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Can I make $10 per day with $500 cash?

  • #1
  • First Post: Dec 28, 2008 11:28am Dec 28, 2008 11:28am
Hi,
Please anybody help as how to make sure $10 per day without risking any money, as I don't want to lose.
I have $500 to startup. But there are many people caliming that following their system will surely make money, such as 5 min trend, 1 min scalping, 4 hours MACD.
But I want to learn and follow 1 single system, which is most efficient.
I am not talking about automated system or robot, but a charting system, which follows trends.
Thanks in advance
  • #2
  • Dec 28, 2008 11:34am Dec 28, 2008 11:34am
Quoting technoware
Hi,
Please anybody help as how to make sure $10 per day without risking any money, as I don't want to lose.
I have $500 to startup. But there are many people caliming that following their system will surely make money, such as 5 min trend, 1 min scalping, 4 hours MACD.
But I want to learn and follow 1 single system, which is most efficient.
I am not talking about automated system or robot, but a charting system, which follows trends.
Thanks in advance
Hi there,

Well it is my opinion that you would be wise to join us noobs studying simplistic support and resistance, scalp lines, candle patterns, fibs, trend lines, and price action in order that you might take high probability trades. That is the path I am on...

with 500 you can trade at 10 cents a pip and risk 1% if you allow for a 50 pip stop loss....not too bad heh?

Kyle
The way is narrow
  • #3
  • Dec 28, 2008 11:36am Dec 28, 2008 11:36am
Quoting technoware
Hi,
Please anybody help as how to make sure $10 per day without risking any money, as I don't want to lose.
I have $500 to startup. But there are many people caliming that following their system will surely make money, such as 5 min trend, 1 min scalping, 4 hours MACD.
But I want to learn and follow 1 single system, which is most efficient.
I am not talking about automated system or robot, but a charting system, which follows trends.
Thanks in advance
There are no systems that don't suffer from drawdowns...... just don't let the losers be bigger than the winners.
Learn money management and trend following...... those will take you far.
Same Whore .... Different Dress
  • #4
  • Dec 28, 2008 11:43am Dec 28, 2008 11:43am
Quoting technoware
Hi,
Please anybody help as how to make sure $10 per day without risking any money, as I don't want to lose.
I have $500 to startup. But there are many people caliming that following their system will surely make money, such as 5 min trend, 1 min scalping, 4 hours MACD.
But I want to learn and follow 1 single system, which is most efficient.
I am not talking about automated system or robot, but a charting system, which follows trends.
Thanks in advance
2% a day with no risk?
Living the adventure in my head.
  • #5
  • Edited 12:26pm Dec 28, 2008 11:59am | Edited 12:26pm
Quoting technoware
Hi,
Please anybody help as how to make sure $10 per day without risking any money, as I don't want to lose.
I have $500 to startup. But there are many people caliming that following their system will surely make money, such as 5 min trend, 1 min scalping, 4 hours MACD.
Have you opened/traded a demo account yet?

It usually takes time to develop both the understanding and discipline required to successfully trade a strategy.

Do you plan to stare at the computer all day trading? How do you react to missing an opportunity, taking a loss, or getting whipsawed?
nav++
  • #6
  • Dec 28, 2008 12:04pm Dec 28, 2008 12:04pm
Quoting Leonlorenzo
2% a day with no risk?
480%(not compounded) a year with no risk?
Living the adventure in my head.
  • #7
  • Edited 12:27pm Dec 28, 2008 12:09pm | Edited 12:27pm
find something else to do to make money ...realistic expectation in trading involves risks..forex is the most risky way to make money...and if u dont know what yur doing u gonna lose yur money for sure

if u want 10$ a day find something else to do....just my views

the biggest problem traders make about trading is not accepting risk involved in taking a trade so if yur placing a trade and cannot come to terms that the trade may lose, u really are doomed in forex....it really is this simple.....
  • #8
  • Dec 28, 2008 12:31pm Dec 28, 2008 12:31pm
Quoting technoware
Hi,
Please anybody help as how to make sure $10 per day without risking any money, as I don't want to lose.
I have $500 to startup. But there are many people caliming that following their system will surely make money, such as 5 min trend, 1 min scalping, 4 hours MACD.
But I want to learn and follow 1 single system, which is most efficient.
I am not talking about automated system or robot, but a charting system, which follows trends.
Thanks in advance
Scalping will surely blow out your account in five minutes. Guess what? there's always losses in forex. Warren recent acquired some stocks and people criticized him. he said he doesn't know where the market will move in the near future but said his stocks will eventually move up. The trick is trend is your friend. find the perfect entery exit then you are the man. But you will surelly lose some. so don't think there's a holy grail. your holy grail is your system which keeps your account safe from margin call. and make you a few pips as a bigginer
All the best things in life are free.
  • #9
  • Dec 28, 2008 12:35pm Dec 28, 2008 12:35pm
Quoting fx_lane
Scalping will surely blow out your account in five minutes. Guess what? there's always losses in forex. Warren recent acquired some stocks and people criticized him. he said he doesn't know where the market will move in the near future but said his stocks will eventually move up. The trick is trend is your friend. find the perfect entery exit then you are the man. But you will surelly lose some. so don't think there's a holy grail. your holy grail is your system which keeps your account safe from margin call. and make you a few pips as a bigginer...
yes this is words from a experienced trader, there really no such thing as a set system whatever system u have (yur edge) just needs to pay more than u lose and 500$ u better be on a micro account otherwise the first trade will likely wipe u out
  • #10
  • Dec 28, 2008 12:46pm Dec 28, 2008 12:46pm
Quoting nAVIN2007
yes this is words from a experienced trader, there really no such thing as a set system whatever system u have (yur edge) just needs to pay more than u lose and 500$ u better be on a micro account otherwise the first trade will likely wipe u out
thanks for the advice,
I want to know, what is a micro account?
I use e-toro
thanks
  • #11
  • Dec 28, 2008 12:49pm Dec 28, 2008 12:49pm
If you want no risk, then forget forex, my friend.

And, although I could with a good bit of confidence say that I can make $10 a day with a $500 account, fear and greed would probably prevent that from happening over the long run... such is the human condition... and you are human, right?
  • #12
  • Dec 28, 2008 12:51pm Dec 28, 2008 12:51pm
YES YOU CAN!

don't let all the negative comments dissuade you from trying. Of course you will FIRST have to learn the basics and choose a system which suits your style. SECOND have loads of PATIENCE to wait for the OPTIMUM setup to reduce your risks. THIRD once you start making profits, don't let GREED get the better of you or you will risk losing it all. As the cliche says, MANAGE, MANAGE, MANAGE (your trades, your margin, your greed, etc...)!!!

Good trading!
  • #13
  • Dec 28, 2008 1:30pm Dec 28, 2008 1:30pm
Quoting technoware
Hi,
Please anybody help as how to make sure $10 per day without risking any money, as I don't want to lose.
If you are unwilling to risk anything, then it will be difficult...actually impossible. You have to risk something to win.
  • #14
  • Dec 28, 2008 1:41pm Dec 28, 2008 1:41pm
Quoting technoware
Hi,
Please anybody help as how to make sure $10 per day without risking any money, as I don't want to lose.
I have $500 to startup. But there are many people caliming that following their system will surely make money, such as 5 min trend, 1 min scalping, 4 hours MACD.
But I want to learn and follow 1 single system, which is most efficient.
I am not talking about automated system or robot, but a charting system, which follows trends.
Thanks in advance
So then, you have to work if you don't want to risk your money. Trading is not the shortcut to becoming instantly rich. No pain, no gain
  • #15
  • Dec 28, 2008 2:14pm Dec 28, 2008 2:14pm
Quoting technoware
Hi,
Please anybody help as how to make sure $10 per day without risking any money, as I don't want to lose.
I have $500 to startup. But there are many people caliming that following their system will surely make money, such as 5 min trend, 1 min scalping, 4 hours MACD.
But I want to learn and follow 1 single system, which is most efficient.
I am not talking about automated system or robot, but a charting system, which follows trends.
Thanks in advance
Trader's get paid to take risk.
So you better buy yourself something nice with your 500$.
You will never make it with this mindset.

Of course you COULD. Just go for 10 pips with 1 mini lot each day.
Now the onlything you have to dois make that 10 pips....
  • #16
  • Dec 28, 2008 2:20pm Dec 28, 2008 2:20pm
Quoting technoware
thanks for the advice,
I want to know, what is a micro account?
I use e-toro
thanks
another view point..

500$ account in forex...u enter at 1$ a pip and yur stop loss risk is 50$ so yur risk is 50$ when u enter yur trade and u find yur 30 pips up..do u exit at a profit or let the trade run knowing theres a chance yur trade can go against u..

this is the HARDEST thing in trading is sticking to yur plan and developing yourself to a point where u can take a risk and maximise the wins (take a win in excess of 50 pips) so when u lose a trade your still winning.....the more u over leverage yourself the harder this is to achieve and is really the battle u have in trading...

also micro account means u playing cents instead of dollars..so u can manage yur risk effectivelly...it can be done and isnt difficult for the right person! but that right person is 5% so my advise to u is save your money demo and see if u can achieve this, then try live and learn about yourself and develop u...till u can make a success....

its incredibly difficult....dont play to win money yet, play to learn about yourself, winning comes much later

good luck
  • #17
  • Dec 28, 2008 2:21pm Dec 28, 2008 2:21pm
Well of course you can, but you have to learn about trading for at least 2-3 years,that includes; blowing up your own account a couple of times, realizing that the trader's "holy grail" is just another advertising campaign...then after you flush all your emotions out of your trading system..you'd likely to get around 2% weekly...

Trading is not easy...it is very difficult...you need hard work, discipline, dedication and determination...
  • #18
  • Dec 28, 2008 2:45pm Dec 28, 2008 2:45pm
just about possible after 3-4 years full time experience, but I wouldn't recommend it, nor will you need to, trust me, money really wont be a problem by that point
  • #19
  • Dec 28, 2008 2:55pm Dec 28, 2008 2:55pm
Would love to see the journey to completing this task with success like Mysticgenie 1k>100k.

Questions and answers wont get you anywhere near.

I believe anything is possible but you have to be able to separate coulours from one another if you know what i mean

Good MM, lots of Karmo's favourite patience pillz and your set for the try. Size doesnt matter, what matters is if your are able to follow the "big money" aka ride the wave.

My 2 pipos
  • #20
  • Dec 28, 2008 3:49pm Dec 28, 2008 3:49pm
Hello Techno....

first of all...your desires are rather admirable..but you have much to learn about getting to 2% daily returns. If you are asking...is it possible..and the answer is yes...but...is probable..and the answer for you in this level..NO.

Now..I would recommend to understand...and read...and learn and crawl way before you run. 2% is attainable..but not for you at this stage in time.

Learn: by level of importance..

  1. Risk mitigation concerns. example...risk no more then 1% at any time. trade 1% risk. example..on $500 the entry is a micro entry...

    1. Risk = $5.00 = Stop Loss max = 100 pips = 0.05 Lot max szie
    2. Now..learn how to trade...read this book before starting..minimum.."10 Essentials of FOREX TRADING" "Jarid Martinez"
    3. Start to demo trade with $500 as shown above...and understand..demo trading is 10 times easier then using actual monies. Can explain later.

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