Question by jay_zee: forex……?
i want to work with forex, how can i earn 1000$ daily?
Best answer:
Answer by rstamb7
First off, I trade for a living so I know what I am talking about. To earn 00 per day you need to ask yourself some questions. How much money do you have to fund an account to trade with? If it doesn’t work out do you have something else to fall back on or possibly bring in an income on the side to pay the bills until you get the hang of it? Have you traded anything before because if you haven’t the psychological side of trading will most likely destroy you. Why do you want to make 00 per day? Why not ,000 or 0?
My answers – Money in the account is obviously extremely important because you need money to make money. The more you have the less risk you can take onto your account with each trade therefore you are lessed stressed when you do lose money. Also 00 per day is nearly impossible to make if your account is below ,000 and even over that is still a small account. Why? Because you should only be risking 3% per trade to manage your money properly and to lower the stress of losses. To make 00 per day you would need to make 1000pips on 0 traded, 100pips on 00 traded, 50pips on 00 traded, 25 pips on 00 traded, 10 pips on ,000 traded. Are you going to make any of those pip amounts per day, EVERYDAY? No way. You need to look at monthly performance rather than daily because you will surely fall short of your daily expectations and so therefore there should be no daily expectations. Monthly performance of 400pips is a good but lofty goal for the beginner. If you want to make 00 per day that would be k per month which means if you make 400pips (merely a goal because every month will be different) on yur traded amount you would need to be trading 00 per trade. To trade k and properly risk only 3%…in fact let’s take it easy and make it 5% of you account that would be obviously 0,000 account size. And that is assuming you know how to make 400pips per month!
So how are you going to make 400pips per month? You need a backtested and then forward tested strategy that fits your schedule, fits you personality, has low drawdowns so you don’t spend half the month making up what you lost in the beginning of the month., and also need to make an average of 400pips. (20 pips per day by the way)
Do you have any other source of income? Better if you do because then when losses come in your trading you won’t want to kill yourself because you aren’t sure how you are going to pay for your rent/mortgage and the internet connection that you need to make the money through trading.
If you have not ever traded before…live. Then you are in for a rollercoaster of emotions that you have never felt before in life. You will lose the first two trades that you make live. Then you will get scared and not take the next two trades because of fear and they will be great profit that more than makes up for your losses. Then you swear that will never happen again and trade the next trades. You will go through a flat period where there isn’t much profit or loss. After that there will be some more losses and you will go through the same cycle again. Sometimes you will exit to early because a trade went against you by only 5 pips but even losing scared you so you got out for the meantime. Then suddenly price surges in your direction and you get pissed at the markets. Then your mentality becomes a war mentality instead of a calm, focused professional. If you take on that war mentality then you will surely lose.
Keep this all in mind because trading is a great business if you design a system that works, have the money to fund the account, have a second income at first to lessen the stress of expectation, and study the psychology of trading 10x as much as the actual trading. Stick to the system no matter what and manage your money so that you don’t get greedy when there are profits and fearful when there are losses.
I hope this helps. One thing that has helped me the most in trading is my faith in God and His Son. Trading relates to many things in the Bible and that is where my psychological lessons have been made clear to me.
If you want any more help email me. I don’t want to dampen your spirits because I know what that is like but you must have open eyes going into any endeavour.
God Bless.
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