forex @ 10 pips per day?
I started to trade today at fxcm and noticed that my money gained a 2% profit after gaining 10 pips. Is 10 pips a 2% profit or is it just based on how much money you have in your balance? I don’t understand this, all I know is my goal of 10 pips per day. If I can make 2% of my money every 5 days per week, that is more or less 40% per month, am I correct?
If I am correct, then my 100 bucks can become 268 million in just 4 years… is this possible? I made an excel file that add 2% profit per day and the result is 268 million in 4 years. mmm…
I mean 2% per day (5 days per week)
I agree!
Please don’t suggest to trade using a practice account because I already did. I’ve used
demo account and I’m still confused… I’ve had about 300 bucks of profit everyday
in my 50000 demo account…
I think it’s 1k per lot… that’s something I don’t understand… I have money but I’m new to forex so I just thought 100 bucks is fair enough to start investing in forex, I mean I’m not going to cry for that if I loose all of it.
So, I have 100 bucks, clicked the buy button, lot is 1k, then later on I’ve got more or less 2% profit after gaining 10 pips. Then I stopped, tommorow again… I am not greedy, I am just doing this because I want to learn how to manage and grow my money, and if I become a more knowledgeable person in terms of forex, I might be willing to invest big amount of money.
One more reason why I want to learn forex is because I ain’t got no JOB…
is it hard to understand that I just want to earn a little bit of extra money? of course I want to just work an
by the way, i know how to handle my stop loss and limit myself to 10 pips per day.
all im asking is what is a pip… in my case, 10 pip = more or less 2% of 100 bucks? is this correct?
It’s most likely based on your position or the account balance. 10 pips is ten dollars on one mini lot. So the real question is…. how many mini lots did you have?
Are you suggesting that you opened a Forex account…. (one of the most dangerous & difficult markets to trade on the planet) without reading several books & understanding the basics?
Here’s the difference between a successful trader & the amateur trader;
The successful trader asks “How much can I lose?”
The amateur trader asks “How much can I make?”
Did you know that more than 95% of those that try FX… fail in less than a year…. most in just a few months?
With FX (or any trading)… trading money management is the most important skill you can learn.
Also: don’t use “paper trading” to judge your possible success rate…. you’ll be very disappointed.
in short… to answer your question….. can you make 40% a month… YES…… are you likely to?….no!
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LikeDislikeWhen you do the math, if you make 2% a day, you eventually will be a billionaire. However, you are thinking that due to your great SKILL, you have made 2% today. Actually you made 2% due to your great LUCK today. There is a lot of luck in Forex and you had a lucky day. However, you are not going to be lucky every day.
Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.
Forex is similar to what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.
Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347″ is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347″ gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.
I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
Read the warnings in the links below:
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