Very new beginner here and I have some questions, perhaps you can help with.
What is a realistic rate of return during the first year of trading? I know this is subjective but I would hope being cautious that I could beat the interest rate of a savings account. I.e. deposit of £5000 GBP in a bank @ 1%APR = £50 profit. So £50/12 = £4.17 per month
What could trading with forex yield, my outlook would be minimal risk, so I don’t buy into these ideas I would double my equity in 1yr. I’d be interested to hear how anyone here performs.
Second question is does anyone know of any demo accounts that allow you to apply free automated signals to? it would be interesting to compare.
Hi QL, just worry about Learning to Trade and becoming the Trader you want to be when starting.
This will take some time. More effort = less time. Less effort = more time.
Calculating out how long it will take you to make your first million is a complete & utter waste of time - if you don’t know what you are doing
Thank you all for your comments Just to clarify, I am testing with a demo whilst I learn. I was just trying to get an estimate of what has been the case for anyone on here.
I would hope most people are getting better returns than putting money in a savings account or what is the point no risk, no reward.
Hi QL, there was a recent discussion on this that may help. Average returns are impossible to say as there are a multitude of different ways to trade & different acct sizes.
In reality, there’s a lot more lost than won by the players, because it isn’t a zero sum game: there are loads of brokers and other people making a living out of the losses, before the winners are paid.
The similarity between retail forex trading and buying lottery tickets is in the income distribution: most lose, a few do very well.
The difference is in what it takes to win: one is luck-based, the other is skill-based.
Signal means; you are depending on others! But, demo is the most decent way of Forex learning! So, invest your time to learn Forex manually! Learn technical and fundamental analysis so deeply, all the best!
Pancho, if you must trade live, (real money) open a small account that you can open positions of .01 with then try every month to be Pip Profitable then gradually increase your position, .02-.03 etc, you should know in 3 months if it is doable for you. GL
That was a earnest question. I have been trading for 4 years almost full time. For the first 3 years, my account was in a gradual downslope. Fortunately, I never did blow up my account, it went as far as a 50% drawdown. This 4th year, I saw some decent gains when I had a few powerful Ah-Ha moments. I am now at breakeven again.
The progress has been steady and I do see powerful improvements. But don’t just rely on “making money” to know that you are improving. I’ve given myself about 5 years to master this craft and I am seeing the results. So my advice is take it a week at a time and deal with what you can deal with in the moment.
If you haven’t already seen this, it is a very worthy read:
I’ve been trading live for a while now. My position size is always .50%-1% of my account. Im convinced that this is doable but I have a long way to go.
Of course demo is the most decent way for the newcomers to acquire live trading experience. I also suggest. But beginners lost interest when passing sometimes. So instead of demo micro account can be used.
Some problems are here in micro account for the beginner traders. Newcomers always attacked by the emotions when trading practically. So, live or micro account can make them emotional and greedy. So I don’t suggest for newcomers at any kinds of live account.
Emotions and greediness is difficult to control for the beginners when there is a large amount. But in micro account there is no chance. So, of course it can be suitable for beginners
I have said in order to my own experience. When I was a newbie opened a live account with $250. And within 3 days I lost whole and the reason was over trading that means emotions. Then I have moved in a demo. So, I always feel live account for beginner’s level can be harmful.
Just to clarify, I am testing with a demo whilst I learn. I was just trying to get an estimate of what has been the case for anyone on here.
no risk, no reward.