I think you’re missing 3 or 4 zeroes off that account size
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My online trading buddy makes $1000 a week day trading, some days he doesnt trade at all, but it’s very possible to make $200 a day with the right amount of knowledge and skill
So that’s one person who’s doing it.
How did he manage it, just in outline? Does he have a massive account or did he work in the industry previously? What’s his edge?
he’s around my age or a little younger, maybe 25 or so. He told me that literally all he did was stay focused and study every single day, he had no days off lol he talked to as many professional traders as he could and just used their strategies to eventually develop his own strategy. He just copied whatever he saw them do. He never started off with a hefty amount, maybe like 1000 or a little more. That’s the amount I plan to start trading with, between $700 to $1,000. His strategy is based around price action and price structure
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Correct, $200 a day is $1,000 a week or $52,000 a year, if you could grow your account by 25% over a years time, ( very few will ever see 25% a year) you would need an account size of $200,000
Don’t take me wrong. As a new baby, you may have some criteria to win the market. But when you are talking a fixed profit amount, it can somehow create a pressure on you. So, try to give your best shot with a realistic broker and then try to achieve the best within your limit in this initial phase of your journey.
A huge profit demands a huge investments. You can earn$200 a day when you make a good move. You must have some skills and experience about how to make a move on that platform. It also requires knowledge if you have knowledge than you better know what to do and on which time. Your timing to make a move also matters.
I have been in the forex market for some time now and i have found out that anything is possible in the forex world. If you want to make about $200 a day, you need to invest a huge amount and a lot of time in the market. Please, don’t live on flying castles and be realistic in the market.
So why piddle around…why not save up to get $10,000.00. Then learn how to “see” high probability moves of 100 pips. Find one–enter 1st trade at 0.03 lot s/l 30 target 102, 2nd trade at 0.03 lot target 77 pips, ,3rd trade 0.05 lot target 52 pips, and 4th trade 0.09 lot target 27 pips. Two things to notice: All 4 trade share the same target and total lot size is 0.2. Then find another currency pair that shows the same “high probability” for a 100-pip move. Do the same trades for it,too. Oh,yeah…during the learning process, suggest you use 0.01 lot size. Sure, you can go bigger with a 10K account but while you are learning you will be lucky to win 50% of your trades. Trade goes “bad” and hits your 30 pip s/l then you lose 30 times 10 cents… $3.00…you lose a 30 pip s/l at 0.5 lot then you are down $5.00 times 30…$150.00 [on US$ quoted pairs]
Edit: Realized that some things may not be obvious. These are not “market” trades but “buy/sell stops”
Profits are possible just with trading skills. investment is zero if you had no experience or not know dealing with market in effective manner. On the other hand Just skill will do nothing if you had very little amount to trade. $200 is quite possible in a day , A trader should had enough amount in trading account and perfect analysis for particular trading .
Hi. I have just read most of the replies, and basically it seems FX is a total waste of time then? So why do you guys do it? It seems gaining 5 to 10 pips is pretty hard = peanuts?
For most people it is a waste of time. Far too many start with unrealistic expectations, insufficient funds, little or no knowledge of fx, and do not have the patience to learn before going live, often with a broker they haven’t bothered to research.
Behaving like that in any other business would result in failure, fx is no different
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Exactly. People who end up failing haven’t or don’t want to put the work in. Either lazy or gambling and if they’ve put their time and effort it - then maybe trading is just simply not for them.
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Hello; what was his trading lots size & what about the trading equity?
Thank you…in terms of Brokers to use, and recommendations?
Thanks for your nice post, agree completely. Common problems that we see always on beginner’s level.
You should start with $200,000.
No, you are going about it the wrong way: you are thinking of this like getting paid for work at the end of the month, which would mean a fixed income that you could rely on.
Unfortunately you have to lose money before the message that you are not ready to be profitable will sink in, otherwise you may be tempted to just continue to ignore the comments of all those who have been through the pain and disillusion in the first few years of their trading, and continue believing that you are different from everyone else.
So the best way is to go out there,make all the mistakes that most of us here already made, and find out if you can stick it through the pain, frustration, lost capital, self-doubt, loneliness, and low self-esteem that novice/wannabe traders experience.
Good luck
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I have been learning forex since around 3 years. I think I have some good knowledge. Can I earn $500/month with $1000?
That is a profit of 50% and is ridiculously optimistic.
You should by now already understand how much you can earn by looking at your average return (gain or loss) per trade and your average win rate. Establish these numbers through demo trading using a strict set of rules. However, with such a small starting capital, spread and costs will be proportionately larger and these are often not fully reflected in demo account trading, so you might need to make manual adjustments.
A profitable demo strategy might be profitable with a live account (but this is not guaranteed - live accounts run differently to demo accounts and traders find losing real money much harder than losing demo money). A losing demo strategy can be absolutely 100% guaranteed to lose when traded with real $ in a live account.
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