I am now into my 4th month of practice account trading. I guess I am onto maybe my 10th practice account…
When I first discovered Forex, I thought I was going to be able to invest $50 and retire in a year
Then I thought if I could just raise $1k I’d be able to stop work in a year and do this for a living:o:o
For a while I thought it was a pointless exercise, but that didn’t last long.
The idea of being able to make a living with no reliance on anyone else’s business decisions i.e a boss who doesn’t make good long term decisions for the business I am employed in. The idea of making a living income with no boss, no customer, no supplier, no colleagues, no employees, the idea of making a living by being emersed in an enterprise I could enjoy, in an enterprise where I used my wits was too strong and I started to try again.
My latest thoughts are this…
If I can increase my account by 10% per month I could have a future in Forex trading.
My idea is this.
Start with $2500
add 10% of $2500 per month for one year
10x$250=$2500 (10 months increasing by 10% and a $500 or 2 month buffer… thus doubling my account in the first year…
year 2
increase my $5000 by 10% per month, with the same 2 month allowance for losses
10x$500=$5000
leaving a balance of $10000
year 3
10x$1000=$10000
=$20000
year4
10x$2000=$20000
=$40000
year5
10x$4000=$40000
=$80000
etc
etc
So I basically have a 10 yr retirement plan:) I am 33
I have read in various places that professional traders add about 20% per year, and that this is the benchmark, others have said on this forum that they can double their accounts in a matter of months continuously
does anyone have any thoughts on this???
On my latest 5k practice account, I have added 12% in the last two weeks. I have finally got to grips with MM a little. I rarely risk more than 0.5% of my balance on each trade. I keep my usb margin over 95%, I let my profits run by moving my stop as the pair moves and taking what the market wishes to give me from day to day. I still have issue with wanting to be in the market all the time, but I am learning to handle that… I like to trade the news and I like to enter small trades at the start of the day to “test the direction”. I only risk 0.01% of my balance on these feeling out trades. I am learning all the time.
Are my profit porjections at all realistic???