Quoting aligDislikedIs this the real thing, is this just fantasy!Ignored
Relax and be happy.
Has anyone become wealthy from forex? 172 replies
Why the rich could not become richer? 13 replies
Will most Forex brokers even allow you to become rich? 6 replies
Has MT4 Multi Account Terminal trading become obsolete? 2 replies
Has trading become harder? 0 replies
Quoting aligDislikedIs this the real thing, is this just fantasy!Ignored
Quoting aligDisliked
Is this the real thing, is this just fantasy!Ignored
Quoting aligDislikedThank you for your opinions.
I am still not convinced that there are guys who can make consistently 100%+ per year every year.
I think fijitrader said that 90% of people trading forex lose money over a long time and 90% of remaining 10% doesnt earn enough to make for a living. So only 1% make it big.
I wonder if they (this 1% traders) really exist.
So I would like to know, who can earn 100%+ profit per year every year or at least 40%+ profit per year every year?
If you can do it, I would like to know if you are trading fundamentals or technicals or both?Ignored
Quoting raczekfxDislikedThe longer you trade (in term of years), your %/month will decrease.
That's of course if you're a very good trader and make money constantly.
Some of big rollers here, make 1 - 3% per month...
If someone tells you, they make 40-100% /month, check with them again in 6 months. You'd be very surprised...Ignored
Quoting merlinDislikedspoken like a true veteran...Ignored
Quoting aligDislikedTell me your story. How did you do it? How much did you earn, how much did you lose and please be honest.
I am searching for a top 1% traders who can really beat this game.
Is this the real thing, is this just fantasy!Ignored
Quoting ItalianSharpDisliked
If you have a $100,000 account and risk 1.5% per trade with a 40 pip max stop loss, you can afford to open roughly 37 contracts per trade.Ignored
Quoting ItalianSharpDislikedFOREX and trading in general should be treated and perceived just like any other business.
I know a few traders who make a really good living out of it. Why shouldn't it be possible?
You asked whether there are some traders who can consistently make 40%+ per year. In my opinion a trader who follows FOREX all day long should be making at least 50% per year every year. Anything less than that wouldn't be worth the risk, sacrifice and time.
Now, what does it take to achieve a constant 50% return year in year out?
If you have a $100,000 account and risk 1.5% per trade with a 40 pip max stop loss, you can afford to open roughly 37 contracts per trade.
Let's say you adjust the # of contracts per trade whenever your capital grows by 20%.
In our case, when your capital reaches $120,000 you adjust # of contracts from 37 to 45.
With this simple money management scheme it would take you roughly 1,200 pips to achieve your 50% goal.
Thats roughly 100 pips per month, which is roughly 25 pips per week.
Do you still think it's impossible to make some decent money in this business?
A good trader should make at least 100 pips per month on average. Of course, there might be months when he breaks even and other months where he makes 300 pips.
If you can't make at least 1,000 pips per year you better look for other businesses or get a job because trading isnt for you.
Now, let's all keep in mind that the 50% mentioned in the above example was obtained by using leverage, specifically a 1 to 3.7 leverage. Hence, a 50% return obtained trading FOREX using a 3.7 leverage would correspond to a mere 13.51% return if you were trading stocks without using margin.
Now answer this question: do you think that if you were a full time stock trader you could achieve a consistent 15%+ return year in year out?
If your answer is yes, then you should be able to do much better in FOREX thanks to leverage.
In my opinion what it really takes to be a full time successful trader is:
1) Right psychological attitude
2) Stable system that generates consistent results.
As you can see, if your objective is to make at least 50% a year, you dont need a system that makes you 1,000 pips per month. All you need is something stable enough to avoid big drawdowns and good enough to generate 100 pips per month.Ignored
Quoting JoJoDawgDislikedI'm confused about this, maybe its my misunderstanding.
Shouldn't it be 3.75 max contracts per trade.
1.5% of 100,000 is 1500. So 1500 is your total loss for all right? Then 1500/40 max pip loss. 37.5 and say you are trading the Eur/Usd for 10 dollars a pip. So 37.5/10 = 3.75. So if you open 3.75 lots and it moves 40 pips against you(hopefully not), you then hit your 1.5% max loss target.
Am I just missing something? I'm not trying to be a butt about it, just making sure I have it right over here on my side since I do the same.
I trade roughly 6% and use 3 trades at a time(scale in/out).Ignored
Quoting hidetherealDislikedThis is a realy good post. Instead of chasing fantasy leads all day people need to keep realistic expectations. I read all kinds of crazy stories about massive amounts of pips people were making and became discouraged with my results. When you realize alot of it is hot-air you will set reasonable goals and start to profit.
Just my opinionIgnored
Quoting ItalianSharpDislikedI was referring to mini-contracts of $10,000 each.
Sorry, I should have specified it in my earlier post.Ignored
Quoting truccoDisliked...But thats it. for me forex now is a way to have a kind of 1/2 more salary from my normal work.
I lost the idea to become rich...Ignored
DislikedI know at least 5 who make over 1 million a year that are on this forum, They just do not want that info to be public. I have seen some of their statements.Ignored