$1 a day challenge | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

90 Day Fulltime Challenge 13 replies

50% a day Challenge 2 replies

My 60 day challenge (Yes i know another hero...) 110 replies

another day another challenge. indicatorCounted() 6 replies

Attachments: $1 a day challenge
Exit Attachments

$1 a day challenge

  • #1
  • First Post: Feb 24, 2019 8:27pm Feb 24, 2019 8:27pm
This is a Challenge thread for beginner in forex trading. It is actually an easy one, you just need to make 1$ profit per day using forex trading. If you think about it 1$ is about a breakfast sandwich, so everyday if you can reach the target you can afford a breakfast (a simple one).

Open an Account with minimum 100$ and trade using the smallest lot 0.01 if your broker is 5 digit broker, then you need to gain at least 100pips a day.
1. When you reach 1$ target, stop trading, and start again tomorrow.
2. Stop trading when have losses more than 5$.

The Idea of this challenge is to learn to get the best entry of the day, learned how to be patient and a stable forex income. It doesn't matter if you can get hundreds of pips in a day but in long time you're going to lose and getting a margin call.

Trade for at least one month and then slowly increase the target, it can be 5$ a day or even 10$ a day, or if you good enough 100$ a day is also possible.
there are several ways to increasing the target.

1. Same pips target (100 pips a day) but bigger lot.
2. Multiple entry (a lot of trade in a day, usually scalper type)

This challenge can be adjusted accordingly, it can be per day, or per week or per month..(Mine is set per week), the target can also be adjusted accordingly 1$ per day, 5$ per day or maybe 100$ per day. When you can't reach the target evaluate your trade.
  • #2
  • Feb 24, 2019 11:54pm Feb 24, 2019 11:54pm
please delete this useless thread
Still learning. Telegram @TraderJaya
divergence scalping All Time Return: -99.8%
  • #3
  • Feb 25, 2019 1:17am Feb 25, 2019 1:17am
Quoting Sywa
This is a Challenge thread for beginner in forex trading. It is actually an easy one, you just need to make 1$ profit per day using forex trading. If you think about it 1$ is about a breakfast sandwich, so everyday if you can reach the target you can afford a breakfast (a simple one). Open an Account with minimum 100$ and trade using the smallest lot 0.01 if your broker is 5 digit broker, then you need to gain at least 100pips a day. 1. When you reach 1$ target, stop trading, and start again tomorrow. 2. Stop trading when have losses more than 5$....
I must say; beginners should concentrate on learning instead of your 1$ challenge.
  • #4
  • Feb 25, 2019 3:58am Feb 25, 2019 3:58am
In Australia... a sanga worth eating would be $8
life is a reflection of what we allow ourselves to see
  • #5
  • Feb 27, 2019 10:47am Feb 27, 2019 10:47am
Quoting Sywa
This is a Challenge thread for beginner in forex trading. It is actually an easy one, you just need to make 1$ profit per day using forex trading. If you think about it
//-------

hey sywa...... you are possibly giving us too much credit...... very few traders on this site could make 1$ a day on a 100$ account..... perhaps none..... that's 1% per day.....

if it were possible, what bank would loan me money at 3% per year when they could make 1% per day in forex...... not to mention all that postage they'd save not having to mail me all those past due notices......

if it were possible, why did fxcm have to borrow all that money when they could have just traded their way out the hole......
//-----

and here lies the traders proverbial fork in the road...... to the left, 1% per day..... to the right, 1% per month.....

think about it......h
to trade and code, keep both simple... no call to impress....h
  • #6
  • Feb 27, 2019 9:56pm Feb 27, 2019 9:56pm
Quoting hayseed
{quote} //------- hey sywa...... you are possibly giving us too much credit...... very few traders on this site could make 1$ a day on a 100$ account..... perhaps none..... that's 1% per day..... if it were possible, what bank would loan me money at 3% per year when they could make 1% per day in forex...... not to mention all that postage they'd save not having to mail me all those past due notices...... if it were possible, why did fxcm have to borrow all that money when they could have just traded their way out the hole...... //----- and here...
can you make it ?
  • #7
  • Feb 27, 2019 10:00pm Feb 27, 2019 10:00pm
Quoting NeilWagner
{quote} I must say; beginners should concentrate on learning instead of your 1$ challenge.
one way to learn is by actually doing it.
  • #8
  • Feb 27, 2019 11:04pm Feb 27, 2019 11:04pm
For the new beginners or may be for experience trader. This is a very good advise. Lost only 5 bucks a day for a good feeling and experience in price action or testing your trade system. A very cheap expense if you consider as your school fee for learning forex.
and if you really could make 100 pips a day CONSISTENTLY than you will be a very rich person.
If your capital USD 5 and your trade with 0.25 let your margin level around 150%, if you could make 100 pips a day. than you could make 500 % a day. Good luck guys
  • #9
  • Feb 27, 2019 11:13pm Feb 27, 2019 11:13pm
Quoting Sywa
{quote} can you make it ?
//-----

hey sywa..... without a doubt, no...... not 1$ on 100 per day in a standard account here in the states...... there is just not enough to work with.....

now if you lowered the percent and raised the balance, such as 10% a month on 10K, that 'might' be within my reach.......h
to trade and code, keep both simple... no call to impress....h
  • #10
  • Feb 28, 2019 12:41am Feb 28, 2019 12:41am
Quoting Sywa
{quote} one way to learn is by actually doing it.
Yes it is; but focus is very important issue! If new traders focus of learning & earning in a time; that’s would be meaningless; new traders should focus on only learning process.
  • #11
  • Feb 28, 2019 2:40am Feb 28, 2019 2:40am
Quoting hayseed
{quote} //----- hey sywa..... without a doubt, no...... not 1$ on 100 per day in a standard account here in the states...... there is just not enough to work with..... now if you lowered the percent and raised the balance, such as 10% a month on 10K, that 'might' be within my reach.......h
Yes Agree.. 1$ is not enough to work with.. It was some sort of training I did when I was in losing streak， just to get to feel better. Now I'm trading with 1K Balance and 10% return per month.
  • #12
  • Feb 28, 2019 2:43am Feb 28, 2019 2:43am
$1 enough for me to play. Just choose broker 1:1000
If you like my post throw me a Doge: D9eyP5TFYGDaN1JpjyU4jaU9ypg2wUk8Zp
  • #13
  • Feb 28, 2019 5:14am Feb 28, 2019 5:14am
Quoting Sywa
{quote} Yes Agree.. 1$ is not enough to work with.. It was some sort of training I did when I was in losing streak， just to get to feel better. Now I'm trading with 1K Balance and 10% return per month.
//---

just to make myself clear, it's the 100$ i was referring to not being enough to work with.....

there is nothing wrong with a 1$ a day target..... that's a good idea....

there is nothing wrong with a 100$ account..... that's a good idea......

it's when we ask a 100$ account to make 1$ a day that we see those two good ideas are like cats and dogs...... put them together and the fur starts flying.... sometimes 1+1 == 0.......
//------

and to be perfectly clear,

Quoting hayseed
10% yearly goal......
10% a year on that 10k account is only 4$ a day.... 20$ a week.....

the thought behind this thread is something that appeals to greatly..... small accounts with proper targets will keep you on the winning side..... that's a good idea.....h
to trade and code, keep both simple... no call to impress....h
  • #14
  • Jan 15, 2020 2:52am Jan 15, 2020 2:52am
Quoting Sywa
This is a Challenge thread for beginner in forex trading. It is actually an easy one, you just need to make 1$ profit per day using forex trading. If you think about it 1$ is about a breakfast sandwich, so everyday if you can reach the target you can afford a breakfast (a simple one). Open an Account with minimum 100$ and trade using the smallest lot 0.01 if your broker is 5 digit broker, then you need to gain at least 100pips a day. 1. When you reach 1$ target, stop trading, and start again tomorrow. 2. Stop trading when have losses more than 5$....
Well in the past I started 3 and blown 3 $50 accounts by my own greediness mistakes i got a broker with 1:1000 and then everything started fine started with .01 lots when i got to $100 then went up on the risk and started trading with .005 lots and when i reached $500 went even higher on the risk to .3 lot but blown my account just $30 shy of 1k i was averaging about 35-42 pips a day on eur/usd gbp/usd and aud/usd my main problem was again greediness because of risking too much money and too many open positions what my downfall. So i started my new 100 account but this time im going slow and started trading .01 lot and 30 pips a day is more than possible if you take 7-10 pips per transaction, done it before.
My psychological training would also be stop after 30 pips and stop overtrading (3 blown accounts by overtrading)
If i get 3 losses on the day, stop trading until the next day


Let me know
  • #15
  • Jan 15, 2020 11:07am Jan 15, 2020 11:07am
Quoting Orishaoko1
because of risking too much money and too many open positions what my downfall.
//-----

hey orish...... that would do it....

1$ per day would only be 10 eurusd pips on a 0.01 lot with 100$ accounts based in usd...... sounds laughably simple......

very few people can make 1% everyday regardless of account size or leverage......

might fare better modifying sywa's challenge from 1% per day to 5% per week..... surely he would not mind..... the smoothing effect of the requirements should be beneficial..... it equates to 5$ per week both ways.....

consider starting a journal and explorer......h
to trade and code, keep both simple... no call to impress....h
  • #16
  • Jan 15, 2020 11:43am Jan 15, 2020 11:43am
Basically, this system is not devoid of logic, you really need to learn how much you have to make minimum profit in one trading session and what kind of drawdown you can afford taking into account your capital and trading strategy. It is clear that in life there are often exceptions when everything goes a little off plan, but on the other hand it is normal because it is thanks to them you can learn to work correctly and not to lose control with the slightest difficulties. You can find dozens of such systems of miscalculations on the Internet, I would have already relied on what suits you in terms of your feelings and results, and of course the amount of money in the account and in general your financial capabilities. But you have to do it, otherwise it will just remain an entertainment.
  • #17
  • Jan 15, 2020 1:19pm Jan 15, 2020 1:19pm
It doesn´t look like a great idea to work like this. It´s more likely that you´re (@Sywa) a beginner.
If we only have a look at your Money Management idea to make $1/day and max loss of $5/day we will have a negative return only in a few days.

Stop Loss and Take Profit should not be orientated on fixed max. gain/loss levels, instead on levels which make sense.
  • #18
  • Jan 15, 2020 3:25pm Jan 15, 2020 3:25pm
Quoting GreyInvest
Stop Loss and Take Profit should not be orientated on fixed max. gain/loss levels, instead on levels which make sense.
//-----

hey grey..... you are quite right there about profit targets and stop loss.... the pair, time frame, hour of day along with other considerations need to be factored in, or at least that's my view..... never really took his specific numbers to heart..... for my abilities, they were too restrictive....

when you mention having a negative return in a few days, it might be possible for him to double his account before having a loss..... and that was my take on his challenge..... not so much a guaranteed 1$ per day, but 100 1$ winning trades in a row......

similar to the 1 pip question and 10 pips a day threads from years ago, i saw sywa's challenge as a difficult one, but great practice for new traders.....

many new traders trying to double that 100$ in one trade would be far better off trying to do it in a hundred.....h
to trade and code, keep both simple... no call to impress....h
  • #19
  • Jan 16, 2020 1:39pm Jan 16, 2020 1:39pm
Quoting hayseed
{quote} //----- when you mention having a negative return in a few days, it might be possible for him to double his account before having a loss..... and that was my take on his challenge.....
Hello hayseed

Let`s assume first 3 days work and he makes $3. Fine. On the fourth day he loose in the first trade $1. Still a net profit of $2. But then he want`s to make a gain of at least $1 for this fourth day. So he trades again - and - looses. And then once again. Net profit of zero.
If he repeats this sheme a few more times he will increase his loss more and more.

If we consider, that only beginners trade this "strategy" without knowing where to put SL and TP they will make one loss after the other.
  • #20
  • Jan 16, 2020 3:24pm Jan 16, 2020 3:24pm
Quoting Sywa
Open an Account with minimum 100$ and trade using the smallest lot 0.01 if your broker is 5 digit broker, then you need to gain at least 100pips a day.
It is 10 pips, not 100 pips. One pip in E/U with 0.01 lot is worth 10 cents. Ten dollars would be a challenge. One is not.
Return To Disorder
0 traders viewing now