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,ย the pip value of a standardย lot (at 1 lot size) is $10, the pip value of a mini lot (at 0.10 lot size) is $1,ย 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 amountย 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-endย 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 a scenario where water droplets rhythmically fall every 2 seconds into a 20-liter bucket โ a seemingly simple act with profound implications.
The impact of this regularity becomes apparent as, within a day, the once empty bucket transforms into a vessel of fullness.
This analogy underscores the power of incremental actions, emphasizing the inevitable culmination of steady efforts.
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;
(Forex Broker: Exness โฆ https://one.exnesstrack.org/a/3tfpd2bc9i)
(Email: beanfxtrader@gmail.com)
(Telegram:ย https://t.me/joinchat/AAAAAE97zaWdZg5KBbrIVQ)
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 $1000 Account is too small,by them we can make much someday but later on we blow the account.
I see this is workable,I have be planning this since this month against 2020jan- Dec plan already.
Thank you so much,mine was even higher but I will make use of your.
You are welcome. I wish you all the best.
I need this system
Or Money magmnt
Great
Appreciate your work.
Thanks
Which strategies do you use to achieve constant 30 pips
Any strategy on this blog can give you once you are able to master it.
So Awesome
Great inspiration of from you. Thanks for the information.
Thank you Sam.
Sir, keep it up . Good work and I recommend it. I will soon join you.
Thank you.
Thanks for the take-home message sir. I’m still demo trading using mt4 app . I can’t find volatility index 75 on it. Which app can I find it for live trading
contact me on Telegram for assistance https://t.me/joinchat/ETY7gFBx2ltm7TbCeWi5bw
Thanks sir and more elbow to you for this free information. Which strategy can be the best to achieve this goal?
It depends on what asset you are trading
tรดi lร ngฦฐแปi vietnam tรดi muแปn biแบฟt nรชn chแปn cแบทp tiแปn tแป nร o ฤแป trade trong ngร y
i am vietnamese i want to know which currency pair to trade during the day
You can trade EURUSD.
i like to follow this. do you have any group traders in who following this method ?
Thanks for the info
You are welcome
I feel like this is the piece to the puzzle I’ve been missing!!! Thank you for putting this so it got through my thick skull ๐
You are welcome
This is a great money management plan to achieve profitability.
Nice job
it is not a bad idea but what if someone has got a stop loss and than he tries again get his lost money and than again to get 3$ on top of that… And if he hits the second stop loss than he might start panic which is the worst what can happen when it comes to trading .. especially when you see that someone is on track and you not.. There should be first of all a strategy.. than to follow strictly the rules of the strategy and after showing your account with the result and compare with other people results. So when someone see that he has gained less that would mean for him that he hasn’t followed the strategy strictly and will develop in him some sort of discipline in trading rather than the feeling of a looser that someone can make 30 pips a day and he can not .. if that make sense .. Anyway thank for the effort and sharing this goals..
Nice setup ๐ Could you please explain a little more about recommended lot size? With a $100 account and 0,01 lot size, how many tpโs can you have on the same trade? And how many trades should I have running at the same time? Thanks ????
Haaber, you may target 10 pips at a time. One trade at a time
Thank you ???? Another example: if I have a $300 account. I can then trade 3 pairs with a lot size of 0,01 each or 1 pair at 0,03? And close these before opening any new positions? This for the first two weeks of an account like that.