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How much money can a seasoned semi-pro make with trading on Forex?

  • #41
  • Nov 23, 2007 8:42pm Nov 23, 2007 8:42pm
Quoting buddhi
i use neither luck nor skill - just a simple 100% winning method with negligible risk; so little risk that i never use a stoploss. and i consistently make Way over 100% every hour.

try it out.

first put on a trade - short or long, it does not matter.

click on the ask price line twice to select it, then drag it way above your long entry or way below your short entry.

close your trade and bank the profit. this is a simple method that works 100% of the time.

if you have trouble selecting the ask price line, go to tools/options/objects and set the magnet sensitivity to zero.
then my guess is that you are a very wealthy person
Don't chase the market, Let the market come to you
  • #42
  • Nov 25, 2007 10:19am Nov 25, 2007 10:19am
Quoting philmcgrew
Most could take your $10,000 and turn it into $2500 in about 2 months. Some could do it more quickly.



Phil -

I bet you 30k I can do it even faster.
  • #43
  • Nov 25, 2007 11:45am Nov 25, 2007 11:45am
Hi everyone,

I've enjoyed reading this thread, and the original question is a good one for someone just learning about Forex. The only comment I would add is look for pips everyday. If you follow good money management and system, after a month you should see return on your money.
For myself, I am looking for 60 pips per day average. Some days are +600, some days negative, but on average look for 60 pips per day (300 pips per week, 12-1300 pips per month). You can then convert a $3k account to $1 million in a year. The issue is finding a system and following it during good times and bad. Take the emotion and guess work out of your trading. This can be done by backtesting for 2+ years and paper trading at least 2 months to become accustomed to your broker's platform and actual results.
Good luck trading!

Bioquim
  • #44
  • Nov 25, 2007 12:03pm Nov 25, 2007 12:03pm
  •  mld
  • | Joined Sep 2007 | Status: Pips Raining Cats & Dogs | 85 Posts
True Bioquim
  • #45
  • Edited 2:45pm Nov 25, 2007 12:05pm | Edited 2:45pm
"The issue is finding a system..."

Never a truer word spoken.
When you find this system, you can lease it out @ $994,000.00/Year and your clients will still double their money/year.

Technically True, Fundamentally F\/<ked.
Just to fuel the TA/FA debate.
  • #46
  • Nov 26, 2007 4:31am Nov 26, 2007 4:31am
Quoting Northernstar
I do not trade hammers, dojis, shooting stars, triangles, flags and so on. I am not a fundamental or technical I trade price and only price. It is quite the opposite lack of volyme makes trading easier. I only trade what I see, price and time.

Hi Northenstar,

Aren't hammers, dojis and shooting stars examples of price action?
  • #47
  • Nov 26, 2007 11:43am Nov 26, 2007 11:43am
Quoting thehedge
Hi Northenstar,

Aren't hammers, dojis and shooting stars examples of price action?
Here is a good site for a better understanding of candlesticks.

http://www.fxwords.com/j/japanese-candlesticks.html
  • #48
  • Nov 26, 2007 5:39pm Nov 26, 2007 5:39pm
The traders who make 20%/month consistently usually keep quiet about their earnings. I know atleast 4 traders who have been making 20% on a monthly basis for the past 3 years.
  • #49
  • Nov 27, 2007 12:56pm Nov 27, 2007 12:56pm
Quoting WHTenn
Here is a good site for a better understanding of candlesticks.

http://www.fxwords.com/j/japanese-candlesticks.html
Hi WHTenn,

Thanks for the link. I do know about candlestick charting but what I was confused about was Northenstar stating that he does not trade hammers, dojis and shooting stars, but price only. Aren't these different forms of price action?
  • #50
  • Nov 27, 2007 11:35pm Nov 27, 2007 11:35pm
Quoting thehedge
Hi WHTenn,

Thanks for the link. I do know about candlestick charting but what I was confused about was Northenstar stating that he does not trade hammers, dojis and shooting stars, but price only. Aren't these different forms of price action? YES
If you trade "price action" on the lower time frames you end up trading what people refer as noise and broke, count how many hammers, dojis there are. I prefer bars in one color, easier on the eyes and lowers stress levels. There are more than one way to trade price. How do you think people traded before Nison wrote his book or head and shoulders was printed. If you wish to be a succesfull trader helps to keep an open mind.
  • #51
  • Nov 28, 2007 10:56am Nov 28, 2007 10:56am
Quoting Northernstar
If you trade "price action" on the lower time frames you end up trading what people refer as noise and broke, count how many hammers, dojis there are. I prefer bars in one color, easier on the eyes and lowers stress levels. There are more than one way to trade price. How do you think people traded before Nison wrote his book or head and shoulders was printed. If you wish to be a succesfull trader helps to keep an open mind.
Hi Northernstar,

Thanks for clearing things up. Understand it now. "How do you think people traded before Nison wrote his book or head and shoulders was printed." Would you mind sharing any resources or advice on heading in this direction? Thanks.
  • #52
  • Nov 29, 2007 1:41am Nov 29, 2007 1:41am
Quoting th_ngue21
Forex is "easier" to trade because:

1. Everyone has the same rights to trade at anytime, anywhere. (banks/super traders or Hedge Funds have the same rights as a "smart" small trader.

2. Forex, has only one risk. That is the Global Market Risk.

3. Forex has a Leverage System. You can put less money to earn big.

4. You can Hedge in Forex.

BUT....

Forex is hard to master! Much harder than stocks....

Everyone agree with me?
How do you hedge in forex? sorry newbie question
  • #53
  • Nov 29, 2007 3:05am Nov 29, 2007 3:05am
Quoting Treehugger
Hello!

I'm still very fresh in all this, working on my strategy, money management and everything.

Anyway, I was wondering, what could a seasoned semi-pro do, if you'd give him $10.000. Is it likely that he could turn this money into, let's say, $20.000 in a year, without taking too much of a risk? Is it possible to have this kind of gains, if your account's exposure is max. at 6%? Or do you need to take bigger risks to achieve a 100% return?

And what do most of you find "easier" to trade - Forex or Stocks?

Sorry for my n00bish questions, but I'd like to hear your answers and opinions. Thanks! http://forums.babypips.com/images/smilies/smile.gif

I turned $2000 to $1900 in about 7 days.
I turned $50000 to $52000 in about 7days.
The $2K a/c is real money the $50K a/c fake money. It is not so easy with real money because of the psychological factor. Only experience can overcome this psychological factor.
  • #54
  • Dec 4, 2007 1:54am Dec 4, 2007 1:54am
Quoting philmcgrew
I think forex is much easier than stocks because it trends a higher percentage of the time. The leverage is quite nice as well.
Well, according to an article in the October issue of Currency Trader magazine, it may be a myth that the Forex market trends more than other markets.

Here is a little taste from the article (It is the sub-headline from the article): "People often heap praise on currencies for their ability to trend, but crunching the numbers show this aspect of the forex market might be overrated - or imaginary."

The article then goes on with statistics about how the forex market doesn't trend more than any other market. In fact, it may trend slightly less. However, I should note that the only currency pairs they tested were the eur/usd, gbp/usd, and usd/jpy.


Topgun
"Success is not a fantasy, it's a formula." - MTI
  • #55
  • Dec 4, 2007 3:38am Dec 4, 2007 3:38am
Interesting topgun. Did it give headline stats on those pairs?
  • #56
  • Dec 4, 2007 5:09am Dec 4, 2007 5:09am
Hi topgun,

That is very interesting. Did they offer any explanation on why that misconception exists? e.g. Did the currencies trended more in recent years than in the last decades.
  • #57
  • Dec 4, 2007 1:06pm Dec 4, 2007 1:06pm
Quoting Topgun_1
Well, according to an article in the October issue of Currency Trader magazine, it may be a myth that the Forex market trends more than other markets.

Here is a little taste from the article (It is the sub-headline from the article): "People often heap praise on currencies for their ability to trend, but crunching the numbers show this aspect of the forex market might be overrated - or imaginary."

The article then goes on with statistics about how the forex market doesn't trend more than any other market. In fact, it may trend slightly less. However, I should note that the only currency pairs they tested were the eur/usd, gbp/usd, and usd/jpy.


Topgun
I read that article too. The testing was done over longer time periods than we normally use. The charts displayed were weekly charts over a 10 year period. The last paragraph of the article states that the parameters used in testing may not be appropriate for some traders.
I believe the trending characteristics of currency pairs makes them better suited to active traders than stocks. I can't see myself holding a pair for decades. I noticed they left the USD/CAD out of the mix.
I have to agree with Phil. For our purposes as active traders currencies have better trending characteristics.
  • #58
  • Dec 4, 2007 5:57pm Dec 4, 2007 5:57pm
Quoting Treehugger
Hello!

I'm still very fresh in all this, working on my strategy, money management and everything.

Anyway, I was wondering, what could a seasoned semi-pro do, if you'd give him $10.000. Is it likely that he could turn this money into, let's say, $20.000 in a year, without taking too much of a risk? Is it possible to have this kind of gains, if your account's exposure is max. at 6%? Or do you need to take bigger risks to achieve a 100% return?

And what do most of you find "easier" to trade - Forex or Stocks?

Sorry for my n00bish questions, but I'd like to hear your answers and opinions. Thanks! http://forums.babypips.com/images/smilies/smile.gif
As for me, I spent 2,5 years trying to earn money on Forex market. I studied lost of books, many theories but nothing helped and I gave up.
  • #59
  • Dec 4, 2007 7:29pm Dec 4, 2007 7:29pm
Hello,

Ingredients:
4 years trading experience (scalping)
20k account
500:1 leverage
2 pip spreads
5 Standard Lot trades

Method:
Look for setups to scalp
Target 3-10pips
250-300 trades/month

Profit:
Approx $5-8k/week

Coder
  • #60
  • Dec 4, 2007 8:07pm Dec 4, 2007 8:07pm
Quoting Treehugger
Hello!

I'm still very fresh in all this, working on my strategy, money management and everything.

Anyway, I was wondering, what could a seasoned semi-pro do, if you'd give him $10.000. Is it likely that he could turn this money into, let's say, $20.000 in a year, without taking too much of a risk? Is it possible to have this kind of gains, if your account's exposure is max. at 6%? Or do you need to take bigger risks to achieve a 100% return?

And what do most of you find "easier" to trade - Forex or Stocks?

Sorry for my n00bish questions, but I'd like to hear your answers and opinions. Thanks! http://forums.babypips.com/images/smilies/smile.gif
To actually answer the TS's question; Yes a return with that risk is being done by a few people. Not your average, yet profitable, traders. You'll need a pro for that kind of trading, not a semi-pro.
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