How Long Does It Take to make $5000/Mo consistent profit?

Hi Guys,

I am a newbiew in Forex but am very comitted to master trading, I don't mind spend 70 hours/week or more to master Forex trading. In fact I don't see learning Forex as working ,it is fun for me and enjoyable.

A little about me :

I am a small business owner. I lost a lot of money and a house in mutual fund and stock trading in 2008. I was totally devastated because of this. This occurence has caused me to be a very risk averse person.

Lost a lot of money because :

- Over confidence
- I used money that I can't afford to lose
- Emotional factors
- Money management
- Noob skill in trading.
- Other classic noob mistakes

Lessons learned , it's a lesson that I will never forget for life because the experience was so painful, The desire to be a full time, profitable trader never completely ceased though.

I now want to go back into trading after 5 years.

What I am going to do :

- I will focus on psychology, RR and money management. I will try everything to enforce discipline.

- I will pick a simple, yet proven trading system at Forex Factory. http://www.forexfactory.com/showthread.php?t=291622

and will stick to this system only until I master it, won't waste my time playing/experimenting with other systems.

- I will quit my small business and get into forex full time. The business has not been profitable for the last 3 years anyway and I don't enjoy it but with trading it feels different, it doesn't feel like work at all.It feels fun.

What I have :

- I have $ 125.000 saving. $ 80.000 will be enough to cover my expenseses for 2 years. After 2 years of learning Forex , I will be left with $ 45.000.

Questions :

- Is it possible for me to make consistent $ 5000/Mo through Forex after 2 years or hopefully 1 year using seed money of $ 45.000?

I will only learn and apply 1 proven trading system , http://www.forexfactory.com/showthread.php?t=291622
I will focus on psychology, RR and money management. I will try everything to enforce discipline.


Thanks

It will probably take you something like 5 years to become consistantly profitable, assuming you have the talent. It's not about the strategy, it's about the psychology. You will be your worst enemy in those upcoming years. There is no shortcut, you'll have to make it through. But the reward is great if you survive.

Also, it's a bad idea to set such goals like "$5000/per month". You can't control that and when you fail to recah the target, it will only cause you to do stupid mistakes like overtrading or using too high leverage. Even if you reach profitability, there will be losing months and you'll need to have savings or additional business to cover that. Consistent profitabily means following a clear business plan and realizing returns, and taking into consideration the timeframe of your trading. For example, if I'm a position trader who takes 20-30 trades per year looking to catch the big moves, it is possible I'll have several losing months, but I still end up with a nice return at the end of the year. If a daytrader had 6 losing months in a row, that would just be horrible (but he would probably already have blown up the account earlier or commited suicide).

Here you go http://www.forexfactory.com/showthread.php?t=245149
Spend 6 months trying this approach and come to thank me then.
Best Regards,
Tim

I would retain the business and let someone to manage it if I were you.
Are you really sure with 2 years and 5000$/month as your goal?
Most trader took 4-6 years to become profitable with made it less 2-3 years with great mentor.

If you are really into trading it would better start with 1000$ trading 1 micro lot with only 1 maximum trade idea/day.
Do not go with higher capital unless you made 3x your capital, This is achievable I guarantee you I practice this and took me 10 month to accomplish.
If you accomplish this without using martingale or no stop loss system then I think you are ready to use your capital.


psychology, RR and money management is important and many people have mastered this however EXPERIENCE really does matter to. I believe experience is still the best mentor especially when you blow account over and over.

OO.. I predict this thread will have 4 more pages of comments and all from the 95% by Saturday

You can do it in 1yr, but you need to start think "bigger" than monthly profits.

For example - try to figure out how to do Forex with $250k for 20-25% year gain.

Then try to figure-out how to obtain these $250k and use them wisely. I would definitely target 2 - 2.5% per month.

The numbers above are for hard monthly target like yours $5k. But if you trade with $25 - $50k - just accept what you can get from the market with low risk and do not push it.

One Advise - Don't make this decision quickly. Do forex as a part time thing apart from the business.

Because you already had nightmares from Forex. So why you again going for the same thing ?

Start forex with small fund and check the progress overtime. Then you can make a good decision.

Q: How Long Does It Take to make $5000/Mo consistent profit?

A:You start with $10,000/Mo consistent profit

What broker? How close to the market do you plan on trading?

Good luck!

don't pick a system,rather let a system pick you.sounds cliche but true.Try as many systems as possible until you find one that doesn't conflict with you.forget about 100% mechanical systems they can't achieve above mediocre results.I have coded most of my systems rules but ultimately I have to make the discretionary call whether to trade or not based on P.A.

Godspeed

Hi few thoughts.
1st forget advise from people who are not making money!Forget systems! Any system!Develop style of trading.Systems tend to be rigid and un-flexable to adapt.With news coming up just about every day rigid systems just simply produce more losers.
To give you credibility I'll post my results last 3months since my mt4 does not go further back.Since 2013 I consistently make 8-10% a month trading.
To make money in forex is not hard!Yes you heard it NOT hard!What is hard is developing PATIENCE!
Please read this article
What Crocodiles Can Teach You About Trading
Think of surfers.What do they do all day?They wait for good wave right?They don't waste time chasing every little ripple of water correct?So intuitively surfers know that energy is just not there to carry his body.
However they are trigger happy traders doing exactly that chasing every little market noise "scalper"
Simply trade longer time frame H4,daily and weekly charts.To me anything less is less money and not worth stressing over.

I will share with you more but 1st please read
"bird watching in Lion country" and "trading in the zone"
To answer your question Yes you can make 5k a month on 50k account but easier to make 5k on 80k account until you get better.
Before you risk real money open mini account like 2k and trade 10c 20c for practice.Avoid Demo because you will not learn about trading psychology where 70-90% of gains and losses occur.
Will continue later depending upon you.

Question: How do you know it's a proven system? Or you just assume it's profitable?

It always amazes me how people throw their cash onto systems that have NEVER really been tested. And no, just because it's posted on FF and has a gazillion of followers, doesn't make it any more profitable.

IMO it is possible to make that kind of money on a monthly basis, but you cant pick a strategy from a forum and expect to have the same results no matter how hard you try, trading styles have to fit the individual.

ok...to cut to the chase.....uhmmm....probably NEVER.That's the truth ....I can say it with 98% certainty.

what a ridiculous question

You're kidding right? A really good trader can make a lot more than $5000/mo and the key, you need to be good at it.
As others had suggested, start with a nano account and practise, review, rinse, repeat..

Only put money in your trading account that you don't mind loosing it all. Never put any savings on the line. If you can't do that, you will be in constant fear while trading.

Be prepared to lose it all. Just imagine that. Close your eyes and think it through. I may not happen, but it might.

Also, only 10% or less of traders are profitable. So imagine. Be prepared to have your account blown away a few times. Don't think about making 5k / month. Make sure you are profitable first on a demo account. Not after 10 trades. But after 1000's if not 10000's of trades. So let that sink in.

Good luck. You might be in the circle of the 10%.

you plese not focus on the amount of money, but focus on the amount of profit in percentage from your deposit