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How Long Does It Take to make $5000/Mo consistent profit?

  • #41
  • Mar 23, 2014 8:26am Mar 23, 2014 8:26am
Mingary it is possible if you are good at PA and disciplined (itchy hands etc etc).... saintforex makes 100 folds in just 4 days ... open his trade explorer. He turns $ 100 into $10.000 in 4 days
Life Is Good
  • #42
  • Mar 23, 2014 1:54pm Mar 23, 2014 1:54pm
you did not read my post, my initial capital was $2500, then i added $2000 in few days, i am a very aggressive trader, you can see the entry date, position size, etc. if u are serious about trading, you will go through each line and see when i open and close trade, when i have multiple trades etc. looks at timings etc.
  • #43
  • Mar 29, 2014 12:10am Mar 29, 2014 12:10am
I am a newbie here, and this is my first post. It has been great reading the forum, it is so full of information and instructions. For me I am trying to do the same as the OP. But my life saving only 25k . But my broker has a leverage of 200:1 . Wonder what is the norm leverage to be safe? Any good EA that can scalp some money without me manually trading? I am not sure about others, but I do manual trading and it is tough to be alert 24 hours 5 days a week. But I seen the performance of the EAs in Forexfactory testing, does not seem encouraging . Any advice for a newbie will be deeply appreciated. I am into full time day trading as looking for a job is tough, still searching but hoping to earn some money to cover my expenses in the meantime and hopefully 5k a month.....
  • #44
  • Mar 31, 2014 8:19pm Mar 31, 2014 8:19pm
Quoting CaymanTrader
It will probably take you something like 5 years to become consistantly profitable, assuming you have the talent. It's not about the strategy, it's about the psychology. You will be your worst enemy in those upcoming years. There is no shortcut, you'll have to make it through. But the reward is great if you survive. Also, it's a bad idea to set such goals like "$5000/per month". You can't control that and when you fail to recah the target, it will only cause you to do stupid mistakes like overtrading or using too high leverage. Even if you reach...

I think it's possible, as you said befor, just focuse on psychologist and your MM, be discipline to the rule. I believe, you can achieve it dude,
  • #45
  • Edited Apr 1, 2014 4:11am Mar 31, 2014 11:34pm | Edited Apr 1, 2014 4:11am
Amateurs focus on returns.

Professionals focus on managing risk, and improving both their execution and market knowledge.

Here are ten posts by experienced veterans, on the requirements and difficulties involved in successful trading:
001 --- 002 --- 003 --- 004 --- 005 --- 006 --- 007 --- 008 --- 009 --- 010

[EDIT]
Here are a few more that I've also previously bookmarked:
011 --- 012 --- 013 --- 014 --- 015 --- 016

Note to Rookies: reading these posts should give you an idea of the lines along which you should be thinking.
  • #46
  • Mar 31, 2014 11:42pm Mar 31, 2014 11:42pm
I don't really comment much on these forums because I don't think most people want to listen. Don't pay attention to the money, that's going to get you burn, don't even pay attention to the pips you get, try and space out you intervals where you tally up. something like 3 percent a month would be a better goal.

I have been trading about a year now and I learn one thing in forex. And that is to never stop asking questions, always ask questions, even when the trade go your way still ask questions. Are you a better bull trader than bear trader, should I trade the hour or 4 hour time frame, should I trade the first half hour of the hour or the second half, did they buy EURO or sell USD just now, always and I mean always try to improve yourself, and then the market opens up to you and reveal herself like a date on prom night. Don't worry about x amount of money, worry about becoming a better trader.
Being a trader is lonely, but being a great trader is lonelier still
  • #47
  • Apr 1, 2014 12:14am Apr 1, 2014 12:14am
Quoting hanover
Amateurs focus on returns. Professionals focus on managing risk, and improving both their execution and market knowledge. Here are ten posts by experienced veterans, on the requirements and difficulties involved in successful trading: 1 --- 2 --- 3 --- 4...
A great post that put all the good ones together.
FF journal: Peaks and Troffs
  • #48
  • Edited 4:12am Apr 1, 2014 3:35am | Edited 4:12am
Quoting saneblane
I don't really comment much on these forums because I don't think most people want to listen. Don't pay attention to the money, that's going to get you burn, don't even pay attention to the pips you get, try and space out you intervals where you tally up. something like 3 percent a month would be a better goal. I have been trading about a year now and I learn one thing in forex. And that is to never stop asking questions, always ask questions, even when the trade go your way still ask questions. Are you a better bull trader than bear trader, should...
Agree that newcomers pay undue attention to money; shop around for a simple, color-by-number system will make consistent profit indefinitely; seek high win rates; and don't want to listen to anybody who talks about risk management. I know all this because I did it myself.

Sometimes there's nothing to be gained by asking questions about individual losing trades. Markets move according to order volumes and flow. If a move peters out surprisingly quickly, or the market bounces when you didn't expect it to, all it means is that there was a high enough volume of limit orders at that level to absorb and repel the push. And conversely, if the market breaks through a S/R level, trendline, etc, it means that the volume of limit orders at the level was less than your analysis led you to believe. There are a number of simultaneous factors that drive prices — just to name a few: macroeconomics, money flows, levels of supply and demand, breakouts during times of high liquidity, central bank/heavyweight activity, self-fulfilling prophecy, the need to maintain triangular equilibrium, news announcements, extreme overboughtness/oversoldness, trapped trader behavior, key OHLC levels, session/time-of-day idiosyncrasies........ and no doubt many others. Now unless you can accurately weigh up the effect of each of these relative to each other, or otherwise have a way of knowing the size and level of all existing and imminent orders, then you effectively have no way of knowing why a trade outcome was better or worse than expected. Price movement appears random because it's driven by the collective behavior of anonymous participants whose agendas are completely unknown to the retail trader.

Link 004 in my previous post (#45) is an essay by topherhk88, who explains brilliantly how/why it's nonetheless possible to profit from TA-based edge, even though it might not be possible to know where the market is heading, or why.
  • #49
  • Apr 1, 2014 8:23pm Apr 1, 2014 8:23pm
Thinking about how much money you'll make when you don't know how to trade is like asking yourself when will you win Wimbledon without ever playing tennis. Learn the game first.
  • #50
  • Apr 4, 2014 10:07pm Apr 4, 2014 10:07pm
Quoting hanover
Amateurs focus on returns. Professionals focus on managing risk, and improving both their execution and market knowledge. Here are ten posts by experienced veterans, on the requirements and difficulties involved in successful trading: 001 --- 002 --- 003 --- 004...
Great sharing of replys hanover.I read them all us i learn some things too
  • #51
  • Apr 4, 2014 11:53pm Apr 4, 2014 11:53pm
Much praise for those Members here who advise to NOT think of the $$$ numbers . Best advice EVER.

% Return is a much better Objective as it takes the trader's mind off the subjective "greed" and onto the reachable. objective element.

The trader Anna Coulling has written a great article about the Psychology of Trading, and how to avoid destroying ourselves
  • #52
  • Dec 10, 2017 3:04am Dec 10, 2017 3:04am
Try not to pick a system, rather let a system pick you. Sounds antique yet evident. Attempt however many systems as would be prudent until the point when you discover one that doesn't struggle with you. Disregard 100% mechanical systems they can't accomplish above average outcomes. I have coded a large portion of my systems administers at the end of the day I need to make the optional call whether to exchange or not founded on P.A.
  • #53
  • Dec 10, 2017 10:03am Dec 10, 2017 10:03am
Quoting faisal13
Try not to pick a system, rather let a system pick you. Sounds antique yet evident. Attempt however many systems as would be prudent until the point when you discover one that doesn't struggle with you. Disregard 100% mechanical systems they can't accomplish above average outcomes. I have coded a large portion of my systems administers at the end of the day I need to make the optional call whether to exchange or not founded on P.A.
Hi faisal, you reacting to over 3 years old post,anyway I just wondering,how exactly you let system pick you?

This thread started more then 4 years ago and OP is still active on FF. It would by nice from him to give us some input on his forex journey.
Whether you think you can, or you think you can't,you're right. H.F.
  • #54
  • Dec 16, 2017 9:56am Dec 16, 2017 9:56am
I too am not sure what the part about the system means. Faisal, please elaborate?
  • #55
  • Dec 16, 2017 10:03am Dec 16, 2017 10:03am
Quoting Simply-Me
{quote} Hi faisal, you reacting to over 3 years old post,anyway I just wondering,how exactly you let system pick you? This thread started more then 4 years ago and OP is still active on FF. It would by nice from him to give us some input on his forex journey.
based on his TE, he is still in search of that 5k/mo consistent profit...
This Year -48.3%
there is always, always another trade!!
  • #56
  • Dec 17, 2017 7:15am Dec 17, 2017 7:15am
Quoting cowcool
Hi Guys, I am a newbiew in Forex but am very comitted to master trading, I don't mind spend 70 hours/week or more to master Forex trading. In fact I don't see learning Forex as working ,it is fun for me and enjoyable. A little about me : I am a small business owner. I lost a lot of money and a house in mutual fund and stock trading in 2008. I was totally devastated because of this. This occurence has caused me to be a very risk averse person. Lost a lot of money because : - Over confidence - I used money that I can't afford to lose - Emotional...
Ive been trading forex for 15 years but never with real money. Ive backtested and tested everything out their that seemed remotely profitable but neve settled on one thing. I have developed an edge which im testing and doing quite well although my motto in this game is "it works until it stops working" and so im always mindful this could stop working at any time. I have a demanding job so cannot devote the time i need to make this work effectively. My aim is to double my account 3 times before opening a live account. Im almost there and my results can be seen here https://www.myfxbook.com/members/Daet/daet/2282920
Constructive feedback would be welcome please..
  • #57
  • Dec 17, 2017 10:03am Dec 17, 2017 10:03am
Quoting DAET
{quote} Ive been trading forex for 15 years but never with real money. Ive backtested and tested everything out their that seemed remotely profitable but neve settled on one thing. I have developed an edge which im testing and doing quite well although my motto in this game is "it works until it stops working" and so im always mindful this could stop working at any time. I have a demanding job so cannot devote the time i need to make this work effectively. My aim is to double my account 3 times before opening a live account. Im almost there and...
Constructive feedback would be welcome please.

with a demo account, virtually all stat locked up, i dont think you seriously looking for feedbacks.
but here is one:
live results will rarely if ever will match the demo results! you will be lot better of trying to double 3x a 200$ account, than a demo, and that will still lag the emotional impact of trying to double a 10-20k account, etc...
there is always, always another trade!!
  • #58
  • Dec 17, 2017 11:03am Dec 17, 2017 11:03am
Quoting profitfarmer
{quote} Constructive feedback would be welcome please. with a demo account, virtually all stat locked up, i dont think you seriously looking for feedbacks. but here is one: live results will rarely if ever will match the demo results! you will be lot better of trying to double 3x a 200$ account, than a demo, and that will still lag the emotional impact of trying to double a 10-20k account, etc...
OK sure, how do i unlock the stats you mention...?
My target is $500 per day which i hit most days. Drawdown is still too high but implementing a better SL strategy should help.
  • #59
  • Dec 17, 2017 1:21pm Dec 17, 2017 1:21pm
Quoting DAET
{quote} Ive been trading forex for 15 years but never with real money. Ive backtested and tested everything out their that seemed remotely profitable but neve settled on one thing. I have developed an edge which im testing and doing quite well although my motto in this game is "it works until it stops working" and so im always mindful this could stop working at any time. I have a demanding job so cannot devote the time i need to make this work effectively. My aim is to double my account 3 times before opening a live account. Im almost there and...
WTF 15 years on demo? It tells me you have a fear of failure.

fof is one of the traits of noobs

You came here for the truth and let me unveil it for you
  • #60
  • Dec 18, 2017 8:55am Dec 18, 2017 8:55am
I don't consider myself a newbie but I still have a fear of failure. That said, I do trade on a live account most of the time. I don't know if I could spend that long (15 years, that is) on a demo account.
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