How money do we make and how long? | Forex Factory

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How money do we make and how long?

  • #1
  • First Post: Jun 13, 2007 5:04am Jun 13, 2007 5:04am
Hi guys,

random question, how much money have we all made from forex and how long did it take us to make it...

I mean u hear about people talking 90% of traders fail, then u think to urself why does anyone, then, bother doing forex if so many people fail?
  • #2
  • Jun 13, 2007 5:13am Jun 13, 2007 5:13am
90% of people fail.... but not 90% from this forum.... there are many many many people trading.... more than you think... so.. 10% is still many people making money... all of them in this forum... of course heh
  • #3
  • Jun 13, 2007 5:16am Jun 13, 2007 5:16am
I guess 90 percent failed is a good thing in a way...I mean only when so many people fail can the few really get rich...if everyone made a bit of money off of it, then everyone would just have a bit of money
  • #4
  • Jun 13, 2007 5:30am Jun 13, 2007 5:30am
Quoting xxfunguyxx
Hi guys,

random question, how much money have we all made from forex and how long did it take us to make it...

I mean u hear about people talking 90% of traders fail, then u think to urself why does anyone, then, bother doing forex if so many people fail?
in my opinion +10-20% mothly is reachable.
  • #5
  • Jun 13, 2007 5:33am Jun 13, 2007 5:33am
I started live just over a month ago. So I've mostly just lost money so far letting my emotions get the better of me. I went back to demo trading for the week until I get them in check, pulled about 300pips demoing yesterday, trading 2 pairs and 1 trade on a third. It's shame I can't trade like that live yet. Hopefully soon though, watched a video yesterday someone posted about blowing up your account and that should help I think. She gave some good tactics to get emotions under control. From what I hear it's pretty common to have a poor transition from demo to live. I'm willing to put in my time and pay my dues though.
  • #6
  • Jun 13, 2007 6:16am Jun 13, 2007 6:16am
8 month i guess, only 20% total,
in number, if fee for internet conection is included, , i still broke
  • #7
  • Jun 13, 2007 6:27am Jun 13, 2007 6:27am
Hi shadeslay

Do you mind attaching a link to the video please.

Thanks
tasse

Quoting shadeslay
I started live just over a month ago. So I've mostly just lost money so far letting my emotions get the better of me. I went back to demo trading for the week until I get them in check, pulled about 300pips demoing yesterday, trading 2 pairs and 1 trade on a third. It's shame I can't trade like that live yet. Hopefully soon though, watched a video yesterday someone posted about blowing up your account and that should help I think. She gave some good tactics to get emotions under control. From what I hear it's pretty common to have a poor transition from demo to live. I'm willing to put in my time and pay my dues though.
  • #8
  • Jun 13, 2007 6:33am Jun 13, 2007 6:33am
Quoting tasse
Hi shadeslay

Do you mind attaching a link to the video please.

Thanks
tasse
http://www.forexfactory.com/showthread.php?t=14551

there's also a newer one by her in the beginners section, I haven't seen that one yet.
  • #9
  • Jun 13, 2007 6:34am Jun 13, 2007 6:34am
- started in Spring of 06.
- Demoed for 3 months.
- Then blew 3 live accounts (small ones thankfully).
- Spring of 07 I totally changed my approach mentally and trading system
- Now, finally, I am into my 4th month being profitable - account is up 98%.
- Goal: to be generating regular income by end of 07.

Best wishes,
  • #10
  • Jun 13, 2007 6:41am Jun 13, 2007 6:41am
Quoting KudzuFX
- started in Spring of 06.
- Demoed for 3 months.
- Then blew 3 live accounts (small ones thankfully).
- Spring of 07 I totally changed my approach mentally and trading system
- Now, finally, I am into my 4th month being profitable - account is up 98%.
- Goal: to be generating regular income by end of 07.

Best wishes,
Hey Kudzu, that's some serious performance.

Keeping in mind you average 24.5% per month, if your startup capital is 1000 USD you'll be a millionaire in about 43 months! That's about 3 and a half years!
  • #11
  • Jun 13, 2007 6:49am Jun 13, 2007 6:49am
Adding to my previous post.

Having an start-up capital of 1000 USD

ROI 20% / M - 38 Months ~3.2 Years to get to the million $
ROI 10% / M - 73 Months ~6.1 Years to get to the million $
ROI 5% / M - 142 Months ~12 Years to get to the million $


Another interesting fact:

If you were to keep ROI at 5% per month, by constantly withdrawing the surplus that comes after million you would be able to make 51032 USD PER MONTH. Now that's what I call trading for a living, goddamit
  • #12
  • Jun 13, 2007 6:53am Jun 13, 2007 6:53am
Yep that's some great return investment, hoping I can do so well in the near future.
  • #13
  • Jun 13, 2007 6:54am Jun 13, 2007 6:54am
On the more conservative side,

If your initial investment is 10000 USD and you manage to keep up with the proffesionals, who make 30% annual:

It would take around 15.6 years to get to the million, and by withdrawing the surplus on monthly basis, you would fill your pockets with constant 25311 USD monthly
  • #14
  • Jun 13, 2007 12:51pm Jun 13, 2007 12:51pm
I started in Aug 2006 with Live account. Seven months later I lost this account. From that point doing a lot of scalping on Demo only and so far no consistent results. Sometimes can win 10 days stright positive but later loose. So I am not going Live again untill no consistent results on Demo.
Conclusion: I made only one mistake on Forex. I started with Live account before I even know how to trade. If you can try to avoid this mistake. Trading on Forex seems easier then it is in reality, so try to stay on DEMO as long as possible.

Sencirely wishing succses with your trading
Andrey
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #15
  • Jun 13, 2007 2:30pm Jun 13, 2007 2:30pm
I've been trading for about 4 months since February 2007. I used the demo for about a week then jumped right into live trading. I've been averaging 10% return per week for the last two months. I'm about to quit my job because I make in one day in forex more than what I make a week at my day job.
  • #16
  • Jun 13, 2007 6:17pm Jun 13, 2007 6:17pm
Quoting Pipsqueak
I've been trading for about 4 months since February 2007. I used the demo for about a week then jumped right into live trading. I've been averaging 10% return per week for the last two months. I'm about to quit my job because I make in one day in forex more than what I make a week at my day job.
Indelibly stamp on your forehead {mirror image} "I Trade THIS WAY {your method} because it works.'
Then place a mirror where your next monitor will go.
  • #17
  • Jun 14, 2007 1:26am Jun 14, 2007 1:26am
Quoting Pipsqueak
I've been trading for about 4 months since February 2007. I used the demo for about a week then jumped right into live trading. I've been averaging 10% return per week for the last two months. I'm about to quit my job because I make in one day in forex more than what I make a week at my day job.
Not so fast.
Trade successfully for at least on year successfully to think about quiting your job.
Otherwise U may find yourself looking for a job at the call center soon
Money: Bad Master, Best Slave
  • #18
  • Jun 15, 2007 8:14am Jun 15, 2007 8:14am
Quoting Pipsqueak
I've been trading for about 4 months since February 2007. I used the demo for about a week then jumped right into live trading. I've been averaging 10% return per week for the last two months. I'm about to quit my job because I make in one day in forex more than what I make a week at my day job.
I have made a good profit too in the last 3 months. My account is up 98% as I said earlier. Actually, one big thing that turn it around for me was understanding several trader axioms - The first one is

"It is easier to lose money in Forex than it is to make it."

I plan on building up a reserve account so that when the equity curve turns down before it turns up again I will be prepared. I am not in a rush to make my first million. I am in a rush to not lose what I have.
  • #19
  • Jun 15, 2007 8:54am Jun 15, 2007 8:54am
Quoting emurithi
Not so fast.
Trade successfully for at least on year successfully to think about quiting your job.
Otherwise U may find yourself looking for a job at the call center soon
what EXACTLY is wrong about working at call centre?
been there for 2 full years working full time, no complaints from me
  • #20
  • Last Post: Jun 15, 2007 12:54pm Jun 15, 2007 12:54pm
Many thanks shadeslay.

tasse

P.S. Hi kudzufx any chance of sharing your strategy/ies. Thanks

Quoting shadeslay
http://www.forexfactory.com/showthread.php?t=14551

there's also a newer one by her in the beginners section, I haven't seen that one yet.
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