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Exceptional or Normal Results?

  • #1
  • First Post: Sep 27, 2009 2:16pm Sep 27, 2009 2:16pm
A friend of a friend claims he trades 2-5 full sized lots and makes hundreds of dollars a day and that it isn't unusual for him to go 20-30 trades without a loss. He says he can take $2500 and turn it into $10K in less than a month without too much effort.

Honestly, he just makes it sound pretty easy to make money trading forex, so needless to say, I want to be able to do that, too!!

But I'm just curious: are others having this kind of results or is he better than most?

Thanks in advance for any honest feedback.
I CAN do this!!
  • #2
  • Sep 27, 2009 7:31pm Sep 27, 2009 7:31pm
I would find a new friend. Preferably one who was honest with you.
  • #3
  • Sep 27, 2009 7:51pm Sep 27, 2009 7:51pm
I would ask to see his statements. I am sure there will be some excuse.
  • #4
  • Sep 27, 2009 8:50pm Sep 27, 2009 8:50pm
I'd say, "Good for you," and talk about other topic.
  • #5
  • Sep 27, 2009 9:45pm Sep 27, 2009 9:45pm
It sorta sounds like people can't make that kind of money with forex?? I've been reading some stuff on the forum and it seems very few people really do make good money trading currency...

What would it take to make several hundred dollars a day?
I CAN do this!!
  • #6
  • Sep 28, 2009 3:44am Sep 28, 2009 3:44am
Quoting EyeSea
It sorta sounds like people can't make that kind of money with forex?? I've been reading some stuff on the forum and it seems very few people really do make good money trading currency...

What would it take to make several hundred dollars a day?
Sure it is possible, but those who make it doesn't brag around about it.
  • #7
  • Sep 28, 2009 3:59am Sep 28, 2009 3:59am
Quoting EyeSea
It sorta sounds like people can't make that kind of money with forex?? I've been reading some stuff on the forum and it seems very few people really do make good money trading currency...

What would it take to make several hundred dollars a day?
It's possible but it's not as easy as your friend says it is
Trade what you see, not what you think.
  • #8
  • Sep 28, 2009 4:48am Sep 28, 2009 4:48am
It can and is done by a few traders. Anyone that has been/is a trader for a bank will know when price consolidation occurs.

An example:

This morning at 7.15am GMT consolidation occured across EURCHF which in turn affected EURUSD and USDCHF as EURCHF=EURUSD*USDCHF. if you had bought all 3 using 2-5 lots then you would have made several hundred or more $ within 1 and half hours with absolutely no drawdown.
  • #9
  • Sep 28, 2009 4:01pm Sep 28, 2009 4:01pm
Since his results appear exaggerated somewhat, what is a more realistic daily average $$ trading 2-5 lots??

I just want to know what I can expect, because if this guy can learn how to do this and make any money, I know I can, too!!

Thanks for any insight...
I CAN do this!!
  • #10
  • Sep 28, 2009 4:20pm Sep 28, 2009 4:20pm
Quoting EyeSea
Since his results appear exaggerated somewhat, what is a more realistic daily average $$ trading 2-5 lots??

I just want to know what I can expect, because if this guy can learn how to do this and make any money, I know I can, too!!

Thanks for any insight...
With all due respect, thats like asking, how long is a piece of string....

It depends on the following...

1. Which currency pair or pairs.
2. Your account free margin available.
3. Your knowledge of the forex market.
4. Which timeframe you use.
5. Your strategy, i.e. trend, range or news trading.
  • #11
  • Sep 28, 2009 4:24pm Sep 28, 2009 4:24pm
To start, if you have a 50 pip stop and you risk 3% of your account per trade, you would need $83,000 USD just to support trading 5 contracts assuming a xxxUSD pair.
  • #12
  • Sep 28, 2009 8:36pm Sep 28, 2009 8:36pm
Quoting scooby-doo
With all due respect, thats like asking, how long is a piece of string....

It depends on the following...

1. Which currency pair or pairs.
2. Your account free margin available.
3. Your knowledge of the forex market.
4. Which timeframe you use.
5. Your strategy, i.e. trend, range or news trading.

I understand your point. I guess am not sure about how to ask a generalized question on making money in forex, which is what I am curious about. Bottom line is, if averaging a few hundred dollars a day is nearly impossible for the average person, then maybe currency trading wouldn't be worth the effort.

So I am just trying to get an idea of what the average person can make, so I am using the baseline of 2-5 contracts traded. I figure everyone can extrapolate the number lots and currency pairs they are actually trading in whatever timeframe/strategy they use and be able to come up with an average daily income. I don't want to know about exceptional traders or terrible ones, but just the average trader. This is the only way I can think to ask it and still be able to compare it to this guy's claims. Heck, if it turns out to be as good as he says, maybe he's the one to learn from??!!

I hope this makes a little more sense....
I CAN do this!!
  • #13
  • Sep 28, 2009 9:46pm Sep 28, 2009 9:46pm
.00010 pip x 200,000 x 1.46 EU = $29.20 per pip

.00010pip x 500,000 x 1.46 EU = $73 per pip


so sure, it is possible. Like in any market some people make a ton of money, some people lose all there money and some people are smart and use strict money mangement.
  • #14
  • Sep 29, 2009 3:02am Sep 29, 2009 3:02am
Quoting EyeSea
I understand your point. I guess am not sure about how to ask a generalized question on making money in forex, which is what I am curious about. Bottom line is, if averaging a few hundred dollars a day is nearly impossible for the average person, then maybe currency trading wouldn't be worth the effort.

So I am just trying to get an idea of what the average person can make, so I am using the baseline of 2-5 contracts traded. I figure everyone can extrapolate the number lots and currency pairs they are actually trading in whatever timeframe/strategy...
ok. To answer your original question. Yes you can make allot of money.

I stayed up lastnight and did some trades on USDJPY just to prove that you can make some nice £££'s. Its just an example, only a couple of trades. I will continue doing it and let you have the complete results at the end of the week.
Attached File(s)
File Type: pdf DetailedStatement.pdf   78 KB | 493 downloads
  • #15
  • Sep 29, 2009 8:19am Sep 29, 2009 8:19am
It is possible to take 2500 past 10K based on 5 standards lots, however the fact is that 5 standard lots on 2500 leaves very little space for things to go wrong, a typical 20-25 pip move backwards would chew about half of the account, however a move of say 100 pips would pretty much double things up (without being too mathmatically accurate). If you were able to get it right a few times without being wrong on a pair like GBP/USD or JPY where large swings happen then sure with no MM in mind moving funds to a higher level is possible. Going bust is just as likely in most cases.

Unless 2500 means absolulty nothing to you, as in your the kind of person who would place it on a 50/50 spin on a roulette table, stick to some sound MM and trading rules and you may just find yourself in the game for longer

Razor
  • #16
  • Sep 29, 2009 9:10am Sep 29, 2009 9:10am
I really appreciate the honest feedback to my questions. I know it is hard to answer a question that is as so generalized.

Scooby, I appreciate the trades you are doing, but I don't want to take you away from your real trading, so you don't have to continue the rest of the week if you don't want to...

Razor, very sound advice. Thanks...
I CAN do this!!
  • #17
  • Jul 8, 2018 4:36am Jul 8, 2018 4:36am
https://t.me/bigbanksignal

Bank trade at telegram
  • #18
  • Jul 8, 2018 5:57am Jul 8, 2018 5:57am
Quoting peigeng
https://t.me/bigbanksignal Bank trade at telegram
Can you please explain more on this telegram channel? I’m really interested to know details before joining here.
  • #19
  • Sep 3, 2018 2:55pm Sep 3, 2018 2:55pm
result on trading completely depend on your strategy , if you have most powerful analyzing trading strategy with real money managing plan , there is a chance to get exceptional result from trading , otherwise not.
  • #20
  • Sep 3, 2018 11:03pm Sep 3, 2018 11:03pm
In a month he can make $10000 just by investing $2500, it means 300% return in a month. Is it actually possible??
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