I’m new here. I was interested in trading and wanted to learn more so a friend suggested that I come here. I chose to do this now because I love competing with myself I need to be better than I was yesterday. I hope to save my money up to pay off my parents house and purchase my own also I want to be able provide for my children properly. My ultimate goal is make at the minimum 5k a month.
If you have an $200,000 account it’s feasible to make 5k a month on average, otherwise you’ve been seduced by the fantasy of social media marketing hype.
FX trading is highly speculative and understand that you will lose money on trades as does every trader on the planet. There are never any guarantees of becoming profitable or successful.
Apologies, but get real and start learning first and foremost.
Hi and welcome,
Good advice from @steve369, and more likely to be accurate than any snake oil claim you find on the internet.
I admire that you have quantified goals, and that is a good start. At least, in your own frame of mind, you have quantified what good looks like for the future, and by far the majority don’t even state a goal from the outset.
You only need to expand that very little to be on the path to success. Let me pre-empt your ultimate goal with the caveat “within the next ten years”. If and when I decide to mentor people, that is always my starting point. The statement “my ultimate goal is to make at the minimum $5K a month” can be broken down into a shorter term set of Objectives, the latter being the practical steps you can take over a shorter timeframe to incrementally progress towards your $5K a month ultimate goal income.
So break that down into ten x 1 year cycles, and set about achieving the first set of objectives.
That then begs another question. How much do you “make” right now, and do you define “make” as your earned income after tax, your total income including any government give-aways, and whether you have taken advantage of all the tax related “breaks” available to you as a free citizen (captive audience) of your chosen government (i.e., where you choose to live, or in which country are you trapped by tax laws?)
I could go on forever, but I won’t. Most people come to realize that what they mean by how much they “make” really means how much residual income they have after they have paid their necessary bills like heating, rent, food, medical, by the end of each month.
If you already earn $4K per month and aspire to earn $5K per month after 10 years, you may earn that just from salary awards (inflation or otherwise) in which case by year 10 you will need $7K per month just to keep up with inflation.
This is a non-trivial exercise, and one to some extent everyone goes through many times in their lives. But for those who decide to formalize this exercise, automate it, and continue to improve it, it is very likely you are only going to get more wealthy and experience a satisfying life. For those who ignore it or put it off till they are 60, you are more likely than not to have a very risky approach to life, and may be a lot more miserable than those folks who boringly plan everything. What is it going to be for you? Best of luck with the planning and the journey.
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