Here’s my 1cent opinion on some of your statement.
If a trader have some sort of a BIG edge, 50% return a month would not be hard for them at all.
There is about 20 trading day a month, say if you make 10 pip per day 50% of the time (meaning that, out of the 20 trading days you profit 10days and lose the other 10 days). Now my question is what is your trading edge? Making ONE TRADE a day,do you win more than 10days out of the 20 trading days?
To achieve 20% return,You have to win 15days out of 20days.
You need to win [(15days x 2% =30%) - (5days x 2%=10%)] =20% profit
If your trading methodology have such kind of a winning edge then what you have state would be accurate.
Hi
Im a businesses owner and all round student of the school of hard knocks and parenthood (hope that gives me a bit of credibility)
I have been playing at demo accounts for about four years and have been really trying to grasp the whole Forex market as well as all the indicators and price action I can . I have got results and do seem to make more than I lose .But I know, as a small time poker player,when real money is involved the emotions take over .The question asked is a lot deeper then has been given respect , pulling apart the original maths and content is not getting with the real question .As a person with a reasonable grasp of the world , a good respect for money , and a whole bunch of dependents , from the fish in my tank , dogs and cats , the kids and family , mine and hers , to my friends and accountant etc .Please speak up , all those that have made the transition from their old jobs to a self sufficient trader .
This seems to be the one big question that never gets answered , everyone seems to be obsessed with the next indicator , time frame or reason not to make money .
No body is showing me the money , at least nobody that dosent run the place or sells us ( substitute your own crap that you have bought that dident work in life )
I think you’re the first person here I remember who has played on demo accounts for as long as I did. I did the full 4 years (and didn’t even get time off for good behaviour, probably because my behaviour wasn’t good enough) before ever trading with a funded account.
Well, that puts you in a minority, for a start.
I never had an “old job” (unless you count being a student), but I made the transition from knowing nothing to learning, practising on demo (for 4 years), to trading a real account without losing (for another 2-3 years) to [I]eventually[/I] making a living this way. And there are certainly a few other members here who have done the same.
Yes, indeed. This is true. As one would expect. Why would they? The only people who will ever “show you the money” are people selling or promoting something. (And even then, it’s often faked, or they’re showing you one profitable account and hiding ten other loss-making ones). That’s the real world of marketing.
But there are certainly pro-traders who are “vouched for”, one way or another. (Most of the ones I know myself are ex-institutional traders now working independently, but that won’t be true of many members here, probably. Actually I do know of at least one other, here, of whom it’s also probably true, given his own background as an institutional trader).
You should check out Chat With Traders, interview podcasts with real traders, a few of whom had no financial background, like Adam Grimes (professional musician turned trader)…
its weird having a stamped out e-mail dissected , but many thanks for your time to really deal with the emotion put in .A student hey, thanks for the old man shot , your understand when your old bla bla bla .
My question , now , is blunt , how much return are you getting ?
When playing poker i make money ( on line ). I couldn’t do it for real , as to make a living i would have to up the stakes .With poker if you go from a five dollar table to a hundred dollar seat , the players are better , i lose .
With forex , once you can get above a sixty percent win rate ( technically 51% ) your made .So , where are all the billionaires , my question stands Show me thew money !
There is no way i would ever get of the demo accounts if i cant make a return , i have upped my account over the last six months by 12k .Mostly 5$ positions or 20$ if scalping .Im sure that when all the risky and half pissed shots in the dark are removed it would be better .
However , sometimes the emotional positions taken with fake money turn out to be good .
Where are all the people responding back to this thread with pics of there nice villa and shiny range rovers .
I used to play STT’s and “coolers” for a little while, a few years ago. I was a consistent winner at $5 tables, a small winner overall in $10 games, and a regular loser at anything higher than that (even $20). I gave it up fairly quickly, because it was never going to be worth it for $5/$10 a time, and I didn’t like the multi-tabling one has to do to make it worthwhile.
I don’t agree with this at all.
Becoming profitable is [U]not[/U] mostly about win-rates.
If you read beginners’ books like those by Tharp, Chande or Harris, you’ll find plenty of explanations (with examples) of why it’s generally easier for most people to be profitable with methods with win-rates around 30-50% than it is with methods with win rates around 50-70%.
Sorry to go on about it, but it’s really fundamental to appreciate at the outset that win-rates are not what matters: what matters is [B]expectancy[/B] - you need to win more, collectively, from your winning trades than you lose, collectively, from your losing trades.
As a poker player, you should grasp this immediately: you already know that the player who wins [I]the most pots[/I] is [B]by no means[/B] necessarily an overall winner and can easily be a loser, surely? The overall winners are the people who win the most [U]money[/U], [B]not[/B] the most pots.
And my answer stands: I don’t even show my broker statements to my own grandparents, so why on Earth would you imagine that I’m going to show them to a random stranger in a forum (even if he is an Admiral)?! :58:
You see my point, perhaps? There’s no reason anyone should do this, unless they have something to sell or promote, and those aren’t generally people to whom one should listen, anyway.
I suggest you look on Clickbank, where all the sales pages are for the “get rich quick” products. You certainly won’t find them here, and if anyone posts them, the moderators will rightly remove them pretty quickly.
Thank you lexys for your considered reply to the old man . I might well have a game of poker tonight , good side line as i put work together, the beer flows , the music plays , how times change for a Friday night
I totally agree with you about the win rates , profits big , losers small etc .A big old fish in a pond is there for a reason , when young he was fast enough to beat the others, as he got older he was fast enough to eat the others.!
In Forex it is a general direction i am aiming at , when i can get more trades right than wrong , whatever my emotion , i will build on that to hone the maths of the subject .The maths are the simple part .
As for your ( and everyone who is reading this ) account .Im not after your trading account .
Just some simple conformation of profit from the Forex clan .
I can quite easily look around my friends and businesses partners to see wealth , sports cars and watches that would run a normal household for a year .I live Es*** , the hub of the wide boy trader , yet cant find any Forex traders among my friends .?
Lexys , you have nearly one thousand seven hundred posts , its time to be outed , does it pay , are you running your life on Forex
I do … that’s an average of 1.3 per day since I joined.
Please excuse my mentioning that I’m a little disappointed to discover that apparently you haven’t even read the thread, Admiral (especially when it’s only on its third page), because that question’s answered on the first page.
Is that right, what business do you own. What is your annual turnover? Can we see you balance sheets. Do you provide a good or a service? What are your margins? How much tax did you pay last year. What is your salary from your business? What assets do you own? How much inventory do you hold? What is your inventory turnover rate? Do you donate to political parties. How much is your membership to the local country club. What sort of car do you drive? Do you own that car or does the business? Are you operating in a nice market? Have you plans to expand? What capital do you need to raise in the coming years? Are you looking for investors? bla bla bla[/QUOTE]
Did you live on the streets. Maybe a tarp in the local park. Ever walked a beach at 3 in the morning wondering where you are and how you’re going to find your way home. Did you wonder if you still had a home? Or maybe you best mate OD in your arms. Did some hacks drain your bank accounts. Maybe you got told you couldn’t pursue your dreams because you where dyslexic. Been dump out the bush cause you owed the wrong people money. I know, you pushed your belongs around the streets in a shopping cart! Maybe you woke up one morning dunk, in a drain with a street cleaner coming at you.
How many kids do you have? What are their gender and age. Are they in business with you. Did you smack them as children. What are their sleeping habits. Did they attend college. What are their majors. Can the boy hit a golf ball 300m. Will we see them on the news tomorrow in an all girl street fight from the local high school. Maybe they steal cars for fun?
Translated
Cry me a river! I don’t give a crap who you think you are or possible am. How dare you ask of others what you’re not prepared to do yourself. Pompous jacka|s|s.
And don’t bother responding to me bro, I’ll chew you up, spit you out and dress inappropriately at your funeral!
Doesn’t take an einstein to work that out. It’s plastered all over the forum from inception to the present day in just about every section of the forum you care to look, & if this place is still as active another 10 years down the line, you’ll witness exactly the same behaviours, attitudes & outcomes.
Not all those who disappear from forums however do so because they’ve dipped out.
The smart ones will dig around, sniff out the value & do what the vast majority don’t, which is why they’re the minority & you rarely see or hear much from them.
Successful punters in this game are usually extremely (time & effort) greedy individuals who could care less about joining the caring, sharing buddy group & paying it forward.
That’s why these joints are chock full of unsuccessful punters busily chasing their own shadows.
