Trading Development

Hello, how do I develop myself in trading and make $30-50 a day, and how do I learn other concepts?

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Welcome to Babypips, @Ahmedf2

This is the place to start:

Daily targets are unrealistic. Even the world‘s best traders have both winning and losing days.

Your hoped-for $30 - $50 per day (shall we call it $40?) averages out at $880 per month, allowing for 22 trading days per month.

Because of variability in results, that monthly average of +$880 will probably range between break-even and +$1,760, realistically. You might even have the occasional losing month, and it would be wise to budget for that.

Very, very few retail forex traders can achieve a steady average account-growth of 5% per month, but if you’re one of those very rare Star Performers, then it follows that you would need starting-capital of over $35,000 to achieve that.

Other concepts? I really think you have plenty to do, for now, just learning these concepts! I hope I don’t sound offputting. I’m just trying to make the point that it’s very, very important indeed to keep your expectations reasonable. :wink:

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Are these concepts enough to achieve this profit?

They’ll get you started in the right direction and help you to judge where to go for more, later.

That learning-curve is a long way ahead of you.

It’s not really about “enough”.

Trading education is about quality, not quantity.

Most people get off to a bad start and believe all kinds of myths and mistakes and misinformation, and then however much they add to it doesn‘t matter because they‘re usually not going in the right direction.

You have the opportunity to avoid that, through having reasonable expectations.

But understand that all over the web, there’s far more misinformation than information, about trading. That’s mostly because it’s far easier for people to make money selling trading “information” and “services” than it is for them to make money by trading. So the overall quality of most web information is really very, very bad.

All the myths and misinformation get propagated and perpetuated and reinforced everywhere.

The good news is that it can be done successfully and some people do it.

But understand clearly, also, that $40 per day really means “a monthly average of $880, measured over a year”, and that this needs $35,000+ of capital, for you to have a realistic chance of being in the very small minority who can eventually achieve a swingy, variable, fluctuating average of 5% profit per month on their trading capital.

It will help you to think in terms of “process” rather than “outcome”.

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What do you think of SMC and how can I learn? I have completed all the courses here, but I feel lost.

The original, Wyckoff version is good (and still every bit as valid as it was over 100 years ago).

The more recent ICT “borrowed” version not so good at all (one to avoid).

Different people earn in different ways, so it’s really hard to answer this, knowing nothing about you.

This post might help you, as it’s helped many others. :sunglasses:

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I strongly suggest checking for youtube videos. the information you find there can some be very rare and helpful.