On wednesday 24th I will open a trading account in FOREX with 40 €. My plan is to make at least 5% profit daily of each day's balance. According to my calculations in 5 months or so I'll have a few thousand euros and by then I'll be making 200+€ daily. If enough people are interested I'll be posting daily progress here to show how I'm doing. I have practiced for 2 years now and so far I'm achieving 15%-20% profit daily, so it should be quite safe aiming for 5%. It might seem slow at the beginning, so patience here is a must. What I mean is that 5% the first day will only be 40 x 1.05 = 42€. But the second day it will be 42 x 1.05 = 44.1€ etc etc. I'll be updating this as I progress. First week: So, to summarize my first weekend: I started with 40€, then I made 2 euros the first day as expected. Then I had to lose 6 euros to avoid bigger losses (dumb mistake, I'll make sure it doesn't happen again), then I made it back to 42 this week, and today alone I've made 11€, so my current balance is 53.35€, all going according to the plan so far, except that little mistake that I could fix
Couldn't reach the target yesterday due to the reasons stated in the op, but I just passed it today, I might reach today's target
Interesting... I've thought of buying and selling stocks, but not currencies... I've got plenty of screens around to keep an eye on things
I traded currency for a while. I still have an account open with an online broker. It's a real bitch though. For instance, you said dumb mistake. Yea, I made some of those too and I thought I could keep it from happening, but in order to do that you really have to know when to trade and when not to. It's a lot more work than people think because traders have to keep up with all kinds of news and think how it will influence what they're trading while sticking to their technical system they have in place. I had a simple yet effective system I created. I mostly traded USD/JPY and EUR/USD. I did OK. At first, I had some large gains and larger losses, but I didn't throw a lot of money in at first, so the large losses were only relatively large. Overall, when I stopped trading, I'd say I was even. I gained some. I lost some. My biggest issue is when to close a trade, but my latest system does help me with that. What pairs do you trade mostly ?
I agree with you, it's a lot harder than it might seem, that's why a lot of newbies lose money easily. So far I stick mainly to EUR/JPY, and only sometimes I trade EUR/USD. The EUR/USD seems like it's going to hit 1.39 and then drop fast to 1.37-1.38, so I'm on short right now. My dumb mistake was that I didn't wait, it was my first trade with real money and I freaked out when the market went against me and closed with -6€, but then later it turned around and I could've made a huge profit (relatively). I knew it would turn around, I just freaked out badly xD. But now I'm more calm and with more confidence, and 33% profit in my first week is not bad at all.
