Any Adviced with my goal?

[fort]

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.

That’s pretty impressive daedalus, can you describe your money management system(s) how much are you risking per trade? are you pyramiding your good runs? Can you give a demo of how you would run a standard trade?

[daedalus]

That’s pretty impressive daedalus, can you describe your money management system(s) how much are you risking per trade? are you pyramiding your good runs? Can you give a demo of how you would run a standard trade?

My entire trade setups and management are outlined here: 301 Moved Permanently

The only thing I have changed is I now am just using a 21 EMA and 34 EMA for trend bias on ANY TIMEFRAME, and i tweaked my 85% stop loss level to 87%. I also ditched the 60 minute charts for a 512 tick. Clarity FTMFW!

[fort]

Thanks daedalus, i appreciate it. No doubt i’ll be bugging you with a few more questions.

[Trade_It]

I would say your goal is reachable. As Everest is reachable. It will not be easy. As anything worth having is not.

$2500 a week is a nice goal. Good luck accomplishing it! As I’m sure you will over time.

[Ebenezer_Scrooge]

2. While you may be successful in Real Estate (my favorite investment, BTW), that doesn’t necessarily translate into success in Forex. Money Management as defined in Forex trading is different from most other investments. Not listening to the advice of successful traders can lead to a drastic reduction in that net worth very quickly.

In other words, success is relative. You could probably teach most of us a lot about Real Estate investing. In turn, there are many in here who could teach you a lot about Forex trading. If we listen to each other, we can all be successful in our chosen areas.

I dont claim to be a real estate guru, in a bull market anybody can make money.I want to bail out of real estate, before the crash, in talks to sell the apartment building. The mobile home parks are a problem. To cash in i have to evict all the tenants (who all own their homes) but due to zoning have virtually nowhere to go As for forex went thru baby pips school thats about it. Its probably more trouble than its worth to me to learn.
I will have my pension and I.R.A plus some stocks and the real estate. My wife is a R.N and loves her job so she wont quit. I live fairly modestly so i really dont need the money . I’m not hungry enough so i probably wont make it as a trader

[system]

I dont claim to be a real estate guru, in a bull market anybody can make money.I want to bail out of real estate, before the crash, in talks to sell the apartment building. The mobile home parks are a problem. To cash in i have to evict all the tenants (who all own their homes) but due to zoning have virtually nowhere to go As for forex went thru baby pips school thats about it. Its probably more trouble than its worth to me to learn.
I will have my pension and I.R.A plus some stocks and the real estate. My wife is a R.N and loves her job so she wont quit. I live fairly modestly so i really dont need the money . I’m not hungry enough so i probably wont make it as a trader

No offense, but, considering that you’ve only gone through the Babypips school, and you’re not really motivated to learn Forex, I don’t really see why you got so upset when you were given advice on money management.

I mean, it’s clear that you’re a beginner, so why wouldn’t you have been looking for advice in a new market? I’m sure you must have needed advice when you started investing in Real Estate, right? It’s the same thing here.

Anyway, happy retirement. I hope it goes well for you.

[castillo2264]

Wow, there is alot of beef in here lol.

[castillo2264]

I dont claim to be a real estate guru, in a bull market anybody can make money.I want to bail out of real estate, before the crash, in talks to sell the apartment building. The mobile home parks are a problem. To cash in i have to evict all the tenants (who all own their homes) but due to zoning have virtually nowhere to go As for forex went thru baby pips school thats about it. Its probably more trouble than its worth to me to learn.
I will have my pension and I.R.A plus some stocks and the real estate. My wife is a R.N and loves her job so she wont quit. I live fairly modestly so i really dont need the money . I’m not hungry enough so i probably wont make it as a trader

Well, I am 20 years old and I have a Ira set up already max out and a 401k that I contributed 25 percent. I am trying to have this as a second income and see if I can buy me my new m3.

[Trade_It]

Well, I am 20 years old and I have a Ira set up already max out and a 401k that I contributed 25 percent. I am trying to have this as a second income and see if I can buy me my new m3.

Nice goal Castillo! Why not shoot for the M6?

[n_aftab]

I prefer the Audi R8

[Trade_It]

My favorite is the LP 640. Actually, I’ve got alot of favorites…LOL. Maybe one day I will have one.

[castillo2264]

Nice goal Castillo! Why not shoot for the M6?

I would get a M6, but people in my block will think that I sell drugs. I live in the streets of New york. lol

[daedalus]

I’m trying to pay cash for a NA1 NSX by the end of this summer… lets hope the forex gods shine favorably on me!

[castillo2264]

I’m trying to pay cash for a NA1 NSX by the end of this summer… lets hope the forex gods shine favorably on me!

NSX are coming back. wow

Well for me I got alot of books to read and to learn.

[Ebenezer_Scrooge]

I prefer the Audi R8

I prefer my '57 Vette

[VulcanClassic]

Classic, nice! I like the 67 Shelby. Saw a couple go through Barrets for mid 6 figures. One day!

[VulcanClassic]

Classic, nice!

I like the 67 Shelby. I saw a couple go through Barrets for mid 6 figures. One day!

[castillo2264]

Classic, nice!

I like the 67 Shelby. I saw a couple go through Barrets for mid 6 figures. One day!

they are powerful cars.

[VulcanClassic]

Yeah, They’re nice.

A friend of mine has a 69 that spent most of it’s life on display in a showroom. Very low miles. He says it used to belong to the man himself, Carol Shelby.

I never asked him what it’s worth. Probably over a million anyway.

It’s badass.