ITB - Seeing Orderliness amongst 'Randomness'
$10K to $2Mil in 2 years consistency getting 1% day return
- #1
- First Post: Dec 11, 2020 7:39pm Dec 11, 2020 7:39pm
- Joined Jun 2010 | Status: Trader | 16,699 Posts
- #3
- Dec 12, 2020 1:00am Dec 12, 2020 1:00am
- Joined Jun 2010 | Status: Trader | 16,699 Posts
ITB - Seeing Orderliness amongst 'Randomness'
- #5
- Dec 13, 2020 7:57am Dec 13, 2020 7:57am
- Joined Jun 2010 | Status: Trader | 16,699 Posts
ITB - Seeing Orderliness amongst 'Randomness'
- #6
- Edited 2:02pm Dec 13, 2020 1:49pm | Edited 2:02pm
About two years ago, me and a friend who doesn't trade, we had a discussion about how surreal the prospect of profits is for a forex trader.
Taking into account the interest rates that banks offer, someone in forex making 2% to 5% lets say every month seems like an illusion.
But taking into account the high risk and how difficult it is to be consistent, I tried to make 2% a day in a demo account just to prove it was possible.
the same account from March to August
Taking into account the interest rates that banks offer, someone in forex making 2% to 5% lets say every month seems like an illusion.
But taking into account the high risk and how difficult it is to be consistent, I tried to make 2% a day in a demo account just to prove it was possible.
the same account from March to August
- #7
- Dec 13, 2020 7:44pm Dec 13, 2020 7:44pm
- Joined Jun 2010 | Status: Trader | 16,699 Posts
ITB - Seeing Orderliness amongst 'Randomness'
- #9
- Dec 13, 2020 8:13pm Dec 13, 2020 8:13pm
- Joined Jun 2010 | Status: Trader | 16,699 Posts
ITB - Seeing Orderliness amongst 'Randomness'
- #10
- Dec 14, 2020 5:13am Dec 14, 2020 5:13am
- | Membership Revoked | Joined Jun 2011 | 9,885 Posts
To free Gazans of Hamas, use whatever it takes.
- #11
- Dec 14, 2020 5:24am Dec 14, 2020 5:24am
- | Membership Revoked | Joined Jun 2011 | 9,885 Posts
{quote} i reckon that for an average self taught person to see some light at the end of the tunnel may take an average of 5-7 years (depending on his personality), unless there is a good mentor. however, one needs to have the wisdom to know when to stop hitting his head against the wall if trading is not in his personality. the following is for someone who is relatively new in trading. 1. do not place big lots like moving 10 pips will get you 5% return. it's more like 20 pips for 1% return. no fixed numbers, just approximation, looking to TP at...
To free Gazans of Hamas, use whatever it takes.
- #12
- Edited 5:58am Dec 14, 2020 5:41am | Edited 5:58am
- Joined Jun 2010 | Status: Trader | 16,699 Posts
ITB - Seeing Orderliness amongst 'Randomness'
- #13
- Dec 14, 2020 6:21am Dec 14, 2020 6:21am
- | Membership Revoked | Joined Jun 2011 | 9,885 Posts
To free Gazans of Hamas, use whatever it takes.
- #14
- Dec 14, 2020 6:52am Dec 14, 2020 6:52am
- Joined Jun 2010 | Status: Trader | 16,699 Posts
ITB - Seeing Orderliness amongst 'Randomness'
- #15
- Dec 14, 2020 7:05am Dec 14, 2020 7:05am
- | Membership Revoked | Joined Jun 2011 | 9,885 Posts
To free Gazans of Hamas, use whatever it takes.
- #16
- Dec 14, 2020 2:24pm Dec 14, 2020 2:24pm
- Joined Jun 2010 | Status: Trader | 16,699 Posts
ITB - Seeing Orderliness amongst 'Randomness'
- #18
- Dec 14, 2020 7:13pm Dec 14, 2020 7:13pm
- Joined Sep 2008 | Status: Trader | 2,275 Posts
What most people don't understand: You can never be sure when you invest any money on Forex. People think: Today I make 1%, tomorrow 1% and when I raise the lot size I will be easily millionaire. -No. That is not the reality.
The reality is to learn a technique which is profitable, which is in itself so profitable that you are able to close a month in the green. Even that only 3-5% of all Traders are able to do that(I speak of monthly basis) and only 1% around are able to achieve that over years without red months.
If you spend 10 or 20 years analyzing certain instruments you can have a streak of days or even weeks where you make no loss on daily base (closing a day in the green).
What people have to learn first: Markets are different on different days. That's why you lose sometimes because your statistic outcome in the end is not perfect to every market condition. That market conditions are created by bots and smart big money to unsecure you over and over, especially the profitable people to stop grabbing "their" money, aka "newbies" and "rambos".
I always say to people when they ask me to start trading: Trading is boring (in long run), Trading is stress, Trading is sometimes unpredictable, to be profitable Trader you need to get a doctor title (and that is no joke, it is the same amount and effort you have to put in) and below 500000 Euro/Dollar you should do something else first because you can earn money more easy in another way to the first 500000. Of course if you want to be a trader for life you have to start in general with less money. But be prepared to spend a spare life the first 10 years.
One more tip: The more professional a market is, the easier it is to trade it in long term but it takes forever to understand the market,- but in the end it is more predictable. The less professional a market is (e.g. small caps in USA trading on breakouts is very famous) the more easy it is to earn money in shorter time but you have to be clear that you sometimes play roulette - even if you don't want or know it because markets are not professional enough aka not predictable.
Here, on forex, there are some traders who have 95 of 100 trades right. They are 40+ , at least 10 years of experience, know everything about technical analyse, moneymanagement, riskmanagement, game theorie, roulette, bets etc. and know their market exactly. Highly specialists. You must be a freak to achieve that. I'm on the way to it, yes. Is that healthy? I don't think so but of course you can live how you want.
Just my two cents.(by the way no one of these extreme traders will teach you how to do it, they are no teachers, they are traders - no one gets as good as a surgeon only by asking him how to do it and cut some meat,- you have to have the experience, I always realize that over and over when I talk to someone about that stuff. There is so many knowledge you have to know. Indicators, how they work, the formulars behind it, programming (well, at least excel), play theorie, roulette, difference roulette, stock market, swings, ranges, abnormalities,- and how to handle them, avoid losses, not concentrating on optimize gains, understand how you earn money, market phases, different time frames in sync (and that not means they must be in sync, they must be in sync for YOUR trading style, in my case I need unsync markets because I trade against the market,- and so on and so on. )
To break it down: Trading is an Art, you have to be perfect on the point. Play Tennis on a higher level and you understand what I mean. If you are not perfect, you lose or just don't earn any money. Market is unforgivable. Example? Expect to hit at least 1-5 times per year the "sell button" when you wanted to hit the "buy" button. Believe me: When you are really good you do exact the wrong thing in that moment. That can cost you one day revenue or even a week revenue in seconds or minutes. Be prepared to experience hell - and heaven and that you can live as you want (and of course afford what you want).
Cheers
The reality is to learn a technique which is profitable, which is in itself so profitable that you are able to close a month in the green. Even that only 3-5% of all Traders are able to do that(I speak of monthly basis) and only 1% around are able to achieve that over years without red months.
If you spend 10 or 20 years analyzing certain instruments you can have a streak of days or even weeks where you make no loss on daily base (closing a day in the green).
What people have to learn first: Markets are different on different days. That's why you lose sometimes because your statistic outcome in the end is not perfect to every market condition. That market conditions are created by bots and smart big money to unsecure you over and over, especially the profitable people to stop grabbing "their" money, aka "newbies" and "rambos".
I always say to people when they ask me to start trading: Trading is boring (in long run), Trading is stress, Trading is sometimes unpredictable, to be profitable Trader you need to get a doctor title (and that is no joke, it is the same amount and effort you have to put in) and below 500000 Euro/Dollar you should do something else first because you can earn money more easy in another way to the first 500000. Of course if you want to be a trader for life you have to start in general with less money. But be prepared to spend a spare life the first 10 years.
One more tip: The more professional a market is, the easier it is to trade it in long term but it takes forever to understand the market,- but in the end it is more predictable. The less professional a market is (e.g. small caps in USA trading on breakouts is very famous) the more easy it is to earn money in shorter time but you have to be clear that you sometimes play roulette - even if you don't want or know it because markets are not professional enough aka not predictable.
Here, on forex, there are some traders who have 95 of 100 trades right. They are 40+ , at least 10 years of experience, know everything about technical analyse, moneymanagement, riskmanagement, game theorie, roulette, bets etc. and know their market exactly. Highly specialists. You must be a freak to achieve that. I'm on the way to it, yes. Is that healthy? I don't think so but of course you can live how you want.
Just my two cents.(by the way no one of these extreme traders will teach you how to do it, they are no teachers, they are traders - no one gets as good as a surgeon only by asking him how to do it and cut some meat,- you have to have the experience, I always realize that over and over when I talk to someone about that stuff. There is so many knowledge you have to know. Indicators, how they work, the formulars behind it, programming (well, at least excel), play theorie, roulette, difference roulette, stock market, swings, ranges, abnormalities,- and how to handle them, avoid losses, not concentrating on optimize gains, understand how you earn money, market phases, different time frames in sync (and that not means they must be in sync, they must be in sync for YOUR trading style, in my case I need unsync markets because I trade against the market,- and so on and so on. )
To break it down: Trading is an Art, you have to be perfect on the point. Play Tennis on a higher level and you understand what I mean. If you are not perfect, you lose or just don't earn any money. Market is unforgivable. Example? Expect to hit at least 1-5 times per year the "sell button" when you wanted to hit the "buy" button. Believe me: When you are really good you do exact the wrong thing in that moment. That can cost you one day revenue or even a week revenue in seconds or minutes. Be prepared to experience hell - and heaven and that you can live as you want (and of course afford what you want).
Cheers
- #19
- Dec 14, 2020 7:48pm Dec 14, 2020 7:48pm
- Joined Jun 2010 | Status: Trader | 16,699 Posts
ITB - Seeing Orderliness amongst 'Randomness'
- #20
- Dec 14, 2020 8:03pm Dec 14, 2020 8:03pm
- Joined Jun 2010 | Status: Trader | 16,699 Posts
ITB - Seeing Orderliness amongst 'Randomness'