hey family, my name is sai, I’m trading forex (demo) since 6 months and went live two months ago with 100$ just to make sure how everything works in reality, even though 100 $ is very small capital It really had an impact on my emotions when I have series of losses and profits. so I came up with an idea if I can double my every two months and this is how I wanna do it.
I wanna start with 2000$ and leverage it with 10 times, and make an average of 125 pips every week with highest probability trades( price action ). which makes 500pips a month that’s around 45% to 50 % gain a month. and every trade I place I try to add up positions and scalp up to push my profits high and set my stop loss to break even. My drawdown would be 2-5 % which is around 50 to 100$ per trade I know it two high for my initial capital. but my gaining trade would cover my losses.
so if can do this with little patience I can turn 2000$ into 128,000 in one year.
I mean it’s nice that you have a plan on how much you’re looking to make, but just don’t focus too much on the money. Just learn the skill, have patience, and the money will come eventually
Keep wondering. Not going to happen. Maybe once, maybe twice, maybe even three times (even ONCE would take some serious luck and risk taking let alone twice or three times). But you will end up losing the lot if that’s your aim.
My Short answer is: No, it’s not possible to reach your 128K goal, maybe , if you are very lucky, you will double the money one month, but I just cannot believe it can be done.
Why don’t you try and do it with your 100 dollars, that way you will use a live account, and you will test your emotions, if things go wrong you won’t have lost much, and if for some miracle you can do it, you would make 6400 dollars in the year, it may not be the 128K that you wanted but I am sure many people in this (Beginners) forum do not make 6400 dollars profit a year, including me.
I think you may be focusing on the wrong things. It’s like a brain surgeon focusing on how much he’s going to make even before he enroll’s in Med school!
Focus on being a really good trader first, and then the money will follow.
Really note sure this thread or idea even warrants further input but all things being equal:
Do also bear in mind that even ASIDE from the psychology involved in demo vs. live there’s all manner of other things to contend with on a live account e.g. slippage, time critical price movements, requotes, the list goes on. And these factors become even more of an issue the larger the trade sizes become.
There’s only one way to answer whether you can double your account every 2 months - you definitely can’t, because you don’t have a trading plan.
You do have a dream to be wealthy and there’s nothing wrong with that. I regularly daydream about fabulous wealth. Its a great motivator to keep trading and to trade better. But you must recognise that’s all it is. So then you won’t lose hope when things aren’t working out by the end of August.
Go and get a plan. Then come back. Because if you get a plan for doubling your account in 2 months I definitely want to hear about it. Please…
Working in forex basically depends on how well a trader can make proper use of his trading understanding and expertise in making trading decisions. It is not that a trader can earn money only when he will invest larger amount of funds. A trader must go through his learning process carefully.
no pal, your leverage is too low. with that amount of money, you need very high leverage to keep you away from being unable to enter trades or unable to enter at your desire position size after having a bunch of losses.
over leverage is when you have a bunch of open trades or entering big lot size when your balance unable to hold the margin.