I blew my $50 account on first day live trading

Please what are the pairs to trade on that can give sure daily 50 pips

Sorry to disappoint you but there are NO trade pairs that can give sure ANY pips on ANY days. Otherwise we’d all be millionaires. You really need to learn from this great education site. Press the LEARN FOREX green tab above.

Best of luck.

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Look here

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There is no pair, strategy of indicator or anything that can give you a guaranteed profit, not even 1 pip guaranteed profit each day, but eurusd and audusd and indices are easier to analyze.

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This is a perfect example why so many people fail miserably at forex trading. Everyone wants to make 50 pips per day and even in one trade. While that is possible it isnt as easy for the average Joe as people like to think. Now when I consistently take my 2 and 3 pips per trade and take 20 consecutively these same people speak disparagingly about waste of time, lol. They dont even stop to consider that my account balance is actually less than $200… hence the small lot size.
And I will repeat, if my balance were increased by a factor of 10 I would also increase my lot size by the same factor of 10 and when I trade in exactly the same way as I currently am the figures on the extreme right would also increase by a factor of 10.
Before my veteran trader friends pillory me yet again I want to advise my newbie traders “DONT TRY THIS AT HOME!!”
For the people who have been beating me and my “many trades” strategy left right and center for the longest while I would like to say there actually is method in the madness. It was still a work in progress (WIP) and I believe I have settled on a final solution. What I will do going forward is aim for 0.3% of the account balance per trade and 3% profit on the account balance per day. I am not too good at math but I am thinking that would mean I should be taking around 10 or so trades per day.
As usual this is a live account, not a demo.
Just to add that using my CURRENT strategy on that $50.00 account I would be aiming for ten cents ($0.10) per trade and do 15- 20 per day which would net me probably two dollars per day. That is too small for the average person for a day’s work they will tell you. What they dont understand and probably never will is that if you follow this regime consistently it instills discipline and over time as the balance increases the real effects become visible.

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Thanks for your input. I am taking the knowledge and education more seriously

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yes, i very much agree - i’ve always found it so, and i still do

i think (and hope!) everyone who replies will agree with that part!

some members make particularly unkind and unfair comments about your trading - i think they may be people who don’t actually realise that what you’re doing is actually far closer to what a typical institutional trader is doing and much further away from what a typical losing retail trader is doing than anything they have ever tried themselves!!

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Down here in Jamaica we have two sayings…“You dont know until you know” and “A man is a fool to what he doesnt know”. I totally understand and appreciate their position. What I genuinely hope is that a couple of the new guys will take the time to go over my posts and learn a thing or two.

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Yes, it aways amazes me that people can imagine institutional traders working off a four hour chart and spending most of the day twiddling their thumbs. :money_mouth_face:

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Where is the OP now!!!

His last post here was two days ago. He may still be around!

Buddy this is just the start only :slight_smile: If you aim to be a successful trader, then such losses should be normal, and common.

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Similar to what several others have said, “learn the trading basics”.
Have a good Trade and Money management plan in place.
With just those you can find a strategy to make 10 pips with 1 lot.
Monitor a few pairs for your setup.
Once you can do this consistently then add another lot, you will then be making 20 pips per day.
And so on … 5 lots x 10 pips = 50 pips

And also accept a loss and move on, it is part of the game

Just my 2 pips!
Good trading All…!

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Why is this? Volume being traded?

He’s reading all this and is just like: EH!

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I guess he found his daily 50 pips somewhere!

Thanks Karl, i wish the exact same for everyone :wink:

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Welcome to the community, @balosneselect. Sorry to hear about what happened to you. Did you go through the education section here?