How can I make a living trading forex? | Page 2 | Forex Factory

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How can I make a living trading forex?

  • #21
  • Aug 9, 2009 9:56pm Aug 9, 2009 9:56pm
Quoting tac
Many traders on here earn double figure % a month for once.
Sure.
  • #22
  • Aug 10, 2009 12:26am Aug 10, 2009 12:26am
have a $500k account minimum, aim for 2-8% a month.

Its a very uphill battle if your trying to make a living from an account less than $50k.

Tjpld is correct, people would be wise to take his advice
Grabbing the bull by the horns!
  • #23
  • Aug 10, 2009 2:02pm Aug 10, 2009 2:02pm
Quoting luckylady
That is an excellent thread and one post in particular made me change my thinking completely and took me from playing around to trading for a living, just by changing my mindset, something just clicked when I read it: http://www.forexfactory.com/showpost...&postcount=197
That's a good post, some interesting points.
"I made all my money by selling too soon"
  • #24
  • Aug 25, 2011 6:18am Aug 25, 2011 6:18am
Quoting StockKJay
Exactly! The richest man in the world has averaged about 20% return a year... and all us little folks think we should be making three times that (compounded) a month?

I have made 13% this year so far and I am beside myself. The reason? I know that what I am doing now is something I can recreate. So long as markets exist I will be able to do what I have done over the past year and a half. I finally, after 4 years, can say I have this game figured out enough that I can understand a path that will eventually allow me to reach my goal. Even though...
How is it going with your trading?
  • #25
  • Aug 29, 2011 3:40am Aug 29, 2011 3:40am
Lynnsmom asked how on a 10-20K she can trade to make 2K a month. Risk is to be 1-2%. Target is 200 pips a month.
Let's use lower trading account figure of 10K and a risk of 2%. So 2% of 10K = $200.
We now divide $200 by 20 (Trading days a month) and we get 10 which is 1 full lot.
200 pips divided by 20 trading days = 10 pips per day = $100 per day.
$100 times 20 trading days is $2000 per month.

ASSUMPTIONS
1 full lot = $10 a pip
You make 1 trade a day gaining 10 pips
You always win the trade
Ignoring spreads.

Of course if it were that easy, we'd all be doing it.

Personally I would compound the profits to over $50K, This would allow for the monthly $2K take, losses and still enable you to increase the account balance.
I would also drop the daily pip take to 5 pips + spread with a hard stop loss of 5 - 6 pips, slightly more if not on usd pairs.

Strategies for this type of trading are harder to implement as you really do not want to lose trades. One loss wipes out a days profits, more if you're not quick on closing the trade out, So a mixture of breakfast momentum trades and Wide channel trends as avialable.

If you didn't want to take the money every month, but every 3-4 months there is always the cots dumb money trade, but you need the patience of the dead to watch a trade that can last a few weeks to a couple of months and has more ups and downs than a yo-yo.

AJM

___________________
I know everything. Unfortunatly 99.999% of what I know, is wrong.
I know absolutely everything, unfortunately 99.99% of what I know is wrong!
  • #26
  • Last Post: Sep 2, 2011 5:11am Sep 2, 2011 5:11am
You need just an account, big enough to make enough. With a 5 000 dollars account will be simply difficult to make 2-3 k per month...
go go go
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