Numbers-wise, what's needed to make $100/day with $5K account? | Page 2 | Forex Factory

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Numbers-wise, what's needed to make $100/day with $5K account?

  • #21
  • Sep 11, 2017 7:08pm Sep 11, 2017 7:08pm
I like your motto Ace. " Dream big and dare to fail ".

Daily targets are for scalpers/day traders.
2% ($100) daily average is possible, not easy though.

Scalpers need to be very sharp on entry timing.
SL is a must for scalping. One trade without a Stop Loss can wipe one month profits.

Small SL is more frequently hit. The smallest SL I personally feel comfortable with is between 10-20 pips depending on the pair traded.

To get $100 daily on my $5K account I would:

  1. trade usdjpy and eurusd on a low-cost/ecn broker.
  2. make 5 to 10 trades per day
  3. use 0.5 lots per trade.
  4. target 5 to 10 pips on each trade, netting +20 pips for the day.
  5. don't trail stop or move it to break even. If you lose confidence in a trade then close it at the current profit.
  6. check news calendar to avoid big news and important speeches.
  7. trade pullbacks in the daily/session direction, if they are not in same direction stay out. I consider LO open to NY open as one session, and NY open to LO close as another session.
  8. wait at least 15 minutes after a win, and at least 30 minutes after a loss.

No guts, no glory
  • #22
  • Sep 11, 2017 11:59pm Sep 11, 2017 11:59pm
Quoting Ace_1
{quote} Hi Quickly, Okay, yes, I can certainly see why you feel that way. But here's the situation. Even though I've been involved in forex for several years, I have never taken it seriously enough. I have wasted too much time on gimmicks such as EA's and methods such as "trade when 3 ema crosses 5 ema" (or whatever ma number). When, instead, I should have been doing REAL trading such as basing my trades on price action, support and resistance, etc. I am now finally moving away from the gimmicks and am now trading based on price action. I learned...

Interesting in all the vidoes you have watched, all the free training you have done, which i admire, that not one person showed you how much money they were making. I mean really showed you, opened up their broker statements for say a six month period and showed you the results.
I live entirely from the growth of my personal trading account
  • #23
  • Sep 12, 2017 2:56am Sep 12, 2017 2:56am
Quoting GuyBaker
{quote} Interesting in all the vidoes you have watched, all the free training you have done, which i admire, that not one person showed you how much money they were making. I mean really showed you, opened up their broker statements for say a six month period and showed you the results.
sums it up nicely.
read lots of ... if, when, i would, easy, possible...etc...but i see not a hint of proof that any would back these words with some real results shown, consistently.
there is always, always another trade!!
  • #24
  • Sep 12, 2017 8:40am Sep 12, 2017 8:40am
Hi Ace_1, thanks for your reply above.

I was very brief and probably sounded "brusque" in my original post. Sorry about that. I'll try to do better, this time. (Mostly I just wanted to stress to you that KarlKraus's reply, just before mine, was the important and realistic one for you.)


Quoting Ace_1
Even though I've been involved in forex for several years, I have never taken it seriously enough. I have wasted too much time on gimmicks such as EA's and methods such as "trade when 3 ema crosses 5 ema" (or whatever ma number). When, instead, I should have been doing REAL trading such as basing my trades on price action, support and resistance, etc. I am now finally moving away from the gimmicks and am now trading based on price action.

All of that makes good sense.


Quoting Ace_1
I learned about trading price action from free videos of Nick Bencino, Steven Primo, and others on YouTube

IMO, that doesn't at all. I happen to have a terribly low opinion of Nick B, slightly less so Steve Primo, but that isn't the point. The point is that you're relying on something as a source of education that's just a free for all, with no quality control at all, where anyone can publish anything entirely free from editorial control, peer review, judgment, and so on (in contrast, all of that isn't true of orthodox textbooks published by traditional, mainstream publishers) and the people most in need of education (and you know I intend no disrespect by mentioning that you're in this group) and the ones least able to judge those things for themselves.


Quoting Ace_1
So YES we CAN learn from people here at FF.

My instinctive response to that is to admit that it's technically true, but unhelpful to you, because the people able to judge from whom they can reliably learn things here at FF are the ones who don't need to anyway: if you need to, you're not able to judge who to listen to. Maybe I exaggerate, but only a little bit.


Quoting Ace_1
But at the same time I do still highly recommend the free price action videos at YouTube.

I highly recommend avoiding them. Sorry.


Quoting Ace_1
And in regards to the question I have asked about how to mathematically go about making $100 per day, it may sound crazy but I've rarely thought about the specifics needed to make a worthy amount of money in forex.

Karl has answered that fully, frankly and accurately for you (and by the way some of what you were told on the same subject at Babypips yesterday was just nonsense, posted by perhaps-plausible-sounding people who simply don't know what they're talking about).


Quoting Ace_1
Here's a bit more info of how I plan to trade (it may help with my original thread question). I plan to have a risk/reward of 1:2 the majority of the time. In some cases it may be a bit higher, but most of the time it will be 1:2 ratio. If I feel there is not enough room to the next resistance in order to get the 1:2 ratio, then I skip the trade.

Again, no rudeness intended but this makes no sense to me: how can you possibly have decided your risk management parameters in advance, before even selecting a trading method and style?!

Among other things, you're saying (or at least implying) there that you'll look at a method with a 2:1 R:R ratio and a 40% win-rate (that is profitable, overall), but not look at one with a 1:1 R:R ratio and a 70% win rate (which would be far easier to handle, regarding position-sizing, losing runs, trading frequency (important!) and a number of other parameters, too).

You're putting the cart before the horse.

Again, no rudeness intended but it's very apparent that if you had ever slowly and carefully read any beginners' trading textbook (e.g. one by Harris or Tharp or Chande) you'd know better than to say this. Again, you're getting the "education" you need from all the wrong sources - forums and Youtube.

If you continue to do that, you won't be among the top 1% of retail forex traders Karl mentioned, the ones who can eventually make a steadyish average of 5% per month on their accounts and can therefore reach your $100-per-day average with an account of only $40,000. They're a tiny minority, Ace_1, and they're emphatically not people who learned from forums and Youtube. Sorry if I sound "too forthright": I intend it helpfully.
  • #25
  • Sep 12, 2017 11:12am Sep 12, 2017 11:12am
Quoting Quickly
I highly recommend avoiding them.

He has a point, Ace_1: it does tend to be people who try to learn from those sources who end up asking about their prospects for making $100 from a $5k account. They're not just close to zero. They're zero. Sorry if the truth is disappointing or distressing, but that doesn't stop it being true.
  • #26
  • Sep 12, 2017 6:05pm Sep 12, 2017 6:05pm
Quoting abokwaik
I like your motto Ace. " Dream big and dare to fail ". Daily targets are for scalpers/day traders. 2% ($100) daily average is possible, not easy though. Scalpers need to be very sharp on entry timing. SL is a must for scalping. One trade without a Stop Loss can wipe one month profits. Small SL is more frequently hit. The smallest SL I personally feel comfortable with is between 10-20 pips depending on the pair traded. To get $100 daily on my $5K account I would: trade usdjpy and eurusd on a low-cost/ecn broker. make 5 to 10 trades per day use 0.5...
how do we keep count of pips we make everyday,i asked my broker and he said I have to do it manually because myforexbook account aldo doesn't show that or I have not studied that site properly,please assist me.
  • #27
  • Sep 12, 2017 7:29pm Sep 12, 2017 7:29pm
Quoting T4Trade
{quote} how do we keep count of pips we make everyday,i asked my broker and he said I have to do it manually because myforexbook account aldo doesn't show that or I have not studied that site properly,please assist me.
myfxbook does count your pips of closed trades.
there are indicators that count your pips in MT4, both open and closed.
and finally, FF.com's own Trade Explorer ( TE) you can attach your account to it in your profile page.
there is always, always another trade!!
  • #28
  • Sep 12, 2017 9:54pm Sep 12, 2017 9:54pm
Quoting Quickly
My instinctive response to that is to admit that it's technically true, but unhelpful to you, because the people able to judge from whom they can reliably learn things here at FF are the ones who don't need to anyway: if you need to, you're not able to judge who to listen to. Maybe I exaggerate, but only a little bit.
Exactly!
I live entirely from the growth of my personal trading account
  • #29
  • Last Post: Sep 13, 2017 2:54am Sep 13, 2017 2:54am
Quoting profitfarmer
{quote} myfxbook does count your pips of closed trades. there are indicators that count your pips in MT4, both open and closed. and finally, FF.com's own Trade Explorer ( TE) you can attach your account to it in your profile page.
under the drop down menu on daily on My fx book right? i selected pips in setting. Thanks.it shows winners versus loser trades with numbers and percentage, I guess those numbers are number of daily pips.
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