I started forex trading about a year ago and so far have lost about $1000. MY kids are growing and so are my responsibilities increasing. The main reason I am trying to trade was and still is to earn $1000/month for my family expenses and more than this amount for a welfare org. that I intend to start.
Now my question is, How much should I invest in forex trading to earn at least $2000 per month?
Do you think PAMM account will be good? How would I know who to entrust with my money?
Any other method of invest that will pay off at short intervals.
If you can’t make a positive return then no matter how much you put into the system you’ll also lose money.
Practice on a demo account and practice like you would in real life. If you can constantly make a profit, even if it’s just 5% profit a month then you can succeed. I would suggest using the demo account for 6 months. Then re-evaluate and see if you’re ready to move onto a live account.
You mentioned that you lost money, but apart from that are you able to make a consistent profit over the course of several months? If not, then the size of your account won’t matter, unfortunately.
I wouldn’t go for a PAMM either. A PAMM is interesting when it is just an extra way to make some profit, but not to be used as your main strategy as you may not be able to reproduce the results when the PAMM manager stops. You will be dependent on someone you don’t know. Maybe his wife wants to divorce and he gets depressed what affects his trading.
Would you entrust me your trading account? So why a PAMM manager that you don’t know.
PAMM is most likely just a waste of time and money, there must be exceptions, but most of them are not.
It depends on you how much you have to invest to make $2000/month. How much risk can you handle?
However if you need a fix and stable income, $1000/month for your family, I am really not sure that forex is the right place to invest as it seems like you already put a lot of pressure on your shoulder.
Not all PAMM manager account will work well for long term business, choosing good pamm trader also same hard like as forex itself, forex business can’t giving fixed earnng but is good if trader haivng taret plan and they use target in reasobale adjusted with their capital.
Your reason to earn money is not different to anyone else’s reason. All participants in forex market are trading with intention to make profits. The thing is, there is no easy way of making profits no matter how much capital you can start with. If you are losing with 100 you will lose with 1000, 10000 or 100000.
So, my advice for you is to stop looking desperately for profits because looking harder is not going to make them coming faster. Instead, you should pay lot more attention on your trading education and consistent strategy development.
but before you start asking about how much you should invest, i suggest asking your self how stable is your strategy, how much return does the capital generates in a span of 6 months, forex is risky, i would never suggest you putting your family’s future on the line, only invest what you can afford to lose. this is forex.
Its not possible to live on forex trading if you don’t have a huge capital to trade easily on without any pressure of making forced trades to meet your monthly pips goal. If around 5 - 7 trades are not earning you enough money to live a month, you can live on forex trading alone.
You cannot earn money from forex market if you force yourself for it. Forex market is random, if you have a real need of money, then you cannot concentrate on your trading. The best method is to earn side income without any pressure from forex market.
PAMM accounts are good to use specially if you dont have time to trade and want to invest in the forex market, liteforex PAMM account results were very stable, should check it before investing.
I don’t agree with the random bit because it clearly is not random, but the second part it good advice. Don’t rely on trading only! Have a lifeline available.
Forex is lucrative and most of the people are attached with this business being part timer, you can earn reasonable amount and can meet your daily expenses, I would like to suggest that you should work, don’t give any person to trade on behalf of you.
You cannot earn money from forex market if you force yourself for it. Forex market is random, if you have a real need of money, then you cannot concentrate on your trading. The best method is to earn side income without any pressure from forex market.
My opinion is that you should join any other business as you have lost huge amount which is not good and your family would have been suffer due to you loss or you should do forex after having proper understanding of market in order to avoid the terrible situation.
