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)

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