A newbies? To the forum what sort of strike rates do you need to achieve to turn a profit in forex trading
I assume you mean winning % with strike rate. Your winning percentage alone doesn’t tell much about your profits. More important is your risk to reward ratio. Even if you win only half of the time, if your risk to reward ratio is for example 1:5, you’d still be more than profitable.
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Thanks for reply miss yen I’m a seasoned horse race better and consider my strike rate but all so the odds which is what your saying with risk to reward I like the idea of trading as you can manage I think the risk reward whilst the trade is inplay I’m looking forward to learn how to use the tools of trading
Learn before you earn. Forget about making money, If you do good it will look after itself.
this is a very raw motivation but no way to deny , you should forget about the money before learning good and advanced level of knowledge.
Entirely depends on the risk reward ratios you are targeting
Hi and welcome.
I think you will do well with Forex, in particular money management.
I read, front to back, How To Find a Black Cat in a Coal Cellar, about five years ago.
I blame my father for a five year diversion that I undertook to try to use Forex money management with the contents of that book and the services of a “tipster”, only to find that after 800 trades (bets), the results data did not match the tipster’s five year or even the less sexy three year results. Just before I gave up the ghost at -50% bank, the tipster sent a dear John letter to his subscribers to say his system had failed him, and so his subscribers, and he was “taking permanent leave” from his passion for horses.
I blame my father because he had this uncanny knack of picking winners. He went for outsiders, doubles, trebles, accas, yankees. When I were 18 and just starting my apprenticeship down south, my father phoned me and said “your old man has just hit the jackpot”. He had five out of six winners on a 3p yankee and received £1,400. At the time, about half the price of a terraced house in Manchester. In my 20s and 30s, I tried to document how my father analyzed form, but I think he didn’t want me to try to “scale his hobby”.
Despite the loss from the exercise, it taught me a valuable lesson about the limitations of backtesting, and I do not regret in the slightest the time and money I spent on that exercise. It gave me a very good experience on the reality of all things probabilistic.
Before to earning, you must first learn. Don’t worry about getting money; doing good will take care of itself.