Hi there,
My name is Danny, and I’m based in the Washington D.C. area. I’m fairly new to Forex trading and eager to master it. At the moment, my goal is to make $400 a month from Forex trading. Any advice or suggestions you have would be highly appreciated.
Best regards, Danny
Welcome Danny! I feel patience, risk management is the key. Are you trading on live accounts?
Good luck @dada25
To achieve your goal, test your strategies on a demo account before executing it on the live account. This way, you get confident and can efficiently plan out risk tolerance.
Hi Danny, welcome to the Babypips community, and best wishes to you.
I’m just starting to look for ebooks and websites on copy trading, and I want to make sure I’m on the right path. I’ve seen some copy trading platforms with funded programs, but I’m not sure where to start or which platform is best for beginners. Any advice would be greatly appreciated. I feel like I’m in the middle of the ocean with no land in sight, and I need guidance from experienced traders. Thanks!
You’re not.
If you want to make $400 per month from trading forex, copy trading is definitely not the right path.
Learning how to trade for yourself might be the right path. It is for the small proportion of people who ever become successful with forex trading.
The following post, which was my response to someone who wanted to make about $330 per month, might possibly help you -
If you decide that you want to learn how to trade forex, this is the place to start:
First, I want to thank you for your reply and advice. I’ve always been interested in Forex trading, but every time I got close to starting, the fear of losing overshadowed my desire. I’ve spent a lot of time searching and reading about it, trying to build my confidence.
Now, with the help of AI technology like Chat GPT, my questions are finally being answered. I’ve found some companies that offer funding for traders. Do you think this is a good route for a beginner like me to take? If you have any suggestions on the first steps I should take, I would really appreciate it.
Welcome to the group.
If you haven’t proven yourself on demo or in a live environment, you’ll likely be throwing away money on prop firm evaluations. They are kind of designed to make it difficult to get funded and to keep you paying for more evaluations and resets.
The evaluation rules can force you to be more disciplined in order to pass or you actually may develop bad trading habits trying to swing for the fences every trade, if you’re not careful.
You’re in the right place for forex education. Babypips has an excellent and free course here: Learn How to Trade the Markets
Hey Danny, welcome! Best wishes to you.
Hi Danny, I would suggest you to learn the basic. Practise on demo accounts and follow the strategy even in volatile market for better. Good luck!
Thanks a lot. A lot of information.
No!
Sorry, but it’s a very, very bad idea. Funding companies (“prop firms”) are not for beginners. They’re for people with established, proven, reliable trading skills.