daily target on your 2nd trade. Should you stop and call it the day? Even after that, your system gave you a signal to go? Now you know, deviating from your system is a wrong move. You should take every signal your system gives in order to get a consistent result. How if after you call it the day, your next trade. which you don’t take, is a huge big winner? That kind of profit is what should go into your pocket and you missed it for the sake of capping yourself. Why should you capping your profit

So instead of setting a target for yourself, how about building your strategy or your system first. Then backtest it until it gives you the results you want and after that forward-test it. And after all these testing phases, go live with your system confidently and take every signal it gives. Hope it helps

[tedmos38]

Thank you

[AliForexTalks]

I would like to say that do not use real money at this time; instead, an trade in demo mode to see what works.