I’m new to trading and i’m going through babypips school but just hve one question
If i were to make $100 a day or $500 a week . How much would capital would i need to start , i know it also matters how much you place a pip . How many pips would i need in average to achieve this goal.
Welcome to Babypips.
First of all you need to study a lot from successful traders success story and their guideline. Follow their strategies and then develop your own strategy. after that you can expect daily earnings. If you need any help ask in babypips. In trading it happens sequentially,loss and profit. If you want to gain profits you must have to face losses.
You need about $10000 to make such an amount in a week. This also requires that you trade more in that week. If I were you, I would not set such target yet. You must learn how to follow the market and see how you can avoid losing. If you can avoid loss like a plague, then you won’t need to worry about profit.
Before we answer, can you indicate, how much risk are you going to take in order to achieve that goal - minor, moderate, high or heavy? For high risk, 1000$ is enough, my first capital with Hotforex was 2K and average lot traded was 2. It all depends on volume of trades and leverage you use. Just controlling lots in your trade you can proportionally alter the amount of potential earnings, as well as risks your account is exposed to.
Good luck