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Need some wisdom from fellow traders

  • #21
  • May 9, 2015 8:54pm May 9, 2015 8:54pm
Quoting monty505
@Jmn5611 When I lose, it's around 1 to 2% of capital - don't really have a fixed percentage but the style is such that it comes to about that much. Average holding time around 8 to 10 hours I think. So scalp/intraday - not swing. No to scale in/scale out - No to hedge - No to millipede Yeah mostly one in, one out but do take multiple positions in the same market I said 4% a month, not 5% a week - growing 5% per week will be awesome, I agree. Will keep in mind your advice of handling big money -- Thanks for taking the time to reply.
Your risk is good. Consider swing trading/ millipedes. With an account of your size, you can really build some good gains by riding the fundamentals in a currency. You will incur some DD. However, if you study fundamentals, and use technicals for your entries, you can do quite well.
If you are good at something, never do it for free--Joker
  • #22
  • May 10, 2015 12:31am May 10, 2015 12:31am
tunera laid it down and mitrapips summarised the options. The rest is up to you. If you are thinking trading as the option(1) solution, then hone your skill to "Be like the sniper".
  • #23
  • Last Post: Edited 6:10pm May 10, 2015 7:52am | Edited 6:10pm
As I understand, your original question was: how can one make a living in forex, with how much capital and at what percentage per month. That is all relative. No one can give you a perfect answer that will fit you, unless they were in exact same situation as you are and have become successful.

That's why most of the posts here are about risk control and ideas on raising capital.

Here is my take on risk:
I must trade with absolute risk control of less then 1% on each trading idea and at no time my total open positions' risk should exceed 5%. If I stick to this rule, then all I have to do is to identify the entry signals that are of high probability and of higher reward.

When it comes to trading strategy, only you can figure out what is the best strategy for you.

After studying how successful traders trade,, this is what I came up with:
1) Identify the entry rules that puts one in a substantial swing/trend (whether on smaller time frame or larger time frame)
2) Place the hard stop on technical levels with 1% risk
3) Rinse and repeat
Never Trade without a defined risk, never, never, never.
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