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How big an account one needs to win in forex everyday?

  • #61
  • Apr 12, 2009 3:20pm Apr 12, 2009 3:20pm
Quoting billye
=> go ahead & cheers, it's possibly doable.(FTT)
I'm sure it's doable.

You sound like you're on the right track, billye. Keep your feet on the ground (keep your wits about you, think straight), shoot for the stars (don't put needless artificial limits on yourself), persevere.
  • #62
  • Apr 12, 2009 3:33pm Apr 12, 2009 3:33pm
Quoting opie999
It's all about RISK!!
Yes exactly.

Traders who have any kind of success concern themselves less with how much they can make and at what percent - then how much they can lose!!!!

They have a set percent to risk on each trade/each day/each week/each month but have open profit targets.

Limit risk + unlimited profit (theoretically anyway) = success.

But it all starts wih the mindset of how much can I lose, not how much can I make.
  • #63
  • Apr 12, 2009 4:07pm Apr 12, 2009 4:07pm
suntrader, not for an argument but more akin to whether the glass is half full or half empty !

while i may be certifiable (although no ones yet tried to put me behind bars in the looney bin) i cannot remember the last time i thought about a loss !

if i were to consider that situation, every time i approached the "BUY" button, my hands would palsy, my palms, sweating beyond belief would short out the electrodes in the keyboard, and i would be electrocuted by my own computer.

BUT, since none of that has come to pass, "something" else must be happening in my life to alter that possibility !

Now, i dont think about the win either, simply placing the trade or multiple trades and then getting onto something else --- NEVER does "LOSS" enter my mind, as well as the word "RISK" !

One trades or one doesnt trade --- to continue being a trader simply means continuing to achieve profit, and you dont achieve profit by loseing !

very honestly, and with NO argument meant, I CANNOT UNDERSTAND THE STATEMENT !

enjoy and trade well

mp



Quoting SunTrader
Yes exactly.

Traders who have any kind of success concern themselves less with how much they can make and at what percent - then how much they can lose!!!!

They have a set percent to risk on each trade/each day/each week/each month but have open profit targets.

Limit risk + unlimited profit (theoretically anyway) = success.

But it all starts wih the mindset of how much can I lose, not how much can I make.
  • #64
  • Apr 12, 2009 4:23pm Apr 12, 2009 4:23pm
I suggest starting with only $1000 dollars and trading mini lots. With a stop loss of 50 pips this account will last for 20 bad trades in a row. A few trades would be enough for you to live test your system and see if you can trade it as well as you did on a demo account (provided you did demo testing before).

I think if you start with a $1000 account you won't loose a lot of money (even if you drain it all). Most importantly I think is more than enough to be able to to live test yourself and your system. If you perform well you can grow it in no time and if you don't, loosing $1000 will give you enough sting to go back to the drawing board and do more thorough testing without giving up on forex completely.

Just my 2 cents,
ForexSource
  • #65
  • Apr 12, 2009 6:19pm Apr 12, 2009 6:19pm
Quoting mparker
while i may be certifiable
The verdict might not be out on that one yet, but seriously to think about risk is not a question of being negative or not, half full/half empty, etc

In any business that has a high failure (which is just about every kind of business) the ones who focus first on what they can make rather than what they can lose, make up the majority of the losers.

How many times have you been asked by friends, family and acquiantences how much was your biggest winner, not how much was you biggest loser. That is how the uninformed look at something they have no experience with. I prefer to be contrarian. Maybe I'm the crazy one then.
  • #66
  • Apr 12, 2009 6:34pm Apr 12, 2009 6:34pm
suntrader --- im stuck on this one cause i am unsure how to continue, but ill give it a try.

WHAT IF YOU HAVE NO LOSSES --- do you then still consider losing ?

to me the glass is always half full --- i couldnt get up in the morning without that attitude, and it becomes a self fulfilling prophecy if you always go forward in life feeling that way !

SERIOUSLY !

mp




Quoting SunTrader
The verdict might not be out on that one yet, but seriously to think about risk is not a question of being negative or not, half full/half empty, etc

In any business that has a high failure (which is just about every kind of business) the ones who focus first on what they can make rather than what they can lose, make up the majority of the losers.

How many times have you been asked by friends, family and acquiantences how much was your biggest winner, not how much was you biggest loser. That is how the uninformed look at something they have...
  • #67
  • Apr 12, 2009 6:43pm Apr 12, 2009 6:43pm
Quoting mparker
WHAT IF YOU HAVE NO LOSSES --- do you then still consider losing ? ......................
SERIOUSLY !

mp
Do you seriously think I believe you trade OPM when you ask a ...... ....... question like this?

My bad, I should have known better in a rookie discussion thread.
  • #68
  • Apr 12, 2009 7:43pm Apr 12, 2009 7:43pm
suntrader --- the corporation is a NYS registered financial holding company in existence for 8 years.

the question is based on a simple consideration --- the market only moves in two directions (although most throw in a ranging market also, but the ranging market is "ranging", meaning its either going UP or DOWN also, just in a narrow range)

given that the market moves that way, one could almost throw dice (which some proably do -- LOL !)

once you lock onto a trend, be it the major, intermediate or minor, its very hard not to simply hit your tp and walk away.

now i use NO stoplosses, so im never taken out of a trade because of a drawdown, and my account is certainly large enough to "cushion" the hits i may take temporarilly and so i simply set my tp's and sit back.

for instance, im trading EU at the moment, and thru the ups and downs ive registered eleven trades closed (not scalps btw) and i have 20 more open.

because of experience, one can tell where the money is going, just as the desk traders at the banks know where the money is going. Now, one cannot always nail the tp to the minute and hour, but you can nail the tp to the pip, once you learn how to.

if youd like to learn, wander around the rookie section and look for my MP initials -- i have two threads on the same subject, and we have newbs who were losers a few short weeks ago now pulling close to 200 pips A DAY !

ONCE YOU KNOW HOW TO TRADE, the rest is a cakewalk with a playboy bunny !

enjoy and trade well

mp

Quoting SunTrader
Do you seriously think I believe you trade OPM when you ask a ...... ....... question like this?

My bad, I should have known better in a rookie discussion thread.
  • #69
  • Apr 12, 2009 8:13pm Apr 12, 2009 8:13pm
Quoting mparker
suntrader --- the corporation is a NYS registered financial holding company in existence for 8 years.
Oh yeah I forgot about that but then almost everytime I read something you post I say to myself "I was born at night, just not last night". And BTW NYCity was where I was born/raised so no Brooklyn Bridge sales for me.

I worked on lower Broadway, midtown then Westchester in both finance and dry cargo shipping. Still have a few friends at Bank of NY, O'Conner & Associates and Goldman so please - feed it to the noobs, not me about running a trading firm and talking of no losses.
  • #70
  • Apr 12, 2009 8:22pm Apr 12, 2009 8:22pm
same with me as far as born and raised, lived in Rye for many a year and moved upstate for more air.

you can look me up in the corporate register if you so wish -- im there !

unfortunately for your ego though suntrader, the truth is there and your disbelief changes nothing in my past or present.

we take no losses --- its a simple statement

believe or not, but when you KNOW how to follow trends and know when the market reverses and know where the tp points live, then you too can trade with NO losses

its simple, though not easy !

mp



Quoting SunTrader
Oh yeah I forgot about that but then almost everytime I read something you post I say to myself "I was born at night, just not last night". And BTW NYCity was where I was born/raised so no Brooklyn Bridge sales for me.

I worked on lower Broadway, midtown then Westchester in both finance and dry cargo shipping. Still have a few friends at Bank of NY, O'Conner & Associates and Goldman so please - feed it to the noobs, not me about running a trading firm and talking of no losses.
  • #71
  • Apr 12, 2009 8:54pm Apr 12, 2009 8:54pm
Quoting mparker
we take no losses --- its a simple statement
And if you act now we will throw in shamwow too all for the low, low price of .....

Yeah my ego gets in the way of someone claiming the impossible to the rooks. Have fun.

Nothing further need be said but have you noticed that you stick the other person's post on the bottom of a reply making others read your response and then the other person's post. Another words azzbackwards. Did someone say ego?
  • #72
  • Apr 12, 2009 9:07pm Apr 12, 2009 9:07pm
thats the way its always been done by me and everyone else i know -- where do you think i learned it, from the chinchillas ?

all you have to do is look it up but if you refuse, because you will find out the truth, then go ahead and doubt what you wish -- is of no matter !

another 4 positions home to roost ---- lets keep talking, youre a pretty good rabbits foot

and ego ? YOU BETCHA BABY BUNNY --- in spades cause ive earned it !

mp

Quoting SunTrader

Nothing further need be said but have you noticed that you stick the other person's post on the bottom of a reply making others read your response and then the other person's post. Another words azzbackwards. Did someone say ego?
  • #73
  • Apr 13, 2009 7:56am Apr 13, 2009 7:56am
Mparker
I love your way with words!

Some people think they are the only trader "under the sun"
I doubt if he will come back...... If he does it will only be to "add" to his posts. To chase the numbers you know....LOL.
Never Ever Give Up!
  • #74
  • Last Post: Apr 13, 2009 9:11am Apr 13, 2009 9:11am
HE FUNNY !

but i dont think much of his rabbits foot abilities any longer --- doing better this am and hes not around, unless hiding under my car !

enjoy the day

mp


Quoting Cobra
Mparker
I love your way with words!

Some people think they are the only trader "under the sun"
I doubt if he will come back...... If he does it will only be to "add" to his posts. To chase the numbers you know....LOL.
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