It would be nice to be able to make at least $100 a day from Forex trading and then just exit the scene after achieving that feat.
I have been experimenting with online Forex Trading in Nigeria and I must say, it is quite demanding that you focus your attention to it if you desire to make profit and as well you need to be disciplined. I have tried the demo account and have experimented Live trading with Marketiva with $500 and with that, you can trade for as much as $50,000 given that Marketiva, my forex brokers, allow a 1:100 leverage for trading. It is sort of loan they give you to be able to trade more.
So with this leverage, you can try making as much as $100 a day from forex dealing on EUR/USD pair, but it was not quite easy and it is also very risky but you are courageous to risk that. While for some days profit was good and I just wished that I didn't set an early exit point because potential profit keeps going higher. The best days were Tuesday and Wednesday while others were on the average.
Here is my strategy on making $100 a day trading with at least $500. What you need to do is buy when the prices are low and when the market is early like in the morning, by 6am and set and exit target at about 80 pips with a stop loss of 40 pips. You can invest more funds to improve your target profit. Give the high range we have with eur/usd, we are going to allow for a high range like that
Repeat the same strategy when the prices are favourable and when the trends are positive. With $2000 or more, it is not that hard to make $100 a day from trading forex in Nigeria
Here is a Setup for Set and Forget
Set and Forget
Capital: $500 and above
Quantity to buy: 12,500
Max loss you should risk in a trade: 2%
Risk/Reward: 1:2 (If you lose it is $50 and if win, it is $100)
Target pips: 80 pips Target Profit, 40 Pips stop loss
Rules:
Always enter at the same time daily and allow your target to hit automatically. Just set and forget.
Tips: Let's assume you buy 12,500 units of eur/usd at 1.3050, you set target at 1.3130(80 pips) and stop loss at 1.3010(40 pips), if you win, it gives u $100
Here is a second strategy for short term high risk trading. I call it early bird forex trading:
Early Bird Forex Trading
Capital: $1000 and above
Stop loss: 20 pips
Target profit: 20 pips
Quantity to buy: 50,000
Risk/Reward: 1:1 (If you lose it is $100 and if win, it is $100)
Position: Buy
Entry time: Early. About 6 am Nigerian time
Exit time: 6.45am
or if it his stops automatically
Rules:
Always enter at the same early time daily and allow your target to hit automatically or exit manually before the euro sessions. Always set your entry stops and exits when making an order.
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