Quote: (10-31-2018 05:42 AM)Obermarschall Wrote:
Uhm...no. This is almost impossible. Yes there might be some who achieved that but they are the exception. And if you take a newbie, tell him 600-> 30000 in 90 days it is almost guaranteed that he becomes one of those over 90% who fail on the market. I think 0.5% - 1% a day for CRYPTOS! are fine. As for FOREX I would go with a much higher capital and much smaller percentage per day. 0.25% is already really high.
I agree however with the option of opening a demo account.
@OP check tradingview.com in there you can choose among many things and do paper trades. Just check what works best for you and give it some time. If you think you recognise patterns or just feel more confident, try it. Never invest what you can afford to lose. Also check information about Japanese candlesticks
http://www.babypips.com/learn/forex/japa...heat-sheet , learn about Support and Resistance as well and check various tutorials, explanation videos, because there are also some people who give you half ideas or wrong ideas so that they can sell you their 'classes'.
Be careful, but also take some risks.
It is definitely possible to grow a Forex account from 600 dollars to 30,000 in 90 days.
One of the legendary traders, Michael Marcus, has a documented trade history, and so do many other traders:
https://en.wikipedia.org/wiki/Michael_Marcus_(trader)
Of course you are the exception if you make it work, hence my caveat that 92% of Forex traders lose money which I included for caution.
But that's in any profession, 92% of actors don't get paid 100 million a year, 92% of footballers don't get paid 100 million a year, 92% of lawyers don't get paid 5 million year. In EVERY chosen field only the top few percent succeed.
To let that intimidate you is not a good way to succeed.
0.25% a day is very high indeed, but you can make a lot more than 1% a day with Forex. People have grown 5000 USD accounts into a million USD in three years.
Yes, these are exceptions, and OP will most likely fail. However not if he does what I say, if he learns a strategy from an experienced and successful trader first that is proven, does proper risk management and only risks 1-3% on each trade and keeps his psychology in check. Of course most people don't do that, hence they fail.
If you calculate the maths, say you have a 500 dollar account. You only risk 2%. It means you can have a losing streak of 35 bad trades and still you have not wiped out your 500 dollar account. And nobody has those kinds of losing streaks. With a proper strategy you should be right 70 per cent of the time.
Babypips is an ok site, forexpeacearmy.com is another good one, but I would never recommend to trade just because 'you think you recognize patterns'. That is a recipe for guaranteed failure. And I've been there, I've done that and lost money, so I know what I'm talking about. The way to succeed is to have a proper, proven strategy from an experienced trader that has a proven track record. Learn that strategy, ideally pay to get him to tutor you, which is very expensive, but that is the best way. Better to spend 15000 on tutoring than just lose that money by not knowing what you're doing.
If you have the right strategy you will make money on Forex, and you can do it very quickly. Actually you can become a millionaire with three forex trades, purely from a mathematical perspective, but that would be gambling and you are almost certain to fail.
The way to succeed is to learn a proven strategy, apply good risk management of less than 3% per trade and do scalping or day trading. Quickly in and quickly out, but you really, really need to know what you're doing. Without a strategy whatever pattern you think you recognize is a ticket to a lost trade.