Hopeful new trader(too good to be true?)

First off, I'm doing something sort of similar to you.

Sorry to burst your bubble, but it won't work out very good for you going into this without understanding how leverage work first, and expecting to make $100-$200 a day.

1.Leverage: Depending on where you live (US lower leverage, EU higher leverage), you should choose a broker based on how good and how they do their business and minimum deposit. You will need a ton of money to make $100-$200 a day. All that maters is your trading volume, which can be set to more or less, that quantity being affected by your broker (as leverage). using 1 standard lot (100k units) on a 1:1 leverage account is the same as using the same quantity on a 1:1000 leverage account. The difference being that you can use 1000 times more, but you don't have to do it.

2.Depending on how long you trade, you will eventually notice that the market changes.** A lot. You will need to adapt, and trade just some days, when the market moves the way you want it (pairs also act very different). Going in hoping to earn $100 daily will break your spirits and bank account so fast that you will quit entirely. Go for something low, like $200 **a month, because trust me, this week you will be sky high because all works so good, then next week the exact same thing stops working and you will lose all the gains, all the confidence and just start searching again for the "secret", and you will do this so much.

3.Now that you understand that $100 a day is very far away, you won't drop 10-20 grand on your account to be able to pull it off. So use whatever money you can lose and still be able to get a good ECN account with a good broker, and after transitioning use the lowest volume that your broker allows you to use, just to get used to losing and gaining real cash.

  1. Don't give up, that's probably the most important thing. If you truly want to be a trader, just keep at it. If Joe managed to buy a brand new BMW trading forex, sure you can too if you keep learning. There are enough people doing it so it's not something that far fetched.

Sorry for my long ass rambling, best of luck.

/r/Forex Thread