If you like to know if 10% a month is possible... ask Warren Buffet
Forex Profit... Im sorry but... (10% per month?)
- #82
- Edited 4:31am Jul 4, 2007 4:21am | Edited 4:31am
Negative Pips = Bad Market Move Analysis (fact) = Unstable Outcome (next trade)
Market Move analysis is just the "Method".
I agree that trader with 1000 pips is better than a trader with 500 pips in terms of Method. But remember, a successful trader must have a good Mind and Money Management as well. ROI (% of equity) summarize the performance better. Another thing to look at is consistency because many people simply got lucky in this business
. No matter what we do, ultimately we just want to know what is the ROI. Investors/traders are never judged based on pips (forex) or ticks (wall street and futures market). Even SEC disallow performance reporting in terms of ticks. ROI is more conclusive than pips.
Hope that helps.
- #83
- Edited 5:46am Jul 4, 2007 5:11am | Edited 5:46am
here is a direct way to answer this question....
calculate the annual gain of 10% monthly. then compare that to the best hedgefunds.
is it possible? of course. likely? hmmm...
Don't really want to add heat here but I have to say if someone thinks a 10% per month is easy to attain, do yourself a favour and just do an even easier thing which is to only accumulate 5% per month (and re-invest that) and if you can do it for a few years, I have to say you are amazing and if you can share your method here probably everyone is happy to re-imburse you 50% of their profit (and still much left for them)
- #84
- Edited 3:28pm Jul 4, 2007 5:21am | Edited 3:28pm
I think the essence in this whole thread for everyone to think about is that, realistically, just how easy (which some people do think this way) to achieve a 10% each month, and you are confident you can do it over a few years? There are a few things to consider. Yes, you can probably point out many examples, like, "I just grow my account by 60% on a few GBP/JPY move over the last 2 months." or I just gain 10% in the last 2 hours. But, how often can you do that? The 2nd most important thing is that, if you really think 10% per month is easy, then how about to do an even easier thing, just get 5% a month and then you pledge your house, borrow from your friends and relatives, fund your account with a 10% per-annum loan, etc. By compounding just 5% per month with a $100000 startup capital you can still be rich in a few years. If it's that easy, why not pledge the house and then fund the account? Thinking like this really test your belief whether 5% or 10% per month is easy.(or even just 3%). If you are so confident in doing it, then doing all the above borrowing methods should be OK, as you can still get rich in just a few years. Bill Gates can open 10000 standard lots of a few currencies and gain a 200% return over a month, and Warren Buffet can put a $1 million bet on the roulette table and get a 100% return in 10 secs, but remember, this amount of money means nothing to them. Would they do the same, if their bet is 90% of their wealth? NO, because they are not confident of the way they won those money, but yet, they don't feel a thing if they lose them (with that "relatively" small amount of bet so they don't care whether they are confident about the method they are using. If they lose it, be it). So, it's a relative thing, gaining $100000 from a $50000 account over a year is less of an achievement if $50000 is just 1% of that person wealth.(as the method might not be reliable, but do provide good results at times). But if you firmly believe that 5 or 10% per month is easy and you are so so confident where the $500000 in your account is what you have accumulated over your whole life (say you are retired), then I really admire you, because you show that your method is so rigorously tested that it won't fail and I truly believe you that you are confident that a 5 or 10% per month is likely to be achieved.(but I really want to know if such method exist
For those who point out examples that you just grow your account by 50% in the last few weeks or 10% in the last 2 hours, think about whether you can do the same, if your investment is all that you have (and I am not talking about students where $10000 is all they have, etc). Many methods out there are not reliable, but do provide some good results at times. If a fund manager can achieve a 20% growth every year for his fund, then probably he is well known in the industry. 20% a year only and already considered to be good? There is a reason behind that.(though less leverage might be a thing but remember leverage is a two-side sword, it can help you it can go against you)
For those who point out examples that you just grow your account by 50% in the last few weeks or 10% in the last 2 hours, think about whether you can do the same, if your investment is all that you have (and I am not talking about students where $10000 is all they have, etc). Many methods out there are not reliable, but do provide some good results at times. If a fund manager can achieve a 20% growth every year for his fund, then probably he is well known in the industry. 20% a year only and already considered to be good? There is a reason behind that.(though less leverage might be a thing but remember leverage is a two-side sword, it can help you it can go against you)
- #85
- Jul 4, 2007 6:45pm Jul 4, 2007 6:45pm
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
I really really can't believe the sort of flak Mike caught for being 100% right on every word he posted here. If the people who consistently insulted him here would have taken 5 minutes to actually look at both what they're saying/typing and to whom they're saying this I really hope they would have just gone back and pressed delete on those(their own) posts.
As it stands I was hard tempted to just press the big red warning signs on some of that stuff..call me emotional.
Jesus christ, just outright preposterous. If that's the word for it.
But I'm sure Mike can appreciate the irony that after roughly 6-10 months of most serious trading, he not only knows more, makes more, but also HELPS OTHERS MORE and in a more informed and polite manner than 90% percent of this forum (given that we have a bit over 1k members I believe(?) that % is most likely pretty darn close to being correct as well) and then ends up getting these kinds of responses still.
Small wonder people get "scared off" on the public side. I for one hope he'll just look at his current account balance, crack a smile, shake his head at this and continue to post just as much and frequently on the public side as before.
God knows most of anyone starting out here can really use it(compared to all the tons of other insubstantiated BS one can find. As he said, it's about learning to even filter out the truth from the BS in the beginning).
Pretty much reminds me of the reaction I got from a guy in the infamous "cable thread" after posting there and him seeing my "evil advertising" signature..
I'm just appalled, what can I say. IMHO some people in an ideal world would offer some rather big apologies.
Know what, I'm going to do it for them.
Mike, some people in the world don't know better and I'm sorry, because if they'd know, they wouldn't (have).
--
Please don't use this as a kickoff for another 50 followups, I just really needed to post this. I'ma go hug Mike now
As it stands I was hard tempted to just press the big red warning signs on some of that stuff..call me emotional.
Jesus christ, just outright preposterous. If that's the word for it.
But I'm sure Mike can appreciate the irony that after roughly 6-10 months of most serious trading, he not only knows more, makes more, but also HELPS OTHERS MORE and in a more informed and polite manner than 90% percent of this forum (given that we have a bit over 1k members I believe(?) that % is most likely pretty darn close to being correct as well) and then ends up getting these kinds of responses still.
Small wonder people get "scared off" on the public side. I for one hope he'll just look at his current account balance, crack a smile, shake his head at this and continue to post just as much and frequently on the public side as before.
God knows most of anyone starting out here can really use it(compared to all the tons of other insubstantiated BS one can find. As he said, it's about learning to even filter out the truth from the BS in the beginning).
Pretty much reminds me of the reaction I got from a guy in the infamous "cable thread" after posting there and him seeing my "evil advertising" signature..
I'm just appalled, what can I say. IMHO some people in an ideal world would offer some rather big apologies.
Know what, I'm going to do it for them.
Mike, some people in the world don't know better and I'm sorry, because if they'd know, they wouldn't (have).
--
Please don't use this as a kickoff for another 50 followups, I just really needed to post this. I'ma go hug Mike now
Trust price. Know yourself.
- #86
- Jul 4, 2007 7:19pm Jul 4, 2007 7:19pm
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,359 Posts
I really really can't believe the sort of flak Mike caught for being 100% right on every word he posted here. If the people who consistently insulted him here would have taken 5 minutes to actually look at both what they're saying/typing and to whom they're saying this I really hope they would have just gone back and pressed delete on those(their own) posts.
As it stands I was hard tempted to just press the big red warning signs on some of that stuff..call me emotional.
Jesus christ, just outright preposterous. If that's the word for it.
But I'm sure Mike can appreciate the irony that after roughly 6-10 months of most serious trading, he not only knows more, makes more, but also HELPS OTHERS MORE and in a more informed and polite manner than 90% percent of this forum (given that we have a bit over 1k members I believe(?) that % is most likely pretty darn close to being correct as well) and then ends up getting these kinds of responses still.
Small wonder people get "scared off" on the public side. I for one hope he'll just look at his current account balance, crack a smile, shake his head at this and continue to post just as much and frequently on the public side as before.
God knows most of anyone starting out here can really use it(compared to all the tons of other insubstantiated BS one can find. As he said, it's about learning to even filter out the truth from the BS in the beginning).
Pretty much reminds me of the reaction I got from a guy in the infamous "cable thread" after posting there and him seeing my "evil advertising" signature..
I'm just appalled, what can I say. IMHO some people in an ideal world would offer some rather big apologies.
Know what, I'm going to do it for them.
Mike, some people in the world don't know better and I'm sorry, because if they'd know, they wouldn't (have).
--
Please don't use this as a kickoff for another 50 followups, I just really needed to post this. I'ma go hug Mike now
- #90
- Jul 4, 2007 9:18pm Jul 4, 2007 9:18pm
Agreed. Obviously that Mike guy is trying to help here and I appreciate that.
PS: I can make 20% per month every month and I think it's very easy too!
just kidding.....
: I'm trying to end this thread on a funny note. Tom
- #91
- Jul 4, 2007 9:29pm Jul 4, 2007 9:29pm
- Joined Mar 2004 | Status: Magic Man | 3,220 Posts
I really really can't believe the sort of flak Mike caught for being 100% right on every word he posted here. If the people who consistently insulted him here would have taken 5 minutes to actually look at both what they're saying/typing and to whom they're saying this I really hope they would have just gone back and pressed delete on those(their own) posts.
As it stands I was hard tempted to just press the big red warning signs on some of that stuff..call me emotional.
Jesus christ, just outright preposterous. If that's the word for it.
mike, hang in there buddy, 1KT is on the way!!
Relax and be happy.
- #92
- Jul 4, 2007 9:32pm Jul 4, 2007 9:32pm
Incredible. Isn't this over? lol.
I just want to say this:
No matter what do you think or say to yourselfs you are. No matter what you do...
In this forex world, you are just like another guy around the corner! And its not a forum that will change that.
Why?
Because EVERY opinion from simple guys might be valid, BUT as long as you guys consider to be Experts, there is a 95 percent chance that you are lying. So...
Please try to understand and i dont mean to ofend but, you are nobody if you cant prove anything you say. I apologize if this makes you cry in the bed, when you go to sleep. But thats the way it is. Sorry
I have an opinion and i tried (with other ppl) to explain based on previous results, some math and based on the fact that there are other ways to get 10% year without wasting years of our life doing it as a work.
Do you know what was the entire argument you guys used? The key line in your statements?
"hey it can't be done because........... it's a big number, it's too much
"
At the begining i just tried to understand your view, believe me, but soon i realized that the most incredible part in all of this is that, you firmly believe that Forex is not supposed to get anyone rich. Only the rich getter richer. A great trader with only a couple thousand dolars will suck forever.
And by the way, at least i didnt called BS to other opinions, but, for you cocky "i have to enter in members only" ppl.
Please read a THOUSAND times my first quote in my signature and cry because....
I may be wrong in my ideas, but at least im yet out of the 95% and you are already in there, and it hurts like hell deeply in your minds.
Now, end this truly cocky non sense. No more posts here.
I just want to say this:
No matter what do you think or say to yourselfs you are. No matter what you do...
In this forex world, you are just like another guy around the corner! And its not a forum that will change that.
Why?
Because EVERY opinion from simple guys might be valid, BUT as long as you guys consider to be Experts, there is a 95 percent chance that you are lying.
So...Please try to understand and i dont mean to ofend but, you are nobody if you cant prove anything you say. I apologize if this makes you cry in the bed, when you go to sleep. But thats the way it is. Sorry
I have an opinion and i tried (with other ppl) to explain based on previous results, some math and based on the fact that there are other ways to get 10% year without wasting years of our life doing it as a work.
Do you know what was the entire argument you guys used? The key line in your statements?
"hey it can't be done because........... it's a big number, it's too much
"At the begining i just tried to understand your view, believe me, but soon i realized that the most incredible part in all of this is that, you firmly believe that Forex is not supposed to get anyone rich. Only the rich getter richer. A great trader with only a couple thousand dolars will suck forever.
And by the way, at least i didnt called BS to other opinions, but, for you cocky "i have to enter in members only" ppl.
Please read a THOUSAND times my first quote in my signature and cry because....
I may be wrong in my ideas, but at least im yet out of the 95% and you are already in there, and it hurts like hell deeply in your minds.
Now, end this truly cocky non sense. No more posts here.
- #93
- Jul 4, 2007 9:39pm Jul 4, 2007 9:39pm
- Joined Mar 2004 | Status: Magic Man | 3,220 Posts
"hey it can't be done because........... it's a big number, it's too much
Relax and be happy.
- #97
- Jul 4, 2007 11:13pm Jul 4, 2007 11:13pm
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,359 Posts
If the subject was 10%/day then I would look at whether someone could do it over months as a measure of consistency.
But since the title is 10%/month then consistency should be measured over years to make much of a statement about whether or not it is possible.
I myself, as well as someone as esteemed as Merlin, have said it is possible - just not probable. There I said it, possible, possible, possible.
But no matter the f'ing %, trading right within your own plan is the most important consideration. The money will follow. You know, am I the only one to think that pips has such a kindergarten ring to it? Hmmm.
I can be as rich as Soros trading currencies
. For proof : (insert lengthy compounding mathematics here)
It's not impossible but still not probable. (maybe 0.0001% probability?)
Cheerios.
- #100
- Jul 5, 2007 12:05am Jul 5, 2007 12:05am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Mike I am sorry about my strong reply yesterday, I was going to pm an apology but I think you deserve this publicly.
I reacted too harshly to your wording when I should have been mature enough to realize that your intentions were what mattered ,and as is usual , your intentions were good.The fact that you are on the young side has no bearing on your ability .This is a great forum and you are a very generous contributor. Randomlight
no problem bro, things can get heated with opinions involved (on my end also)
Best,
Mike