10% Profit Per Month

Is it possible? Yes of course it is! Can you do it consistently? Define consistently...

Trading is not like other jobs where you get a guaranteed paycheck every month. It cannot even be measured by the amount of effort you put in, or your understanding certain analysis techniques.

Trading is a personal battle with yourself, if you can win that battle you can make money.

10% per month is the target. Some months can be more and others less. The point is over the course of a year this is what I like my trading to average out at.

I welcome you all to join me in my adventure.

Dope.

Would love to hear more about your style. Fundamental? Techincal? Etc etc.

Hi FXMasterSK,

I trade mainly technicals but I do take the fundamentals into account too. Mainly from a perspective of if the fundamentals don't line up with the technicals then I may take a smaller position size than I would if everything lined up.

I don't take trades for weeks and weeks, trying to ride a trend forever. I mainly try to extract smaller chunks from the markets but I do it often. Mostly my trades are with the trend but I am also happy to fade big levels.

At the moment I am long the EUR/AUD. I took this on Wednesday night and I have seen it swing 100 pips in my favour to 100 pips against me. Friday it closed up around break even.

The markets have been pretty slow this year for me with quite a lot of ranging type action.

More to come later

I tried 10% a month and did not do well last year.Reason was pressure to perform.
This year I lowered my expectation to 6% and so far Jan 20% and this month 8% so far.By lowering expectation I am more relaxed and ironically exceeding this number so far.
Yes it can be done but at some point when you are down a month you might take greater risk to catch up and then dig even deeper hole.
Strangely lowering my gain was positive liberating factor for my trading.
Even at 6% gain in 3years compounding is pretty big number.
Regards

Hi Davit,

I know what you mean. I know that it is not possible to do 10% every month but I have found that it is a goal (for me anyway) that is not outrageous but still gives me something to work towards.

Thank you for your input.

Forex Focus

looks like 1 pip per day @ $1000 @ 1 lot (100:1)

looks like it can be done

where is your trade explorer @OP?

Hi Rockit,

Sorry not sure what your point is. Lot size is relative to account size.

Sorry I can't use a trade explorer as I do not use Oanda or MT4.

Thanks

Forex Focus

I only thought.. if you trade 1 lot per $1000 you'd need only 1 pip win per day to make 10% a month. One pip seems not too much to ask for lol.

Haha yes this is true but I could destroy my account very quickly :-)

The EURAUD trade is just messing around now... floating back and forth between profit and loss

I targeted 1% a month and look where I am now. You can definitely do it!

Hi Act,

Thank you for your encouragement. You are doing very well!!!!

ForexFocus

This week has been quite slow. I took a loss on a long AUDUSD trade. I then took profit on a long EURCAD which pretty much squared the loss for the week and now I am sat with +130pips profit on a EURAUD.

The EURAUD has been playing with me for the last 10 days. It was a daily long off the 1.5000 level. I am looking at 1.5600 before I start unloading.

Let's see.

The EURAUD is now back at around break even after being 200 pips up. Seriously frustrating, but the daily trend is still up so no reason to exit yet.

Quick update on the EURAUD. I am now back in the green with 175 pips of profit.

I am still looking for another 200-300 pips more on this trade but will watch it closely when it approaches last weeks highs.

Nothing else is interesting at the moment.

These markets are really p*ssing me off!

There has been absolutely no movement in anything! My EURAUD is just swaying back and forth between profit and loss.

Hopefully this journal can start to pick up some pace in the weeks to come.

Hey FF, just signed in to wish you luck with your goal here.

I do think 10 per cent is achievable without overleveraging on a consistent basis with very careful selection of trades and with diversified risk across a number of pairs. I'm kicking off shortly with similar goals based on your Range Bar with Heiken Ashi overlay strategy as I've had considerable success on demo so now it's time to roll it out 'live'.

I have a friend who uses a similar system of range bars and heiken ashi but hugely simplified. He only trades European and US sessions, ONLY goes with the trend, and respects trendlines, channels and fibos BUT all he does is buy on a green bar and hold, closing his trade when a bar closes red. Vice versa in a downtrend of course, using mostly 5 or 5 ranges. You can't do this effectively as an EA of course because of the human experience and market intelligence which tells him when NOT to trade, but I have to say he's making a lot of money, and I'm trying to watch him as closely as I can . Sometimes he stacks when the trend is very strong, sometimes he works several bars in a trend, getting in and out as the price action overlays but generally he just enters and exits on the colour change and I think the combination of range bars and heiken ashi has made that a breeze for him. He's an ex-renko trader btw.

Anyway, back to you and your longer term strategies. Keep us up to date and I hope to tag along with you. GL/GT.