Ok, ive heard the get rich quick storys and the everybody loses there money storys.
Please dont be kind.
I have looked into forex a few times in my life. I want to take it serious now and i want to know what im getting in to.
How much capital do i really need to start. What profit % can i expect when im not a beginner anymore.
Thanks in advance!
Hi, it is very broad question, I would like to know that too. The problem is when you ask how much can you make or how much do you need to deposit we need to know what is your monthly living cost ?
Have you ever traded real money?
My only experience with trading whas 4 years ago when i trewh 500 euros in the trashcan on plus 500.
I have a small construction business. I have 1 employee and i make around 5 to 8k a month. My monthly expenses are low. Around 2k with housing car netlfix sub etc.
I want expand my income sources. Im planning on putting some money in funds, stocks and crypto just as a long term investment.
And im getting into trading second hand stuff on the side. Like used sonos. And im looking into a trading business with other stuff buy low sell high. As an example; forklifters, garden furniture, bulk floor tiles. Etc.
I would like to stop my construtcion business in about 2 years and move to a diffrent country.
Why not just the trading business. I want to have more than 1 income source. And im looking into money making money businesses so i came to these two.
I can put the first 3-5 hours of the day in forex than the rest of the day looking for buys and selling stuff
I want to make around 10k a month with forex and my trading business combined.
Thats my story.
I would like to know what % profit a decent trader makes monthly. And what is a reasonable time to get there if i can get 2-3 hours of trading\training each day for the next 12 months.
The % is important because i want to make around 5k a month. And then i know how much capital i need.
Edit: I dont know if its normal to talk about how much i make but i want to paint a good picture of the reallity and i want to know if forex is a good option for me.
Thanks again
Most of the countries suffer economically due to the coronavirus pandemic. However, the trading activity has increase because of that.
That’s a difficult answer, and very subjective.
Let’s throw this out there…
Say you’ve found a strategy that’s proven consistently profitable each month, this will take you at least a year, probably 2 or even longer.
Now what you want to do is aim for 6% per month, compounded, this will double your account annually.
At this point, you can deposit $10,000, and with a 4 year plan, you can aim to grow your account to $100,000, using proper risk management, with no withdrawals.
If you can do this then you’re well on your way to making $6,000 per month off your $100,000 account.
Good luck.
Thanks. This is something i can work with!
You can’t decide what profit to make per year, your strategy will dictate that. All you can do is vary the amount of capital you put in. But you can vary the strategy.
And remember, there are no shortcuts in Forex. I’ve been at this over 2 years and have searched every nook and cranny.
Money management is vital. You will lose so you have to be willing to accept that. The key is to limit those losses and embrace the winners.
Like the old baseball analogy, first you have to learn to hit the ball, then the home runs will come naturally.
With forex it is not possible to plan your income in the future if you don’t have any numbers to work with to start. For example, strategy % winrate and monthly return. It takes good few years to accumulate profits. I have a lot less experience than other members who replied to you but I’ve been in the same place. After month of consistent losses and frustration caused by going live too quickly I realized that forex is something you need to be in for long time without expectations and plans. Start with demo account, see if you can keep with discipline and emotions.
Honestly if i had that much spare money it would be going into a fund not forex. 90% of people loose money in forex and the learning curve is huge. If you want a challenge then sure why not.
If you want to be good at trading Forex just learn as much as you can. Babypips is a great place to learn
The hard truth is to learn how NOT TO LOSE MONEY while you’re learning. IMO, That’s extremely unlikely until you’ve worked hard at understanding how to trade Forex for at least 8 months or more.
The critical key is to focus on controlling your mindset, removing emotion from outcomes, and being 100% disciplined on managing risk and your capital.
It’s a truism that up to 90% of newbies lose their capital, because they cannot keep disciplined and/or emotions in control.
And also, treat Forex seriously as though it was a business - where as you know it’s entrepreneurial rather than an immediate income source, or even longer term path to profitability.
So to answer your question, you cannot expect to make a profit each month, you won’t. Write your losses off as being business expenses and you’re on your way.
Best of luck.
When i started my trading 10 years back i made use of the Babypips to learn about the Forex trading markets.
This site definitely has good learning material. In my beginning years too, it was a great help.
Thanks for the honesty. This is what i needed.
Im going to demo and educate myself for the next 6 to 12 months.
Before i quit my construction business i need to have a steady income from the trading goods business.
So forex would be the second income source. So if i break even for 4 months in a row im not getting into any trouble.
Im getting the 6k monthly out of my head and just see it as a way to grow capital over time. Like an investment.
Thanks again for the advice.
Do not think about the profit as of now.Start with a micro account if you are doubtful in the beginning.What’s important is to maintain the consistency to do better in trading. So good luck!
When I was a beginner, I also had started learning about the forex market from school of pipsology. It really provides easy to understand content.
I would suggest keeping in mind the risk and invest only as much as you can afford to lose. Profit and loss depends on the capital you are putting in.
Invest time and effort in learning first and then think of investing in forex.
Well, I began by first learning with a prop firm and following up that learning with the course that Baby Pips offers. I have also added other learning opportunities from various vendors and YouTubers. As a result, I have expanded my trading into trading the indexes and I am making a profit and am a profitable trader. My stats are 86% win rate with a 13% loss currently. I am currently using a proprietary indicators system to improve my currency (forex) trading results. So that remains to be seen. It has taken me 4 years to get to this point. So I would say that you need to make sure all of your basic needs are met first and then use money after that for trading. And, you can trade demo while you learn. That is my advice.