Hey there @roytagl
I’m going to start from the bottom up… To go down your list of priorities/risk/capital/feelings and your ultimate goal, as I see it, reading through the lines.
College student
I presume you are under 20 years of age? Doesn’t matter what age you are of course.
It’s embarrassing taking money off Mum & Dad…
Okay, is it really? That embarrassing? I would say no it’s not at all, and that’s just your young male ego playing tricks on you. No offence, I remember the very same.
You want to be your own man, I get it. We ALL get it. (I was out the house, left school, got a job, and a sh!t-hole apartment when I was sixteen years old)
You are a student and I’m SURE you’re Mum and Dad are VERY, very PROUD of you.
Trying paying bills, rent, mortgage, feeding yourself, getting to work, ironing, cleaning etc etc. It’s not that much fun man.
Cover my needs… Take $[10-20] DAILY profits.
Frankly, that would be cancerous to your ultimate aim. You will blow your 50 bucks in 3 and a half minutes, if you’ve not already.
Forgive me, but I kinda ‘hope’ you have already blown your money with your head in your hands to learn your lesson. I don’t say that to be negative or nasty, at all.
I hope you understand.
Of course I hope you have not, and taken ‘some’ advise within this thread and forums.
But given that scenario… You would then HAVE TO LEARN patience.
-COMPLETE ALL OF…
School of Pipsology
Pay special attention to risk management, position sizing, leverage and getting margin calls. Fully understand these, so you don’t blow up.
Course 10 of 11
Undergraduate - Senior
…BEFORE DOING ANYTHING ELSE…
I’ve completed every single excersise but I show 326 of 336 complete, the remaining ten courses I’ve kept “Not Complete” to go back again, and again, and again to grasp.
Get 100% on every single quiz.
Keep studying, and do your level best to fully understand the topics without memorising the right answers.
Then start demo trading, not with the default $100,000 demo account, create a new demo account with a micro amount. (Honestly, I’ve not tried to do that myself, not sure if it’s possible)
Forget about going to brokers with [1000]:1 leverage, that’s ridiculous advice.
brokerchooser [dot] com > pull down list for Tunisia.
Or look on here for broker reviews.
AND, PLEASE stop with a dollar money amount, and even thinking you can take anything out until you reach maybe $600, and FOCUS ON % gains as others have said.
If you can, don’t take anything out, at all. Compound your profits. Forget about daily living. Mum and Dad will take care of that… As much as that may annoy you.
Get to €155/$ equivalent and then do the FTMO[dot]com challenge but go through a couple of free trails beforehand. Then after passing verification and evaluation, start trading their capital with €8,000 / $10,000 for €155 buy-in. Then reinvest profits, to trade at $100,000 with a further evaluation and verification 2nd account for $650 buy in.
Make profits, and collect. Then make real profits, complete your studies at college. Day trade for a living. If that is indeed your ultimate aim.
I wish you the very best in your journey…
In closing I do hope and trust I have not said anything offensive, or uncomfortable for you… If I have, I apologise but at the same time, analysise yourself.
I completely get you wanting to stand on your own feet, and be your own man… We all want that freedom.
Self analysis is key here… Ask yourself the hard questions.
Take care but be bold.
Best regards,
ThriveTrader