Hi what people I am just wanted to know if it possible to make a weekly salary out of the forex. My goal is to make at least 2500 a week is it possible to make that dream come true.
Yes that’s possible. However, you would need a sizeable bankroll to even attempt to do that. If you think you could nab 1% a week, you’d be needing an account balance of $250,000.
Easy.If you have 5yrs experience and an account with half a mil in it.
This might sound stupid, but how do you gain exprience in forex market. Right now I am trying learn by reading book. Other question witha account balance of 5000 making 5 percent a week is even hard to do.
Yea that figure is possible, but your going to need to be experienced and trading a solid method and have enough knowledge to keep you out of drawdowns and out of non-trending markets.
And realistically, you don’t need a massive account. People who are saying you need one are simply stating that its easier to make that because its only a 1% return, yada yada and while I understand why they are saying that, and agree with them to a certain extent I think that is a bit unrealistic.
Two weeks ago I threw on a swing trade short in the AUDUSD (its documented and outlined in my fib retracement trading thread) and walked away with +205 pips over two days. And I pulled about 100 pips daytrading the other pairs over those two days.
1 Standard lot in the AUSUSD would put you at 2,050, and the other day trading would yield around 1,000. Now thats a greater return than what you are asking for, and you could do that on ONE lot. So figure you have 5k or a 10k account you could more than cover the margin requirements for those trades.
Now whether you want to leverage yourself in that manner or not is up to you, but my point is you don’t need 250k to make 2.5k a week IF YOU KNOW WHAT YOU’RE DOING. I’m not saying a profitable swing like that comes along everyday in the FX Markets - it doesn’t, but on average you could easily make that amount a week. And if it isn’t enough… just add size. 2 lots, 4 lots, etc… your profit is exponential based off your same decisions.
For example, and I don’t mean to brag or anything so please don’t take it this way, but i’ve generated a 100% return on my account since I went live back in mid-December (a fact I am surely proud of). Now i’m not saying this is a huge account - its not, but 100% return is a 100% return in less than a month. And I wasn’t trading more than 1 mini lot for a majority of that. My point is this… for all intents and purposes taking a small account and doubling it is no different than taking a 250k account and doubling it. There is no reason why a bigger account is harder to grow than a small account IF YOU CAN MANAGE YOUR EMOTIONS. Going by some of the above opinions, i should only be able to capture say 10 bucks a week… or 1%, but the reality is FAR from that.
Its SIMPLE; just not EASY.
It’s nice to see someone who lives in the real world of Forex trading, and not the theoretical money management of text books.
Yes, it would be great to have a $100,000 or $250,000 account, but the reality is that most people don’t have that. However, that doesn’t mean, as you said, that good money can’t be made by those with less than a 6 figure account.
Trading standard lots (at $10/pip), he would need 250 pips per week, which is an average of 50 pips a day. Your examples coincide my experiences, daedalus, so I don’t see it as a major problem.
I think it’s important to recognize for the new guy, that this isn’t a get rich type of deal. There needs to be discipline and strict money management.
When one believes they can get 2500 USD a week off a small bankroll, that will inevitability lead to more trouble than not for the average trader.
If one has a solid strategy, they will eventually get the results they are looking for. If they don’t have the patience to develop and build their business, then in my opinion they simply aren’t cut out for forex.
The reason why I was asking this is just to make this as a second income while I graduate from college and leave my full time job. If this does happend I be making more then what I am making in my job. The question is how did you started and what type of advice can you give me. From what I been Learning here at babypips.com is never go against the trends and follow the indicators.
How can you control your emotions when its come to forex market.
Read “Trading in the Zone” by Mark Douglas. His book is the best when it comes to emotion management and is key to success in the markets.
Check out my link in this thread… http://forums.babypips.com/newbie-island/9210-great-forex-trading-presentations-info.html
Watch videos 1,2, & 6 for sure… There is a wealth of information in there regarding trading, management, different systems and methodologies.
You can do this successfully. I don’t even graduate college until this May and this is what I do full time. I quit my job designing trading applications for TD Ameritrade to do this. When I graduate I don’t plan on getting work, but simply trading just as I do now. But don’t half ass it. This isn’t an overnight thing, it take more dedication and commitment than anything else you’ve ever done. Respect it for what it is - a cut throat kill or be killed business. Everyone else is smarter than you, and thus, you need to give it your all if you expect to be smarter than anyone else.
Read the book… watch those presentations. I’m not saying trade their setups but it should give you an idea of how people are trading various markets and different ideas you can spin off into your own systems.
And Mastergunner is right… heed his advice.
Cheers!
you didnt graudate from college? how long you started and quick you follow the rule of the market ?
Oh yea I finally understanding and learning about patience and emotion.
I started trading 2 years ago. It took me a good year under the supervision of a brilliant mentor to get consistently successful and refine my analysis so I could “see the big picture” about each chart setup. I’m 21 right now with 1 semester left in college and I try and learn a little bit more about the markets each day. I am a better trader today than I was last week and I make a constant effort to keep that progression moving forward.
Cheers!
i am 21 to but starting college.
who was your mentor
A guy by the name of Austin Passomonte. He no longer provides mentorship to students anymore or I would refer you to him. I still trade with him everyday in a Hotcomm room, except most of his clients and himself trade the S&P 500, and i’m the only one in there trading FX. Same types of setups in all markets though.
Damn that suck would you help me like he help you. The only That i know I can do is read books and try the ideals out. Plus, I am doing stocks but I want this as my second income.
I’m not looking to actively mentor anyone at this current point. Sorry! I’m more than happy to answer questions in the forum as time permits. I would also recommend focusing one one market. Stocks have so many individual quirks to them and are influenced by so much more than forex they really are an entirely different animal to master. Focus on one or the other and it will save your sanity.
Cheers!
The only question that was how do make a trading system work and how to follow that trading system.
what are best skills to apply when it money management when trading in forex.
In the real world of forex trading very, very few make a 100% return in a year. Or average 250 pips a week on a consistent year in, year out basis. Perhaps you should let Warren in on your secret. He only averages a crappy 20 to 30 percent.
When its come to the forex it look like it no joke. I am seeing that people had to be mentally fit to handle a big dip in the currency. Like I mention my goal is to make 2500 a week doing this, I know this not going to be a overnight thing. I need some one that can help me make this goal true and be one of those few people that make it sucessfull in this market.