Achievable End Of Year Target For Newbies
The achievable end of year profit target is analyzed in this article for new traders. Money management is one of the critical areas in Forex Trading that beginners should look seriously at when starting a trading career.
Factors such as selection of the right lot size when trading is very important to a professional trader. The standard lot size is 100,000 units of currency. Mini lots, micro lots and nano lots have their units in the following order; 10,000 units, 1,000 units, and 100 units.
Technically, the pip value of a standard lot (at 1 lot size) is $10, the pip value of a mini lot (at 0.10 lot size) is $1, pip value for a micro lot (at 0.01 lot size) is $0.1, and the pip value for a nano lot (at 0.001 lot size) is $0.01.
The tables below show what can be achieved at the end of the year depending on the amount of start-up capital invested. The maximum daily target amount of pips is 30pips. The recommended lot size is 0.01 lot for $100 start-up amount, 0.05 lot for $500, and 0.10 lot for $1,000 respectively.
With consistency and discipline, this target is achievable. There will be losses, no doubt. However, the trading strategy adopted should be a good one such that profits made will be far more than the losses incurred. A maximum of 10% loss provision may be deducted from the year-end account balance for us to be on a realistic side.
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There is no doubt that, if water consistently drops every 2 secs into a 20 litre bucket, in less than a day, that very bucket will get filled up.
Imagine you have a $100 account that you intend to trade with. Having a daily profit target of $1 on that very account may possibly give you an extra $100 in another 100 days (excluding weekends).
To achieve this $100 target in 100 days, you may need some level of discipline for you not to use more than 0.01 lot size everyday.
Booking 10 pips target every day is all you need on just one currency pair, say EURUSD for example.
On the other hand, most fresh or new traders don’t put money management into consideration when trading.
Money management will make you double your account over a period of time, if you have the right skill and strategy that can give you at least 10 to 30 pips a day.
A maximum of 10% loss provision may be deducted from the above end of year total account balance.
The maximum of 10% loss provision may be deducted from the above end of year total account balance.
A maximum of 10% loss provision may be deducted from the above end of year total account balance.
Referral links;
(Broker: Binary…https://record.binary.com/_WxWzztorkVi6tyDIijdDK2Nd7ZgqdRLk/1/)
(Broker: Alpari … https://alpari.com/en/?partner_id=1244646)
(Broker: Exness … https://www.exness.com/a/t0q1u0q1)
(Broker: FXTM… http://forextime.com/?partner_id=4806145)
(Email: beanfxtrader@gmail.com)
(Telegram: https://t.me/joinchat/KWBvKBDyn1nFB_3JQkR6GQ)
Nice write up.
Thank you once again for the great information! As a newbie trader myself it’s always nice to see the goal on “paper” to keep you on track.
Thanks for information
you are welcome
nice one bro,thanks
Thanks for the feedback, Michael.
Since last night I’ve followed your instructions on every platform and I’m a happy man. Thanks it fantastic knowing someone like you.
You are welcome. Cheers.
I think this is achievable,with this strategy even with $1000 and the target is $30 daily is much achievable but we fall by saying $30 daily with $1000 Account is too small,by them we can make much someday but later on we blow the account.
I see this is workable,I have be planning this since this month against 2020jan- Dec plan already.
Thank you so much,mine was even higher but I will make use of your.
You are welcome. I wish you all the best.
I need this system
Or Money magmnt
Great
Appreciate your work.
Thanks
Which strategies do you use to achieve constant 30 pips
Any strategy on this blog can give you once you are able to master it.
So Awesome
Great inspiration of from you. Thanks for the information.
Thank you Sam.
Sir, keep it up . Good work and I recommend it. I will soon join you.
Thank you.
Thanks for the take-home message sir. I’m still demo trading using mt4 app . I can’t find volatility index 75 on it. Which app can I find it for live trading
contact me on Telegram for assistance https://t.me/joinchat/ETY7gFBx2ltm7TbCeWi5bw
Thanks sir and more elbow to you for this free information. Which strategy can be the best to achieve this goal?
It depends on what asset you are trading
tôi là người vietnam tôi muốn biết nên chọn cặp tiền tệ nào để trade trong ngày
i am vietnamese i want to know which currency pair to trade during the day
You can trade EURUSD.
Thanks for the info
You are welcome
I feel like this is the piece to the puzzle I’ve been missing!!! Thank you for putting this so it got through my thick skull 🙂
You are welcome
This is a great money management plan to achieve profitability.
Nice job