Hi all,
I’m jean from France, 45. i’m physical disabled person living alone in Thailand ( both legs…)
I cannot get a job due to this disability and have no support whatever so i enter into forex - expecting to make a small monthly income. I start with 4000 euros and hope i can make basically 10% a month a more with price action - trend reversal - divergence or 4h - day timeframe and more. I might try also 1h timeframe time to time because i’m mostly home and have time to watch the screen.
Hopefully i don’t dream.
If anyone is willing to share - teach or guide - signal or anything that can improve my trading methods, i’m
all for it.
I wish everyone the best.
Jean
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Welcome Jean.
10% a month consistently is certainly possible, after a couple of years of studying etc.
DOn’t forget 95% of retail forex traders lose over time.
Do not think it is the golden goose please.
That is not to say you won’t do very well…you certainly could.
But forex should be treated like a university course. Lots and lots of study and practice is needed.
Certainly before you use real money you need to take a step back. You need to learn first(as I say couple of years) and then be consistently profitable on demo for minimum another 6 months before you risk your real money.
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Thank you @jessoprules. I learn over the past 8 months price action with a course, not expensive at all…
And i practice with a demo account for couple months, with success but again it’s not real money .
I plan to earn 15-20$ a day ( on a basis ) with also lot of loss sure.
I think trading, as far as i know now, it’s more about psychology than money itself. You need to learn about yourself, your emotion, how does it affect your sleep and your day…Can i stay away from screen and be relax knowing money running? So, i make nice trade, with technical analisys. i earn a decent amount but…greedy make me loose it. I earn 72 euros in 1 hours, wich is more than enough but as a disable person, i’m want be active and jump back in …and i lost rahter than do something and i notice the mindset is not the same once you win. Its a lesson learn but i learn price action the hard way like for months and 10-12 hours a day. We’ll see
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If you’re hoping to make 10% per month, you’re gambling and most likely you’ll lose your capital. That’s the reality - as there’s only a handful of pro traders who could aspire to meet that goal.
But there’s always an exception. tradertom.com
best of luck.
Welcome jean, Sadly your task is indeed an onerous one and I woud look for an alternative if I were you .
However, you ask for help and the only help I can offer is a book -
.
.
If you can understand it and make it work for you - I think it could fill your needs.
All the best
F
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I am glad you have started your journey well. However, settings target amounts per day(and even per month) is not a good idea as you could potentially over trade to meet those targets.
Have a strategy and stick to it, regardless of how well you have done so far that day.
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I actually know plenty personally who hit more than this regularly.
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In which case they’re most likely trading high risk crypto currencies. And all is well when it’s rising, as had been the case during 2020 and early 2021.
Best of luck if you can also make such profits - but beware, it’s not the norm otherwise we’d all be millionaires, and broker firms would not give warning messages that over 75% of newbies fail. Just think about that for a while before you leap in and blow your account…
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When i said grow the account, i mean take a living out of it.
Just today i enter an RSI divergence ( a real one with double bottom with it ) on 1 hour TF with solid foundation i guess ( EMA’s - higher TF trend checked ) …I’m not sure it’s luck - but today i exit a profit above 66 euros with 2% of my accoun…So 400/68 = 5 times a months basically. You really think is not made-able @steve369 ?
Regards
This was just one trade. See how things go at the end of the month.
If you can, keep a journal. I think journaling is a real game changer.
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Not consistently every day. You’ll find out when you get a series of losing trades, which are inevitable for every trader on this planet.
However, keep it up while you’re ahead. And yes, it is possible to make a living out of FX trading once specialist skills are learnt. These can be simple strategies and process. Just focus on what works for you, and see how it goes.
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They are trading forex only(as far as I know)
Myself I have made an average of 15% profit a month for the past 8 months…I know that is only a small time but I am confident I can continue this.
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You HAVE to have a journal.
I keep screenshots of all my trades too.
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That’s a great statistic, Jesso. Carry on. You’re doing way better than 90% of all other traders.
How long have you been trading live?
take care,
steve.
Don’t trade real money just yet. Learn first. It takes years to achieve that kind of goal. Start with the basics with babypips.com/school and use a demo account first. For advanced topics you can find a few good tutorials in youtube, udemy, and quickdragon in patreon.I hope this helps.
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Hi @TotoCayetano ,
I doubt more and more about this statement like you need years to become trader - to earn profit If you stick to price action and reversal pattern only like i do - play with the trend and not complicated things or overtrade, i don’t see how it could not be possible…I back up trade using those patterns only for some months now and anytime, not only it take the direction i expect but also big profit… I just stick to this - to some reversal pattern and the trend on a high timeframe - and i wait them to form, i don’t chase…
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I believe that 4000 euros is a big amount to start with. You must start small so that losses don’t go deep into your pocket.
Just find a broker that has low initial deposit requirements so that you don’t require to risk a big amount that you cannot afford to lose.
Was this meant for me?
I don’t live in Thailand lol
How long have you been trading live then?