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

  • #61
  • Dec 19, 2017 2:04am Dec 19, 2017 2:04am
Quoting mlawson71
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.
you contradict yourself.
not trade live account most of the time = newbie!
dont lie to yourself!
the first step forward is to know where you standing now.

btw, some fear is normal and healthy, suppose to keep one out from big troubles.
there is always, always another trade!!
  • #62
  • Dec 19, 2017 9:11am Dec 19, 2017 9:11am
Quoting profitfarmer
{quote} you contradict yourself. not trade live account most of the time = newbie! dont lie to yourself! the first step forward is to know where you standing now. btw, some fear is normal and healthy, suppose to keep one out from big troubles.
I do trade on a live account most of the time. However, I still have my fears and anxieties, that's not something that goes away easily.
  • #63
  • Dec 19, 2017 5:53pm Dec 19, 2017 5:53pm
Quoting mlawson71
{quote} I do trade on a live account most of the time. However, I still have my fears and anxieties, that's not something that goes away easily.
Perhaps your fear and anxieties will go away once you have a method that has probability of at least 60/40.
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  • #64
  • Dec 20, 2017 9:08am Dec 20, 2017 9:08am
Quoting Piquant
{quote} Perhaps your fear and anxieties will go away once you have a method that has probability of at least 60/40.
I should hope so. Do you have any recommendations?
  • #65
  • Dec 20, 2017 11:35pm Dec 20, 2017 11:35pm
Quoting mlawson71
{quote} I should hope so. Do you have any recommendations?
we're all different. so what works for me may not work for you.

but generally speaking I'd suggest you to focus on few pairs, within 3 or 2 and stick with a single TF anything between 5-15m lower the better, and study market structure , cycles - how price tends to go up, down range and up and down and range. They repeat themselves over and over again across all TF. By learning market structure you'll be able to "guess" with higher probability which direction price is likely to head. So that leaves you with entry.

entry is tricky but exit is tricker, to fine tune your entry study S&R and how to identify them accurately intraday levels are usually easily seen on any 15m any pair, so you've already guessed the direction and now determined intraday S&R levels so you wait for price to reach either support or resistance, you buy at support and sell at resistance. But of course buying or selling should be supported by your directional analysis based on market structure.

you can have 1-3 indicators to aid you in your decision making. but don't depend on them. they won't mean anything if you don't know the foundation.

that's all I can advice to you.

hope it'll help.
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  • #66
  • Dec 21, 2017 9:53am Dec 21, 2017 9:53am
Quoting Piquant
{quote} we're all different. so what works for me may not work for you. but generally speaking I'd suggest you to focus on few pairs, within 3 or 2 and stick with a single TF anything between 5-15m lower the better, and study market structure , cycles - how price tends to go up, down range and up and down and range. They repeat themselves over and over again across all TF. By learning market structure you'll be able to "guess" with higher probability which direction price is likely to head. So that leaves you with entry. entry is tricky but exit...
I already do most of what you are describing, but it was still helpful. I have lowered the indicators I use to just two and I am trying to focus more on price action. Thank you for the suggestions!
  • #67
  • Dec 21, 2017 9:59pm Dec 21, 2017 9:59pm
Quoting mlawson71
{quote} I already do most of what you are describing, but it was still helpful. I have lowered the indicators I use to just two and I am trying to focus more on price action. Thank you for the suggestions!
When I said market structure I meant this ? do not just study pinbar, engulfing bars etc candlesticks in isolation study the whole system - how it behaves, like an ECG or a wave - how they go up, down, and range. Single candlestick don't mean anything unless you combine them with the structure.
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  • #68
  • Dec 22, 2017 3:39am Dec 22, 2017 3:39am
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...
No, Forex is all about learning and practice! Without enough knowledge of the technical and fundamental analysis it’s really impossible to make here consistent profit!
  • #69
  • Apr 13, 2019 12:24pm Apr 13, 2019 12:24pm
Bumping almost 10 years old string cause we can be on the step of another wave of that financial crisis here. You see you already lost a lot of money. You need to avoid all that mistaked you done and admitted them as well. You may also earn something during those few years so don't accept all money devoted as "lost"
  • #70
  • Apr 14, 2019 4:34am Apr 14, 2019 4:34am
Aren't you afraid to give up everything for forex? I still think it's risky
  • #71
  • Apr 28, 2019 10:16am Apr 28, 2019 10:16am
Quoting LanaBanana
Aren't you afraid to give up everything for forex? I still think it's risky
Yes it’s risky even, more challenging! The main challenge of Forex business is it’s all about certainty; there is nothing like guarantee.
  • #72
  • Apr 29, 2019 3:11pm Apr 29, 2019 3:11pm
If you ask me. You don’t have to be full time. You can be part time. Learn, read and use demo.
i recommend you start with some reading on psychology and trading and don’t use robots. Manual trading the best. Another tip. Listen to some trading potcasts. There are some good ones out there
  • #73
  • Last Post: Apr 30, 2019 6:09am Apr 30, 2019 6:09am
Quoting JayPeBe
If you ask me. You don’t have to be full time. You can be part time. Learn, read and use demo. i recommend you start with some reading on psychology and trading and don’t use robots. Manual trading the best. Another tip. Listen to some trading potcasts. There are some good ones out there
I am also with manual trading; I think automatic trading systems are risky and irrelevant to me! By the way, it’s not easy to be a master of technical & fundamental analysis.
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