As a newbie I would like to ask to some more experience traders how they have overcome this.
My concern is how can I make my trading more meaningful, to word it the right way, how I can make more money in forex? As a beginner I have been trading with about 0.3 lots.
So for me to have a meaning for this whole thing I kind of have a goal/target to eventually make about £100 per day on average, but of course I am not going to chase it, if I see I could get it I would take it.
Reality is that I do not even have a chance to bag in those £100 most of the days, despite the fact that pretty much every day my trades at some point come into + and most of the time stay into +, but it is like £10, £20, £30 or £40 chance.
Would it be right just simply trade with bigger position like 1 or 2 lots?
I started trading for real money about 3 weeks ago and these days I am up 10-15% from initial capital, which is £2k, so to trade with 1 or 2 lots looks like a quick way to become broke.
Is patience and discipline my best friend at the moment or should I be friendly more with Mr.Risk?
I would be very great full if someone could share their experience!!!
I think we would be more talking of about 5 days x 52 weeks (in a year) at the most, according to my calculator it is 260 trading days at most, meaning that would be 26k in a year, if averaging £100 per day.
But that is something I would like to achieve in near future.
Making £100 with a £2k account is making 5% a day which is a pretty big ask. Keep trading, don’t increase your risk, just let your winnings add up & add more money to your account if/when you can. Only when your account size grows should you increase you position size, it’s all proportional.
Risk too much & chances are that you will blow your account. Your system should outline your risk tolerance & if that’s the case, trust in your system & trade it to the letter.
Ok. Here is scenario.
person nr.1 A seasoned trader has 100k into trading account, he is willing to risk 1k on a trade. Which, I guess, would make a perfect sense and nothing wrong with that.
person nr.2 has worked hard all his life and saved 100k, but transferred only 2k to his trading account and is willing to risk the same 1k for the same trade.
person nr.3 has saved up 2k, transferred that amount to his trading account and is willing to make exactly the same trade as both above guys and risking 1k as well.
What is really different between them???
If trade goes sour. person nr.1 would react something like “well, so be it, I will move to next trade”. Person nr.2 would react “well so be it, I will simply transfer some more money to my trading account and move to next trade”. Person nr.3 would react: “well, so be it, I will simply save another 2k and try it again”.
So where is that big difference In greater scheme of the same goal?
I am also reading a book millionaire traders right now and forex traders in it say that looking back at their early trades they traded with a lot bigger risk and higher leverage.
But seems that they could have taken the same trades the same way, but the only difference is that their account balance was different.
somedays you will make £200 a day some days you will lose £400 . Theres no way of telling. if you have 2k in your account you dont want to trade bigger than 0.30 , 30k, but its up to you. you could trade 1lot a few times win lots of money and then cut your position size after. you do need a bit of luck in this game.
Here’s my take. No matter what your goal or type of trader you are. This is universal and applys to everyone, and can skip steps. Crawl (learn basics until it’s second hand) Walk, (OPen a demo and practice practice and practice what you learn), Run (use your strong understanding of the basics, your experiences to date and make your trading method and fund management to a live account. Race When your trading method on the balance of probabilities gives your chances at positive results are more than negative, your money management plan is based on protecting your bankroll while adding to it. And you’re certain if you keep up with your plan constantly for the long hall, then make your income goals. You should almost always know thatit’s not what you make per day or session or pips. … it’s how much risk are you taking to gain what you’re looking for. The goals is not to measure pips, or money, it’s to measure risk to make whatever you’re looking for. That’s my opinion, hope it helps
Gp
As a beginner I have been trading with about 0.3 lots.