I’ve been reading up and studying forex since January this year. I was demoing for a couple months, then took a bit of a break since I had no money for live trading, and was a little discouraged by that. Fast-forward to now, got 2000.00 expendable money in the forex account, and I’m seriously considering doing full-time trading once I’m finished my degree. I did not consider this earlier on, but I can see myself doing this as a career very easily now. I enjoy it (even the roller-coaster emotions) and am interested in all aspects of it, from the charting to the economics behind it.
Enough background though, I’m here to get some opinions on realistic trading goals. The plan I’ve currently devised sets a 5% growth of my account per month as the target. Also I intend to supplement my account with $100/month infusions of capital. In other words, each month I would assess my starting capital and calculate the necessary pips required to achieve a 5% growth. I would likely attempt to make a relatively equal number of pips, but change the number of lots to achieve the 5% as my capital increases.
So I’m wondering,
Is 5%/month too high, considering my starting point?
Should I adjust my target as I gain more capital?
Can anyone confirm from personal experience that this is possible?
I understand that this largely is dependent on my trading strategy and system but I’m just interested in the validity of my goals, and will fit the system to my goals if the consensus is that they are achievable.
Thank-you to anyone that has any input or critiques!
To generally answer your question, you will find all the answers to those questions elsewhere on this forum. Plz, don’t hesistate to just “search around”.
If you read enough around here, you will have a pretty good idea of how much you can reasonably grow your account as a starter, and as you gain more exp.
Honestly, if you’ve been reading and studying since January (much longer then I have), then you should alrdy kno the answers to those questions of which you ask.
If you don’t know that 5%/mo gain is possible then you should not be trading with real money. First, do the demo again of 2k for several months and see what’s your average. And learn learn learn so that you can increase your return. When you start profitting every month on demo then you’re ready for the real account.