I think basic math can really tell a person what is achievable in forex.Take for example,you start out with $5000 and you only risk 2% or under with a 30 pip stop loss.And you can make 10 pips a day…do that math.In 24 months you would have something like $77,000 .I ask anyone on this site,why is 10 pips a day hard? I see the cowabunga system average pips a month is over 200 pips.So do the math here.You can make money doing this,alot of money.You just have to have half a brain to follow a system and the decipline to stick to it and let your money grow…don’t spend it like a crazy fool.It can be done!:eek:
just take 2% of $5000 that would be $100.Say you had a 30 pip stop loss.Now 30 pips at $3 a pip would = $90,so you are actually under 2% of your capital.Take your average 10 pip a day and that = 200 pips a month.So you would have made $600 dollars that first month.Now your capital is up to $5600.just keep figuring out 2% of your capital and figure out your pip value.and so on and so on.
Iggy, with some experience trading the Cowabunga system provided on this site you could make a 10% return on your account easily month to month.
Hypothetical here: You open an account with EFX Group. They have a minimum deposit of 400.00, but you want a bigger round number so you deposit 500.00. You trade 1 mini lot (10k size, for 1$/pip).
You trade the Cowabunga system as safely and strictly as possible. So you work all month and you accrue the average the system has performed since inception, +238 pips. +238 pips = 238.00 dollars, minus commissions lets say you made an even 200.00 profit in your first month. I could be wrong, but 200.00/500.00 = 40% return in one month. And in case you were wondering, if you were to average your 40% return on your 500.00 initial balance and compound that for a year by the end of your twelfth month your sitting on an account of 28k. [B] Its SIMPLE. Not necessarily easy.[/B]
You just need to get some experience with the system in a demo account and work out the problems you encounter as you go along. Go read and comprehend EVERY SINGLE COWABUNGA SYSTEM ENTRY OUT THERE ON THIS SITE UNTIL YOU CAN SPOT THEM IN YOUR SLEEP. Thats all you need to make more than 10% a month isn’t it?
By the way, I’m using Forex Tester Pro ($135) with data from Jan 1, 1999 to Nov 30, 2007 (downloaded through MetaTrader 4 on a demo account using the History Center dialog box).
Incredibly useful for learning systems. I can go through years of data at any pace I want (timed or bar-by-bar) to learn systems inside and out.
I can’t recommend it enough as newbie. I’m finding it to be more useful than demo trading (which I’m also doing) right now because I can do it any time I want (even when markets are closed) and at any pace I want.
Iggy, I agree about ForexTester. There are some little things with it that annoy me but as I’ve become used to it I found its a great way to spend $135.00. Not only does it help you understand systems and make adjustments faster than demo trading, it also helps expedite learning the mechanics and concepts of trading. I’m using it in combination with demo trading.