If slaughterhouses had glass walls, everyone would be a vegetarian!
- | Joined Mar 2007 | Status: Member | 756 Posts
If slaughterhouses had glass walls, everyone would be a vegetarian!
- Joined May 2005 | Status: Member | 1,494 Posts
In trading, there is no bullshit. You either make money or you don't.
- Joined Jan 2006 | Status: Monarch o' the Glen | 5,561 Posts
PS: I wont comment on your chosen methodology and MM practices as you wil come to the realizations related to those items as time goes by
Just sayin'
- | Joined Mar 2007 | Status: Member | 756 Posts
If slaughterhouses had glass walls, everyone would be a vegetarian!
- Joined Aug 2007 | Status: Say what ? | 1,888 Posts
You absolutely need to trade some REAL money in order to
provide yourself with an honest answer to your question.
Just not a large amount of real money at first, because when you
wire it off to your broker, it will most likely be the last time you'll ever see it again.
At the same time, keep using the practice demo as much as possible.
Many successful (profitable) traders use demos and simulators, along
with backtesting - lots of backtesting, long after they've attained a
sustained profitable status.
I like to demo the markets during "impossible" trading conditions (such as
holidays, late friday afternoons, thursday nites before4 NFP releases)
to see if I foster any new ideas without the risk of losing alot of money.
Sometime I'll just trade real smal during those times for the same reasons
and it's like a demo because the amont per pip will be hard to get worried over.
Usually, it's kinda hard squeezing pips out during those times, but
every now and then I notice something new and at some point maybe I could
pull the ideas together and formulate something useful with the info.
Either way, demos and simulators are useful in their own right and i would
encourage you to continue to use them. However, until you throw your hat
in the ring and trade for real dollars (or nickels & dimes for that matter),
you wont be able to see what YOU are capable of and what's reasonable for YOU.
If someone asked me what I thought a really good ROI on a forex account would be,
I'd like to double up every week. Why not triple since it's Leap Year.
Is that realistic ?? Hell no it's not! Can it be done ? Sure it can.
Is it sustainable ? Almost a metaphysical certainty it cannot be sustained
without some type of painful drawdown.
Even Ben Bernake cannot trade forex flawlessly and he HAS tommorow's newspaper.
So It will be a fact finding experiment for you to determine what is good for you,
in what demarcations of time, and with regards paid to what level of risk assumed.
Could be 1 percent a day, 20 percent a month, 3 percent per week.
Maybe you just want to beat the S&P 500 this year. That will still be
better than the performance of thousands of Wall Street veterans this year
who won't even be able to do that and somehow will still have a job next year !
Making 25% in a week can happen and I'm sure happens to SOMEBODY evey week.
To do that 52 weeks in row is a lot like getting on American Idol TV show or
hitting 5 out of 6 lotto numbers. It can happen, but it's Waaay the exception.
Winning the season finale or hitting 6 out of 6, well, that's like, i dunno how you'd say,
but it's George Soros kinda stuff.
When it happens to you, please let us all know, because you'll be filthy rich
and we would like to bug you for some of that big money.
provide yourself with an honest answer to your question.
Just not a large amount of real money at first, because when you
wire it off to your broker, it will most likely be the last time you'll ever see it again.
At the same time, keep using the practice demo as much as possible.
Many successful (profitable) traders use demos and simulators, along
with backtesting - lots of backtesting, long after they've attained a
sustained profitable status.
I like to demo the markets during "impossible" trading conditions (such as
holidays, late friday afternoons, thursday nites before4 NFP releases)
to see if I foster any new ideas without the risk of losing alot of money.
Sometime I'll just trade real smal during those times for the same reasons
and it's like a demo because the amont per pip will be hard to get worried over.
Usually, it's kinda hard squeezing pips out during those times, but
every now and then I notice something new and at some point maybe I could
pull the ideas together and formulate something useful with the info.
Either way, demos and simulators are useful in their own right and i would
encourage you to continue to use them. However, until you throw your hat
in the ring and trade for real dollars (or nickels & dimes for that matter),
you wont be able to see what YOU are capable of and what's reasonable for YOU.
If someone asked me what I thought a really good ROI on a forex account would be,
I'd like to double up every week. Why not triple since it's Leap Year.
Is that realistic ?? Hell no it's not! Can it be done ? Sure it can.
Is it sustainable ? Almost a metaphysical certainty it cannot be sustained
without some type of painful drawdown.
Even Ben Bernake cannot trade forex flawlessly and he HAS tommorow's newspaper.
So It will be a fact finding experiment for you to determine what is good for you,
in what demarcations of time, and with regards paid to what level of risk assumed.
Could be 1 percent a day, 20 percent a month, 3 percent per week.
Maybe you just want to beat the S&P 500 this year. That will still be
better than the performance of thousands of Wall Street veterans this year
who won't even be able to do that and somehow will still have a job next year !
Making 25% in a week can happen and I'm sure happens to SOMEBODY evey week.
To do that 52 weeks in row is a lot like getting on American Idol TV show or
hitting 5 out of 6 lotto numbers. It can happen, but it's Waaay the exception.
Winning the season finale or hitting 6 out of 6, well, that's like, i dunno how you'd say,
but it's George Soros kinda stuff.
When it happens to you, please let us all know, because you'll be filthy rich
and we would like to bug you for some of that big money.
- Joined Aug 2007 | Status: Say what ? | 1,888 Posts
Funny you guys don't notice that he is pulling your legs.
some other parts. :surprised Please exercise caution.
Also, that wasn't MY leg. It belongs to the person sitting on me.
- Joined May 2005 | Status: Member | 1,494 Posts
What's wrong with my money management? I'm trading with 60% but I'm not risking 60%. I'm only risking 10-15 pips in a trade. With the EUR/USD pair that would be 10-15 % of 60 % of my account. I have done some calculations and I have found out that with this system I could possibly be a millionaire in about a year if I'm starting with $100 today. Now imagine if I started with a million. Then I could be a trillionaire.
http://www.forexfactory.com/showthread.php?t=68387
http://www.forexfactory.com/showthread.php?t=70464
In trading, there is no bullshit. You either make money or you don't.
Thanks Gambler - I have put a link to this post in answer to the following two threads here in the beginner forum. Saved me some typing. Appreciate it
http://www.forexfactory.com/showthread.php?t=68387
http://www.forexfactory.com/showthread.php?t=70464
Trainee at UBS Investment Banking
- | Joined Mar 2007 | Status: Member | 756 Posts
If slaughterhouses had glass walls, everyone would be a vegetarian!
- | Joined Mar 2007 | Status: Member | 756 Posts
Couple of questions:
1) What is your stoploss?
2) At any one time how much are you risking?
3) What is your account size?
Looking briefly at the account statement, you have risked maybe 150 pips for 50 pips. Last week, trading the trend was good for almost 200 pips on EUR/USD with a risk of just 30 pips. All you need is a series of drawdowns and you'll have an empty account.
2. I'm using 60 % of my balance in a trade but I'm only risking 10-15 pips.
3. Right now it is about $127 so at Friday it should be about $150
If slaughterhouses had glass walls, everyone would be a vegetarian!
- | Joined Mar 2007 | Status: Member | 756 Posts
If slaughterhouses had glass walls, everyone would be a vegetarian!
