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Realistically how much can I make from forex as a student?

  • #21
  • Oct 20, 2017 2:29am Oct 20, 2017 2:29am
Quoting CindyXXXX
{quote} finish your degree, get a real job, earn some money then you actually have some to lose.. THEN come and lose it in the markets don't get sucked in just yet, trust me on that if you take my advice come and find me 6 years from now and I will give you the green light https://www.youtube.com/watch?v=LO2RPDZkY88
you have my word on that

Body, mind and soul... you have 6 years to get it done, and get that right FIRST.

as for the trading you need a friend to do this. So take this as your your first lesson... is called Patience and Discipline

And save this post cause I will have forgotten by then.

You will or you won't but every now and then the sun shines for us, that's lesson number 2

Inserted Video
Time hides Nothing
  • #22
  • Oct 20, 2017 2:32am Oct 20, 2017 2:32am
Quoting feline207
{quote} I am sorry to bring the bad news , but 'realistically' you can and will lose 1315usd and thats it. Forex trading is very hard and competitiv and do not believe if someone tells otherwise. Also, highschool is definately not the period when you are likely to become profitable. Third point - getting profitable requires probably around 5-10 years of hard work, if you are dedicated ( that is very very general, but expecting fast results in a professional field is naive). And if it even matters after all the above - 1000gbp is a very small sum...
+1 Aho
  • #23
  • Oct 20, 2017 2:32am Oct 20, 2017 2:32am
Quoting oliverfxldn
I know this is asked constantly literally constantly, but how much could I make of forex as a high school student with a starting capital of about £1000 ($1315). I understand the odds are against me and I'm much more likely lose the money but if not how much could i potentially make? thanks.
Realistically? Well,....Realistically you can make zero(0) profits (if your are lucky). But most likely you will lose all of your money.

Inevitably, you (just like the majority of hobby/new traders in this forum) will have to face the cold hard truth - there is no easy profits in this game!

Let's face it, you want to play one of the hardest and most competitive games in the world, while you know nothing about the game. (I assume you are very new and green because you ask such question).

Step 1 - Your first goal should be to learn how not to lose money. If you are at breakeven after 1000 trades - consider this as a significant progress! (this places you in the top 10%.)

Step 2 - The next goal is to make very small profits with low leverage. If you are in the green after another 1000 trades that's good. However, you have to examine the results. You need win rate above 50% in order to achieve real consistency at a professional level. And at the same time you have to have returns with low deviations to the downside.

Step 3 - Once you manage to achieve consistency, (stable positive expectancy per trade, very low drawdown and win rate above 50%) then you can start to increase the leverage on stages until you reach the optimal Kelly for your strategy. This is the point where you can expect to make the big bucks!

But until then, you have soooo much work to do. (At least a few years!) Over 90% of retail traders are permanently stuck at Step 1. A few manage to reach step 2. And Step 3 is a very very lonely place!

Here is very good advice from professional trader. The video maybe old, but the advice is timeless!
Inserted Video
  • #24
  • Oct 20, 2017 4:24am Oct 20, 2017 4:24am
Quoting oliverfxldn
.....with a starting capital of about £1000 ($1315).
This is what i foresee;
_______
1/. You will blow your $1315.
2/. You them will be scared AF and start trading on a Demo.
3/. You will then think you have mastered the game.
4/. Whatever 2nd real account you open will too be blown.
____
At this point you will lower your dreams into a 'Normal/realistic Zone'.
5/. You will then start trading/practicing both on a Demo and on Real account (with very lowered expectations).
___
Hopefully after this,
6/. You will be disciplined, patient & skilled enough to make 0-10% INconsistently.
____
Sad truth!
L.L.L.T
  • #25
  • Oct 20, 2017 4:50am Oct 20, 2017 4:50am
good traders/gamblers have realistic goals since the beginning. they look at charts and analyze the opportunities without confirmation bias most of the time.
not everybody is a complete idiot. don't assume.

I made money as a total newbie then concepts like patience and discipline destroyed my trading.
  • #26
  • Oct 20, 2017 5:06am Oct 20, 2017 5:06am
Quoting 4for4
{quote} Stay with the demo until it can show a consistent profit for several months in a row ...
agree, I still run a demo to try whether this trading method can be consistent?
3Some Candle TacticaL
  • #27
  • Oct 20, 2017 5:35am Oct 20, 2017 5:35am
Quoting oliverfxldn
I know this is asked constantly literally constantly, but how much could I make of forex as a high school student with a starting capital of about £1000 ($1315).

Realistically, nothing at all, until you have a major and fundamental change in your entire orientation and perceptions about trading resulting in your approaching the whole subject from a perspective of risk-management and capital preservation, rather than your apparent (widespread and understandable) existing perspective of profit-maximization.

The proportion of "retail traders" who ever manage to achieve that perspective-shift is very small, and it typically takes the successful few an average of 3-4 years to achieve.

After that, the proportion who ever manage to make a steady-ish 5% per month on their capital (i.e. £50 per month, on an account of £1,000) is still very small.

The purpose of trading with a £1,000 account isn't to make money: it's to gain the thousand (or two) hours of education followed by the five thousand hours of screen-time experience (without losing the account) that we all needed to have any realistic chances of eventually profiting from trading.

Sorry it isn't the answer you wanted, but that arises because (through no fault of your own at all, and for totally understandable reasons) at the moment you're asking a really "bad question".
  • #28
  • Oct 20, 2017 7:40am Oct 20, 2017 7:40am
Quoting oliverfxldn
I know this is asked constantly literally constantly, but how much could I make of forex as a high school student with a starting capital of about £1000 ($1315). I understand the odds are against me and I'm much more likely lose the money but if not how much could i potentially make? thanks.
You r very disharted to listen the hard..., from every one actually its true.... But very not much possible that this is going with you... May be you are good who knows in trading intelligence is nothing key to success it's required a will and adoptatin of the market requirement..
Just divide your mony in five part and start to be participant game of world a drug like addiction......
You can make 100%%% pm...
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -299
  • #29
  • Oct 20, 2017 8:58am Oct 20, 2017 8:58am
Quoting oliverfxldn
I know this is asked constantly literally constantly, but how much could I make of forex as a high school student with a starting capital of about £1000 ($1315). I understand the odds are against me and I'm much more likely lose the money but if not how much could i potentially make? thanks.
As much as you'd like! It's possible but the odds are so stacked because most traders don't actually learn what's necessary to become a successful trader. Others do acquire the knowledge but then don't attain the proper discipline and mental fortitude to use the knowledge as it should be. The sky's the limit and always has been.

As well though! Don't put that money into an account and risk it, if you don't have any experience or even a solid strategy. Learn the basics, pick a basic strategy then put a 100 into an account and begin trading. I disagree with anyone who says trading on a demo is beneficial because it's not. Live trading with very small accounts is the best way to learn. Once comfortable and showing an winning edge put more money into the account. Until then blow 100 dollar account after 100 dollar account. If you can't afford to lose a 100 dollars then you shouldn't be thinking about trading.

P.S if demo trading was beneficial or shown anything related to actual profits we'd all be rich. I've seen too many traders do well on demo and back testing then get shredded on the live market.
Gentlemen always play by the rules, if they can't, they change them.
  • #30
  • Oct 20, 2017 9:50am Oct 20, 2017 9:50am
Quoting Bsmile44
{quote} As much as you'd like! It's possible but the odds are so stacked because most traders don't actually learn what's necessary to become a successful trader. Others do acquire the knowledge but then don't attain the proper discipline and mental fortitude to use the knowledge as it should be. The sky's the limit and always has been. As well though! Don't put that money into an account and risk it, if you don't have any experience or even a solid strategy. Learn the basics, pick a basic strategy then put a 100 into an account and begin trading....
Very Well Said.
When the going gets tough , the tough get going
  • #31
  • Oct 21, 2017 12:31pm Oct 21, 2017 12:31pm
Quoting oliverfxldn
I know this is asked constantly literally constantly, but how much could I make of forex as a high school student with a starting capital of about £1000 ($1315). I understand the odds are against me and I'm much more likely lose the money but if not how much could i potentially make? thanks.
hmm i disagree with the guy above, why blow $100 after $100 if you dont have any edge ? stick to demo as long as it takes, only when you re sure you got an edge should you make the jump in live trading. its common sense actually...
  • #32
  • Edited 2:00am Oct 22, 2017 1:00am | Edited 2:00am
I partially agree with metta87. demo should be used to check the system's profitability in case you can't backtest it... OBVIOUSLY! but to be actually profitable you need to be comfortable with the system.. and the only way to find out is to test yourself live.

so don't spend too much time on demo, it could be a waste of time. bettter doing a deeper forwartest with money that you can afford to burn, emotions will still be there.
  • #33
  • Oct 22, 2017 2:01am Oct 22, 2017 2:01am
Quoting mohsinali
a drug like addiction......
backtesting is like a drug addiction for me lol
  • #34
  • Oct 23, 2017 10:18am Oct 23, 2017 10:18am
Quoting metta87
{quote} hmm i disagree with the guy above, why blow $100 after $100 if you dont have any edge ? stick to demo as long as it takes, only when you re sure you got an edge should you make the jump in live trading. its common sense actually...
I agree to a certain extent. Demo is useful if you're using an automated EA and have no human intervention. However, if you're testing out a manual system, it makes more sense to test it on a live account albeit a small one. As the emotional intensity of a 100k demo cannot compete with a $100 live account in what it teaches you.
  • #35
  • Oct 23, 2017 11:15am Oct 23, 2017 11:15am
Quoting oliverfxldn
I know this is asked constantly literally constantly, but how much could I make of forex as a high school student with a starting capital of about £1000 ($1315). I understand the odds are against me and I'm much more likely lose the money but if not how much could i potentially make? thanks.
Realistically, not much.
It's more certain you'll hit the margin call.

But if you're not in the 99.99% suckers club, you can grow the account exponentially.
  • #36
  • Oct 23, 2017 11:22am Oct 23, 2017 11:22am
Honestly if you do everything properly then there is no reason for you to ever lose money or if you do lose money it should be within your calculations.
The only way you could possibly go wrong is when you don't stick to your tested plan or if your plan ends up failing over time.

The thing is most people don't do everything properly and they're greedy and think it's easy.
  • #37
  • Oct 26, 2017 12:21pm Oct 26, 2017 12:21pm
Quoting The-Flipper
{quote} Realistically, not much. It's more certain you'll hit the margin call. But if you're not in the 99.99% suckers club, you can grow the account exponentially.
remember losers (and I'm one of you)... if you want to grow a small account... don't be afraid to hit mc ! that's part of the business !

here's the equation: big account, small losses. small account, small profits.

you will never ever grow a small account by focusing on risk, statistics don't lie.

there are many examples of traders who made 2000% or more just by placing random orders.
yet I can't remember ONE little "disciplined" trader who made a dime.

Michael marcus comes to mind, how do you think he made those $80 millions ? by taking small losses ? you are not born yesterday right ?
  • #38
  • Oct 26, 2017 12:50pm Oct 26, 2017 12:50pm
Quoting HeyYou
you will never ever grow a small account by focusing on risk, statistics don't lie.

Very interesting attempt, there, to make complete nonsense sound plausible by appending something credible like "statistics don't lie" as an afterthought!!
  • #39
  • Oct 26, 2017 12:52pm Oct 26, 2017 12:52pm
Quoting Quickly
{quote} Very interesting attempt, there, to make complete nonsense sound plausible by appending something credible like "statistics don't lie" as an afterthought!!

Oh here's a little disiplined trader, hmmm where's your live stats ?
  • #40
  • Oct 26, 2017 12:57pm Oct 26, 2017 12:57pm
Quoting HeyYou
{quote} remember losers (and I'm one of you)... if you want to grow a small account... don't be afraid to hit mc ! that's part of the business ! here's the equation: big account, small losses. small account, small profits. you will never ever grow a small account by focusing on risk, statistics don't lie. there are many examples of traders who made 2000% or more just by placing random orders. yet I can't remember ONE little "disciplined" trader who made a dime. Michael marcus comes...
This is probably the dumbest thing I've heard in a while...
Never EVER should anybody get close to a margin call.

Feel free to let me know where you got those statistics from because I didn't see you link to them nor do I really think this is something that can easily be measured.

"there are many examples of traders who made 2000% or more just by placing random orders."
Yes, and then you never ever hear from them again because they blew their account and are broke. At least this is what I got from my personal experiences talking to people.

Reckless trading won't get you anywhere. It is true that with a small account you won't have a lot of profit but if you are disciplined and you can get consistent profits every month you are building what is called a track record.
Guess what happens when you have a good track record and you look for investors?
I'll tell you what happens! You get investors and you will make more and more and more.

Now lets look at what happens when you recklessly trade...
You either lose your money OR you develop bad habits that in the end will be your downfall.
Even if you get LUCKY and you gain a significant account size, in the end it's worth nothing if you never learned to properly trade.
You can't rely on luck forever, it will eventually run out.

Focus on the process and the money will come. Your account will grow and compound and once you have a good track record you can look for investors.
Lets say you have a 20.000$ account and you trade with that and make 3% a month as well as save 500$ from your full time job every month.
It would only take 2 years to get to an almost 60k account and make around 1800$ a month.
That's a livable amount and you can choose to build your account even more since once you get to those higher numbers it just snowballs and snowballs.
After 4 years of trading with a 60.000$ account at 3% per month you'll be making around 7000$ a month. After 5 years it's 10.000$ and after 6 it would be over 14.000$.
All because of that 3%! Now Imagine how much of that time you can negate with having investors? A LOT!
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