How much money can be earned after years of study and trading | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Emacsen Study, Study, Study 0 replies

How much u guys earned during the UK Referendum? 49 replies

Is it possible to use interest earned on a position to make real money? 2 replies

How much money can be earned after years of study and trading

  • #1
  • First Post: Nov 14, 2006 12:18pm Nov 14, 2006 12:18pm
Hey

Ok 1 last question

This is a very newbie and closed ended question but i would just like a figure to get a guage....

What kind of scope for money that can be earned after years of study and trading forex (individually i mean, ie not running a hedge fund or something)?

Ie daily earnings that are possible

Any limitations like max account size or transaction size

Thanks
  • #2
  • Nov 14, 2006 12:30pm Nov 14, 2006 12:30pm
thats like asking if you decide to be an actor or actress, what's the max you'll ever make.


The answer is it depends entirely on how dedicated and commited you are.
  • #3
  • Nov 14, 2006 4:19pm Nov 14, 2006 4:19pm
Hi,

I changed the title to be more descriptive

Best regards
Alan
  • #4
  • Nov 14, 2006 5:00pm Nov 14, 2006 5:00pm
Quoting tom.hunter
What kind of scope for money that can be earned after years of study and trading forex?
Enough.


But seriously, it depends on how much money you have to start, how much risk you are taking on, how confident and emotionless you are, and most of all, your own skill level.

I would say if you have a plan and some capital to start, that you could make $100K+ easy. But that is after at least 2-3 years of working your butt off to learn how to do all that (and you don't get paid anything during those years!).

I'm not there yet, but I'm working on it everyday. 2-3 hours a day, testing out new things, making some trades (demo and micro live), and reading, reading, reading.

I wish you success in your Forex journey,
andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
  • #5
  • Nov 14, 2006 6:41pm Nov 14, 2006 6:41pm
If you have broke even by the anniversary of your first year, consider yourself a "successful trader".

That may sound humorous, but it's far from funny. If you happen to make it in the top 5% of the traders that get THAT far, then you probably have overcome most of your hurdles and consider yourself consistent.

How do you know you've finally made it? If you are consistently profitable for a minimum of six months, with a steady, rising equity curve, then congratulations, you've made it.
Mr. Trend
  • #6
  • Nov 15, 2006 1:32am Nov 15, 2006 1:32am
No doubts that the first year is very important. If You are still on track after 1 year passed - You have a chance. The amount You can earn depends very much on Your deposit.
Trumpgain Limited 18 Soho Square, Company number 6219867
  • #7
  • Nov 15, 2006 3:37am Nov 15, 2006 3:37am
$42.38
  • #8
  • Nov 15, 2006 6:16am Nov 15, 2006 6:16am
LOL! Aim low my friend.... Untill you are CONFIDENT enough to put more.. If in doubt, retain yourself..
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #9
  • Nov 17, 2006 5:03pm Nov 17, 2006 5:03pm
This is my first year trading and so far i like it i am trying to work out my cranks and mistakes. I am trading live only a $1per point for now some times i push $2 if my account can hold it. How much have i made or should i say how much have i lost. i put 1,000 in and i am at 287 right now i am just trying to break even. i am not discouraged at all becuade when i see my account in the negative i just say to my self that soon it will be in the positive. But to answer the question i made money and at the same time i lost the key is to very consistent in winning and not losing because you are going to loose in this market that all keep trading! keep trading ! there is a big pot of money at the end of your long journey. Ya boy sMMALLLS HOLLLA.
Just think positive and all the pips will come your way.
  • #10
  • Nov 17, 2006 5:09pm Nov 17, 2006 5:09pm
Quoting brooklyn
This is my first year trading and so far i like it i am trying to work out my cranks and mistakes. I am trading live only a $1per point for now some times i push $2 if my account can hold it. How much have i made or should i say how much have i lost. i put 1,000 in and i am at 287 right now i am just trying to break even. i am not discouraged at all becuade when i see my account in the negative i just say to my self that soon it will be in the positive. But to answer the question i made money and at the same time i lost the key is to very consistent in winning and not losing because you are going to loose in this market that all keep trading! keep trading ! there is a big pot of money at the end of your long journey. Ya boy sMMALLLS HOLLLA.
Excuse my language, but HOLY S***!
Quoting brooklyn
This is my first year trading and so far i like it i am trying to work out my cranks and mistakes.
Here's one of them...
Quoting brooklyn
I am trading live only a $1 per point for now some times i push $2 if my account can hold it.
Only $1 per pip!! with a $287 account! That means when you take a trade, let's say with a 3 pip spread, you're already down 1%. That's how much you should risk for an entire trade!! You should be trading $0.10 per pip, which will allow you to have a comfortable stoploss, and build your account slowly while you learn more and more.

Just my advice, hope it helps,
andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
  • #11
  • Nov 17, 2006 6:52pm Nov 17, 2006 6:52pm
There are no mistakes. Just choices. Some profitable, some not. That's trading.

Understand, Mate?
  • #12
  • Nov 18, 2006 12:42am Nov 18, 2006 12:42am
Quoting gbppip
There are no mistakes. Just choices. Some profitable, some not. That's trading.

Understand, Mate?
Doing something you know you shouldn't be doing, something against (or not in) your trading plan is definitely a mistake. A choice yes, but still a mistake.

Just because it's a mistake, doesn't mean you lost money. I've had several profitable mistakes.

An experienced trader told me that in my trading log, I should make a column to rate a trade. A loser could still be rated an A+ if I learned an important lesson from it. Likewise a winner could be a F if I overleveraged and rolled the dice despite making money.
  • #13
  • Nov 19, 2006 10:16am Nov 19, 2006 10:16am
It's very possible to make a substantial amount of money in forex. Just how much depends on your risk level, initial deposit, and amount of time you spend per day trading. I practiced with a small amount of money until I became consistant over a period of time. When your ready to trade for a living you need to step up and deposit a decent amount of funds.

You should be able to earn 100k per year without taking large risks. Patience is the key to slowly building up your account. Never get frustrated and always think before you act. Find a mentor or trading partner and learn from their mistakes and don't make the same ones.

Have confidence in your trading because you can make big money. Im not a millionaire but have found a way to pull profits consistantly from this market. If thats enough for you and your not greedy then you can be successful too.
  • #14
  • Nov 19, 2006 11:46pm Nov 19, 2006 11:46pm
First when i traded i lost 10k USD, then lost 15 k again, then invested again 25k and make it back and even doubled the amount.

All this was in one year.

There is no secret about the forex, it s like any other investment.
You have to read a lot. Dont repeat the same mistakes as me... start trading DEMO accounts.

Actually i did trade demo accounts, but I burnt maybe 20 of 30k USD accounts in my first month... A bit too excited at the idea of how much money i could do.

One of the secret to make money, I think every trader in the world will agree,
use a small leverage,

don t be to sure of you,

if someties you are wrong, you have to accept it!

When you are right, keep your position with a long target and a stop loss that will break to 0 or some profit.

Dont let profit become loss.

Then many of us always want to ask, but how, why do you enter the market etc...

-you have to be global on your analyse, don`t rely only on one of the tools you have to predict the market

-you have to know as much as possible

-when you see the market, for example, GBP/JPY, moving erraticaly with now apparent reason, try to find the cause*

-when you see these erratic move, dont hink like a noob, " oh! they target a big stop loss and they got the guy..."

-actually except during the news, every movement in the forex market tha exceeds 3-6 pips has a reason

*recently the gbpjpy dropped relly fast something like 250 pips in 2 hours and came back as fast as it droped. I knew what the movement was and i bought, for many different reasons, but the main one was that I knew an important fact about the Japanese gvt, dealing with a LOT of YEN....

happy trading
  • #15
  • Nov 20, 2006 3:18am Nov 20, 2006 3:18am
This really is an unanswerable question. with a 3 trillion dollar float daily, your not going to break the forex.

Hopefully, from the answers you see above, you've discovered the key to this game is not allowing the forex to break you. Staying in the game and learning discipline is the key to longevity in this buisness. There will come a day when you realize you are at break even. There will come a day when you realize you've made your first 1,000, 10,000, 50,000 dollars. It is all a matter of time and discipline.
The basis of a democratic state is liberty. ~ Aristotle
  • #16
  • Nov 20, 2006 9:32am Nov 20, 2006 9:32am
It’s very hard to answer this question in terms of money amount. Instead I will address it in terms of percentage based on my experience. On my first of trading I studied for about 8 hours a day, I was hooked by Forex. I demo for about a year. On my second year I started trading live and some months I won, some months I lost. At the end of my second year I end up with a monthly average of 5%, around 60% profit for the year. I consider an average of 5% a month to be very good and I believe the key for success is consistency and not trying to become a millionaire in a month or a year. In case you are wondering I risk 2% of my total account per trade.
  • #17
  • Nov 20, 2006 6:03pm Nov 20, 2006 6:03pm
You can make a lot of money trading the forex. The most I've made in a day is $26,300 and the least is $10. The trading style you adopt and the currency you choose to trade is very important to you success.
A. Finesse Williams Making Millions One Pip At A Time!
  • #18
  • Nov 20, 2006 8:04pm Nov 20, 2006 8:04pm
Given the time to build the account up, in theory IF ( big IF 98% Fail ) anything from a good wage to a retire and never work / trade again amount.

So your odds are 1 in 50 of making it to long term profitable, everyone ofcourse thinks that they can beat those odds, only 1 in 50 will


So End of the Day, you've got to enjoy the challenge, cause odds are against you making it, keep your amounts small and don't quite or put the day job at risk.

Year 1 -$925 ( 121 Trades, cost per trade $7.64)
This year -$410 ( 303 trades, cost per trade $1.35 )

Atleast I'm paying Less to Play!!

Also most of those losses where start of the year, still trading crap.

Last added money 6/6/6 ( SERIOUSLY Devils money here ) I'm 200+ trades in and +$60, was +$500 for abit but slipped back to old ways.

$320 account value approx ( UK account so ?? )

Keep it small and add when you blow it, but not for a week or 2, to calm down.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #19
  • Aug 21, 2009 8:29pm Aug 21, 2009 8:29pm
Quoting tom.hunter
Hey

Ok 1 last question

This is a very newbie and closed ended question but i would just like a figure to get a guage....

What kind of scope for money that can be earned after years of study and trading forex (individually i mean, ie not running a hedge fund or something)?

Ie daily earnings that are possible

Any limitations like max account size or transaction size

Thanks
There is not that much to learn, Mate. Trading is not complicated. You probably already "know too much".
  • #20
  • Aug 21, 2009 8:46pm Aug 21, 2009 8:46pm
Quoting gbppip
There is not that much to learn, Mate. Trading is not complicated. You probably already "know too much".
You must really be bored. You are digging up 3 year old threads.
0 traders viewing now