Hi traders,
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?
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Your question is unanswerable.
Because if anyone posts here and says āNo, making 60% profit per month on your account is ridiculously misguided and you wonāt manage itā, 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 isnāt to make money: itās 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.
Thereās a very good thread here which will help you:-
https://forums.babypips.com/t/pipcrawlers-thoughts-on-setting-newbie-expectations/17006
Good luck!
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Donāt do it manā¦you will lose all your money for sureā¦would you go into the lions cageā¦force is the banks businessā¦you cannot win overtimeā¦only they win.
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This very recent thread might interest you, too:-
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How about making $5 a day?
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Hi Everyone,
Letās 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.
Thanks,
Jess
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That would be 20% per month, on a $500 account. Did you read Charlieās response, above, explaining why you wonāt be able to make 5% per month?
Or are you just hoping that heās got it all wrong?
(Iāll give you a clue: he hasnāt.)
YOUR EXPECTATIONS ARE WILDLY UNREALISTIC.
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Never set a target like this unless you have proven your trading system to yourself. On which basis you think that you are well prepared to make 15$ per day with 500$ capital. Whatās your risk reward ratio? Whatās your winning trade ratio? Whatās your risk percentage? Do you have the answer to all those questions? Focus on developing skills. Itās a Long term process.
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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
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As every body has or have they? Grow up they can do or not do we are not all the same.
No, itās not possible without overtrading and risking too much.
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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?
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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 oneās 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
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No is questioning growing an account itās 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 youāre on the path somewhere.
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Are you planning to do so from the beginning or are you going to test that idea on a demo for a while?
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A week before Mr. Bannister ran the āfirstā 4 minute mile, his peers would have been critical too. 4 years ago I enjoyed a $100 account. Itās 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 donāt discuss my balance. However, through hours of study, hours of demo, a large stack of books, I will say I havenāt had a losing month in a long time. You can do whatever it is you set your mind to.
Mr. Bannister ran the āworldāsā 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
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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.
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Thats Deep Brotherā¦I hear You!
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it sounds quite optimistic, for instance, by scalping