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Can 100% per Month be Achieved?

  • #21
  • Sep 6, 2006 4:12pm Sep 6, 2006 4:12pm
Quoting smjones
Well, As long as you have this attitude it will always be a casino for you. Trading is a profession that takes time and effort and it can be learned and also requires some talent. I can tell you from consistent profit it is not a Casino. We all must have some gambler in us though, to take a calculated risk.

As long as you focus on the money and not on the trade, you will not win.
There is no system that can be passed from one person to another that will work the same way with both, because we all bring our own fears and greed and thought processes to our trading as we do with everything in life...

Take some of your money and go buy the book Trading In The Zone. I think this would help you very much...

Scott
I already read this book.
  • #22
  • Sep 6, 2006 4:14pm Sep 6, 2006 4:14pm
Quoting Turveyd
Wthomsen, on the grounds I made @11% today, I'd have to disagree with you

Okay, it's not a average, taking it easy this week but up 20% area I guess, but was down 40% last week, hence taking it easy, lost my focus.

So it's possible, just depends on how much of your account you want to put at risk, if your trading well and making good $$$'s, then it's stupid not to put alot of your account at risk, especially with a tiny $400 account like mine. Not going to say I can do the same with a 10K account, far from, but 25% per year, get real.


So running your numbers...$400 down 40% then up 20%...leaves you with $288 or 28% in the red.

Come back in 5 years and post your YoY results
  • #23
  • Sep 6, 2006 4:18pm Sep 6, 2006 4:18pm
Holy Grail of Trading:

Discipline, Patience, Experience, and Money Management

No charge for this priceless Holy Grail of Trading!
  • #24
  • Sep 6, 2006 4:18pm Sep 6, 2006 4:18pm
Just the millionaires make profit with forex. That's the reason why they open the forex market to everyone now, to get our money.
  • #25
  • Sep 6, 2006 4:19pm Sep 6, 2006 4:19pm
Yep Very Very Hard game it looks easy, but trying to prediction the future price at any given time is hard, you'll eventually learn to wait for the right time to strike, then you'll miss loads of right times Just and Get gambly, and keep bouncing between the 2 for 6months.

Coming up to 2years on Forex, and upto 2 1/2 months ago, my £100 was lasting between 20 and 30trades, with next to no good profits ever, last £100 added I'm @100% up and 151 trades in, so think I'm getting there.


And thats with 3 - 4 years ish before trading, Day Trading Stock, Then Options, then Futures with varied degrees of success.


But also, some people have a natural aptitude, you might be one, find out soon ( sadly I ownly have that on demo accounts LOL )
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #26
  • Sep 6, 2006 4:21pm Sep 6, 2006 4:21pm
Well, good luck with that... There is no point in discussing this further.



Quoting raffaelst
Just the millionaires make profit with forex. That's the reason why they open the forex market to everyone now, to get our money.
  • #27
  • Sep 6, 2006 4:23pm Sep 6, 2006 4:23pm
Wthomsen, $400 currently, $730 highs, $180 lows, $300 re start 6/26/06, and 151 trades to date.


FXCM Spread Costs, @$1400 which is the sad part.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #28
  • Sep 6, 2006 4:23pm Sep 6, 2006 4:23pm
You can double or triple your money but if you go on, you gonna lose everything you won or all the money.
  • #29
  • Sep 6, 2006 4:26pm Sep 6, 2006 4:26pm
If you want to be a doctor it takes years.
Ditto with Laywer, accountant, fund manager, teacher, having your own business, you name it and the odds are it doesn't happen overnight. Why would forex be any different? Give yourself 6 years trading forex whether demo, live, in your dreams, on paper, whatever. Point is i can never understand why some people think they can fall into forex, spend a month messing about and then consistently earn 100% per annum. Wakey wakey...
  • #30
  • Sep 6, 2006 4:27pm Sep 6, 2006 4:27pm

raffaelst, is sadly right, the only way the big players make money is from us, as they all make profits and pay there traders, ALOT of money.

Still doesn't mean that you personally can't beat the system, and live off / become amazingly rich, but it's not easy, thats why I dunno 98% more than likely will give up or never become truely profitable.

I know 4 people, who've blown 100K+, not on Forex mainly Stocks or Futures.

Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #31
  • Sep 6, 2006 4:45pm Sep 6, 2006 4:45pm
Quoting raffaelst
I already tried to learn forex, but everytime I do that, I start to think that forex is a casino, there is nothing to learn is just about lucky. It's impossible to interpretate the news.
Boy, you know nothing about casinos! There is A LOT to learn there.

It is not necessary to study the news and try to understand, in fact there is nothing to understand (of course in my humble opinion ). Just sit patiently and watch the price. If it moves - entry on M1 just after it stops for a while (after first reversal) . Do not try to be "greedy" and enter to soon.

Or use technique of a saddle - two entry orders plus minus 15-20 pips from open. SL=open.

Or use Bollinger bands with parameters 10 - 2-2,5. Entry when price crosses the outer band, exit when second band folds.

Take care
Quidquid latine dictum sit altum viditur
  • #32
  • Sep 6, 2006 4:46pm Sep 6, 2006 4:46pm
Quoting smjones
There is no system that can be passed from one person to another that will work the same way with both, because we all bring our own fears and greed and thought processes to our trading as we do with everything in life.
Wise words are a thing of beauty! Good onya Scott!

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #33
  • Sep 6, 2006 4:50pm Sep 6, 2006 4:50pm
Yea, I am sure I must have read that in one of your's or jim's posts somewhere... I can be taught.. It takes a while and herculean patience, though. LOL



Quoting diallist
Wise words are a thing of beauty! Good onya Scott!

Dial
  • #34
  • Sep 6, 2006 5:10pm Sep 6, 2006 5:10pm
Quoting diallist
Hi Raffael,

No problem. This is no more difficult than walking a tightrope between the two tallest buildings in New Orleans during hurricane Katrina.

A more realistic first goal for a new trader is to work toward an average monthly return of 5%. Once you've accomplished that, you can then try for 10%.

When trading forex, you must be realistic. It is not a get rich quick scheme. It is a get broke quick scheme for most people.

Dial
I agree 100% with Dial on this one. Seek a more realistic goal in the begining of your trading career say 10% monthly. Remember like Dial stated, forex trading is not a get rich quick scheme. Try to keep constant growth on your account. I know 10% a month may not be a lot on a $10,000 dollar account in the begining, but if you were to increase that account by 10% a month after one year you would have $31,379 total in your account. After two years with 10% growth per month you would have an equity of $98,469. If you were to do this successfully for 3 years you would have a equity of $309,028. This would be around a $300,000 profit in 3 years on your initial $10,000 profit. Keep your goals realistic my friend and the wealth will come. Best of luck to you...
  • #35
  • Sep 6, 2006 5:20pm Sep 6, 2006 5:20pm
The problem, although great in theory moutekitrader is :-

If X $1000 with $1000, then he's got 100pips x $10 say, for the same trades to make the same account growth based on $100K account, you'd need to trade at $100 per Pip, which is possibly but alot more stress and scarey as hell.

Why stupid %%%% growth on small $500 accounts is possible, but it's next to impossible with larger accounts to get the same %%% increase.

Why my %%%% target keeps dropping, and finally peaking @$3K per month for my target ( My current income + 50% will do me also )
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #36
  • Sep 6, 2006 5:35pm Sep 6, 2006 5:35pm
I just wanna know one person that start with a little amount and double or triple it in one year, there is no one. 90% lose everything in 1 or 2 months, that's the true.
  • #37
  • Sep 6, 2006 5:42pm Sep 6, 2006 5:42pm
Little or small amount doesn't matter, don't think that in trading you need $10,000 to get you started, start with the Min, yeah okay you might blow your $500 in a month or 3, trust me if you'd of started with 10K, you'd blow that equally as soon if not sooner.


Alot of people fall for that trap, and alot of brokers driver around in ferarri's because of this.

You can, well I belive you can turn $400 into enough to live off comfortably, and I'm going to prove this, given time.

easy no, 98% will fail, but if no one tries then 100% fails, the 2% which make it have very nice life styles, do you want to be in the 2% and are you prepared to put in the time / energy with no guarantee is the question?


I am because most of all it's fun and I like the challange, money is secondary which is good because there is no guarantee.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #38
  • Edited 7:06pm Sep 6, 2006 5:43pm | Edited 7:06pm
Ok, I know I am going to regret this... This is my equity curve for one of my 4 accounts from last month... and I am not that smart, I am just doggedly persistent. The Private Forum is this smart... All the free learning threads here are this smart. Rob Booker is this smart.

Take the time to learn.. There is a plethora of information at you fingertips, don't waste it.

The point is it can be done. Sure 90 to 95% fail. So what... It is not supposed to be easy.

EDIT: I am pulling the chart now... My point is made and I am by nature a bit private.

Quoting raffaelst
I just wanna know one person that start with a little amount and double or triple it in one year, there is no one. 90% lose everything in 1 or 2 months, that's the true.
  • #39
  • Sep 6, 2006 5:51pm Sep 6, 2006 5:51pm
nice last 120trades or so, without any drawdowns enough to really show on that chart.

From the 187 trade to current, whats the time scale pls ???
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #40
  • Sep 6, 2006 6:12pm Sep 6, 2006 6:12pm
Well, I am not going to get into this much, but I do not have a time scale in my trades I trade price alone. This was last month and a week or so of July

The point here is people do make money trading FOREX...




Quoting Turveyd
nice last 120trades or so, without any drawdowns enough to really show on that chart.

From the 187 trade to current, whats the time scale pls ???
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