April 8th, 2009
Answer To Trader Question #9
Written by
Kirk |
one
Question:
Using Jump Start about how much time would I have to dedicate on a daily basis to achieve 25 to 30 pips per day (and thus make my daily goal of $100 to $150 per day).
Answer:
This depends on how the market is moving and how many currency pairs you are watching. If you are only looking for 5 pips, like JS gives as an example then you will need to make 5 or 6 trades a day. If you Know how to find trends, catch larger moves, and manage the trade, as shown in Launch Pad, then you could reach your goal in one trade.
There are days when the market is moving side ways and after a few hours I have only made 30 to 40 pips net and it may be less than $100 profit taking into account the losses I have to make up. There are other days Where I have made $500 to several thousands in less than 30 minutes.
I hate to be vague but everyone is different and has different win-loss ratios. You will need to do some demo trading to find out how fast you catch on. You need to find out your win-loss ratio (how many trades you win and how many you lose). Then do not start trading live money until you are making 80% winning trades. Once you have done all this start out slow when you go to live trading. It is not going to be in the next two months that you will consistently have winning months. You will know when you are there. Just develop the skills then you dreams of trading for a living will come true.
Tags: Jump Start, Launch Pad, Nth Degree
Comments
One Response to “Answer To Trader Question #9”
Leave a Reply
-
Social Links
I would recommend that a trader focuses on one currency pair to begin with and learn how it behaves in the market, by using your indicators and preferred time frame. On using indicators and time frame, to each their own as you have to find the tools that you are comfortable with.