I want to kick start my trading journey with $500 investment hoping to make $15 daily which leverage I can use on this account for at least 3 trades a day?
Your question is unanswerable.
Because if anyone posts here and says “No, making 60% profit per month on your account is ridiculously misguided and you won’t manage it”, they get attacked and criticized by other members with self-promotional agendas of their own, and the threads just become unpleasant and unhelpful.
But here are some facts for you:-
The purpose of trading with a $500 account isn’t to make money: it’s to get used to risk-management and to gain screen-time experience.
The proportion of beginning forex traders who ever get as far as making 5% per month profit steadily on their accounts (that would be $25 per month, from your account) is very, very, very low - it may be as low as 1% of the people trying to do it.
There’s a very good thread here which will help you:-
Don’t do it man…you will lose all your money for sure…would you go into the lions cage…force is the banks business…you cannot win overtime…only they win.
This very recent thread might interest you, too:-
How about making $5 a day?
Let’s all calm down. This topic has been cleaned up and off-topic posts have been removed. This is also a reminder that we will be removing any further off-topic posts.
Should you have any questions, please feel free to send us a message.
That would be 20% per month, on a $500 account. Did you read Charlie’s response, above, explaining why you won’t be able to make 5% per month?
Or are you just hoping that he’s got it all wrong?
(I’ll give you a clue: he hasn’t.)
YOUR EXPECTATIONS ARE WILDLY UNREALISTIC.
Never set a target like this unless you have proven your trading system to yourself. On which basis you think that you are well prepared to make 15$ per day with 500$ capital. What’s your risk reward ratio? What’s your winning trade ratio? What’s your risk percentage? Do you have the answer to all those questions? Focus on developing skills. It’s a Long term process.
Your putting the cart before the horse, first learn to make profitable trades, once you do that then you can set some goals, instead of saying you will make 15 a day , say you will lose no more then 15 a day, and leave your profit open ended, that way when you have that perfect market for your strategy you are not limiting your self to 15 when you could make 150
As every body has or have they? Grow up they can do or not do we are not all the same.
No, it’s not possible without overtrading and risking too much.
If you have the confidence and enough practice to tackle with the market then $500 is more than enough amount for you to have a start on the Forex market. You need to spend at least six months on the demo account in order to ensure your skill powers. Have you spent some time on a demo account?
I started forex on 27th November 2018 with 500 USD. As at today 24th December 2018(less than 1 month) ,my account balance is 1379 USD. I have made about 30 USD a day since I started. It is possible to steadily grow one’s account from a small account. I practiced demo for 5 months before started and read extensively. I trade only trends and take low volume trades
No is questioning growing an account it’s definitely possible.
Can you do it consistently is the question. One month is relatively short.
If you can manage these gains for the next 2 years consistently then you’re on the path somewhere.
Are you planning to do so from the beginning or are you going to test that idea on a demo for a while?
A week before Mr. Bannister ran the ‘first’ 4 minute mile, his peers would have been critical too. 4 years ago I enjoyed a $100 account. It’s all I could afford then. Months later I shut down the account and got my funds in the mail to the tune of $167. Be careful what you ask on these forums. Today, I don’t discuss my balance. However, through hours of study, hours of demo, a large stack of books, I will say I haven’t had a losing month in a long time. You can do whatever it is you set your mind to.
Mr. Bannister ran the ‘world’s’ first 4 minute mile. He gave us ALL a vision of what was humanly possible. What few people know is he worked more on his mind than his body. Hmmm
I think it possible. I use EA and could open about 10 to 20 trades close in profit during one week. I just trade in small lot, 0.01 and allow to trade maximum 6 pairs. My weekly target $10 and result can be more than it.
Thats Deep Brother…I hear You!
it sounds quite optimistic, for instance, by scalping