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What is your monthly target?

  • #21
  • Apr 30, 2006 9:24am Apr 30, 2006 9:24am
10% month on average.
  • #22
  • Apr 30, 2006 11:29am Apr 30, 2006 11:29am
Quoting moonchild
I have learned the hard way that goals, whether they are daily or weekly, pip or percentage are a bad idea. If I am far away from my goal, I am more likely to take a marginal trade or a poor one and end up losing money.

I have learned that the best approach is to try to take the best, highest probability, trades that I can find and avoid all of the others. That is my hardest challenge--to abstain from trading unless there is a potentially really, really good trade. If that is my entire goal, then I gain pips. From what I can see for the past 1 days, I have made over 6oo pips (we will not discuss what the beginning of the month looked like). When I was aiming for a goal, I did not do nearly as well.

For seasoned, very experienced traders a target may be a good thing, but I suspect that it causes grief for a lot of newbies.

moonchild, great opinion! 6 months after going live I came nearly to the same point last week. I used to say my target is 15% (in fact in average in 2006 I made over 20%) but this makes me nervous at the end of each month.

Last thursday my result were only 7% and I thought I am going to collaps. I was sooo far from my target! Then the same idea came to my mind - "why bother with targets?" I will try to take out of the chart all I can, if the result is not that brilliant... well it is not about me - the chart was just not fitting my system... not my fault anyway. Eventually I made over 4% at the last day and my monthly result is 11% - acceptable, I think. This was my worst month ever. I HOPE in may I will trade just doing my best and noth bothering about targets.
time is money! Z
  • #23
  • Apr 30, 2006 12:22pm Apr 30, 2006 12:22pm
Quoting Mr Trend
My goal is to make half as many mistakes as I did the previous month.
hoping we still alive to make haft of mistakes 's last month !
  • #24
  • May 15, 2006 10:59pm May 15, 2006 10:59pm
Hi Rusty,
that's quite a good performance you are targeting a month. Why don't you sell your trades as signal alerts? I will be the first to buy it if your performance is true. Look at gfsignals.com
greetings from Austria to Australia
cia
Asterix

Quoting Rusty_forexman
I target 1000 pips per month. I have achieved 11 consistent months in a row, close to that target (some months below, some months above).

I see the target as a round number, where I can aim for and achieve + or - 150 pips either way, around that figure.

However, I produced close to 2200 this month...the best on record!! (for me)
I think the people who have targeted 80-100 pips a month, are targeting too low for a full time trader. (depending what your trying to achieve from trading)

With effective strategies and systems, you can suck a lot more out of the market.
  • #25
  • May 15, 2006 11:24pm May 15, 2006 11:24pm
I started trading in Nov 2005. I am roughly between 40-50 pips daily.My target is 100 pips per day.
  • #26
  • May 15, 2006 11:40pm May 15, 2006 11:40pm
I find it hard to believe anyone can consistently pull more than 10% per month, unless they are taking huge risks.

Is anyone getting 10% or better while risking 2% max. per trade?

My personal goal is 10% per month but I wonder if that is achievable.

Wiz.
  • #27
  • May 15, 2006 11:59pm May 15, 2006 11:59pm
Quoting peas
In Pips. Mine is 80 pips/month, with a low leverage (25x).
If I may please beg to differ.....25:1 is not low leverage. 5:1 or less is low leverage in my book, although I'm personally comfortable with up to, but absolutely no more than 10:1.
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #28
  • May 16, 2006 12:07am May 16, 2006 12:07am
Quoting The Wizard of Oz
I find it hard to believe anyone can consistently pull more than 10% per month, unless they are taking huge risks.

Is anyone getting 10% or better while risking 2% max. per trade?

My personal goal is 10% per month but I wonder if that is achievable.

Wiz.
10% per month is not that difficult. If you trade a fixed 5:1 leverage, you only need 200 pips per month to achieve a 10% rise in equity. You can get those 200 pips in only one or two trades a month on longer term charts of 4h and above. If I remember correctly, 5:1 leverage is roughly 2% risk per trade or so depending on the size of your stop.

Take rifle shots at one or two trades per month. Seek out precision entries with smaller stops by watching for pull backs to a moving average and get your stops to BE as quickly as possible. Oh yes, trade the GBP for the volatility and you might only need one good trade per month.

Dial

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #29
  • May 16, 2006 12:22am May 16, 2006 12:22am
before i started I wanted just 20 pips a day

sometimes I hit this target.. sometime not

Im still learning though so I guess my target is not to repeat previous mistakes
Use a system that works for YOU
  • #30
  • May 16, 2006 12:48am May 16, 2006 12:48am
$1200-1600 a week for salary payment; the rest goes back into equity for trading capital.

Pip wise it has ranged from 600 a week sometimes up to over 800, like this week which has exceeded 850 in the first three days.

I don't need to stop trading when I hit target as has been suggested by courses and books. That' silly. That's for traders who suffer from greed and mental discipline issues. As long as the market keeps handing out the $$, I'll welcome it with open arms.

Again though, I pay myself a weekly salary and the rest stays in equity to cushion future trades.
Capital Preservation is key to long term wealth accumulation
  • #31
  • May 16, 2006 2:53am May 16, 2006 2:53am
Quoting Asterix
Hi Rusty,
that's quite a good performance you are targeting a month. Why don't you sell your trades as signal alerts? I will be the first to buy it if your performance is true. Look at gfsignals.com
greetings from Austria to Australia
cia
Asterix
Hmmm that could be an idea Asterix!

I didnt think 1000 pips was too big a target until i posted it up on here.

Like i said before, if you have an effective system in place, that is flexible and can adapt to change, there is no reason why you cant achieve 1000 pips a month.

Rusty
  • #32
  • May 16, 2006 8:04pm May 16, 2006 8:04pm
Quoting MuddBuddha
$1200-1600 a week for salary payment; the rest goes back into equity for trading capital.

Pip wise it has ranged from 600 a week sometimes up to over 800, like this week which has exceeded 850 in the first three days.

I don't need to stop trading when I hit target as has been suggested by courses and books. That' silly. That's for traders who suffer from greed and mental discipline issues. As long as the market keeps handing out the $$, I'll welcome it with open arms.

Again though, I pay myself a weekly salary and the rest stays in equity to cushion future trades.
Nice results, Muddbuddha..could you let us know what is your capital amount so that I could figure what % returns you are getting per week..

Shan
  • #33
  • May 16, 2006 9:00pm May 16, 2006 9:00pm
I think it is not wise to ask some one and specially a professional trader about his capital.May be he may tell percentage by himself rather than telling capital and ask us to calculate.LOL

My question from Buddha is that I do not understand what you mean by stops/greed in above post.Do you mean you do not put Take Profit stops and close trades manually when ripe for retracement.
Plz clarify as I read your posts with care and from learning point of view.
regards
  • #34
  • May 16, 2006 9:40pm May 16, 2006 9:40pm
With all the talk of risk management, and how anyone that just starts trading live with real money almost always loses. This is the way we learn. In the beginning, my "dream" was to quit my job and make unexplainable amounts of money. With treating my demo account like it is real, I see how that is almost impossible for a beginner. For a beginner, the fear will not allow a person to become rich at first and when the first trade does make some money, that same beginner will think they are on top of the world and the next trade will lose twice as much. So, with that being said, my monthly goal is to have a positive amount of profit in my account.
JOHN 3:16
  • #35
  • May 16, 2006 10:06pm May 16, 2006 10:06pm
Quoting kolachi
I think it is not wise to ask some one and specially a professional trader about his capital.May be he may tell percentage by himself rather than telling capital and ask us to calculate.LOL

My question from Buddha is that I do not understand what you mean by stops/greed in above post.Do you mean you do not put Take Profit stops and close trades manually when ripe for retracement.
Plz clarify as I read your posts with care and from learning point of view.
regards
Hi kolachi,

What Mudd means is that he does not cease trading once his weekly goal is hit. He continues trading for the entire week.
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  • #36
  • May 16, 2006 11:42pm May 16, 2006 11:42pm
so 400% a month is not real? im not sayin im plannin that this month but ill least get 100% return. i have qaudrupled my account since the beginning of april. i leverage more than think is wise but am never in what i call a "bad trade". i trade different than everyone else on here. i never trade before noon MSTand never enter a trade after 3AM MST. i stay out of the market while announcements and money movers have their fun. i look for 100% a month and have done it for over 2 months now. yes time will come when i will maybe go for 50% a month but not til the account gets up to 25k or so. i never look at pips just percentage.
You don't lose money in the market, you lose time. - Jim Cottrell
  • #37
  • May 16, 2006 11:45pm May 16, 2006 11:45pm
Quoting rtparty
so 400% a month is not real? im not sayin im plannin that this month but ill least get 100% return. i have qaudrupled my account since the beginning of april. i leverage more than think is wise but am never in what i call a "bad trade". i trade different than everyone else on here. i never trade before noon MSTand never enter a trade after 3AM MST. i stay out of the market while announcements and money movers have their fun. i look for 100% a month and have done it for over 2 months now. yes time will come when i will maybe go for 50% a month but not til the account gets up to 25k or so. i never look at pips just percentage.
Dude. You will be broke within 60 days.
Mr. Trend
  • #38
  • May 17, 2006 12:37am May 17, 2006 12:37am
Quoting kolachi
I think it is not wise to ask some one and specially a professional trader about his capital.May be he may tell percentage by himself rather than telling capital and ask us to calculate.LOL

My question from Buddha is that I do not understand what you mean by stops/greed in above post.Do you mean you do not put Take Profit stops and close trades manually when ripe for retracement.
Plz clarify as I read your posts with care and from learning point of view.
regards
Daillist is right. I treat trading like a job, not an investment. If I hit target by Tuesday or Wed. of the week, I still trade; it's just overtime at that point.

Since I have no grand dreams of being ultra rich, I manage to keep the greed factor in perspective. It's not like I get to spend it anyway....it stays in the account and I only take out my weekly allotted amounts. ANything more may hurt the system that I use, or may not dependng on market movement.

At certain captial levels, I give myself a pay raise. I originally started out with $500 a week and moved up from there. I now have two FX accounts, both with FXsol and a mini left sitting at Oanda, that I can pull from if necesssary.

Once I started treating my trading like a career, I found that I was much more objective towards decissions. I am, after all, responsible for providing for my family with all the needs and comforts they have become accustomed to.
Capital Preservation is key to long term wealth accumulation
  • #39
  • May 17, 2006 12:48am May 17, 2006 12:48am
Quoting vishalshan
Nice results, Muddbuddha..could you let us know what is your capital amount so that I could figure what % returns you are getting per week..

Shan
When I opened my first account with FXsol, I had $8900. I wasn't sure how much I'd like them, so I was conservative about moving all the funds at the same time. I had been working on a new system that I started to implement with the new features that FXsol provided over Oanda. By five weeks into the new system, the account was $23,918.00. So my returns at that point were high in the % area; but I had miscalculated the lot usage to pip range thinga-mabob and was acutally trading one lot too heavy. At week six, I dropped it to the proper lot size. Fortunately for me, the GBP was in a very nice range at the time, so no harm, no foul.

I moved the remaining funds from Oanda, as well as opened a second 10K account with FXsol to trade a seperate pair on the same system.

As the accounts grow in equity, I haven't modified the lot size so i can cover more market range....so really, my weekly % would drop every week as the equity grows. Sounds weird, but that's how it works out.
Capital Preservation is key to long term wealth accumulation
  • #40
  • May 17, 2006 1:01am May 17, 2006 1:01am
Quoting MuddBuddha
As the accounts grow in equity, I haven't modified the lot size so i can cover more market range....so really, my weekly % would drop every week as the equity grows. Sounds weird, but that's how it works out.
And to add to Mudd's post, he continues to reduce his risk, because his lots have stayed the same, yet his capital is going up. So thus, he's actually risking less as he makes more money...

And living in Indiana... yeah, you got it made in regards to cost of living...
Mr. Trend
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