I have been reading the comments in the forum for a while now, and there seems to be one consistent thing no matter where you turn. There are the newbies that just want straight answers (How much can I make a a year trading forex starting with $2k? is 60k a year a reasonable amount to aim for with a couple years of trading? Can I really make $1,000,000 trading currencies? Is there anyone out there who is making a living trading currencies in the Forex Market?) And the “seasoned” traders who are quick to give advice based on what they themselves were able to accomplish and or what they heard of their friends and colleagues accomplishing.
[I]There seems to be this attitude that if “I” couldnt do it with 10 years experience then you cant either[/I]
I am learning fast that reading these forums will [I]kill your dreams quick fast and in a hurry[/I]. The best thing one can do is to learn risk management, use a system and stick to it. If you just happen to be one the few that turn $500, $1000 or $5000 into 100k in a year or 1 million, then great for you and please post your results to give the people that have been discouraged hope, but quit reading these forums. Its filled with dream killers who disguise their comments as advice.
It’s not about losing a dream, it’s about practicality, and more importantly REALITY.
Can you turn amazing profits in forex? AbsofrigginLUTELY.
But the same technique that reaps huge returns, will also lead to huge losses at some point. Even with smart money management, there is a point at which it’s not realistic to expect the CONSISTENCY needed to turn huge profits day in, day out.
You have to understand that managing your risk, is the most important key to the puzzle here.
I agree, don’t lose sight of the goal of success, it IS attainable.
But don’t get dollar signs in your eyes that make the reality of trading for a living impractical.
Well, clearly if I can’t do it then no one else can. After all, I am the greatest trader EVER, ever. (look at my post count and see)
That’s complete sarcasm in case anyone couldn’t tell.
Also, I completely agree with Master Tang, practicality and reality. I don’t see why anyone can’t make money trading given enough time but you need to do it in a practical way. Day dreaming about money is great, but turning 1k into 100k in a year is quite a lot to achieve. Not that it can’t be done, but I don’t think it is practical to expect that kind of return consistently. After all, that is making 100x your initial investment in 1 year. Doing that consistently has got to be quite a challenge. Now, making a living off of a larger investment and smaller return sounds feasible. 10% per month is nice return and would allow you to live quite comfortably.
Personally, my goal is 2-4%/week. If I can do that I’m satisfied.
Actually, there’s hard numbers behind what we’re saying. According to the numbers reported to the CFTC by US brokers, in any given quarter only about 1/3 of accounts show a profit. That means most traders are losing money. There are, of course, reasons for that. Yes, some of it’s because retail forex is a negative sum game (when factoring in the spread). As Master Tang notes, though, poor risk management is the biggest killer.
If you started your dream now, be sure, it will become either a veeeeeeeeeeery looooooonng dream or a very short one. In the latter case there will be a blown account more. Or some.
Yes, things are achievable. You COULD make a hell of a lot of money. But CAN you? It is a hell of a lot more difficult than just dreaming about. I agree with Master Tang and rhodytrader. Don’t look up, look down. Looking up first is the first missed point. Your question also at the other thread shows, you obviously have right now no idea about yourself as trader. So, you are asking questions like “is it achievable? Can anybody give me a warranty it is achievable in telling me he did it so I can do as well?”. That somebody made a million in 30 days doesn’t mean you can do it or that he can do it again. You can control your RISK, but never your CHANCES. You can say: I spend 1k bucks and lets see how it goes with a strategy. Then worst case is your 1k is gone (if there is no huge gap). THIS is the only warranty you have. Particularly as newbie. It COULD go the other way and you would have in time 1 million bucks. But there is no warranty for that. For nobody! So, If you tell yourself you could live without difficulties that those 1k are gone, then go ahead. Plus calculate that it will be gone. In fact, there is statistically a higher chance you blow those 1k than you earn anything. Then you do not just blow those 1k. You will also invest time and energy.
It’s not different to build a house. Some can do it. Some can not. They can buy a library and read every book, but the house will never be finished. Plus those who build the house can’t just dream about it. They have a lot of work to do.
Let’s compare it with a business. If you start a business, because you red that Mr. McDonalds got rich, how about your chances to get rich which the same franchise idea cooking fast food? I can tell you, there are a lot more of broke people out there because they tried to become Mr. McDonaldCOPYANDPASTE than those who got it running.
Don’t get me wrong, please. Try it, if you like. There IS a chance. However, YOU have to show it for yourself if you can do it. No story of anybody else will give you ANY warranty that YOU can do it as well. Good luck!
