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  • #21
  • Jul 18, 2011 1:09pm Jul 18, 2011 1:09pm
I also think that asking "how rich do people get?" and similar questions is stupid to ask. it hypes people up, they think 'WOW I can be rich too!!' this puts their risk up and they lose money.

Don't know if anyone's noticed, but you don't see the rich traders showing off, they keep it to themselves, keep it quiet.

If you eliminate showing off to your friends and family, you eliminate risk this brings by upping your risk to gain more which more often than not results in losses.

If you want to be a winner, set low targets, if you haven't met them by the end of the week, don't hurriedly look for trades to make big $$$, but write in your journal (yes I said it) what happened in that week, why the target hasn't been met, and how you can improve. Most importantly after this, get a good night's sleep Friday night and don't stay up fretting.

In scuba diving my instructor always used to say "plan the dive, dive the plan." In diving as well as in trading, if you don't stick to your plan, it can and WILL go wrong
  • #22
  • Jul 18, 2011 3:07pm Jul 18, 2011 3:07pm
Quoting adi19956
I disagree, I think you have to learn from what others are doing, so if someone always loses, obviously you wouldn't use a similar system to them.
To be a successful beginner, you have to learn from the experienced
The thread was about "how much do people make trading forex?", and I was attempting to answer that question.

There are traders who make upward of 6 and 7 figures per year. Some make much more than this, if they're trading a large fund (other people's money). Does this mean that if I start with a $1,000 account, that I'm likely to be making that kind of money? Like I said, what they make has absolutely no bearing on what I'm likely to make myself.

However, the harsh reality is that vast majority of people who try FX trading end up losing, and they give up. So if we were to pick a person at random, statistics tell us that this person will most likely make a negative amount. Thankfully, these people's performance likewise has no bearing on how much I'm currently making, or how much I'll make at any future point.
  • #23
  • Jul 18, 2011 7:07pm Jul 18, 2011 7:07pm
Quoting jcdollar
I was wondering...
Would it be possible to make around 1200$ a week trading forex, taking only 40%...
u got really good replies.
yes, it's possible but it may/will take time...
the question is.. will u still be around trading to realize that 'goal'?....

Think hard.. challenge yourself..
always remember trading is serious business..
Good luck!
  • #24
  • Jul 19, 2011 6:46am Jul 19, 2011 6:46am
Quoting adi19956
so if someone always loses, obviously you wouldn't use a similar system to them.
If someone's loosing all the time it is in all probability not because of the system/strategy the trader uses but because he/she is not using any or is using it in a wrong way.

As to the main topic question:
How much do people make trading FOREX?
Well, the daily volume goes into trillions of dollars so I suspect they make a lot. Problem is they lose even more at the same time as the brokers and other institutions must also have their cut.
  • #25
  • Jul 20, 2011 6:50am Jul 20, 2011 6:50am
Quoting supremeChaos
u got really good replies.
yes, it's possible but it may/will take time...
the question is.. will u still be around trading to realize that 'goal'?....

Think hard.. challenge yourself..
always remember trading is serious business..
Good luck!

Will still be around trading, Im learning simple systems, learning the market, watching how it moves! Thank for all the replys.....I know people can loose it all and I know of individuals who make 6 figures, I will just have to build my account up, and manage my risk!
Voodoo Economics.......
  • #26
  • Jul 22, 2011 5:23am Jul 22, 2011 5:23am
Hi all,

I have been asking myself the same question, but I don't see here any real answer yet!

How much have you made with Forex?

I have seen many suggestions on how much you should be aiming to, or should be hoping or planning, but none who answered the question like:
- I am now consistent and with an account of 10,000 I make 1,000 a month -

this is the answer I would like to see!?!

thanks to all, Puma
  • #27
  • Jul 22, 2011 7:14am Jul 22, 2011 7:14am
I won't answer that myself, puma. I think you'll find the best don't talk about it (not that I am the best lol) and the show offs do, many actually lose money.
The fact of the matter is, some make millions, others none
  • #28
  • Jul 22, 2011 7:26am Jul 22, 2011 7:26am
Quoting dsmith2269
I started with 500.00 I'm 3 weeks in and I'm at 2138.67
in a few weeks days etc your probably have ZERO with those kind of drastic swings in your balance.
it's not about how much you can make in a small space of time its all about longeivty how long can you last in the market!!!
rat
  • #29
  • Jul 27, 2011 3:52am Jul 27, 2011 3:52am
I don't think there is one answer. It all depends, each person is different. But for someone starting out, I definitely think its important to look at the strategies used by people who are successful.
  • #30
  • Aug 5, 2011 6:34pm Aug 5, 2011 6:34pm
Quoting JessD
I don't think there is one answer. It all depends, each person is different. But for someone starting out, I definitely think its important to look at the strategies used by people who are successful.
I agree - but also,if you are an analytical ,very reasoned person perhaps the best thing you can do is explore your own ideas in isolation. Its all to easy to be swayed by negative comments. There is very good money to be made and it really does not have to be as difficult as people may lead you to believe.

Risk Reward Ratio, compounding - this is your holy grail.
  • #31
  • Aug 6, 2011 2:51am Aug 6, 2011 2:51am
Quoting jcdollar
I was wondering because i here people talking about how many pips they brought in 15, 50, 165. I know what a pip is and it comes down to their levarage i.e. 50:1, 200:1 and lot size they trade standarad lot (Lot 1) e.t.c

Im trading with a demo account 50:1 leverage with standard lot 1 and I started with 3,000$

This most this has ever made me wat 392$ which was around 39.8 pips!

Would it be possible to make around 1200$ a week trading forex, taking only 40% of what you make a week for yourself, then putting 60% back into the account...
I think that once you would like to make 1200$ weekly as consistance profit, you should start with 20K USD at least, you know, leverage is good, but you should be ready to keep alive your account, once you have series of bad trades.
  • #32
  • Aug 6, 2011 2:09pm Aug 6, 2011 2:09pm
I guess it all comes down to how confident you are - there is absolutely no problem with using max leverage as long as you know what you are doing.

Keep it very simple and you should comfortably be able to 30-40% per week using set and forget trades once a day risking 5%.

Note, that 30-40% is only scalable to a certian point though, as soon as you start talking big numbers pysch steps in an creates all sorts of other problems.

Dont be discouraged and my best advice is to totally switch off to the naysayers....Success is possible, just take some time to work it out for yourself.
  • #33
  • Aug 7, 2011 2:27am Aug 7, 2011 2:27am
start with a 1000 doallars account and only risking a very small percentage..

after some years keep adding money and growing it..

don't pretend to live off forex for the first years. keep study and reading every day. only trade the pairs you feel comfortable with, or metals.
The Black Swan: The Impact of the Highly Improbable
  • #34
  • Aug 9, 2011 7:47pm Aug 9, 2011 7:47pm
Ive recently come to Forex Trading.

As a professional prop trader I was able to make a living with a $25k account of over $10k per month on average.

It will be interesting to see if I can duplicate my results in FX
  • #35
  • Aug 14, 2011 7:47am Aug 14, 2011 7:47am
good luck! I haven't been trading too long, and am not yet at that level. However, with more practice every day I see myself making smarter trades and slowly but surely I am starting to make a profit. Just make sure to have a lot of discipline, that's my best advice to you!
  • #36
  • Aug 14, 2011 3:34pm Aug 14, 2011 3:34pm
$5,000

2 percent/week

double your money every year that's perfect.

in 10 years, you will have about 10 mil.

in 15 years about 160 mil
That's it
  • #37
  • Sep 1, 2011 6:23am Sep 1, 2011 6:23am
Quoting Custos
...Don't forget, the best traders in the world "only" make between 50 to 200% a year consistently (market wizards). And they are the best of the best.
This is so true and I read about this a lot in many places. However, don't you think it is possible that they only make that percentage due to the low leverage that they use and the amount of capital they are trading? I'm just curious.
  • #38
  • Sep 1, 2011 7:18pm Sep 1, 2011 7:18pm
it is possible to make 20% per month? Sure anything is possible. But it is very likely, probably not. People don't understand the concept that the larger your account, the harder to make say 20-30% on it any given time frame. It is a lot easier to make 20-30% on a smaller account say in the range of $1-5K. Once you start to get up to the 100K or even more, it starts to get hard. 20-30% on a 100k account is probably equal to 400-500% on a smaller account. Anyways, the biggest question is not rather how much %, but rather if you can consistently be profitable per month for years forward no matter if it is 4% per month or 20% per month.
Trade what you see, not what you think!
  • #39
  • Sep 2, 2011 4:47am Sep 2, 2011 4:47am
It is possible, but impossible to make it constantly in the long term... Talking about the levarage, this is the most common reason for blowin out accounts, because newbies don't know how to use it.
go go go
  • #40
  • Sep 3, 2011 11:15pm Sep 3, 2011 11:15pm
Quoting OMGtrader
it is possible to make 20% per month? Sure anything is possible. But it is very likely, probably not. People don't understand the concept that the larger your account, the harder to make say 20-30% on it any given time frame. It is a lot easier to make 20-30% on a smaller account say in the range of $1-5K. Once you start to get up to the 100K or even more, it starts to get hard. 20-30% on a 100k account is probably equal to 400-500% on a smaller account. Anyways, the biggest question is not rather how much %, but rather if you can consistently...
what you said is true. I checked in many forex brokers that they will start to cap the available leverage once a trader reached $100k. Alpari UK even start capping the leverage from lower than $100k.

on a personal level, I wouldn't mind making 20 or 30% per year if I have like $1m in my trading account.
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