i have funded 500$ , what amount should i aim for everyday?

[4xpipcounter]

I wanted to respond to this in your thread, because I don't want to divert the other thread.

I'm not sure Savant Garde ever said you had to start with 10K capital.
It used to be in the old days when you could only trade standard lots that I would whole-heartedly agree that the minimum you need to start is 10K. Now we have microlots, which is 1/100th the size of a standard lot. With percentage on capital all being relative, you would only need $100 to start.
Your patience and discipline has not been tested in a live simulation yet, so you really don't know what you have in terms of discipline and patience. That is something we work on after you get to that point. For now, you are still in the stage of developing a methodology that you know is the best for you.
With signal providers, that is all you are doing, is trying your luck. Personally, I don't think they are worth the time. If you want someone to give you signals, then just follow my Weekly Forecasts for free.
I'll add that anyone that knows me knows I never suggest to trade my forecasts, but to use them as a learning tool and to enjoy the reading.


"HI Sir thank you,I was just telling him how i used to day dream about making money in forex and that was months ago and blew up my account!! but i don't think you will here an opposing view here because all people here are going to agree with you! developing solid trading methodology is very important as you said and, as for the money management i think 2% risk on each trade is fine but i do somehow feel that there should be a fine capital to start with like savant grande said 10k minimum. but in my case its just 500$, so it would require a very tight discipline and great patience to make a good capital with this amount which i lack completely and to do that i would require to built solid trading methodology to avoid draw-down's! maybe it will take me a year or more! but as for now i am finding a good signal provider for the 500$ with less draw-down to try some luck and increase my capital!! i think even if it blew up my account i willl go live again when i have developed a methology!"

 

[Piratetrader]

I wanted to respond to this in your thread, because I don't want to divert the other thread.

I'm not sure Savant Garde ever said you had to start with 10K capital.
It used to be in the old days when you could only trade standard lots that I would whole-heartedly agree that the minimum you need to start is 10K. Now we have microlots, which is 1/100th the size of a standard lot. With percentage on capital all being relative, you would only need $100 to start.
Your patience and discipline has not been tested in a live simulation yet, so you really don't know what you have in terms of discipline and patience. That is something we work on after you get to that point. For now, you are still in the stage of developing a methodology that you know is the best for you.
With signal providers, that is all you are doing, is trying your luck. Personally, I don't think they are worth the time. If you want someone to give you signals, then just follow my Weekly Forecasts for free.
I'll add that anyone that knows me knows I never suggest to trade my forecasts, but to use them as a learning tool and to enjoy the reading.


"HI Sir thank you,I was just telling him how i used to day dream about making money in forex and that was months ago and blew up my account!! but i don't think you will here an opposing view here because all people here are going to agree with you! developing solid trading methodology is very important as you said and, as for the money management i think 2% risk on each trade is fine but i do somehow feel that there should be a fine capital to start with like savant grande said 10k minimum. but in my case its just 500$, so it would require a very tight discipline and great patience to make a good capital with this amount which i lack completely and to do that i would require to built solid trading methodology to avoid draw-down's! maybe it will take me a year or more! but as for now i am finding a good signal provider for the 500$ with less draw-down to try some luck and increase my capital!! i think even if it blew up my account i willl go live again when i have developed a methology!"

THANK YOU SIR, yes sir savant grande advised me in the beginning of the threat that don't start trading with less thank 10k !and i always keep an eye on your weekly forecast as it helps me to understand where the market could go !! i am more confident that it is going down at the moment! Sir i agree to all your points that trading is not about making goals or x amount of $ in a x period of time but it is to create a winning methology!! sir I 100 percent agree!!!!!but the main point for me is even after developing a system if i start with 100$(micro lot trading) i have to work for free for years and years to get a regular income ! i am not focusing on money this is just an example like 100$ account with micro lots ?? i am going to die hungry !i am currently very much trying to develop a methology which may take time in which i can trade with 1 micro lot on 500$ account and avoid draw-down! maybe i am a fool to think this !

 

[4xpipcounter]

I understand that, but it is better to start with a smaller amount and be comfortable. This is why you might need a job until your business gets going. I had a job in a factory before I quit. There should never be a need to rush your development.
Even with $100, at 10% per month growth, you will accumulate $1 million in 8 years and one month. I realize at some point you will be pulling money out, but nevertheless, this is why it is so important to be consistent. Take all the time you need. Believe me. It is going to take awhile.

THANK YOU SIR, yes sir savant grande advised me in the beginning of the threat that don't start trading with less thank 10k !and i always keep an eye on your weekly forecast as it helps me to understand where the market could go !! i am more confident that it is going down at the moment! Sir i agree to all your points that trading is not about making goals or x amount of $ in a x period of time but it is to create a winning methology!! sir I 100 percent agree!!!!!but the main point for me is even after developing a system if i start with 100$(micro lot trading) i have to work for free for years and years to get a regular income ! i am not focusing on money this is just an example like 100$ account with micro lots ?? i am going to die hungry !i am currently very much trying to develop a methology which may take time in which i can trade with 1 micro lot on 500$ account and avoid draw-down! maybe i am a fool to think this !

 

[4xpipcounter]

Saif you were asking about an entry for EUR/USD. I have a long entry at 1.4320 and 1.4249, and a short entry at 1.4462.

 

[Piratetrader]

SIR thank you ! it really gives me inspiration,not only me but the rest of newbie's that are reading this threat i have a page on facebook on this threat ! there are 263 newbie's that are reading from facebook this page everyday! the way you support sir, and especially when you say something like "Even with $100, at 10% per month growth, you will accumulate $1 million in 8 years and one month."its just like when i will be 24 i will have the exp and knowledge and a million $ trading capital!! it really gets me excited P With this i will have to choose the right "BROKER" which may not scam or get bankruped ! it will require a very great deal of patience and many OTHER things!

 

[Piratetrader]

Saif you were asking about an entry for EUR/USD. I have a long entry at 1.4320 and 1.4249, and a short entry at 1.4462.

already in green!

 

[4xpipcounter]

Let me pull on your reigns a little bit.
First of all, 10% per month is not that big a deal, and that's what $100 compounded at 10% interest in 97 months, which is 8 years and 1 month. On your spreadsheet, all you need to punch in is =1.1^97*100, and it's over $1 million.
The thing is if you start off with $100 and you make 10% per month consistently, you will not have $1 million. You will be pulling money out long before you get there. All that is really showing is the potential of growth. It shows what it means to compound interest and your gains.
The thing to zero in on is the development on your methodology. It will really get an exciting when you can look at the market completely on your own and say this is what the market will do, and then be right 80% of the time. It will be exciting when you can say this is why and how I entered and this is where it is headed.
To this day, it is still more exciting for me to view the charts interpret the data, and then come back and see I was right, than it is to count the pips and watch the equity grow.
I know you are young and enthusiastic, but harness some of that and just be patient.

BTW, I know you are working diligently. I know you are doing loads of screen time. All of that is wonderful. I just trying to direct that enthusiasm in the right channels, and also get you to see this is a business and it needs to be treated as such.

SIR thank you ! it really gives me inspiration,not only me but the rest of newbie's that are reading this threat i have a page on facebook on this threat ! there are 263 newbie's that are reading from facebook this page everyday! the way you support sir, and especially when you say something like "Even with $100, at 10% per month growth, you will accumulate $1 million in 8 years and one month."its just like when i will be 24 i will have the exp and knowledge and a million $ trading capital!! it really gets me excited P With this i will have to choose the right "BROKER" which may not scam or get bankruped ! it will require a very great deal of patience and many OTHER things!

 

[sanjosedesi]

First of all, 10% per month is not that big a deal, and that's what $100 compounded at 10% interest in 97 months, which is 8 years and 1 month. On your spreadsheet, all you need to punch in is =1.1^97*100, and it's over $1 million.

Like minds think alike, but I guess only half way ...

I also have tried similar compounding growth formulas to test what would be the limits. So I agree with you that people need to model their numbers and that will reveal quite a bite. Such modeling will show that there is no need to risk everything for 100% monthly gains, because you taken on so much risk, and small but consistent gains compound equally well.

On the other hand, 10% ... I have been modeling only 2-3% gains per month and beating it consistently until last week when ... boom I hit the freight train. 10% is way out of my eyesight. Actually the reason I got trapped is because I tried to increase my yield from 2-3% range to 5% range without changing the system parameters in terms of risk management, stop losses and what not.

Lesson : Compounded growth works. However, each level of monthly gain comes with its own parameters. Do learn them well.

 

[4xpipcounter]

SJD, I think we are agreeing all the way. The 10% I used was only an example. There is some median that we are all at.
Also, be happy getting your 2-3%. There are many people wishing they could do that.

I'm glad you mentioned this. I certainly did not mean to imply that is what is going to happen, but just trying to give an example of what compounding interest looks like in its model form. In other words, this is not the kind of business where you "work" for 100 pips to make $10 per week, even though that could be a picture of Saif's first month.
It is kind of amazing we are talking $10 the first month, $11 the second month, the 3rd month $12.10, and then accumulating $1 million in 8 years.
Oh well, my uncle made $10 per month in 1941 working in a grocery store and died a millionaire.

Like minds think alike, but I guess only half way ...

I also have tried similar compounding growth formulas to test what would be the limits. So I agree with you that people need to model their numbers and that will reveal quite a bite. Such modeling will show that there is no need to risk everything for 100% monthly gains, because you taken on so much risk, and small but consistent gains compound equally well.

On the other hand, 10% ... I have been modeling only 2-3% gains per month and beating it consistently until last week when ... boom I hit the freight train. 10% is way out of my eyesight. Actually the reason I got trapped is because I tried to increase my yield from 2-3% range to 5% range without changing the system parameters in terms of risk management, stop losses and what not.

Lesson : Compounded growth works. However, each level of monthly gain comes with its own parameters. Do learn them well.

 

[sanjosedesi]

Let me revise my comments to replace 2-3% by 2%. I do not want to look back at this comment and be misled myself.