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.
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.