Let’s take your conservative goal to put into perspective how unrealistic this is. You have $50 and your looking to make $10 a day, a day!! So first let’s move this into percentages so we can calculate compound growth… you’re looking to make 20% a day, let’s see how much you will have in Just 10 weeks. (I’ll even round down the math)
$60 day 1
$70 day 2
$80 day 3
$90 day 4
$100 day 5
So you’ve gone from $50 to $50,000 in 10 weeks. Some advice would be (and many would consider this a realistic sustainable goal) to aim for 5% growth per month. This will allow you survive the losing streaks and many beginner mistakes you’ll make in the first year.
Whatever you do, use a demo account First! Set a financial goal: go from $100 - $200 5 Consecutive times in a row, once you do that you’ve proven to yourself that you’ve got a system which makes money consistently. then take it to the real market.
Be careful with who’s advice you take, sure people will tell you how they started with $50 3 months ago and now they have $1000. Good for them. If I told you to jump off a cliff into shark infested water and swim to shore because I did the same thing and survived, it doesn’t make it a good idea. Ask them in another 1, 2 or 5 years how they got on in the forex market trading that fast and I could almost guarantee that they would have all blown up by then. To play the long game you need to play safe. Good luck!
This is What I Mean by Blah blah blah… (Stuff you already Know)…
The Person Writing, spent 10 mins, the person reading spent 5 mins to Realise… I already know that same useless info…
Thats why I said Ignore them all.
When Looking for Gold, You have to Sift through all the rubbish…
So You have to Sift through Tonnes of Useless Information… Which Takes so much of your time…and wish someone just got to the point and told you how to Trade… and take the first steps…
Go Back to My Reply… Some Golden Nuggets There… I promise you it gets better…
He is not looking at compounding as you have put it. He wants to make $10 a day from starting with a $50 account. If he has a reasonable strategy and he has good money management I can assure he will be successful. I have done it countless times and will do it over again. If greed it out of the way and he is not scared of loses or trades faking out then patience will be his best friend on his way to success.
I’m not sure what’s meant by the person who originally said it. But one way of understanding it would be this.
Let’s say you have an account that has grown from $50 and you can now safely open 0.02 lots. When it goes in some profit you close 0.01 (half) and leave the other half to keep running. Assuming it’s in good profit your SL should also be in profit.
Just wanted to say that you seem to be devoted to a valued life. You value your parents and that says alot about your character… Just take your time learning and the money that you put in should be a good start… Have you ever heard of trading binary, its a short time frame execution. I started with binary learning and if you study the indicators and the way they can work for you its a good start… Just thought I would do a mention. I personally now am a beginner with MT4 forex and have found it to be a little more involved with leveraging, margins , stop stop loss and take profit along with market execution etc… Binary is basically a put or a call on a set of currencies. Well Good luck to you, I hope the best
A newbie opening a live account with a live account witb $50 is not advisable. You will most likely blow that account the sooner one thinks. You have to understand the market thorough and thorough and also the important times of the day to trade. Trade microlots and you need to keep a large margin to keep your trade going if conditions not favourable in the time. Do not over trade.
I agree that getting started with any amount of money that you aren’t comfortable losing is not advisable. However, $50 is better to lose than $5,000. Could you imagine blowing that account? No matter what amount you start with, you’ll still have losing trades.
One more advice: try to distract yourself away from money. A good indicator that you fail to do that is being regret about missed opportunity or thinking too much or too long about loss/ lost trade. If it happens to you, then know you are still not ready to trade and earn big money.
Of course I can’t say 100%, but I think it’s too small capital to make a profit, you can try to make trades this way, but you won’t be able to make a stable income, even if we are talking about $10.
at least you receiving plenty of advice on here, firstly there is no pre conceived ideas of what your profits are going to be daily, weekly ect , this is a positive too because there will not just be disappointments but also pleasant outcomes "you cant make things happen in your favour all the time "
yes, initially you can trade with small investment as you may not wish to lose money at first. Expectation should not be much in-front of small investment as its low risk involved.
It is always a good for a newbie to start trading with low amount and after some period of trading and gainning some experience you can increase your investment and can make more profit. One more thing it will always better for a new trader to start trading with demo account and trade with it for atleast 3 months to get good experience.
Trading with low capital you are forced to use high leverage because you are unwilling to modify some psychologically comfortable profit targets (“50 USD a day to make off living”). Don’t fall into the trap of your dreams. Leverage kills trading fast. Try to set as low leverage as possible. It’s better to sacrifice with comfortable profit targets, rather than taking excessive risks and dream.
Trading with small balance and its best to start of trading with small if your a beginner or just entering into live trade its good to start off with small balance so the risk is minimum and the lower the balance the risk is lower.
Low interest rates and taxes on capital make it simply impossible to make any money with your savings account. Luckily, it’s also possible to trade using small amounts.
