I just started with learning about Forex a few weeks ago, and I wanted to know if it is actually possible to make a reasonable amount of money with day trading. Some people even said that the expected return can be about 2 percent per month. So are you guys just investing loads of money, or is this information only partially true?
You can make a lot of money if you start with a lot of money.
Completely useless advice. Even if you have little money, you can always attract investors, if your project is really worth it
We’re talking about day trading Forex, not attracting investors for a project with little money. Whatever that even means. Reality is yes you can make money with a small account, but following proper risk management you won’t make a lot of money. Proper starting capital is a crucial element to trading.
Okay, let’s say it’s day trading, but even for that, it might be different, since the risks you mentioned have a better reason to sink this ship
Not sure where you’re trying to go with that as it has no relevance to the OP’s question about using Forex to make a lot of money, nor my answer to it.
Its only possible to make money trading if you have a strategy that makes money. How much you make per year depends on -
amount of account capital
number of trades
win rate
% of account capital risked per trade
actual risk:reward ratio
Let’s suppose -
you have $1000 in your account
you trade 500 times per year
your win rate is 55%
you risk 1% of your account capital per trade
your actual risk:reward ratio is 1:1.5
At the end of the year you will have $??? in your account?
Of course, it is. But it won’t happen overnight. You will have to gain a lot of experience to see how the forex market works. This will make you capable of making profitable decisions.
Absolutely! Forex trading is a great way of making money but that cannot happen easily. There is so much to be done in the market. You must execute trades after proper market analysis. If you don’t make good trading decisions, you will end up losing even what you already have in your pocket.
5.3 trillion traded everyday, how much would you be happy with?