Calm down people. I just put that headline for a getting your attention.
Anyway, Hello,
My trading goal per day can be ridiculous for you. Iâm planning to earn⌠just 15 dollar (50 Polish Zloty) per day. I believe that itâs an enough earning from my hobby.
Why 15 dollar?
Because my one week grocery store visit cost at most 40 dollar. (almost 150 Polish Zloty) Iâm working from home and getting more than enough money to cover all my costs. So, all in all, I donât need an extra earning from forex but of course buying some vegetables, meat & fruit with the money from forex would be nice.
SOOOOOOO?
What do you guys think? Am I just wasting my time? Or can I see forex as a hobby and be successful also?
by the way, I will put $1000 in a live account. Now Iâm trading in a demo account and everyday almost I get 15 dollar but of course it is just a demo account.
Thank you.
Itâs only pointless if YOU think itâs pointless. If YOU ARE willing to invest your TIME into forex, it can be very rewarding. Even if you just want the 15 or 20$ a day. But forex can be time consuming at first so beware on that front. But I would say go for my friend. You donât got much to lose as long as you learn properly and trade properly with demoing etcâŚ
Glad to know youâre pretty clear on your trading goals and that youâre starting off with a demo account before risking real money. My advice is to focus on your trading strategy and aim for consistency then I think youâd be on your way to achieving forex success.
For everybody who is prepared to dedicate the time and effort to foreign currency trading, it is especially advantageous. You will still solely choose typically the 15 and / or 20$ a full day. And yet foreign currency trading are generally long-drawn-out originally which means take care concerning who forward. And yet Appraisal assert try mate.
Well, it is ridiculous, 15$ per day out of a $1k account, did you calculate what monthly return does that entail ? Not even professional traders achieve those kinds of returns, what on earth makes you think that you, as a hobby trader, will beat them ?
I believe at the beginning (first few years) your focus should be on protecting your ass (capital) not on day dreaming of how much you can earn. Thatâs what all the pros advise.
The target is certainly achievable, but it is a risky target and depends on your risk appetite. The question is how do you plan to make the $15, what you will do to achieve it and what will be your trade size.
As you have been trading on the demo account, you must be confident in how you are achieving it so go slowly and remember to manage that risk.
Now I know how to name my future posts lol
From what youâve said it sounds like 15 $ a day is enough for you. If trading is the only one sort of income I woud better recommend using real account to earn more money. All the food is becoming expensive nowdays, in the near future 15$ a day or 105$ a week wonât be enough for you.
Your question is are you stupid? Well from everything you write it down looks like you are not stupid, you are just not enough educated about forex trading.
Just some heads up; Professional traders are making 15-25% profits on yearly level, so do the math and see if itâs possible for you as a beginner to achieve $15 per month with $1000 account balance.
I am not a Novice Forex trader and all i can say is that in the 3 years of time i have been doing Forex trading i have gained on an average of 100$ per month using the 1000$ trading account
In theory, it is possible but in practice there are many obstacles. Are you literally looking to make $15 each and every day or on a weekly or monthly average? I think (some of) the critical issues here are the choice of trading time frame and associated stop-loss management. In my opinion the longer the time period used the more reliable the signals are but also the stop-loss level has to be bigger to avoid the wider price ânoiseâ. Trouble is,using a smaller time frame, say 5min/1min, provides less reliable signals and more stop-loss âaccidentsâ with tight stops.
Another consideration is the trade size. It is maybe easier in theory to make 1 pip with 10 lots than 10 pips with 1 lot. But one 10-pip stop-out with a 10 pip position wipes out your previous/next 10 1-pip trades. I think you will end up spending most of the day trying to earn back the stop-outs than actually making the $15.
Which raises another issue. A $15 daily target inevitably means a quick in-out trade profile using close limit and stop levels. This demands extreme accuracy in timing and a high level of concentration. This may well require many hours of intensive screen watching before a reliable trade setup occurs. Can you stand that degree of sitting and staring? If you only check in now and again you will most likely find the trade has either just gone and you missed or it comes just when you switch off! There will be an incredible tendency to chase the move/breakout and, on a short time frame, will often result in an immediate reversal stopping you out before carrying on in the direction you anticipated.
Basically, if you can find a consistent method that provides the required win/loss ratio without an overdemanding screentime requirement then, why not? But there again, if you find it, why stop at $15? If it works on 1-5 lots then it will surely also work on 10-50 lots?
Personally, I doubt you will obtain this small target consistently over a prolonged term using short-term time frames and inevitably tight stop-loss levels - accidents happen.
One method to help whipsaws might be to use 2/3 different time frames. E.g. wait for a move set-up to appear on a 1hr/15min chart and take your actual trade on retracements/signals on a 5min/1min. This makes better use of your stop levels and better odds of a strong reversal back in the direction of the longer-term chart.
Are you stupid? I would have to answer yes to this question! You are hoping to make 375% per annum return on your investment. And you are a newbie and doing this a hobby. Those are some exceptional returns that you are seeking. The leading hedge funds and prop traders come nowhere near that. You need to re-evaluate your money management and get a lot more realistic. Trading on a real account is very, very different to trading on demo.
1: Donât let people tell you what you can or cannot do. And actually donât waste your time asking it, as I donât think it will change your plan.
2: You say itâs a hobby, so treat it as such. Completely forget about the money. Trade your system, learn to feel the markets and most of all keep making good decisions. As soon as you trade real money psychology will kick in and you are going to feel a natural urge to cut winners and let losers run hoping the come around. Putting a goal of a fixed amount a week on the table is only going to make that worse. Itâs going to make you cut winners even sooner cause âhey, if you close the trade now you have 9 out of the 15 dollars already and its just Mondayâ. And youâre gonna feel like **** if you will close your screen on Wednesday evening being down 72 dollars for the week so far and are likely to make less good decisions in an effort to at least break even. Break even and 15 dollars will be big focus points.
So my 2 cents put your goals aside and focus on your trading education and growing experience.
it is possible to earn 15 dollars a day⌠infact it is possible to earn more than 15 dollars per day. i have done it a few years ago. you wont be able to earns 15 every single day but on avarage you will earn it if you have your trading figured out.
when i was a student i rly needed money because i was living alone and i put 800 euros into a trading account. i traded without stoploss so every trade could be the end of me at that time. this makes you committed to every trade you take.
i have managed about 400% gain within 6 months. as a student⌠i started to eat out everyday instead of cooking, buying very fancy stuff. sounds good huh?
the problem of trading without stoploss is⌠when something very scary happens, like snb removing its euro peg, you will lose pretty much everything :). that is why i now try to learn to trade with a stoploss.
Point being: yes it is possible but i would rather urge you to learn the safe way. It is much safer and much less stress during huge drawdowns
To my friend from Poland. George Bernard Shaw once wrote, âSome men see things and say why, I dream things that never were and ask why not.â Go for it and no you are not stupid for sharing. I donât know what the annual return that would be on a thousand dollars but it is a starting point. For me it is the ROI which is important.
