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How to survive in forex? Help please!

  • #1
  • First Post: Jul 16, 2009 2:14pm Jul 16, 2009 2:14pm
hai guys and gal out there. i need some of your advice on how to stay survive to live in forex trading. In order to keep survive in forex, i have calculate my month live living budget, all i need is $571. That means is $25.55/day and i decided to trade for about 12 hours a day and that means $2.379/hour. And i have open a ibfx account one month ago at $500 but right now the acc balance is down at $403 right now. Can anybody out there teach me how to survive, your help with very appreciate. And sorry for my english.
  • #2
  • Jul 16, 2009 2:24pm Jul 16, 2009 2:24pm
Quoting calvk81
hai guys and gal out there. i need some of your advice on how to stay survive to live in forex trading. In order to keep survive in forex, i have calculate my month live living budget, all i need is $571. That means is $25.55/day and i decided to trade for about 12 hours a day and that means $2.379/hour. And i have open a ibfx account one month ago at $500 but right now the acc balance is down at $403 right now. Can anybody out there teach me how to survive, your help with very appreciate. And sorry for my english.
impossible to get 100% return every month. find a job?
  • #3
  • Jul 16, 2009 2:25pm Jul 16, 2009 2:25pm
Stop immediately!

You won't make $25 a day with a $500 account (in the long run). That's a return of 5% per day.

I'd say a realistic return in average over the long term is around 5-10% per month -> if you're good.

That would lead to a capital of $10k at least to get your $571. But I'd triple that at least because there will be bad months as well...
  • #4
  • Jul 16, 2009 2:30pm Jul 16, 2009 2:30pm
Quoting Xaron
Stop immediately!

You won't make $25 a day with a $500 account (in the long run). That's a return of 5% per day.

I'd say a realistic return in average over the long term is around 5-10% per month -> if you're good.

That would lead to a capital of $10k at least to get your $571. But I'd triple that at least because there will be bad months as well...
I think 12% a year is safer goal for beginner.
even 1st year b/e, 2nd year 12% is good.
  • #5
  • Jul 16, 2009 2:35pm Jul 16, 2009 2:35pm
Quoting billye
I think 12% a year is safer goal for beginner.
even 1st year b/e, 2nd year 12% is good.
Yes you're right. I'm now in my 2nd year I guess, after about 5-7 years of "year zero" with negative results.
  • #6
  • Jul 16, 2009 2:38pm Jul 16, 2009 2:38pm
Quoting Xaron
Yes you're right. I'm now in my 2nd year I guess, after about 5-7 years of "year zero" with negative results.
my realistic goal is 0% for 1st year
and 1%, 2%, ... 12% for 2nd, 3rd, ... 13th year.

this is conservative.... maybe doable haha

and 13%, 14%, ... 24% for 14th, ... 25th year... so by buffet's age I should be beating him hahahaha
  • #7
  • Jul 16, 2009 2:55pm Jul 16, 2009 2:55pm
Quoting calvk81
hai guys and gal out there. i need some of your advice on how to stay survive to live in forex trading. In order to keep survive in forex, i have calculate my month live living budget, all i need is $571. That means is $25.55/day and i decided to trade for about 12 hours a day and that means $2.379/hour. And i have open a ibfx account one month ago at $500 but right now the acc balance is down at $403 right now. Can anybody out there teach me how to survive, your help with very appreciate. And sorry for my english.
Forget about that. Being a newbie its impossible fo you. You know nothing about forex and because of newbie's like you its famous that 95% of traders lose Infact you may also lose your money if you dont stop trading live maybe with in few days. Batter find any job/business etc. Meanwhile learn about forex by considering yourself as your own teacher.
Remember all glitters is not gold.
  • #8
  • Jul 17, 2009 8:01pm Jul 17, 2009 8:01pm
Quoting calvk81
hai guys and gal out there. i need some of your advice on how to stay survive to live in forex trading. In order to keep survive in forex, i have calculate my month live living budget, all i need is $571. That means is $25.55/day and i decided to trade for about 12 hours a day and that means $2.379/hour. And i have open a ibfx account one month ago at $500 but right now the acc balance is down at $403 right now. Can anybody out there teach me how to survive, your help with very appreciate. And sorry for my english.
Hey don't listen those people who say to find another job

It will take you from 2 to 6 years to learn how to trade forex, and you will have to dedicate all the day everyday to achieve a good learning in this period of time, so i'm sorry to say that right now the probability that you trade succesfully are below 5%, but if you really want to become a trader just start your trading career, and be ready to have your ass kicked from the market more then one time, just remember to don't give up, and remember that one day (after some years) all your efforts will be payed out, and you will be a successful trader.

Right now the first step is to loose all your first trading-money, so don't take it bad when this will happen (maybe in some days or in some weeks)

It's a part of training.
In trading the only way to learn something new, is spending money (loosing trades), every loose let you learn something, and there's soo much to learn.

But you must dedicate yourself to forex, if you do it part-time you will never get to the "5% profitable traders room".

Make your choose
  • #9
  • Jul 17, 2009 10:14pm Jul 17, 2009 10:14pm
yes.. this business is tough.
freedom
  • #10
  • Edited 10:56pm Jul 17, 2009 10:52pm | Edited 10:56pm
Quoting calvk81
hai guys and gal out there. i need some of your advice on how to stay survive to live in forex trading. In order to keep survive in forex, i have calculate my month live living budget, all i need is $571. That means is $25.55/day and i decided to trade for about 12 hours a day and that means $2.379/hour. And i have open a ibfx account one month ago at $500 but right now the acc balance is down at $403 right now. Can anybody out there teach me how to survive, your help with very appreciate. And sorry for my english.
1. Don't listen to me.
2. I am crazy.
3. Have never lost a single penny in any kind of gambling - as bottom line, not bet to bet.
4. Made decent money from gambling and similar businesses
5. You will definately fail.
6. You will definately fail because you want to win without losing.
7. There is no such thing as winning without losing.
8. Returns in this kind of businesses (which I call Venture Capital Projects) is never uniform.
9. Many venture capital projects fail but some succeed
10. If you really want to make money in trading, then learn trading. I mean learn the trade not just tricks of the trade.
11. Tricks of the trade are fibs, pivots, resistances, supports, trend lines, SMA, EMA, Timeframes, etc.
12. Trade is to know whether or not demand is currently stronger than supply.
13. Think about what I said, and in due course of time you would realize that I am crazy but not a fool.
14. I am in gamming business for over 30 years.
The Thief of Wall Street
  • #11
  • Edited 3:50am Jul 18, 2009 3:35am | Edited 3:50am
Quoting calvk81
hai guys and gal out there. i need some of your advice on how to stay survive to live in forex trading. In order to keep survive in forex, i have calculate my month live living budget, all i need is $571. That means is $25.55/day and i decided to trade for about 12 hours a day and that means $2.379/hour. And i have open a ibfx account one month ago at $500 but right now the acc balance is down at $403 right now. Can anybody out there teach me how to survive, your help with very appreciate. And sorry for my english.
i have to say.. u have to stop right now..save yur money and learn, demo and demo till your profitable for 3 months...i started in late 2007 and demo for a around 2 months...didnt get consistant profit in that period..and traded a 3k account..almost BE till august last year when the pound fell to the bottom of the pit and wiped out a third of my account. I stopped and went back to demo.

Only now on the blasted demo have i traded 3 months and got a consist profit..and i have achieved this only because i started trading dailly, weekly and monthly charts with your capital u wont have this luxury and will scalp and likely lose it all..scalping is for experienced traders..cause u have to think quickier, process more data

save your cash bro..till u have a reasonable chance..u may prove every1 wrong but this is a game of probability and its not your side due to lack of funds
best of luck to u...
  • #12
  • Jul 18, 2009 6:40am Jul 18, 2009 6:40am
1. get a job to earn your margin
2. while you do that, trade micro or demo
3. if its no more for the money, but for what you've learned, start trading

i know those calculations are very attracting, like this:
(but profit isnt coming in weekly or monthly payments, like in a dayjob, you balance jumps up occasionally, in between you have to preserve your margin)

leverage 100:1, account 1000$ => 100.000$ available, lets say, you take 50.000$ is 5$/pip with 40 pip SL you'd lose 200$ or 20% you go for 200 pip (say geppy intraday) is 1000$ or 100%
you doubled your account for that day, nice so lets say in one lucky week you have gone from 1000$ to 16.000$ ... truth is you end up 0$
Invincibility lies in the defence, the possibility of victory in the attack
  • #13
  • Jul 18, 2009 7:29am Jul 18, 2009 7:29am
Read this thread from start to finish, and follow what it says. Use micro lots to practice (maybe stick in $100 and trade 1 cent per pip. Save up a more capital, you can trade part time while working, you don't have to study that many hours a day just be committed to regular study.
I hear and I forget. I see and I remember. I do and I understand.
  • #14
  • Jul 18, 2009 7:31am Jul 18, 2009 7:31am
Quoting tunera
Hey don't listen those people who say to find another job
It will take you from 2 to 6 years to learn how to trade forex, and you will have to dedicate all the day everyday to achieve a good learning in this period of time


I agree it can take that many years to become profitable but I don't think you have to dedicate all day every day.
I hear and I forget. I see and I remember. I do and I understand.
  • #15
  • Jul 18, 2009 9:40am Jul 18, 2009 9:40am
Quoting tac
Read this thread from start to finish, and follow what it says. Use micro lots to practice (maybe stick in $100 and trade 1 cent per pip. Save up a more capital, you can trade part time while working, you don't have to study that many hours a day just be committed to regular study.
very good advise
  • #16
  • Jul 18, 2009 9:46am Jul 18, 2009 9:46am
Quoting tac
I agree it can take that many years to become profitable but I don't think you have to dedicate all day every day.
Surely not, it depend from person to person
  • #17
  • Aug 28, 2009 8:17pm Aug 28, 2009 8:17pm
"
10. If you really want to make money in trading, then learn trading. I mean learn the trade not just tricks of the trade.
11. Tricks of the trade are fibs, pivots, resistances, supports, trend lines, SMA, EMA, Timeframes, etc.
12. Trade is to know whether or not demand is currently stronger than supply.
13. Think about what I said, and in due course of time you would realize that I am crazy but not a fool.

"


You are the best
  • #18
  • Aug 28, 2009 8:49pm Aug 28, 2009 8:49pm
I'm sorry but my personal opinion differs hugely on this subject as to whats possible, 12% might be right if you've got a 1Mil $ account, but $500 different story. So just ignore all of the negative crap, I know people who pull that in easy.

rules :-

1. Demo account first don't risk your real money you've not got much, until profitable.
2. When you go live start off at $0.10 per pip if possible, I trade $1 per pip with a smaller account most of the time though.
3. M1 charts only, you can't make profits like your after on anything other than, ignore the don't trade M1 brigade they just don't understand M1.


Can you do it YES, but it depends on your emotional state more than anything else and your aptitude towards trading, most fail but mainly because they listen to the BS preached on Forums.

4. Distance yourself from Forums, keep your trading simple that way you won't learn the correct way to trade, which everyone uses and everyones losing, it's all a big con.

MagnumFreak for instance is making enough pips on a near daily basis that at $1 per pip and a $400 account start would blow your $570 requirement out of the water.

Most can't do it, don't want to accept that others could do it and so you'll only get a negative response.

People have and do do it, not many, but if they never tried there would be none.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #19
  • Aug 28, 2009 9:14pm Aug 28, 2009 9:14pm
You probably can't do it at your state, you are too NEW you lack experience.

I have 500 dollar account and can able to make around $25-$35 dollar per day and sometime $100 dollar per day (yes it's do able if you can play $5 dollar per pip).

But you won't survive in Forex unless 1 of the 3 thing happen.


1. You have a unlimited (by working) supply of ballance So that you can play live and learn your mistake by losing your HARD EARN MONEY!! So when you lose enough money you will become GREAT at forex trading. I GUARANTEE IT.

Here is a nice quote for you: ''You are only smartest as your dumbest mistake!" Basically you need to make MISTAKE..so that you won't do it again. If you are smart you will lose little money while learning it live.
If not you will lose big money. But in the end YOU WILL BE COME GREAT TRADER learning from those costly mistake.

Here is something that you might not like to hear but it's TRUTH. ''Many new trader LOST around $10,000. And 95% people can NOT make it in FOREX business because that's just is. And you Will not be in the 5% group unless you get a college Degree to BOOST YOUR BLANCE and mentality.


2. You trade small with only 1% risk per trade. You need to read up on money management before you do live trade. This is a crucial knowledge for you to be able to keep your profit RISING.

3. You pay for other people (trust worthy SIGNAL) then you just bet like what they bet with more money.......... so you can continue to pay for their SIGNAL service and then profit for yourself.

..............

Try to survive, many can't though so just maybe you could be the one.

- Victor
  • #20
  • Aug 28, 2009 9:31pm Aug 28, 2009 9:31pm
Don't bother unless you've got a college degree LOL I've heard it all now!!


In the UK a University Degree which is above a College degree means you likely spent 3year getting pissed most nights so I say if you've got 1, don't bother personally go straight to Mc Donalds and flip burgers don't pass go!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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