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Is the sky the limit or is it too good to be true?

  • #21
  • Jun 4, 2007 2:19am Jun 4, 2007 2:19am
Quoting Geldmeister
This is a question for seasoned FX veterans or those with at least a few years of live trading experience:

After nearly 6 months of demo and live trading it seems to me that the key to creating monetary wealth from FX is consistency. I.e. if you can consistently be profitable and pull in the pips week in week out, then what stops you gradually increasing your lot sizes? This in turn should mean that it is possible to build a small fortune in only a few years.

Or am I missing something here? Are there some barriers to riches I am not aware of? Let's assume the trader keeps his emotions under control, executes a trading plan consistently. What could prevent this trader from becoming rich?

I guess, the answer I am hoping is nothing will stop you in that case

Thanks in advance!

6 months on this and you already did money?

Do you use a method of the ones posted in this forum or do you trade on news? Or maybe it was just luck?

Just asking, cause i have been the same time as you in this, and I had no success. Of course im only trading on demo. None of the systems i tried so far worked.

Any advices would be appreciated.
Why do we fall? "So we can learn to pick ourselves up."
  • #22
  • Jun 4, 2007 2:36am Jun 4, 2007 2:36am
Quoting ForexDude
6 months on this and you already did money?

Do you use a method of the ones posted in this forum or do you trade on news? Or maybe it was just luck?

Just asking, cause i have been the same time as you in this, and I had no success. Of course im only trading on demo. None of the systems i tried so far worked.

Any advices would be appreciated.
make your own system
  • #23
  • Jun 4, 2007 8:15am Jun 4, 2007 8:15am
Quote
After nearly 6 months of demo and live trading it seems to me that the key to creating monetary wealth from FX is consistency. I.e. if you can consistently be profitable and pull in the pips week in week out, then what stops you gradually increasing your lot sizes? This in turn should mean that it is possible to build a small fortune in only a few years.


Consistency will get you there. But you have to keep it consistent. You're more apt to maintain consistency on a monthly or quarterly basis. Weekly goals are great if you don't get too obsessed with them, because they are difficult to maintain. Just like your charts--the shorter the timeframe, the choppier your results will appear.

But by all means, log your results and create spreadsheets in different timeframes so you really visualize your progress. As cesarnc points out, spreadsheets are a powerful visual incentive and are a big plus in helping you achieve your goals.

One more thought on consistency. As you increase your account size, increase your lot size ONLY in proportion to account size. Consistency again. You've probably heard of the pitfalls of trading with "scared money." After a run of good trades, "courageous money" can destroy your account as well. Keep your MM consistent.

Sounds easier than it really is. But not impossible.
  • #24
  • Jun 4, 2007 8:22am Jun 4, 2007 8:22am
Quote
make your own system

Yes. If you make it yourself you will know when to use it and when not to. And on what pair(s). If you invented it and it stops working you'll know why.
  • #25
  • Edited 10:02am Jun 4, 2007 8:43am | Edited 10:02am
This is not true! I want to play center for the Dallas Mavericks. How many layups do I need to do before they will hire me?

I'm not going to candycoat this (and Hilmy this is not directed at you) if you create a system with no true advantage and got lucky for a year or two, then go into a losing streak.... it could go draw down infinitely and cripple your account.

All people saying "Keep trading through drawdown and you will be in the top 5%....," at the risk of sounding cynical, I don't think this is true in many cases. The market will always do what it wants to, and your system could always be on the losing end.

Thank you for allowing me to express my opinion.

Quoting hilmy83
i think the 'sky's the limit' applies to everything in this life, not just trading.

If you believe that you can succeed and you put in the effort and heart into something, you will get something out of it
  • #26
  • Mar 13, 2013 3:29pm Mar 13, 2013 3:29pm
The only limit is liquidity (WHICH IS A BEAST IN FOREX) and your own psychology on the % gains and more importantly the risks of larger sums of money. You will find as your stack goes up to a certain point, you will substantially reduce your risk because you are simply happy making $10,000 a day or whatever that X amount is for you. It will no longer be a % game.


But yeah.. the liquidity.


You can have $10 million dollars in your account and still scalp with 10:1 leverage no problem..... $100 mil is nothing in FX
"Trade Small, Trade Often."
  • #27
  • Mar 13, 2013 6:25pm Mar 13, 2013 6:25pm
Quoting Geldmeister
if you can consistently be profitable and pull in the pips week in week out

That's the problem.



Trading is never as simple as 1 + 1 = 2 or if-so statement.



If you ask how many trader is actually able to pull the goal pips they dreamed weekly or monthly or even annually, my answer to you is probably less than 2% of the entire forum that good trader hardly spending time here typing and gives a damn about what we think.


but you could be get in that 2%-5% of you try harder.
More than a hobby. Never a game. US Client at 1:50.
  • #28
  • Last Post: Mar 14, 2013 8:43am Mar 14, 2013 8:43am
Sky's the limit - yes and no, depends on your perspective. And yeah, many traders have struck it rich but they did it after years of research, patience, grunt work, etc. The "get rich" part is not going to happen overnight, you need to work at it and hey, welcome to the wannabe sorros club,
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