Im looking to make a $200 a day. Where should i start? I have done the baby pips education.
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Just stick a few million in your brokers account and off you go.
You do realise $200 a day, over a 250 working day year, is $50k, don’t you?
Don’t tell me you’ve only got $500 to start with
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If i had a few million I definitely wouldn’t put it into the forex market. 50k a year to trade is fine by me.
Only if i can just get there. And yes i am starting with $500
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You’ve more chance of winning the lottery than making 200 a day
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start small and work my way up. That’s a proven and safe route
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A good place to start is the 3 ducks thread here, very easy to follow and perfect for new traders
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Its unrealistic to set daily profit targets. Many really good experienced day-traders still have losing days, sometimes losing weeks.
To earn $50k per year, you need to demo trade a simple and easy to follow strategy until you understand how it works under varying market conditions. From this you will have learned the win rate, r:r and trade frequency.
Suppose you find the strategy generates 5 trades per day, with a 60% win rate and a r:r of 1:1.5, you will now be able to calculate how much account capital you would need to generate your desired annual earnings.
Do you really have that much money?
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Makes logical sense what you are saying here. I have 8 grand set aside but I want to make sure i am not going in blind.
I do pretty well on the demo account. I am looking for a website that has live forex market charts. The ones i have found are very small.
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Do you day trade for a living?
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More of a swing trader, but each to their own
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do you have a particular strategy?
@eddieb No offense mate, you know i don’t mean anything by this… but this statement … cmon mate. The Lottery… Really ?
I completely disagree
I mean… yes
- on the condition that @Manpower89 doesn’t start with some stupid amount like $100 or something
it is possible. it’s very possible
BUT @Manpower89 HAS TO PUT IN EFFORT AND ACTUALLY WORK FOR IT
but it is very possible
here’s an Example
Say @Manpower89 starts with $1,000
and let’s assume that a daily profit of 0.5% is achieved (which is pretty easy to do)
if he follows this… and recreates this spreadsheet for 245 days (1 Trading Year)
at the end of year 1 - $3,300 approx
at the end of year 2 - $11,500 approx
at the end of year 3 - $39,200 approx
at the end of year 4 - $132.600 approx
and it goes from there $50k a year is very achievable.
it’ll take around 4 years doing it like this, but hey… WHY NOT
now if you want to gain 1% per day you can do it in 2 years
if he however wants to do it straight off the bat
then… it’s like this…
Account Balance $40,000 and 0.5% per day
it’s not lottery, it’s just math
so… @Manpower89
ok first
Open a Demo wiith $40,000
Prove that you can trade successfully for a min of 6 months and prove that you can follow this spreadsheet every day
(Granted if you don’t get it every day, you can make it a weekly or monthly goal… up to you) but achieve each stage, that’s the point
if you can do that
Get yourself $40,000 and do it
and you’ll have $200 a day
(mind you, you have to pay your taxes of course) but… that’s your thing to figure out
so HERE’S YOUR SOLUTION… go an do it
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WOW…
@anon81929759 The fact that you took the time to explain this says a lot about who you are as a person/trader. Thank you for clarifying in a detailed way.
much appreciated
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Did you actually read his post, Martin?
He’s starting with $500, wants to make $200 a day, not $5 on day one.
I’m surprised at you posting that chart, you know better than that.
Regarding the lottery comment, people who know me well will understand that
Anyhow, Manpower, best wishes for your trading, I think your early post was just tongue in cheek
Namaste
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Actually mate, i missed that part where he said he wants to start with $500
i thought this was your assumption.
Fair enough
as for my chart, and $5 on day one. it was an option, but of course i gave the other option as well, didn’t it
@Manpower89
you said this…
You’re very welcome mate
but. seriously… (no offense) even though i completley missed the part of you wanting to start with $500 because i was waking up and half starry eyed (so… ok my bad)
Mate, if you want to be successful… you gotta pull your finger out… ok
i want to help you… but i gotta be firm to be fair ok
so if you want this… IT’S ACHIEVABLE
but not without effort
and you gotta be realistic about your initial account balance, you can’t stuff around with less than $1000 seriously
i would suggest starting with $3,000 as a minimum but a lot of people whinge about how they don’t have that much
mate, you gotta step up… ok
you gotta get serious
i mean, you are talking about replacing your income right… $200 a day is income replacement
so my question is this…
HOW BAD DO YOU WANT IT ?
People either talk or they DO
Which one are you ?
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I would love to connect with you outside of babypips. Do you have a direct email? I like your energy.
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yeah, but i can’t post it here
PM me
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seems To mE tHAt wRitING ocCasIonAlly in CAPITAL letTers makeS you VErY poPulAr for NooBs ATTention 
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Not a good question, because you can only start from where you are.
A better question is “I know I have to start from where I am, but how”?
Short answer: the main things you need are to get further education from offline sources, to develop skills, to get loads and loads of practice, to learn how to avoid the mistakes that at least 95% of people have trouble with, and to build your capital slowly without losing money.
Daily averages don’t mean anything, really.
The shortest averages that really mean anything helpfully are monthly averages.
So let’s call your $200 per day an average of $4,000 per month, assuming that you trade 20 days of the month?
Let’s also assume you can do everything I mentioned above successfully (some people do, after all - a tiny proportion of those starting out, but some do, so let’s make that assumption, otherwise it’s academic anyway?).
Let’s also assume you’re one of the very few people who manages to make a steady monthly average of 5% of your trading capital as profit.
That $4,000 average per month would therefore need about $80,000 in trading capital, to become realistic.
You’re going to need ten times that, to have a chance of averaging $200 per day.
Sorry.
Sometimes the truth hurts a bit.
This thread will help you more than any other in the whole forum:-
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