Hello everyone I am new here and also to the forex trading world.
However, I do have a few queries.
With proper money and risk management, what is a realistic profit target that you should be acheiving on a daily or monthly basis based on a 10K acc?
Do give advices in terms of percentage profit as well as pips profit.
Also, who is the person who wrote all the info on the school of pipsology? I have a few qns that I wanna ask him if that is possible.
You may not realize this, but you ask an incredibly vague question. There are too many details left out. What trading timeframe are you talking about? How much risk are you willing to accept? Those are just the starting point.
You are by no means the first to ask the question, and certainly won’t be the last. It’s just the wrong mindset. Unfortunately, the opportunity for big profits is what pulls most folks in to the markets in the first place.
To have a long-term profitable stay in the markets you need to first understand how you are best suited to approach the markets. Once you’ve got that figured out, you can start developing return expectations.
Sorry for excluding the details, what if we are looking at an intraday trader who enters SL of 20 pips and trades in 1 mini lots at any one time?
Welcome John! Mind if i ask you some questions first?
why did you pick 20 pip stop loss?
which pair(s) are you trading?
why did you pick them and what are the characteristics of the pair you picked??
what time frame do you expect profitability?
what hours do you plan on trading?
Why 1 mini lot? Why not micros?
how much are you willing to risk per trade?
What is your strategy and what is the basis of it (meaning what are your beliefs on the market)?
have you backtested your strategy? if so, what is the win percentage? did you factor in position sizing?
did you forward test it? based on your results what have you concluded?
What is your daily,monthly, yearly objective? When will your profits exceed your expenses?
These are but a few questions of hundreds that you need to ask yourself. And if you answer them you will get an idea of what to expect out of the Forex markets. and if someone new to this business isn’t willing to do the work to answer them, then trading may not be the career for them…
This post may seem cold and harsh, but with so many people attempting to get into the trading business, they all should know that trading is hard and there is much work involved in the pursuit of absolute returns. I just want to set expectations correctly (sorry i did it in your thread)
Now that i’ve gotten that out of the way, i think anyone can trade for a living as long as they are willing to put in the work. Stay disciplined, learn everything you can until you find what works for you (your niche), and practice (aka Demo, Demo, Demo)!
Good luck John!