But not with $40K in my opinion. I'd want to do it from a position of $100K with $100K in reserve (e.g., bank account or even better in precious metals given that currencies are a disaster) to mitigate the possibility of a blown account. Aim for 10%/month. Sometimes you'll be able to do better, but other times (e.g., december holiday trading) you won't do that well. Never, ever try to make up for a month of poor gains by overtrading, forcing things that aren't there, or doing something else stupid. Just endeavor to make small amounts of money under those circumstances and realize better times will come. Repeat to yourself that you can't control the market conditions, only the way you react to them. Trying to double an account every month from a small capital base with risky large positions is a fool's errand. Make sure you have the reserves to not only withstand a floating loss, but scale in 20 more times if you have to. If you think cable is a fantastic value at 1.5500, you should love it even more at 1.5470. At times, forex is like terrorism ("most committed wins"). You need to be patient, measured, but never greedy. My humble opinion.
And if you merely manage not to blow your account within 3 months, you're ahead of 95% of the traders out there. "Get rich quick" schemes never work in life generally, and in forex they only lead to tears and gnashing of teeth. "Get rich slowly" may actually work, even in forex.
All JMHO.
And if you merely manage not to blow your account within 3 months, you're ahead of 95% of the traders out there. "Get rich quick" schemes never work in life generally, and in forex they only lead to tears and gnashing of teeth. "Get rich slowly" may actually work, even in forex.
All JMHO.