DislikedMPP
I can easily increase the account by 4 times using 50% or more risk. If you use 100% risk (or nearly) then 25% and 100% per month are no more than numbers.
If you apply money management rules, your profit will become 2,5% - 10% per month. That is 10% risk. Hard-core traders (old traders, experienced trades, large funds traders, conservative traders, you get the idea...) recommend using no more than 1% risk.
MPP if you really use 100% risk, with standard money management you would have 1% profit in good months
I'm not understanding here. It seems that you are saying that if someone profited 10% in a month than they had to risk 10% in a month and that is way to much. I have heard here that you should risk no more than 1-5% in the current trades open, but I have never heard that your total trades for the month should only consist of 10% risk.
If I risk 3% per trading session with two sessions per day and I win 60/40 then I will have made 4% in that day and if that continued I would have made 80% for the month with still using good money management skills.
Oh and yeah, you have to be an idiot to lose money trading (strictly following) a successful strategy on D1 or W1 with 5% risk per trade having no more than 2 trades.
With all your money tied up in two trades there is not much room for error.
But when it comes to reality - 95% who come to forex aren't made for forex. Its not a "make me rich and fast" place. That is why it takes years or even tens of years to learn trading forex and having constant profit. But hey! New generation is far smarter than the old generation! Some can learn forex in 2 or 3 years! (if you think you are smart enough to trade manually with your first deposit after less than a year of trading experience and get 100% profit with 10% risk, show me the statement )
As for following strategies - its always better to write one for yourself. But only if you know you can write a successful one - if you can't, leave it to professionals.
As for 10 years - that is about enough time for an average human to get good enough doing their job to get a "feeling" (intuition?) when to enter, when to exit and so on. Some are especially good at it, guessing far more often than average but don't think you are one of them - you'll just kill your deposit when you have a bad luck.
As a matter of fact
I would love to see that many people can win at forex trading.
As a matter of fact
Most fail.
If you have talent, you'll be successful even after a year of trading, if you are not made for currency trading, don't push yourself.
If you want a success story, look at mine.
I am 22 years old, just finished University and already made several successful trading strategies. The oldest system I made was dates back to the end of 2006 and works fine with same settings even now, backtest since 01.01.2006 to now shows more than 1000% profit - daily pivot points rule the world. My newest system trades 23 currencies and made me 8%+ in less than 2 weeks with small risk.
It took me $5000 and almost 6 years to become successful.
Currently I'm looking for investors for my systems.
Dont you think this would make you a little biased and just a little more inclined to make statements such as, "It takes tens of years to make a consistant profit at forex."
I do not sell my systems.
I totally agree with MPP.
To be successful on forex you have to love forex.
If you want more success stories, write one yourself! Its not hard to be successful.
PS: If you are just learning, there is an awesome resource (I hope mods don't see this as advertising - the resource is totally free and does not require registration). Its www babypips com. I'm still learning there myself - too much info to grasp in one try.
Yes, a wonderful resource. I myself am a graduate of the school of PipsologyIgnored