which way it`s easier to make 500p a moth!!! | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Which system is the best? Or which combinations of systems work the best? 46 replies

Simply TRADE TO MAKE MONEY! easier done than said 6 replies

which orders are easier to fill? 7 replies

Which Indicators to Which Pairs ?? 17 replies

which pairs to watch at which open/close 5 replies

Attachments: which way it`s easier to make 500p a moth!!!
Exit Attachments

which way it`s easier to make 500p a moth!!!

  • #1
  • First Post: Feb 27, 2006 6:25pm Feb 27, 2006 6:25pm
hello i have been doing some money managemet homework and i have come to a point that if i make 500 a month, i ll quick my job today.
now the question is how??
25p a day 5-10min chart?
120 a week using 1-4 hour chart?
or 500p a month using 4-daily chart?

ok there i go, but the other thing is if i risk 35p per trade thats perfect if am
aiming to 120p but risking 35p for 25p?? i i think i need a lile help here
  • #2
  • Feb 27, 2006 6:37pm Feb 27, 2006 6:37pm
Ouch! Okay, piece of advice - please don't quit your job..
Please think about it a million times first..
I'm telling you, it's worth the time to think it over..

Think of all the professional traders around and see how they're doing.
I mean what expectations are reasonable. There's a thread here by Dial, about "Reasonable Expectations" but don't know where it is..

If I may, please read books first so that you know what to expect from trading. To give you an idea, I suggest reading "Market Wizards" and "The New Market Wizards" for you to see how the market wizards are doing..

Please heed this advice.

Regards,
East
  • #3
  • Feb 27, 2006 6:52pm Feb 27, 2006 6:52pm
oh no not another x posts per day thread!
Relax and be happy.
  • #4
  • Feb 27, 2006 6:54pm Feb 27, 2006 6:54pm
Quoting eastmaels
Ouch! Okay, piece of advice - please don't quit your job..
Relax and be happy.
  • #5
  • Feb 27, 2006 7:01pm Feb 27, 2006 7:01pm
Quoting eastmaels
Ouch! Okay, piece of advice - please don't quit your job..
Please think about it a million times first..
I'm telling you, it's worth the time to think it over..

...
Regards,
East
I second that opinion.

I've had months worth 500 pips followed by months worth -500 and more.
If you can make those 500 pips month after month, for let's say 2 years, then go ahead and quit.
You need lots of discipline and patience before you become consistent.
Discipline, patience and greed, that's what, I have to work on big time.
  • #6
  • Feb 27, 2006 7:02pm Feb 27, 2006 7:02pm
Quoting merlin
You're a hard man to entertain Merlin..
  • #7
  • Feb 27, 2006 9:05pm Feb 27, 2006 9:05pm
i think the word "please" did it for me
Relax and be happy.
  • #8
  • Feb 27, 2006 10:04pm Feb 27, 2006 10:04pm
Quoting merlin
i think the word "please" did it for me
Nothing better than to make an old wizard laugh..
(Uhmmm.. you're old right? )

I do miss yours and Dial's conversations..
I hope you guys get to entertain us again..
  • #9
  • Feb 28, 2006 7:29am Feb 28, 2006 7:29am
Quoting jeff7495
...if i make 500 a month...
500 pips a month???

I hope you realize that 500 pips/month sustainedly is HUGE. You'd be multimillionaire in very few years.

If you can squeeze 100-150 pips off the market month after month after month, you're definitely in the right track.

Dont quit your job for the time being, you got tons of homework to do.
  • #10
  • Feb 28, 2006 8:03am Feb 28, 2006 8:03am
25p /day on 5min? I'm ecstatic when I net 25p a MONTH on 5 min.
You either need ALOT more money to work with, or a MUCH lower cost of living. Preferably both...
  • #11
  • Feb 28, 2006 10:00am Feb 28, 2006 10:00am
Is that 500p as in 500 pence?
  • #12
  • Feb 28, 2006 10:11am Feb 28, 2006 10:11am
jeff............

we remember you from this thread:

http://www.forexfactory.com/forexfor...54&postcount=1


some of us spent a considerable amount of time providing you with good advice...............

it now appears you have chosen to dismiss that advice and chase the pot at the end of the rainbow

good luck !!!
  • #13
  • Feb 28, 2006 10:17am Feb 28, 2006 10:17am
Quoting BeachBum
jeff............

we remember you from this thread:

http://www.forexfactory.com/forexfor...54&postcount=1


some of us spent a considerable amount of time providing you with good advice...............

it now appears you have chosen to dismiss that advice and chase the pot at the end of the rainbow

good luck !!!
Hey Beach... I think I've also been in his shoes.. I think he's just emotional or hyped with it.. That's why I wanted to slow him down before he hurts himself.. Because I did..

It's up to him if he wants to heed our advice or not..
  • #14
  • Feb 28, 2006 10:19am Feb 28, 2006 10:19am
Quoting jeff7495
hello i have been doing some money managemet homework and i have come to a point that if i make 500 a month, i ll quick my job today.
now the question is how??
25p a day 5-10min chart?
120 a week using 1-4 hour chart?
or 500p a month using 4-daily chart?

ok there i go, but the other thing is if i risk 35p per trade thats perfect if am
aiming to 120p but risking 35p for 25p?? i i think i need a lile help here
First, don't quit your job.

Second, stick with 4 hour or daily charts until you learn to trade. Shorter time frames are deeper, shark infested waters.

Third, high pips alone will not make you rich. Early on, I made 2400 pips in three months; an average of 800 pips per month. But my account went down by 27%. Why? Because I was totally focused on my system and had not yet come to a full understanding of money management.

Fourth, To make money consistently, you must have a good system to get the pips, and you must have a good money management plan to control your money and those two things MUST be glued together with the third element of trading, and that is discipline.

Fifth, 100 pips a month with a 30 pip stop and risking 3% per trade works out to be about 10:1 true leverage. This will net you a 10% gain in your account each month. This is an annualized return of 214% which would make you rich over time. This is nice, but until you know how to trade, 3% is far too much risk and 10:1 is far too high a true leverage for a beginner. But these are goals you can work toward. Start with 0.5% or 1% risk and as you gain confidence and consistent profits, you can gradually move up to no more than 3%. Just to let you know, 1% risk is like walking a three foot wide plank one foot off the ground; 2% is walking a one foot wide plank six feet off the ground; and 3% risk is walking a tightrope fifty feet off the ground.

Sixth, don't quit your job!

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #15
  • Feb 28, 2006 10:24am Feb 28, 2006 10:24am
Quoting eastmaels
I do miss yours and Dial's conversations..
I hope you guys get to entertain us again..
Well.....I've kinda been avoiding Merlin.

He loaned me a wand to practice with a while back, and.......well.......I really don't want him to see me until the third degree burns on my face heal.

You think trading is hard? Try wielding a Wizard's Wand when you don't know what you're doing!

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #16
  • Feb 28, 2006 11:15am Feb 28, 2006 11:15am
Quoting jeff7495
i ll quick my job today............................
i i think i need a lile help here
Just a little?....heh.....I'm the last one who should be pointing out mistakes...but at some point you gotta say WTF is up!...I think you are there...

All I can say is that your lack of attention to detail as displayed by your post will eventually bite you in the ass when trading. So I'll offer some advice that is practical, become more aware of the details no matter how small they might seem. The small details piece by piece add up to a bigger message and if you can see what they are trying to tell you it will benefit you.
  • #17
  • Feb 28, 2006 12:30pm Feb 28, 2006 12:30pm
eastmails thx for your reply and merlin too. thats what i call help
and for the rest of the guys who relly answer as if they want to help
thx.am trying to disipline my self but after losing mucho money it gets to you.
and diallist i want to thx you for your help, am following everything you been telling me step by step.
  • #18
  • Feb 28, 2006 5:05pm Feb 28, 2006 5:05pm
Quoting diallist
Well.....I've kinda been avoiding Merlin.

He loaned me a wand to practice with a while back, and.......well.......I really don't want him to see me until the third degree burns on my face heal.

You think trading is hard? Try wielding a Wizard's Wand when you don't know what you're doing!

Dial
Ohhhhh.... So now that explains why you're always on mud pack to cover those burns...

Sweet revenge...
Attached Image
  • #19
  • Feb 28, 2006 5:12pm Feb 28, 2006 5:12pm
Quoting jeff7495
eastmails thx for your reply and merlin too. thats what i call help
and for the rest of the guys who relly answer as if they want to help
thx.am trying to disipline my self but after losing mucho money it gets to you.
and diallist i want to thx you for your help, am following everything you been telling me step by step.

Hey Jeff,

Don't thank us yet.. You're still in the hole remember?
Only you can get yourself out..

I've been in your shoes, or should I say I've managaed to get one foot out of a shoe , that's why I advice you to slow down a bit and let the dust settle..

Don't think that trading's going to be a walk in the park... Welll maybe it's going to be a walk in a park - in Jurassic park..

Hehe, just kidding..
Just keep studying.. If you make mistake, just get up, dust off the rubble.... and cry... hehehe.. just get up and walk again..

Remember, it's your journey and your decisions..

Regards,
East
  • #20
  • Feb 28, 2006 5:23pm Feb 28, 2006 5:23pm
Quoting jeff7495
eastmails thx for your reply and merlin too. thats what i call help
and for the rest of the guys who relly answer as if they want to help
thx.am trying to disipline my self but after losing mucho money it gets to you.
and diallist i want to thx you for your help, am following everything you been telling me step by step.
Here is some advice:
If you have a live account. Close it right now and switch to demo because you are not ready for a live account yet.

Don't ever give up. This is the greatest profession there is and you must enjoy it. You will improve over time. Believe!

Work hard because it takes hard work. You will not be successful over night. It takes AT LEAST a year of consistent daily trading to at least break even.

Read, read, read, and read some more! If you haven't read Mark Douglas - Trading in the Zone yet, then read it and then read it over every couple weeks or so. It may not make sense at first, but as you get more experience, it will become clear.

Remember these words - Discipline, Patience, Money Management, and Courage. As you get more experience, you'll know what I mean

Don't try and copy somebody elses system. You have to figure out what system works best for you and you must be comfortable with your system. Your system has to fit you like a glove.

I could go on for days, but I hope this helps.
0 traders viewing now