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What is your monthly target?

  • #41
  • May 17, 2006 3:08am May 17, 2006 3:08am
Very good point Mr T
JOHN 3:16
  • #42
  • May 17, 2006 4:27am May 17, 2006 4:27am
I seek a 5-10% monthly return.
  • #43
  • May 17, 2006 5:08am May 17, 2006 5:08am
Mudd,you definately swing like a pro.600+ per week...thats huge...How many pairs do you trade?
  • #44
  • May 17, 2006 5:14am May 17, 2006 5:14am
That's on the GBP/USD. I haven't traded any others for about three months now.

The pip price of the GBP/USD is now $10.00 per pip and the USD/JPY went from $10.00 to $9.16 currently on a 100K account. Once that happened, I stopped trading all others in favor of the GBP's volatility.
Capital Preservation is key to long term wealth accumulation
  • #45
  • May 17, 2006 6:08am May 17, 2006 6:08am
Quoting MuddBuddha
That's on the GBP/USD. I haven't traded any others for about three months now.

The pip price of the GBP/USD is now $10.00 per pip and the USD/JPY went from $10.00 to $9.16 currently on a 100K account. Once that happened, I stopped trading all others in favor of the GBP's volatility.
$10 per pip...I told you so!

600+ pips per week,thats like 100+ per day.Wow.Like you are catching whole cable day range.Now tell me you have no more than 50 pips drawdown per week and we can call you HolyGrailBuddha
  • #46
  • May 17, 2006 6:27am May 17, 2006 6:27am
See, now you're just fishing!


I haven't had drawdown since I dumped the JPY back in early April. I got frustrated with it not moving and decided it was holding too much equity that could be used elsewhere. Little did I know that it would bust out about 2-3 days later!

I guess Merlin was right afterall!
Capital Preservation is key to long term wealth accumulation
  • #47
  • May 17, 2006 7:09am May 17, 2006 7:09am
I didn`t undertsand what you meant by that now I`m just fishing.Can you eplain a bit more please?

No drawdown since April.Hmm thats even better that I thought it would be.Bravo!
  • #48
  • May 17, 2006 8:07am May 17, 2006 8:07am
it seems that nobody looses money here in this thread
  • #49
  • May 17, 2006 8:07am May 17, 2006 8:07am
Mudd,

You have to love the volatility of this pair. If you keep it simple this pair will pay big. It is very trendy and momentum is king. The CPI today is a good example, these were easy pips with just a trend following approach.

Scott
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  • #50
  • May 17, 2006 8:35am May 17, 2006 8:35am
Why is everybodys targets so small or IS my money management(I always skipped this part while reading books) and planning really bad. On april 28th 2006 I funded my fxcm account with $500
using a credit card and Im over $3200 now.I use 1:100 leverage.
  • #51
  • May 17, 2006 8:39am May 17, 2006 8:39am
And now the market has reversed and my trailstop took me out with profit.

Peas, I should hope that there are not net loser accounts. I mean what is the point of trading if one just looses money? Or did you mean there are no loosing trades? Because who ever says that is just not being honest.

The sad thing of course is when there is a winning trade and we let it turn into a looser. The GBPUSD I just posted is a prime example. It went up with the trend and now is coming back down somwhat counter trend. I am a firm believer in trailing stops.

So every trade has both opportunity of profit and risk of ruin. It is our decisions based on our expierence and skill that makes the difference.

In the early part of a trading career, Mistakes should be welcomed and learned from and the amount risked should be very small. Demo is ok, but there is nothing like the pain and the thrill of loosing and winning to teach valuable lessons, including over exuberance and unnecessary negativity.
Both hurt the trading process.

That's the way I see it anyway, Scott
  • #52
  • May 17, 2006 9:03am May 17, 2006 9:03am
Looking back, the problem I had was, I let my winning trades eventually become losing trades.. grrr...

I originally had a target of 200 pips / month. But in the past few weeks, it's moved up to about 1000 pips a month.

Feeling good about the FX..

I had a dream to be a day trader since I was in Junior High School. Well, God and the Tradewinds didn't fall my way, but now with FX, I have a chance to eventually trade for a living..

I'm excited about the prospect! Hmm... Maybe I will set a date tonight.. Target date to purely trade for a living..
google:
  • #53
  • May 17, 2006 9:08am May 17, 2006 9:08am
Quoting MuddBuddha
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.
Greatly appreciate your inputs. Your trading records are very inspirational. Keep on rocking

Shan
  • #54
  • Edited 9:17am May 17, 2006 9:08am | Edited 9:17am
To be profitable every month. Thats my goal every month. I try not to chase trades. I wait for my favorite setups and go with them. What ever Ive made at the end of the month is what ever it is. Every PIP is usually worth between $10-$15(sometimes alot more), and YTD, Im up about 6300 PIPS. I dont make a living off this money, but I have been tempted to go trading full time. Its fun figuring out what is driving the markets on any given day.

But I always remember some of the hard lessons Ive learned. Easy come....easy go. lol..especially in FOREX markets.
  • #55
  • May 17, 2006 9:25am May 17, 2006 9:25am
TwoBlink - It sounds like you and I have similar dreams. Currently my goal is simply do better than the previous month, make smarter trades, and improve my skills. But I hope to get to the point when I can quit my boring day job and trade from home for a living.

On a similar note - I've heard several people mention how many accounts they've blown up through the learning process. I've been trading for 2 years, and while I haven't made any money, I haven't lost any either. I'm exactly where I started 2 years ago. But "the trend" is upward....
  • #56
  • May 17, 2006 1:01pm May 17, 2006 1:01pm
Quoting Mr Trend
Dude. You will be broke within 60 days.
ha ha you make me laugh. ive had this same account since november. i would grow it and lose it. i have never lost my initial investment. i dont trade like all you on here. what are 1 hour and 4 hour charts. i dont use those ever. i use the 5 minute charts and go for 6-10 pips a trade and end up making 10 trades a day or so and win on all of them. so when i'm broke you guys will know but dont plan on it!
You don't lose money in the market, you lose time. - Jim Cottrell
  • #57
  • May 17, 2006 1:38pm May 17, 2006 1:38pm
To RTPARTY,

I somewhat have the same style and the same routine, all you need to do is increase your leverage and you can make some good money in the Forex. Being consistant and steady is the way to go.

Howard
  • #58
  • May 17, 2006 2:13pm May 17, 2006 2:13pm
yes i like the steady and consitent trading. i dont look for 50+ pip movements. i do leverage more that 2% a trade. i leverage 10% at 200:1 but am changing to 5% now as i have grown the account quite considerably. i like trying for anywhere from 5-10 pips depending on time of day and what has happened so far. i use no stops as that is what money movers use tho their advantage. they guess where stops are and run it there. i will get in another postion when they run because i know it is coming back.
You don't lose money in the market, you lose time. - Jim Cottrell
  • #59
  • May 17, 2006 4:15pm May 17, 2006 4:15pm
Thanks diallist and Bhudhha for the replies.
I appreciate Bhuddha for giving such details.He is trader friendly....
  • #60
  • May 18, 2006 8:58pm May 18, 2006 8:58pm
10-50% of my total margin
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