Hi Baby Pips community!
My name is Tyler. I am real estate broker in NYC. I am looking to get into day trading Forex, especially now with the corona virus making traditional work difficult. I want to be able to earn an income from home in these times and the future.
I have had several practice accounts over the years, but now am on a new practice account and taking it seriously. My goal is to see if there is a way for me to generate a few hundred dollars per day, say around 250 to 500 consistently.
Looking forward!
Best,
Tyler
Hi Tyler, work on your education first. Read different threads, books and practice on a demo account. You can start here.
Please dont take this the wrong way but one of the first things I hope you pick up is you wont be making money regularly like you hope. It takes a lot of experience and knowledge to do that and even with it you may still not make money daily. Dont rush it, take your time and patiently learn. Best of luck.
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Hi Tyler. If you have an account capitalized at $50,000 and if you can make 0.5% average per day then you can make $250 per day. That translates to roughly 10% per month. To put things into perspective, a return of 6% compounded monthly will give you a 100% yearly return. Most traders find that challenging to do but it is well within the realm of possibilities.
If you take to trading like a duck takes to water then, by my estimation, you should be able to achieve your goal in approximately 1 year. My suggestion to you is to start off with swing trading the daily timeframe.
Hi Tyler,
this is the biggest mistake newbies do, never have a target for a day or you will be loosing, so as you were already advised just practice a lot and see what will work better for you. Try to look into price action and patterns I find it easier to start for beginner.