This reply, I sincerely mean to be helpful and not insulting. I've been in your situation. That kind of 'planning' WILL lead to ruin, and your $1000 is going to be lost. You can't set a target for your net gain like this. You can set individual stop-loss and take-profit points for individual trades/investments, and after years of smart trading you will find yourself slowly reaching your goal. Strings of smart trades and smart investments are what will help you to become profitable. I've done this with online poker, online sportsbook, forex trading, and now crypto trading. I've been able to trade or wager successfully in all 4, but only after suffering heavy set backs caused by my lofty goals.
Aim small, miss small. Do this over and over and over and over and you will find success. Aim big, miss big, lose all your money. Maybe today, maybe a month from now, maybe a year from now, you will see what I've said here will be true. Unfortunately, a lot of us learn the hard way. You don't necessarily have to.
Thanks for your reply. I certainly didn't take as an insult. I know that my goal is lofty, especially with a rather limited capital. I guess the best advice is what you stated, strings of smart trades over and over again.
I was just curious what people like me do in regards of leverage when their trading capital is limited.
Since you traded Forex before, do you think that trading cryptos is offering better chances or should I go back to Forex (I have some Forex experience) and start trading micro 10k lots and slowly build the account so that I could trade full 100k lots eventually?
Do people day trade a lot when it comes to crypto currencies like with Forex, or is crypto trading more a swing trade thing in your honest opinion?
The best money I ever made from forex was from selling automated trading programs (expert advisors). That's not to say that I was selling a money making machine, or that expert advisors will help you to trade profitably. It is to say that very little profits could actually come from trading forex, and lots to be made by selling a dream of making it rich. My advice would be to stay with crypto trading, and not forex anymore (because, of course, this is also what I've decided for myself). Crypto really takes trading back to the basics of fundamental analysis, and I believe there's a lot more potential for profit because a vast majority of crypto traders are novices (remember for you to make money, that means someone else is losing money). Too many experienced traders in forex now. Make yourself a success story by researching and educating on your own as many coins as you possibly can, and then you'll know like "hey, this coin is really undervalued, I just read about such and such", etc.
I swear, the most money you are going to make for your time is by researching crypto coins. You can even think of it as an hourly wage. The more you research and are 'in-the-know', the more you'll be able to exploit the market for your own gains. I, myself, feel like I have identified a few major sleepers and am acquiring as much as possible before they explode. Regretably, I won't be able to share that info because it would work against my own best interest for trading. But you will find your own sleeping giants without a doubt, if you do your research. The announcement forum here is a good place to start because you're getting the news directly from the developers themselves. News sites can also be helpful.
Having a forex background, like you do, is also very helpful, because you already understand the importance of position management and setting good take-profits and stop-losses. Just do yourself a favour, and don't look at the 15 minute and 30 minute charts. Stick to the 4 hour or the daily ;-)
