[B][I]Hi everyone, brand new member here. I have some questions.
I am trying to evaluate the forex markets and determine if this is where I want to invest my energies.
I know little to nothing about this industry. I am willing to “pay my dues” and learn it, do a min of 2 mos of paper trading and then enter with a modest investment. My first goal is simple, to net a min. of 300$/day within the first 6 month- 1 year of trading. However b4 I made the decision to commit myself to learning this arena, I want to know if the forex markets are the place to commit myself.
Any and all suggestion/ advice are welcome! Thank you.
My first recommendation is that your first goal should be to get to break-even. Once you can consistently not lose money for a while, then think about maybe setting profit objectives.
And that’s my point, why invest/expend the required time and energy to study and learn the forex market if it cannot ultimately provide me with a minimum net daily profit of 300$'s?
I think that you may need to rethink your time frame a little. The babypips school recommends a minimum of 2 months demo trading. I personally think that they recommend this so as not to discourage newbies too much.
One of the very best traders I have ever known demoed for 2 years before trading live. How about that?
Rhodytrader is absolutely right. Just focus on getting to breakeven first. This is a major feat. Then focus on getting profitable with a demo, then when you have a track record of success, think about going live with a very very low lot size to start with.
If you are determined to be successful, I would recommend that you don’t put so much pressure on yourself by setting these low time frames for sucess. Think more like 3 or 4 years before your making enough to replace your day job.
And don’t get me wrong, there are traders out there that are extremely successful in short periods of time, but I would argue that they are the exception not the rule.
Sir, thank you very much 4 your feed-back. I do understand your POV, however it does not address my primary and very basic question: Can an individual get to the point of netting a minimum of 300$'s a day working the forex markets? Thank you for your response.
Yes, absolutely. I know of another trader who makes 5 figures a week.
It will take some time, here’s an example:
Use whatever your starting balance is going to be
Make 15 pips a day
risk no more than 2% of your account on each trade
figure no more than 15 pips risked per trade.
Pay yourself 25% of all of your profits at the end of each month.
Reinvest 75% of your profits back into your forex account.
If you multiply this out and do the math you will see that you can be Rich fairly quickly. Remember to multiply day by day because 2% of your account will change over time and you will make more and more.
The key is compound interest.
Once Einstein was asked what the most powerful force on earth was. His reply was “Compound Interest.”
