No 25$ per day
This has been the only meaningful reply I have seen in this tread
I got one for you… leave expectation at the door when you’re starting out. Sure, have a goal to work towards. But be realistic.
Great thread here:
Hello mate, please come to my rescue I just finished babypips… I still lack strategies, please can you teach me your strategy? Or anything you can do to help an aspiring trader?
No man. Even babypips advises minimum 1000 USD and above. One of the problems retail traders have is their starting balance is usually small. So they end using high leverage which then leads to losses at the end of it all.
I’d rather advise that when one is ready they should instead access large funds from a prop fund. That way, they’d not go through the same cycle like many traders.
There are many prop funds out there that can be easily accessed. [Removed for Forums policy violation]
I started my first week with £300 ended the week with £900 if you don’t believe me i have screenshots and proof, Forex is extremely volatile and a lot of people answering these questions don’t understand the markets,
I use 1:400 leverage, a strategy i used to build up my account fast was when a trade was going my way i re entered on a big lot size ( poor risk management) and closed for big profit,
I hope this proves you can also lose your money with improper risk management, forex has a lot of bs so if i were you keep your lot sizes to 0.05 use stop loss and don’t over expose by multiple entries and you’ll be making £25 per take profit hit trade more or less and your stop loss will= about £9.
Absolutely you can make £15 a day
IF you have learned or developed a good trading system, then SURE you can. And more!
Consistent effort more than, intelligence or strength, is the key to unlocking potential. Read, test, trial and learn and over time you can build an account, but if you are looking to get rich quick forget it!
Everyone gives their own take on the situation. I’m no expert, but I’ll put my 0.01 on the subject and you can take away what you want.
Please be warned that I have a tendency to be long-winded.
So. On the topic.
I’ve watermarked my history and removed what may be identifying details. So here’s your answer.
YES - it can be done. BUT - there are conditions.
I’ll explain, but bear in mind that everything expressed is my own opinion and should not be taken as advice in any way.
If you’re just starting in trading don’t try to double your money in a week. As stated previously, your aim should be to get accustomed to the charts and markets.
Try to do this - in no specific order.
- Trade on demo to learn.
- Stick to ONE PAIR at first.
- Aim for PIPS not DOLLARS.
- Get accustomed to your strategy/system then move to live.
- When initially moving to live, use a small account (micro or cent).
You want to trade on demo while learning so if/when you take hits you don’t suffer much.
You want to stick to as few pairs as possible. EUR/USD is probably one of the staples so use that to learn the general flow of trading. Each pair has it’s own characteristics and will be influenced by different things. NFP may move one pair while it does nothing for another.
Stop looking at dollars. Money will come with practice. Pips translates to dollars. If you can make 10-20 pips (not pipettes or ticks) per day using 0.01 - that translates to about $1-$2 per day depending on the pair and swap and such - then you can move it up thereafter. That same number of pips at 0.10 will be $10-$20 daily. And it will be even more as your balance grows. But - RISK MANAGEMENT.
When you’ve become proficient and comfortable with your strategy, then move to live. Believe me - regardless of it being a cent account your psychology will change once it’s real money and not demo. If you have a working strategy that translates well to live, you can then move to a regular leveraged account.
In regards to above - whether you’re doing naked trading, moon phase trading, indicator trading or purchased a system - spend more than a few days to know how it works for you. Most persons buy the “next best thing” or jump on forums to learn from “masters” and end up right back where they started. Forex is a beast that teaches you a lot about yourself and patience.
I believe that every single system works - but not every system works for everyone. Some persons will have profitability with one that others have no luck at all with. It’s about your affinity. What strategy, system, etc is closer to your “type” so to speak. And whether or not you can sit and follow rules or need something that’s closer to your “type”.
That’s my advice. Take it or leave it.
There are many here with much more experience than I have, but if you can gather something good from all that you have to sift through, then we’ve achieved our goal.
Happy learning and trading.
I started with $ 500 in May 2018 and quite exactly one year later I had $ 2100 in my trading account. With studying and training with a demo account there are possibilities.
i actually don t agree. most people starting out even if they been on demo for a while and studied a bit will lose money, as the nerves, fear and greed kick in while trading real cash. so the more u put in the more u lose. what really comes with experience imo is how to tackle the nerves, emotions, and have the confidence in ur market aproach, therefore i d start with small amounts and go from there. it can be eally demoralizing to lose big chunk of change right from the get go, and could do some real damage on 1 s mindset. losing small accounts will just keep u at it, while u get better and learn off of…atleast that s how i think.
Hello…an interesting question I must say.
This is absolutely ACHIEVABLE… 100%. However, there are certain things you need to consider:
- If you have never traded before, I strongly advice you to demo trade until you gain experience of what it feels like to trade.
- Do you intend to be a full time trader or not.
- Know your self: this is a broad topic…do you like taking risks or not. How do you deal with your emotions when trading( VERY IMPORTANT). If you trade like the 90% you will certainly fail.
- Form your own strategy and stick to it.
- Always practice proper risk management.
- Do not let other people’s failures limit you.*
I think of you know what you’re doing it’s possible good luck let me know how you do
I agree. But also with incorrect reading of the market in the early stages, I have a story.
A trader I know had MASSIVE wins while many others were losing. He had jumped right in and started to read the charts with a template he had learned. He read it completely wrong. It was during a volatile period and news kept pushing price to new all-time highs. He kept buying while everyone was selling.
What happened was - when it fell, it fell hard. He kept holding on because he has more than tripled his account in a few days, and decided to hold out. Short version, he almost blew the account. Was left with less than 1/4 of the initial deposit.
Test your strategy. Some things may work in certain conditions and not others. Find what works for you. Stick to it. If you realize it only works in certain conditions, look for those setups.
The hard truth is that there has to be losers. Not everyone can win. But once you find what works for you, it is possible to profit. Just bear in mind that you may find Forex isn’t for you. And that’s fine. Life has many avenues for making money - most of them slower, but you’ll still make money.
This is not a sprint, it’s a marathon. Good luck.
5 Dollars a day is approx. one pip profit ( minus commssions 40 % my broker charges) in EUR/USD trading one lot position.
Just one single pip! You jump in the right moment and out- that’s it.
Every experienced trader can do that without a problem. But this strategy won’t make you rich.
With right knowledge 1 trade can give you $50 a day
Trading Forex is not that simplistic, you will not win every trade, some days you will lose 2% other days you may win 6%
I would suggest you do not think about trading as something so rigid, as it is far more flexible than this.
It is also dangerous for your mindset, if you are losing on a given day but are set that you must make $15 per day and you chase the target you will end up losing more.
Yes YOU CAN!!.. Listen no matter what the others says… mostt negative response… I tell I open friday an account with only 100usd toda its Monday before noon and I have 131 usd now. With 0.01 lots every trade so… Yo I ficus one your strategy… Watch one pair… Memorize the pair and the others exhcange numbers… Be disciplinate… My best wishes!!!
Sir Do you trade Gold, and what are the best trending currency pairs.?
But not everyday.