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10% Profit Possible?

  • #21
  • Feb 1, 2008 1:57am Feb 1, 2008 1:57am
Quoting parlenk
..it's not good to limit ur income..eventho ur target is 100% a day..or 1%.2 cents
If you look at the list of the world's richest people, you won't find any traders. Just something to think about.
Domo Arigato, Mr. Roboto!
  • #22
  • Feb 1, 2008 4:03am Feb 1, 2008 4:03am
Quoting Mr. Roboto
The really dumb ones seem to be from dopey noobs whose heads are filled with fantasies of becoming overnight Warren Buffets.
Yes i guess that is what they are dreaming of but what they don't realize is that WB makes something like 30% profit pr year if i remember correct.

Arctic4x
  • #23
  • Feb 1, 2008 4:16am Feb 1, 2008 4:16am
Quoting Mr. Roboto
If you look at the list of the world's richest people, you won't find any traders. Just something to think about.
I would say this is too simplistic. Everyone of these companies that the people listed hold the majority share have either an ivestment banking devision or at the least a currency division to protect their assets in changing exchange rates and they trade in commodities for the materials they need for their operations, to lock in their costs.
  • #24
  • Feb 1, 2008 12:26pm Feb 1, 2008 12:26pm
Quoting forexmoments
Hey, this is a Newbie thread, so people are here to ask newbie questions.

Please show some manners.

Maybe it would be better if you actually helped the guy and answered his question in a polite manner.
I apologize, however I am a noob also. It is just that I am in possession of my full mental faculties.
As I pointed out later on 1.1 to the power of 200 gives about 1.8 million % per annum. We must realize that this is not possible as there is not enough money in the known universe to be made.
And this is with 165 days off during the year as well.
  • #25
  • Feb 1, 2008 12:44pm Feb 1, 2008 12:44pm
When I saw the thread title - i thought - "probably means per day, damn i'm getting cynical" - but sure enough he did. LOL

But I got to agree with one post here - never limit your income - (or yourself I may add)
In trading, there is no bullshit. You either make money or you don't.
  • #26
  • Feb 1, 2008 5:03pm Feb 1, 2008 5:03pm
Quoting smjones
I would say this is too simplistic. Everyone of these companies that the people listed hold the majority share have either an ivestment banking devision or at the least a currency division to protect their assets in changing exchange rates and they trade in commodities for the materials they need for their operations, to lock in their costs.
Yeah, but how many of them actually made their fortunes by trading?

I thought that none of them had. But after looking at the list more carefully, I did find one: George Soros (#80). He's the only actual trader on the list.
Domo Arigato, Mr. Roboto!
  • #27
  • Feb 1, 2008 5:09pm Feb 1, 2008 5:09pm
Quoting Mr. Roboto
Yeah, but how many of them actually made their fortunes by trading?

I thought that none of them had. But after looking at the list more carefully, I did find one: George Soros (#80). He's the only actual trader on the list.
Well, the way I look at it, if I own the company that has a trading devision and that contributes to my bottom line, then I am also in the trading business as well.
  • #28
  • Feb 1, 2008 5:18pm Feb 1, 2008 5:18pm
Yes, that is exactly how a business owner would look at it. And that guy at #2. Reputation is built on buy and hold - but do u think he is really gonna hold a losing position w/o selling out. Rumors had it he was short USD a few years ago. It may not have been his idea - but I am sure he OK'd the deal. Cost him a bit - but he was trading in it.

Quoting smjones
Well, the way I look at it, if I own the company that has a trading devision and that contributes to my bottom line, then I am also in the trading business as well.
In trading, there is no bullshit. You either make money or you don't.
  • #29
  • Feb 1, 2008 5:21pm Feb 1, 2008 5:21pm
Quoting mrgreen
Yes, that is exactly how a business owner would look at it. And that guy at #2. Reputation is built on buy and hold - but do u think he is really gonna hold a losing position w/o selling out. Rumors had it he was short USD a few years ago. It may not have been his idea - but I am sure he OK'd the deal. Cost him a bit - but he was trading in it.
LOL, Am I that transparent? I am retiring from my business in May of this year, and my son is taking over...
  • #30
  • Feb 1, 2008 7:14pm Feb 1, 2008 7:14pm
Quoting smjones
Well, the way I look at it, if I own the company that has a trading devision and that contributes to my bottom line, then I am also in the trading business as well.
A big company may be involved in the markets for hedging purposes, for risk management, for diversification, etc. Very few of the companies listed, however, make their money primarily through trading.

I just want newbies to understand that making it really big with trading is extremely difficult, and that the odds are overwhelmingly against them.
Domo Arigato, Mr. Roboto!
  • #31
  • Feb 1, 2008 7:28pm Feb 1, 2008 7:28pm
i ever do that 10-20% profit..... with $2 in equity..... i just can't go below that (if profit)....

seriously, to give fake impression of bigger return, we can diversify our equity,,, put enough money for forex, and put the rest in other instrument but can be quickly used to add that equity...

when we trade for 1 cent a pip, $10 is more than enough to hold 1 position, just add more money when we lost, so the choice is,, to put the money piece by piece or all together....
  • #32
  • Feb 1, 2008 7:32pm Feb 1, 2008 7:32pm
Quote
Mr. Roboto I just want newbies to understand that making it really big with trading is extremely difficult, and that the odds are overwhelmingly against them.

Good advise and true enough.
  • #33
  • Feb 1, 2008 11:35pm Feb 1, 2008 11:35pm
Quoting smjones
LOL, Am I that transparent? I am retiring from my business in May of this year, and my son is taking over...
Hey Jonesy, Let's go fishing this summer.{visions of Odd Couple & Grumpy Old Men...} I've got the cooler loaded and believe me, the contents are cool. -40 degrees here right now and it doesen't matter which scale you're on because at that temp. they are both the same.

btw. if you are lucky {good} enough to increase your {worthwhile}account by 10% for 3 days in a row, I'm Long that you will be Flat the Market for the rest of the week while attempting to re-structure your sphincter.
  • #34
  • Feb 1, 2008 11:36pm Feb 1, 2008 11:36pm
Bemac's a pretty good guy.

Quoting Bemac
Hey Jonesy, Let's go fishing this summer.{visions of Odd Couple & Grumpy Old Men...} I've got the cooler loaded and believe me, the contents are cool. -40 degrees here right now and it doesen't matter which scale you're on because at that temp. they are both the same.

btw. if you are lucky {good} enough to increase your {worthwhile}account by 10% for 3 days in a row, I'm Long that you will be Flat the Market for the rest of the week while attempting to re-structure your sphincter.
  • #35
  • Feb 2, 2008 7:18am Feb 2, 2008 7:18am
Quoting Bemac
Hey Jonesy, Let's go fishing this summer.{visions of Odd Couple & Grumpy Old Men...} I've got the cooler loaded and believe me, the contents are cool. -40 degrees here right now and it doesen't matter which scale you're on because at that temp. they are both the same.

btw. if you are lucky {good} enough to increase your {worthwhile}account by 10% for 3 days in a row, I'm Long that you will be Flat the Market for the rest of the week while attempting to re-structure your sphincter.
Sounds good, but you aren't one of those high and mighty Fly Fishermen are you?

Jeeze, stick a worm on a hook and throw the damn thing in the stream already... LOL...
  • #36
  • Feb 2, 2008 7:20am Feb 2, 2008 7:20am
10% a day would probably turn $10,000 into a number bigger than the british GDP in less than a year. I'm not going to work it out, but this just outlines how unrealistic the goal is
  • #37
  • Feb 2, 2008 7:38am Feb 2, 2008 7:38am
It's my firm belief that, even on a small to modest account, 10 pips per day compounded will make you filthy stinkin' rich over time. And not too long either.

That's why my bottom line target is 50/week, 200/month. If most people are losing, then 50 per week sure looks good to me. Someone said on here: "its not how many pips you gain, its what they are worth". Or something like.
Smaller targets, but easier to hit. I'm in the 'not possible' camp.
My thoughts anyway. 2 euros worth
Dave
  • #38
  • Feb 2, 2008 7:52am Feb 2, 2008 7:52am
Quoting Acko
It's my firm belief that, even on a small to modest account, 10 pips per day compounded will make you filthy stinkin' rich over time. And not too long either.

That's why my bottom line target is 50/week, 200/month. If most people are losing, then 50 per week sure looks good to me. Someone said on here: "its not how many pips you gain, its what they are worth". Or something like.
Smaller targets, but easier to hit. I'm in the 'not possible' camp.
My thoughts anyway. 2 euros worth
Dave
You Know when i started my forex carrier , getting 10-pips per day was my strategy and it exactly did good for me .....You are right smaller targets are easier to hit instead of losing lot of pips inthe race of getting more and more pips....
  • #39
  • Feb 2, 2008 8:51am Feb 2, 2008 8:51am
Yes, there are some of us who make 10% a day. There's about 1,000 members here who do it all the time. However, as pointed out a few times in this thread, we continue to run out of money to make. This is precisely why the US continues to print money. Go, Ben, go!!! We need a few trillion more dollars this year.
  • #40
  • Feb 2, 2008 9:25am Feb 2, 2008 9:25am
Quoting Dopey
Yes, there are some of us who make 10% a day. There's about 1,000 members here who do it all the time. However, as pointed out a few times in this thread, we continue to run out of money to make. This is precisely why the US continues to print money. Go, Ben, go!!! We need a few trillion more dollars this year.
Thats odd, as London processes by far the largest volume of trades.
Maybe it is I who is making the money?
Go Mervyn GO!
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