At times I myself have had cause to question my sanity because things I see I wonder why is it so hard for others to see. In real life I also have had a lot of run ins with people because of my unconventional way of thinking. That is one of the reasons why I resigned from my work at a bank down here.
Now I see people talking about what my figures would look like after 7 years of trading. Please dont smoke anymore of that thing. Who would be trading 5 days per week for seven straight years? But then again that is the way most of your brains work. Has it EVER EVER EVER occurred to you that I could trade my way with 100k for a single week and take a weekās break after a week and continuously repeat this process for a year and I would be good? I dont even need half of a million US dollars to live comfortably here in Jamaica where the exchange rate is J$151.00 to US$1.
I have said all that to say thisā¦why do we go to extremes to make the point? I specifically didnt put a period in my original question so I could have meant a month but people are talking about 7 years and billionaires.
And I would appreciate if the responses are not long as lengthy things turn me off and I usually stop reading after a few lines.
Hey @greenscorpio Just checking - you do realise that a Ā£1000 account growing at 5% per trading day would be worth about Ā£5,000,000,000 after just one year? No?
Donāt take it personally, your style is not an attractive one for many, and I will bet any amount of money you will blow your account trading that way. So far, youāre showing trades that have eventually gone your way after a big draw down. When you get away with it, that seems like it was a good idea. But to hold a 45 pip loss for a 5 pip win is not a good strategy. One day it will go much worse than that and youāll be looking at losing everything, trust me, Iāve been there.
Iām not a big fan of all the money management and R:R thatās spouted, but I know from experience that you wonāt get away with what youāre doing forever. And I guarantee you wouldnāt trade that way if there was a significant amount of money on the line.
Iāve just realised that the OP only asked if itās possible to make 5% per day trading Forex. He never said consistently day in day out! So I change my reply. Yes itās definitely possible to make 5% per day - you can make way in excess of that. I think some of us assumed he meant can you make 5% per day consistently without also losing the odd 5% per day, hence all the confused Qās about the vast sums of money heād be racking up.
Obviously ones not successful every.time as quoted that why a stop used .I was just mentioning the art of trading is minimalise loss and create big wins Iām not interested in what percentage one makes as long as Iām in good profits over the year .
Honestly, 5% is a huge percentage! Itās not a decent trading technique, in my opinion! Even 5% as a monthly goal is significant, thus I think 5% as a daily goal is really risky.
Targeting such a big number isnāt a good choice! As we know that, Forex is a risky business & more than 95% traders are losing money here because of avoiding money management rule!
Looking at a daily target will slip you up to be honest. For example there was a sell trade on EURUSD this morning that I had marked and annoyingly didnāt didnāt set a limit on that had the total move go in excess of 25R. Great right? Well the reality is IF I had taken the trade there is no way I would have left the full position on to terminus as there was little reason to logically. The lows I wanted to target were at 12R and I would likely have taken partials before even that was reached. Had I left anything on past the previous lows it would have only been maybe 20% of the original position size. So while possible to get a move like this that moved 25R I wouldnāt have cleared that return personally. Then consider that these moves donāt happen every week let alone day.
As I say itās possible but youāre setting your expectations sky high and reaching for profit targets like that will make you take more risk rather than focus on the risk and let the winners come as they do.
I find it interesting that everyone and their cat is doing all these calculations for months and years down the road but they dont tell us what is the percentage increase for day 1 or day 2 as it relates to the two screenshots up to, lol. And curiously enough people are saying 5% is impossible but they dont tell us how many million pips you would need need to make on $100.00 to get that 5%. Or is it that you dont need to make a million pips to make 5% on $100.00?
The bottom line is that people are trying to scare others about how technical and difficult trading is when nothing is further from the truth. When I just started to learn physics it was hard as hell for me too in the first part.
Anywayā¦Iām gonna infuriate and annoy some people some more with one more screenshot. I have been busy so havent had much time to do any trading so to speak. When youāre done analyzing and criticizing do us a favour and tell us how many straight wins that is now.
And lastly I just want to say a big sincere thanks to everyone who read and participated in the discussion in this particular thread. I hope having both sides being ventilated it would have helped some people in their trading journey.
Yes, cause it works - dont forget what i mentioned concerning scalping specialists:
" you deposit 100 EUR, scalp with 70 EUR one lot Nasdaq with one EUR each point. To achieve those
5 % of 100 EUR you just need 5 points, thats not more than a handful of scalp-trades a dayā¦experienced scalper do this easily"
My Forex journey began in 2014, after a crash n burn in the US stock market, heh-heh. The biggest challenge for me in the FX market was and still is this different ātime zoneā thing. I live in GMT-7 and I thought there was only āGMTā to deal with. What the &%^$ is UTC? This is the first time I came across this UTC thing. . It took me a while to convert UTC+10 to āmyā time. I used GBPUSD and AUDUSD examples mentioned and I am pretty sure I did the conversion correctly, since the entry and exit prices for these two pairs agree.
Anyway, in both cases, it seems like they went about -30(?) pips against, before changing the direction and reaching the exit prices. Phew, not for me. Thank you for sharing the results, though.
Jokeās on me! (And about half the other responders) Over and out.
Iāve just realised that the OP only asked if itās possible to make 5% per day trading Forex. He never said consistently day in day out! So I change my reply. Yes itās definitely possible to make 5% per day - you can make way in excess of that. I think some of us assumed he meant can you make 5% per day consistently without also losing the odd 5% per day, hence all the confused Qās about the vast sums of money heād be racking up.
