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Originally Posted by TraderABC
I was thinking something along the lines of 50k deposit sometime in the future to make ~5k a month. 10% a month...
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50k for the start is the good sign - you are better than "ordinary people".
Now how to trade. The more you trade (per month) - closer you'll be to the statistical pattern of "losing majority of starters".
First benchmark - not to lose more than 10% of your account per month.
Forget about leveraging more than 1:5 (if you can't 1:10 is final top max ultimate leverage
). The more leverage you use - the better chances to lose !
10% per month with 1:5 leverage means 2%. Daily movements in major ccys are 0.5%-1%. So forget scalping, daytrading, look for a swing opportunity.
Identify the trend on daily charts, choose the moment to pick up at the bottom (or sell from the top). Target at least 80 pips with real intention to keep the open position thru overnight.
3-5 good trades per month
or 10 trades (4 losing, 6 winning
)
Take your time