I am planning to start with a $500 account expecting at least $15 daily profit is that possible?

[Oscah3]

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?

[anon98339083]

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:-

Pipcrawler's Thoughts on Setting Newbie Expectations

Here's a repost on my thoughts of newbie expectations on the process of becoming a trader: Let's all remember that trading is a skill, and to reach a high level at any skill doesn't happen overnight. Period. For example, how long does it take to become a doctor, musician, or sports figure at the professional level? Years right? I'm pretty sure Michael Jordan (the greatest basketball player ever, IMHO) wasn't championship material the first time he picked up a basketball, was he? I don't even …

Good luck!

[oldpro007]

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.

[anon98339083]

This very recent thread might interest you, too:-

How much profit can l REALISTICALLY make trading starting with 500 dollars

Hey i am 8 months to forex trading.l came from the binary world with a profit of 3000 dollars from a 300 dollars investment during 4 months in Binary options. My question is how much do i expect to profit in forex after using demo account in forex for 8 months.

[Oscah3]

How about making $5 a day?

[Mordengaard]

25% per Month is easily achievable

Continuation............ Below is the summary from the start of this exercise..... [image] Day 4 - 3.6% return..... A quiet day with a mix of SW strategy and residual (35min after) NFP price action ... No trading took place during the NFP release.... [image] Same formula on the same $1197.84 account (Day 3 close)...... up to $1235.58 (Day 4 close) 1:1 RR / 1.2% risk (14 pips) / $99 Margin (3 pos. max ) Non believers... feel free to verify with your charts.... Account has increased by…

[Jess]

Hi Everyone,

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.

Thanks,

Jess

[anon7386331]

How about making $5 a day?

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.

[Anderson007]

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.

[Dennis3450]

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?

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

[Ralf1e]

As every body has or have they? Grow up they can do or not do we are not all the same.

[Landfields]

No, it’s not possible without overtrading and risking too much.

[Srezo]

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?

[3147]

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

[momoisnyc]

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.

[mlawson71]

Are you planning to do so from the beginning or are you going to test that idea on a demo for a while?

[renoisland]

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

[nangkring]

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.