That is impossible, it can only be achieved when you get engaged in illegal bussiness. In other words, that profit is too much per month. The people should not aim at higher profits when beginning a business, instead, they should lay the foundation for the business for the future huge profits.
This question is very much vague, as you cannot just set targets like this. The reason why it is recommended not to fix targets like this are-
- If you fix targets like this you may get aggressive for achieving them, leading further towards increased losses.
- An experienced trader never takes this kind of approach; rather he will follow such strategies by which his losses can be minimized.
- Being a new trader, you should 1stly focus on gaining the experience of the market rather than just focusing on making profits.
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The short answer is yes. Personally though I would set my objective differently for example 10 pips per day.
Those plans were made two years ago. Did you manage to achieve such daily result?
To put it bluntly, noâŚyou need to put in the work to learn how either fundamentals work or how price action works and even then your lucky to make 3% a week. Furthermore you need at least $2000 if you want to trade on margin
For initial work, the amount is quite good. A daily profit of $15, thatâs a really good result.
SEEMS like a perfect meaningful thought
You know what? I have discovered a safer way to earn some money through trading platforms. Of course, I do trade from time to time, but I am never ready to invest a huge sum of money as the risk is too high. So parallelly I use the affiliate program of the brokers. All you need to do is to attract users and no risks to your funds. For, it is a perfect solution.
not possible untill u dont find the strategy
If it would have been that simple, everyone would have done it. Forex is a risky market and you never know which side the market is going to play around, also leverage multiplies the profits and losses very quickly. So donât fix vague targets like this. Try out a strategy in the demo account, and if you feel confident about it, you can give it a shot on a live account.
Earning profit in forex everyday seems to be a very difficult task
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I think you chose safe target, although I would reduce it to $5-10 per trade and restricted risk to $2.5-5 (hence 2:1 risk-reward ratio). Also make sure you trade with small lot size and low leverage. Pay attention to platform performance, I noticed considerable improvement in performance when I moved from Turnkey to Hotforex. Broker comparisons matter.
Thank you
Best advice I have read so far
In the beginning no. Over time yes, provided you stick to your back tested strategies.
If you follow this, you might end up losing all your money altogether. It is very risky and you must think very carefully before making a decision. Good luck.
I have traded for a very long time so I think I know a thing or two.
And what I would say is defining a monetary goal to be made each day or week is a ticket to the poor house, but unfortunately one many beginners make the mistake of.
This is summed up perfectly in Reminisces of a stock operator in the story of the fur coat.
But as most will not have read that book let me give you another analogy.
Imagine you are a manager of a football team (soccer) and you say to your team each game the aim of each match is to score four goals.
That is not a sustainable strategy, the team are going to need a very strong attack but that means that are likely to also have a very weak defence.
The team each week would just pile forward into their opponents half but would get taken out time and time again by counter attacking teams.
The best strategy for the team would be to execute a solid game plan each time not just aim for four goals.
When you set a monetary reward, you like the football team are going to take risks when you should not.
You are going to overtrade, take set ups that you should not and double up after losers - all because you have defined a given amount you must earn each day.
This is the market, not some 9-5 where you know how much you are going to be paid.
Markets are uncertain, they can be very kind but also very harsh.
And rarely do we know before hand what mood its in.
There should be only one goal of a trader - execute their trading edge consistently.
Defining goals in terms of money might work when trying to impress a bank for a business loan but not in the world of uncertainty like the markets.
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I appreciate that circumstatnces are different for everyone and $500 to some might seema lot and to others play money, but putting a profit target in $ on a bank that big is setting up for failure. Better to use it as a practice account to gain pips and practice sound risk management.
It is very much possible depending on the trading strategy you use and the assets you trade. But be careful with the leverage, donât use it if you donât have enough experience to back you up.
That is 3% and is achievable. But yes one needs to use the correct trading technique and have the luck around 
Have you backtested your strategy? Do you know what you can expect based on how many winners in a row you will have before getting losers?âand how many losers in a row you will have before getting winners? What is your risk/reward ratio? What are your stats as a trader? Have you forwarded tested in a demo account? These are questions that you must ask yourself before trading a $500 account.