Here is how $1000 forex trading account can turn into over $10,000 with your trading plan. So many people trading forex today doest not have any trading plan but don’t worry I will help you develop one, so get this. Let say you target 20 pips a day on a mini account for about 25 trades and set 10 pips loss, on 15 trades you will be having $350. So repeat this process for an average of 3 months period your account would be grown to $2035. If you repeat this method you will be having $3785.
I used to write down how many pips or dollars I wish to make daily and after that I will now go into trading knowingfully well what I want in that trade. That’s what all investors should be doing before trading at all. I have almost loss all the money I have before I understand this method; you must have a decent trading plan.
Before you drop a dime to trade, pls ask yourself this questions what kinds of trades achieve profitability consistently? What skills are required to consistently make 20 pips monthly? What do I want to achieve in the long run as a trader? What is my current skills level and what new skills level do l hope to attain? How disciplined am I in following whatever plans I develop?
Now pick the questions one by one and answer it, if you need to correct the way you used to trade before better do and always follow the process I have mentioned above, the last thing I will say is that you should develop a plan and stick to your plan. This will help you to discipline yourself, so keep trading and keep making profit.