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how likely?

  • #1
  • First Post: Dec 1, 2005 6:59pm Dec 1, 2005 6:59pm
how likely would one be able to make a small amount within 10 minutes using forex. Say about $70-100 a day? Is it very easy to do this? If it was possible for one to do that and make about $100 a day that would be a considerable income for the work required (which is hardly any).
  • #2
  • Dec 1, 2005 7:25pm Dec 1, 2005 7:25pm
Quoting earlierdays
how likely would one be able to make a small amount within 10 minutes using forex. Say about $70-100 a day? Is it very easy to do this? If it was possible for one to do that and make about $100 a day that would be a considerable income for the work required (which is hardly any).
Hi ED,

You deserve a straight answer.

It is very easy to average $100 a day. All you need is the following:

(1) $100,000 in your account
A safe 2% monthly return yields $2000 over 20 trading days which is an average of $100 per day.

(2) You've put in the 24 to 36 months necessary to learn how to trade at the safe level mentioned in (1) above.

(3) The market has bloodied your nose and kicked you in the teeth at least a hundred times during the period mentioned in (2) above.

And as to work required being "hardly any"? Think again sir. Trading pays as well as it does, because it is the hardest job in the world. And only 5% of the people who attempt it ever make the cut.

But, you can significantly increase your chances of becoming one of the 5%, IF you're willing to put in the necessary effort, AND develop the necessary mental and emotional attitudes.

And BTW, you have found THE best forum on the web for increasing your chances of becoming a 5%er.

Dial
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  • #3
  • Dec 1, 2005 7:46pm Dec 1, 2005 7:46pm
Quoting diallist
Hi ED,

You deserve a straight answer.

It is very easy to average $100 a day. All you need is the following:

(1) $100,000 in your account
A safe 2% monthly return yields $2000 over 20 trading days which is an average of $100 per day.

(2) You've put in the 24 to 36 months necessary to learn how to trade at the safe level mentioned in (1) above.

(3) The market has bloodied your nose and kicked you in the teeth at least a hundred times during the period mentioned in (2) above.

And as to work required being "hardly any"? Think again sir. Trading pays as well as it does, because it is the hardest job in the world. And only 5% of the people who attempt it ever make the cut.

But, you can significantly increase your chances of becoming one of the 5%, IF you're willing to put in the necessary effort, AND develop the necessary mental and emotional attitudes.

And BTW, you have found THE best forum on the web for increasing your chances of becoming a 5%er.

Dial
Man, the figure got smaller! I thought it was 10%..
  • #4
  • Dec 1, 2005 7:46pm Dec 1, 2005 7:46pm
Quoting diallist
Hi ED,

You deserve a straight answer.

It is very easy to average $100 a day. All you need is the following:

(1) $100,000 in your account
A safe 2% monthly return yields $2000 over 20 trading days which is an average of $100 per day.

(2) You've put in the 24 to 36 months necessary to learn how to trade at the safe level mentioned in (1) above.

(3) The market has bloodied your nose and kicked you in the teeth at least a hundred times during the period mentioned in (2) above.

And as to work required being "hardly any"? Think again sir. Trading pays as well as it does, because it is the hardest job in the world. And only 5% of the people who attempt it ever make the cut.

But, you can significantly increase your chances of becoming one of the 5%, IF you're willing to put in the necessary effort, AND develop the necessary mental and emotional attitudes.

And BTW, you have found THE best forum on the web for increasing your chances of becoming a 5%er.

Dial
lol........i think you might have scared the guy away from forex
and i grow...pip by pip.......pip by pip!!!!
  • #5
  • Dec 1, 2005 8:09pm Dec 1, 2005 8:09pm
Quoting eastmaels
Man, the figure got smaller! I thought it was 10%..
I don't know if anyone knows the real number. I've heard 90% lose, 5% break even and 5% make money and only one of those last five make big money. If you'd like a bigger number, how about this......100% of brokers make money!

Dial
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  • #6
  • Dec 1, 2005 8:19pm Dec 1, 2005 8:19pm
Quoting diallist
100% of brokers make money!
Dial
Hehe.. now that's more like it..
  • #7
  • Dec 1, 2005 8:52pm Dec 1, 2005 8:52pm
90% losers, if that's the statistic, why would anyone want to invest time or money into Forex? From what I've seen on training accounts, you set in a buy order and if done at a time that is accurate, you can see the profit rising up fairly quickly. I wouldn't think it requires all that you've listed above, just some fortune and some knowledge might do. I mean how much experience does it take to right click on the screen, click buy, and then watch? Your funds either go up or down. You back out quick if it goes down at all... or you wait a bit and hope it maybe rise up to a profit. If all your waiting for is a quick profit of $50 or $75 wherein you finalize the bid, then isn't it possible that one will see that happen more often positively rather than negatively?
  • #8
  • Dec 1, 2005 8:55pm Dec 1, 2005 8:55pm
also I realize that there's a LOT more to Forex than just buying and hoping... but to many people that can be all there is.
  • #9
  • Dec 1, 2005 9:17pm Dec 1, 2005 9:17pm
earlierdays,

If you weren't going to take any notice of the answer to your question, then don't bother asking it in the first place.

I don't agree with all diallist has said, but it certainly aint as easy as you think it is.

Prove it to yourself. Come back and see us in a month when you have made you $100/day with 10 minutes work and tell us all how you did it.

Alternatively, come back in a month having learnt that it is a bit harder than you thought.

Alternatively, stick around, ask questions and listen to the answers.

Simon
  • #10
  • Dec 1, 2005 9:21pm Dec 1, 2005 9:21pm
Quoting earlierdays
90% losers, if that's the statistic, why would anyone want to invest time or money into Forex? From what I've seen on training accounts, you set in a buy order and if done at a time that is accurate, you can see the profit rising up fairly quickly. I wouldn't think it requires all that you've listed above, just some fortune and some knowledge might do. I mean how much experience does it take to right click on the screen, click buy, and then watch? Your funds either go up or down. You back out quick if it goes down at all... or you wait a bit and hope it maybe rise up to a profit. If all your waiting for is a quick profit of $50 or $75 wherein you finalize the bid, then isn't it possible that one will see that happen more often positively rather than negatively?
Seems to me that you are talking about Las Vegas in this post, not forex.

I don't want to distract you away, but sorry to tell you that what Diallist mentioned in his post is an easy and comfortable path to join the fivers. He just didn't want to make the picture so horrible to you, so he mentioned the minimums in everything I guess...

Regarding why people go there although they know that 90% don't ever come back, because there is a treasure at the end of the road, a real treasure, and only the mentioned 5% reach it by the end of the journey.

Man, this is one of the toughest industries and hardest jobs to have, so be careful, it's extremely wild out there. A Jurassic Park is nothing compared.


Thanks,

Nader
  • #11
  • Dec 1, 2005 9:23pm Dec 1, 2005 9:23pm
Many traders who went into fx market think they're soros wannabes but in the world there's only one soros who beat the bank of england.
  • #12
  • Dec 1, 2005 9:27pm Dec 1, 2005 9:27pm
Quoting diallist
If you'd like a bigger number, how about this......100% of brokers make money!

Dial
You will need to take that down - what about Refco?

Simon
  • #13
  • Dec 1, 2005 9:29pm Dec 1, 2005 9:29pm
Quoting diallist
(3) The market has bloodied your nose and kicked you in the teeth at least a hundred times during the period mentioned in (2) above.

Dial
I am not sure why people are of the opinion that you need to be smashed up by the market to be successful. I don't know of any successfuly traders who have been smashed by the market, lost a float or anything, prior to them being successful. It is one way that it is done or you could just learn from other peoples mistakes.

Simon
  • #14
  • Dec 1, 2005 9:35pm Dec 1, 2005 9:35pm
Quoting DrRock
I am not sure why people are of the opinion that you need to be smashed up by the market to be successful. I don't know of any successfuly traders who have been smashed by the market, lost a float or anything, prior to them being successful. It is one way that it is done or you could just learn from other peoples mistakes.

Simon
Man, read Market Wizards and the new Market Wizards. 90% of the top traders interviewed in this book got smashed and hammered by the market in the beginning of their trading career before they became what they were. Those top traders lost an average of 70-90% of their primary trading capital at the beginning of their trading career. Some of them even lost 100% of borrowed money and had to work for more than 2 years to re-pay the lost loans before getting back to trading with their own money.


Thanks,

Nader
  • #15
  • Dec 1, 2005 10:48pm Dec 1, 2005 10:48pm
I think a lot of the market wizards had a lot of guts when they started, so they lost a lot to begin with. Once they became experienced the same personality that destroyed them also made them successful. Also I think the new traders who have never even traded should know the hard truth about this business. It seems when they don't hear what they want to hear, they question the traders who know what they are talking about, with what about this or what about that. Most of them hear that you can make a fortune or lose every thing in the market. This is a business, not a casino and you can make it as safe as you want. You control your money and you control your risk, and if you want to make a quick killing maybe you can be lucky and do it . But not for long. In the end if you continue haphazzardly you will lose it, and that is when you fail or you quit or you realize that the experienced traders are right, and you train and teach yourself the right way to invest.
  • #16
  • Dec 1, 2005 11:02pm Dec 1, 2005 11:02pm
Quoting earlierdays
90% losers, if that's the statistic, why would anyone want to invest time or money into Forex? From what I've seen on training accounts, you set in a buy order and if done at a time that is accurate, you can see the profit rising up fairly quickly. I wouldn't think it requires all that you've listed above, just some fortune and some knowledge might do. I mean how much experience does it take to right click on the screen, click buy, and then watch? Your funds either go up or down. You back out quick if it goes down at all... or you wait a bit and hope it maybe rise up to a profit. If all your waiting for is a quick profit of $50 or $75 wherein you finalize the bid, then isn't it possible that one will see that happen more often positively rather than negatively?
If done when the time is accurate, you can see the profit rising up fairly quickly? I wish I had that book.
  • #17
  • Dec 1, 2005 11:29pm Dec 1, 2005 11:29pm
Quoting earlierdays
90% losers, if that's the statistic, why would anyone want to invest time or money into Forex? From what I've seen on training accounts, you set in a buy order and if done at a time that is accurate, you can see the profit rising up fairly quickly. I wouldn't think it requires all that you've listed above, just some fortune and some knowledge might do. I mean how much experience does it take to right click on the screen, click buy, and then watch? Your funds either go up or down. You back out quick if it goes down at all... or you wait a bit and hope it maybe rise up to a profit. If all your waiting for is a quick profit of $50 or $75 wherein you finalize the bid, then isn't it possible that one will see that happen more often positively rather than negatively?
Hi earlierdays,

It was exactly the 90% statistic that kept me away from trading for a long time because I just "knew" that I wasn't a financial wizard, so why should I bother. But then I kept wondering, what exactly is it that the 10% are doing that the 90% are not? Are they smarter? Are they better educated? Or maybe they're gifted in some way. I set out to find the answer to my question. Hundreds of articles and dozens of books later, I had enough of an answer to say "I can do that!" And today, I can, but not when I started. It is a thorny road between knowing the theory of how to trade and actually implementing that theory profitably. I my case, it took 18 months from the time I made my first trade to when I became consistenty profitably. But I would have never gotten here had I not taken that first step and been willing to get back up just one more time than I got knocked down. I encourage you to do the same. Start now, maintain a "wont quit" attitude, and in 1 to 3 years you'll be glad you did. Earlierdays, if I can learn how to trade, then I say almost anyone can. I exclude the handful of unteachable wackos.

Narafa is right. The scenario I outlined is an easy, safe and conservative way to make money at forex. But just to give you an inkling of what is possible, I now easily earn 10%+ on my money each month. At that rate, a modest $20,000 account would give you the $100 a day you mentioned. It can, but it would not be stable enough to provide you with a living. I like the way Merlin, the moderator of this forum put it. He said with a $400,000 account, you could safely earn between $10,000 and $15,000 per month. Focus on the long term, focus on the safety, and you can be a 5%er.

Earlierdays, if you've read most of my other posts on this forum, you will know that I am adamant about protecting new traders from themselves. But I am equally adamant in wanting to see them succeed.

If there is anything I can do to help you succeed, please don't hesitate to ask. I don't know all the answers, and my experience is different from everyone else's on this forum. Take what you find useful from each of us and leave the rest.

Dial
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  • #18
  • Dec 1, 2005 11:33pm Dec 1, 2005 11:33pm
Quoting DrRock
You will need to take that down - what about Refco?

Simon
Hi DrRock, I didn't forget Refco. I was attempting to be facetious, not accurate. But you are correct. Thanks
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  • #19
  • Dec 1, 2005 11:35pm Dec 1, 2005 11:35pm
Quoting DrRock
I am not sure why people are of the opinion that you need to be smashed up by the market to be successful. I don't know of any successfuly traders who have been smashed by the market, lost a float or anything, prior to them being successful. It is one way that it is done or you could just learn from other peoples mistakes.

Simon
there is no such thing as a successful trader who has not been smashed by the market. but the whole statement is subjective, what is a successful trader and what would be considered getting smashed? in the nineties i traded in a daytrading room in dallas with guys who who bought and sold stocks. millions of dollars worth a day. it was very common to see someone drop 2 or 3 hundred thousand dollars a day. they would come back the next day and make half a million. i have seen wealthy people lose complete family fortunes in a week. i have seen people start with a hundred grand and become millionaires in a month. i know one guy who committed suicide when he lost over 2 million dollars in one day on a tech stock. tech run was a blast but when it burst it took a lot of good people with it. is getting smashed 10 percent of your money or 80 percent. or is it your life. this business can rip your guts out and laugh at you while its doing it.
  • #20
  • Dec 1, 2005 11:43pm Dec 1, 2005 11:43pm
Quoting james16
there is no such thing as a successful trader who has not been smashed by the market. but the whole statement is subjective, what is a successful trader and what would be considered getting smashed? in the nineties i traded in a daytrading room in dallas with guys who who bought and sold stocks. millions of dollars worth a day. it was very common to see someone drop 2 or 3 hundred thousand dollars a day. they would come back the next day and make half a million. i have seen wealthy people lose complete family fortunes in a week. i have seen people start with a hundred grand and become millionaires in a month. i know one guy who committed suicide when he lost over 2 million dollars in one day on a tech stock. tech run was a blast but when it burst it took a lot of good people with it. is getting smashed 10 percent of your money or 80 percent. or is it your life. this business can rip your guts out and laugh at you while its doing it.
JIM! Welcome back dude! It's only been a week since your last post, but man it felt like forever! Hope you had a great Holiday old buddy!

Dial
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