I would say that over time something like few hundreds more on top of that, it’s really not that big amount, just some starting sum to play with. And you mentioned demo account, have you actually try some real money account ? You already come from another industry so not a problem with risks;)
Certainly, if you have already being trading at demo account, you probably know how much you can accomplish with your current strategy. If you are getting ready to move to real account, then try to set lower targets for yourself, and during time try to increase them gradually
If I had a penny for every time Ive seen a demo chart with these sorts of crazy gains, I would have more money than most of the people who posted the charts
Hi! Learning should be the prime motives together with the idea of making money. So learning with encouragement keeps the zeal in us to continue.
It is good to have high hopes to take entry and gradually at the end when you are trained and remain, you will find yourself around your dreams.
They may not be the same percentage but hopefully you will be closer to your expectation. This only the time will tell, you will discover yourself.
I am a beginner and a self learner. I think of high returns. I have doubled my investment in a months time with the learning account of 250 and 200 dollars many times and also every week 100 dollars with the account of just 250 D.
But one day when the positions turned against I lost the whole week profits. Sometimes 2 weeks in a day.
But I came to realize that I am achieving my goals of making good money one hand but loosing another hand. But still don’t regret that is how we learn not to repeat our mistakes so we can be a better trader.
I would not rather limit anyone for their expectations because you can make but the risk management is the main thing to keep what you made.
At the movement my position is I doubled my money 100% but again lost 35% of my equity.
It is hard. I want to continue and learn better and improve my skills.
I recently learned to trade with S/L and t/p.
All learned by myself through you tube and videos.
I want to learn better. And see myself by the end of this year how things will end.
I personally think that it shouldn’t be about the money at first. It should be about not losing money or blowing your account. That’ll teach you consistency and hence know your expectations based on your results. Profit will eventually come.
That’s depends on your strategy, if you wish to trade for long term or short term and how you expect you profit is to be.
I will be honest with you, setting a realist target or a fixed monetary target does not work well for me. What works for me is if locking in profits and leaving the markets to give me what they give me. I have doubled my account in two weeks using this strategy of locking in profits and leaving my winning trades to continue with the trend. I can easily make between 1 and 10% on a daily basis. The strategy is simple, if the markets are heading in an upward direction then consider buying, then when you are in profit region, lock your profits in with a stop loss and leave the markets to do their what they do, if you don’t have a stop trail loss set up you can constantly shift your stop loss manually. You will be surprised that with US$500 you will be able to make a reasonable amount.
Another important thing is that you must never leave losing trades in the hopes that the markets will reverse and head in your favored direction. If the markets are heading up ~ buy and lock in profits, if the markets are heading down ~ sell and lock in profits. Then if you supposedly bought the EURUSD and the trade is working against you, quickly exit the market, look at your charts and see where you went wrong. The whole objective is to keep losses to a minimum and to maximize your winning rates.
Then again if you look at most people who have blown their accounts, be it demo accounts or real accounts you will see that they all have one thing in common ~ they leave losing trades to continue losing and once they see a little profit they are quick to take the profits. This is not how trading is done! As for me I normally trade Gold which is also very volatile, movements can be aggressive and quick and there is no time to leave losing trades to continue losing. If I make a loss it’s relatively so small and I recover the very lost money in the same day. This is not an act of revenge trading but an act of discipline that comes through following a set of rules that I have outlined for myself.
With an account value of US$500 I would trade with a lot size no bigger than 0.25 irrespective of how many positions I have opened. Normally I would suggest that your lot size for a single entry to be 0.05 then if you intend to open more positions then you can but the total number of your lot sizes must not exceed 0.25 lots ~ this is actually an aggressive lot size but if you use the lower range charts for entry points and the longer range charts for the overall direction then you will make a decent amount of money, then again with such a lot size you must never allow your losses to continue to run in the hopes that the markets will reverse, the truth is if the markets reverse then its just pure luck, in most cases when the markets head against you your account is at risk, so if you place a trade and you see that the markets are against you quickly exit the markets, analyze where you went wrong, look for a new entry position, recover your lost money and make a profit. Try this on a demo account for a period of time and see if this works well for you. Then once you see profits don’t rush to exit because of a few coins, rather lock those coins in with your stop loss and allow the markets to continue rewarding you for placing a trade that is heading in the direction that is favored by the markets.
One last thing, never try to tell the markets what to do, rather do what the markets want you to do. In short there is time to buy and there is time to sell, so buy when it’s time to buy and sell when it’s time to sell, your stop loss is your friend, once you are in profit region don’t rush to exit the markets, lock those profits in and allow the market to continue to reward you. Keep number of trades to a minimum, the more you dive in and out of the markets then the greater is the chance that you will lose money. The markets have a lot to do with discipline. Be disciplined enough to take a small loss and be disciplined enough to lock profits in and allow winning trades to continue to reward you. I hope I have been of help, thank you
Can I start with very little capital like 10dollar
That would depend on a number of factors: currency pairs you trade, market behaviour, spreads and leverage used.
You would probably need to open a cent account if starting with $10 capital.
I am very new to forex trading (couple months) and this platform and finding this thread/posts very helpful, especially this one. Thanks. I have a live account and demo account both $500 (£370) but only practicing on my demo account for now. Also I’m reading through the Babypips education course.
welcome to the real world , btw you don’t expect profit base on your capital ,but your techinic
That totally depends on you and your trading strategy. But yes you can focus on the percentage growth of your trading account and you can surely grow your account with 500 bucks.
Everything depends on your trading style. With a decent win rate and risk/reward ratio, a dedicated forex day trader with a decent strategy can make between 5% and 15% a month
In order to maximize profits traders should not risk more than 1% of their own money on a given trade.
If you have practiced well, you will earn good. If you have practiced on a demo account for 8 long months, I think you should now start trading in the live market and see your actual progress over there. Start with trading in powerful currency pairs and use your strategy over there. And if your strategy works, you will be able to earn well in your future trades. If you keep trading like this you can expect a profit of 2-5%. Also your profit depends on the account you are trading in and the amount you have deposited. But be consistent in your trading.
The amount of profit you get depends on how well you choose your forex plan. With 500 dollars in hand, one can double, triple or even multiply it several times of profit within a few months with strong prediction and market analysis. But if one doesn’t have a strong forex plan, even if you have 10,000 dollars you will eventually lose them.
Know the forex currency you are investing in, understand why you are investing in it and would it really make a profit for you? If you think yes, state the facts why you think so. Techniques like scalping can help you fetch more profits in bulk but it requires a lot of attention. Some others are using bots and neural networks to make predictions.
That information was so much helpful
How do I start trading