2000 Pips Per Month…would you like to achieve such a profit like that trading forex each month? Let me tell you my embarrassing story: I once traded a $8,000 trading account and within a few months, turned that account into $22,000.
The following month, I figured that I can take this $22,000 trading account and turn into $50,000 at the end of the month.
In order to do that, I have to make 2,800 pips that month.
That would be like $28,000 in forex profits to be made during that month.
So I went to trade…
And I didn’t trade small. I traded huge contracts. I over leveraged my account. And when I lost, I wasn’t losing in hundreds…I was losing $2,000, $3,000 amounts.
My mind was like in a frozen state.
Revenge trading mindset kicked in.
When I was down to $10,000, common sense would have prevailed to get back to my senses: to take a break and trade small contracts to build up my forex trading account up again.
But it didn’t.
Long story short: I busted my forex trading account.
The good thing though: before I took that $22,000 to zero, I managed to withdraw $5,500 in profits. So my forex trading loss was less $2,500.
You may read or see some traders claims online about making such insane forex profits like these:
make 2000 pips per month (if you are trading 1 standard lot, that $20,000 dollars in profits per month)
Busting my $22,000 into zero in a few weeks taught me an important lesson: never have a figure in your mind about how much profit to target each month when you are trading forex. That is a recipe for disaster.
Now, let me get back to the question: is it possible to make these kinds of profits trading forex each month? I will give you my answers shortly below.