Also remember I am not fishing… (fishing for what…customers ? compliments ?)
As I said I will never sell anything…I just want to make money (tons of it)
I too am a Junior Member looking (newbie) looking for methods to make money.
I am so junior that I made $240 -$280 in last week. I trade at 20K lot sizes…
If you know something please share.
The topic was "Is there some experienced people making 100K or is this just a myth"
Answer - I know 5 people…who are making tons of money…
How -??? When?? where ?? what ??
Lots of questions my friends…but I cannot answer them
If I really knew…I would not be here…
posting messages…
but trust me …I personally know 5 people and I chat with them regularly…
all traders need to realise that 4-5% a mnth is the best that even the great traders can do, on a consistent basis…anything more (consistently) is a lie…period…
I wouldn’t trade Forex if the most I could make was 5% a month, but people are so fixated on how much others make and how many people make a profit, concentrate on your own stuff, stuff everyone else and what they say, if you are happy with 5% a month then why care what anyone else is doing?
You can make 4 or 5% a month without even trying. I have one trade strat that is making an average 1% per week which is 4% per month but that’s with really small trade sizes and that’s just automatic with just a stastical cloud of random entries.
[B]If you have a good trading method[/B] and if you make [B]only one trade per week [/B]and use the usually recomended risk of 2% then you should average a 2% gain per week which is 8% per month. That’s assuming a 1:1 risk reward ratio. If your risk on a trade is 2% then your TP should at least be that much otherwise you have a negative RR ratio and that’s not generally a good idea.
notice the bold type. That’s the [B]BIG IF [/B]
another edit: this should be in the quotes thread.
“If you set limits for yourself you may reach them but you will not exceed them”
-W.M.C (that’s me)
or
"argue for you limitations and sure enough they’re yours!"
-Richard Bach
or
"a man’s reach should exceed his grasp"
-Robert Browning
eddie…I have given quite a number of details…
person started with 2 K and in one year made 80K
this is profit after all trades (some trades made money and some lost) we are talking here of the nett gain
is this not sufficient information ?
Method - the trader is very secretive…he says use MA
You figure the rest…I too am hunting for the best method…If I had it I would be in the Bahamas
I am still overturning stones and trying !!!
so I am a newbie also.
That’s a bold statement, and in my view entirely incorrect, which is not particularly helpful, particularly to newer traders who might believe you. Debate and discussion on here are great, but please don’t present your own opinion as unassailable fact, as it is just your opinion.
Secondly, it is not nice to call people liars, however indirectly you do it. I know many traders who make more than 4-5% a month, indeed I make more than that (and yes, consistently), so please at the very least don’t be so aggressive about it.
If you can’t make more than 4-5% from the market (and perhaps you make less than this, unless you consider yourself a ‘great trader’?) then that is fine, it can still give you a very nice income, but please don’t so aggressively dismiss others who don’t believe that that is the limit.
I would suggest that there are many traders who do not consider themselves ‘great’ who still comfortably exceed that level consistently over the year.
But I would echo purplepatchforex’s wise words - people need to calm down about how much everyone else makes, and focus on our own efforts. At the end of the day, many different percentage returns can give a good income.
Simon,
Thanks for supporting people like me who are not telling lies
I repeat…I know 5 people who are consistently making good money
Today night I know one trader who made 5 trades
and made an overall of 100 pips and he trades at 200 K and 300 K sizes
so that would be approx 2000 USD at 200 K lots
near me…and I made only 18 pips…trading at 20 K sizes that is approx 36 dollars
So…here we are…today market is going crazy
so please bear with me…I have no details…
You guys are wondering …how does newbieforexpips know so many traders
Well…I am a member of a chat room where we are logged in.
I am unable to tell you details of which chat room because that would be solicitation.
So…Please remember I have nothing to gain by telling lies.
Again I repeat…I will never solicit or promote something or sell any product
I am like you guys a person who wants to learn and move forward…
ns_, I like the direction of your thought, but I think you are over generalizing. Barrons latest ratings on hedge funds gives the three year compounded returns of the major hedge funds, Providence Offshore was #1 with 51% return. Now, on the surface you seem to be more or less in the ballpark, “buuut hold on there Babalouie”. That number is after fees, so adding 2% average management, 36% average incentive fee, you are now looking at a total of 89%. I do not know the exact figures for Providence Offshore and I am not going to research it, but by using the average fees you get an idea what the “before fee” returns are.
How does this relate to individual traders? Well we can see that some human somewhere is returning TOTAL, well over 50% and that is with 400 Mio under management. $400 Mio is a huge amount to move, what everyone needs to understand is that once you get above around 10 Mio, the landscape for trading changes drastically, this change alone causes a decrease in returns. In other words it is not the same as putting one standard lot out there, the size alone causes you to have not just a successful strategy, but you also need a strategy for dealing with the size. So now you are dealing with 2 strategies in one.
So now enters the saying “what one man/woman can do another man/woman can do”. On a small scale you actually could push your returns higher than this, but you have to take the time to learn the business. I still maintain that you will not make 100k a year on a 20k account. But even if you can turn 40-70 percent, trading part time, that is a nice chunk of change.
Again ns_, I like your basic realistic point of view, but we have to look at all the factors involved to be truly accurate.
The Ever Trying To Be As Accurate As Humanly Possible VIPER
Ummmm…I have different feelings…
I started playing at 10K lot size and then made losses and then continued with 1K lot sizes
slowly I am improving and now I am back at 20K lot sizes…
Your account size is not important…it is your method that is important.
what difference does it make if you are trading a 100K or a 5K dollar account…
if your method is good…fine…
or if your method is bad.,You can make huge losses.
well… all of us have seen good days and bad days
and lots of us have tried different methods…
Hence…My thoughts are simple
This is what my instructor has taught me…
He says…Fix your method first…and play very very small…
get into a daily/weekly profit system and only you can pull the trigger on opening and closing a trade.
If your method is correct and your execution is good then only increase your lot size.
So Now I am on 20 K lot sizes and hopefully after a few weeks I shall move to 30K
In ICT forum I can clearly see that some real traders (ICT himself) do make some incredible real money with ICT’s trading method along with impecable money management. After reading the whole thread I found a few postings that revealed
that ICT himself turned 205k account into over 5million in a year. He resets his account to 250k every year he says. If you watch his youtube videos in which he shares his insight as to how he trades, you can tell that he’s for real… as he’s not selling or promoting anything but wants to help others achieve their trading goals and dream.
This seems within reach of anyone with a solid trade strategy.
Consider: say back in 2006, that any one of us put 1000 USD to work and averaged 2% a week. That would be be well over 100k by now, even if the 1000 USD gets pulled back out a few years later.
It’s 2011. 2016 depends on the decisions we make today. This is my tenth year in small business, and as hard and scary as that was to start, there was no better decision. Dabbling with forex is far simpler than starting a small business, and it’s entirely possible to contain risk, down to the penny. Provided you’ve got a head for maths and can learn, trading wisdom seems inevitable, if not immediate?
Also, 100k isn’t that much these days. The trick, I think, is to put time and compounding interest on your side.
It’s interesting to see the choices people make… considering the investments we make in ourselves.
For instance, a job. Secure? Most aren’t. Having 100k capital will still be a lot more useful than say, our own ‘human capital’ when we are past the age of likely raises &c. Basically imagine being an unemployed engineer at 50 yrs old, or a carpenter with your knees giving out, or whatnot… unless you have a plum government job, I suspect the easy way is actually saving up and putting some money to work, because if the money’s not working, it would be us working instead…
First of all…Everyone seems to be talking in terms of percentages
But really speaking when I asked someone in my group…they said…ummm…please do not talk in terms of percentages
please talk only in pips…
I asked why…they said everyone is playing with different lot sizes…
if you can make a positive pip profit in every week you can slowly increase your lot size and move ahead
they also taught me that even with the same strategy the stress level is different at different lot sizes and the tendency to deviate from your written rules is very high.
So…for example you are doing fine at 20 K lot sizes the moment you work your way to 50K and 100K lot sizes you will face a different stress level and will deviate from your written rules.
I hope everyone has a written plan because that is very very important
and when you move from 100K to 200K lot sizes …and then 300K lot sizes …well well well…You get the picture !!!
So…it is not mathematics only and hence I suggest talking in pips !!!
Of course this is just a suggestion
I think your missing the point. As people trade different amounts per pip form min lots to whole lots. Therefore when talking to others about financial ‘profit’ its far easier to talk in terms of a percentage of your initial bank roll. If person A made 100 pips and Person B made 100 pips, who says they both made the same financial gain???
yet if i said person A made a +5% gain and person B made +10% gain it becomes easier to understand.
Also referring to pips only does not take into account compound growth.
lol
this should be in the quotes thread.