Forex top traders earning millions?

Beginner Questions
1

We all know top traders earn big. Right?

No??

‘’'What do Quants Earn? Compensation in the field of finance tends to be very high, and quantitative analysis follows this trend. It is not uncommon to find positions with posted salaries of $250,000 or more, and when you add in bonuses, a quant likely could earn $500,000+ per year .

(retrieved from investopedia)

and…

As financial securities become increasingly complex, demand has grown steadily for professionals who not only understand the complex mathematical models that price these securities, but who are able to enhance them to generate profits and reduce risk. These individuals are known as [quantitative analysts], or simply “quants,” or even the colloquially affectionate “quant geeks.”

…

Who are these ‘quants’ ??

…

Is a beginner forex trader able to become a quant. Is he able to become any near towards this world of money making?

What is needed to become a millionair by trading forex? * start by small deposit.

That’s why we are here reading these forum messages, hoping to find out how to become wealthy right?

…

Maybe you now feel the following questions…

This author is not a forex beginner, right?
This author thinks he got some information to share…
Why? And… why does he thinks he knows the answer how to become wealthy. Why to share this info?

This article therefore is about:

  • is a beginner fx trader able to succeed?
  • by using babypips info and strategies?
  • where to start then?
  • what is the percentage of beginners that do fail…
  • why is forex a 0.01 procenter game?

I would like to share the following video:

Search for 'how to grow a small forex account at youtube (not able to paste the link).

Crucial elements needed for succesfull trading.

Ok. Some important key ingredients for succesfull trading:

  1. Money management. Bank account vs Broker account vs Trading account. Risk each trade. Overtrading… Risk vs Returns.

  2. Analysis of trading. (maybe by third party?? do make a journal, what methods do work?)

  3. A lot of time… (really needed?? yes, if you u want to do this game yourself)

  4. Succesfull Strategy (if … then… but so many strategies claiming to be succesfull, where to start?)

  5. 1 trade each day (why? because winning and losing will have it’s influence doing a 2nd or 3rd trade the same day. Winning -> I think it’s easy… greed. losing… -> fear and stress, lost money, try to win the money back. the result is bad trading!)

  6. Don’t blow your money. Start doing demo money. Then do make a really SMALL deposit (maybe) when u feel quite certain about some way of making money…

  7. The strength of compound interest. The great Albert Einstein once said “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”

These elements are needed for succesfull trading. But it’s not enough!

The trader at the video seems to be more experienced. Still he is not able to be succesfull in trading his method of money making doing his ‘table’. Why!?

Because forex is a 0.01% 'er game.

99% do fail even before they become a match to this vlogger trading like a more experienced trader. They will blow their first 1000’s of dollars in just days or weeks.

And:
Still this more experienced trader is not able to trade consistant. Leveling up his table.

This is why:

In 2016, it was reported that retail foreign exchange trading represented 5.5% of the whole foreign exchange market ($282 billion in daily trading turnover).

Most of the money is instituional money… pro’s or quants or algoritms made by quants executing trades.

You feel me???

Death end??? Beginner retail traders?

YES :slight_smile:

Nevertheless… quants do make big salary’s right?

So… what is the difference between Quants, beginners and more experienced retail traders?

This is why quant salaries are big right? …

YES :slight_smile:

We all know top traders earn big right?

I haven’t spotted any articles or info at the internet what to do next. This is why… Right?

I think … oops this is no longer a beginner subject… now the intellect and experience of the ‘quant’ is needed.

… to be continued???

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2

In short, knowledge and skills are required to trade together. Which every trader has to gain. If there is a desire to make a bright future from his trading. For example, one should have an idea about strategy, discipline, plan, risk management, money management, mindset control, etc.

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hi kathlyn, thank you for replying.

Well strategy, discipline, plan, journal (analysis of trading), risk management or money, mindset control. Maybe speed can be added when scalping (semi automated trading).

Still. I see it’s not enough. For example, the strategies availble at babypips (moving average for example) Some scalp setups that could be profitable… 72% of retail traders do loose. It’s not because they don’t know anything…

I think trading is a 0.01 procenter game. More is needed to become (very) profitable. Let me please show the point I’m illustrating by uploading a self made image :slight_smile:

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The point I’m making is… beginners are not able to become profitable… (read books, 100 babypips courses, doing years of experimental trading…) unless they know a top 100 trader coaching / sharing knowledge how to make a living out of fx.

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Individual traders I doubt it highly.
Even firm/prop traders with big firms who have bonus/profit sharing models could be high 6 figures perhaps :thinking:

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Jup… I think ind traders / beginners / more advanced retail traders are still not able to succeed unfortunately…

It’s like 2 different planets. One planet of wannabee’s :slight_smile: and another planet of a few big guys dont know what to do with the amount of win money.

i know a few guys in holland that do actually made a fortune. one of them participated in a tv documentary ‘the very poor vs the insanely rich’. in this tv show… one very poor family starts to life a luxery life for one week like the insanely rich normally do. and visa versa.

(searching for the video atm)

need 2 more replies to add the video :stuck_out_tongue:

ps i’m not here posting to sell anything. the firm i’m doing is indeed focused on retail money, but still a compensation model is absent. first i would like to warn beginner traders. (this career is extremely hard). secondly, i would like to draw a correct picture of the actual probability to win/lose money… or win substantial money. On the other hand I would like to show how real money is made. Therefore I need the attention of a lot of fx traders, beginners, pro’s, people. To start the dialogue about this world and way of money making.

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one video with a lot of nice info: (still not able to paste a link) search for: What’s it like to be a trader: a day in the life of a trading millionaire.

‘consistent profits’ && ‘you must only pick out the best opportunities that the market is offering’

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Traders think too much about objectives in terms of cash, big piles of money, wealth you can spend on a supercar. Or supermodel…

Much more thought should go to percentages. And salary.

If you only make a 25% profit in Year 1, and you can sustain this in Year 2, you will have earned yourself a pay rise of 25%. So go then and ask your wage-earning friends if they got a pay rise of 25% that year. Or any year.

And remember that you will have doubled your account early in the 4th year.

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hi tommor… u think like an institional trader :wink:

unfortunately, I do not have a million on my bank account (like many ind fx traders). if u make 25% in year 1, the same in year 2. and i do have a $ 10.000 start account. then…
i’m still not earning a decent salary.

not winning…
little winning
25% each year…
I think we need more… do we? 20% each month on a consistent basis for example?

what do u think?

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I think the target should be 100% on the account capital per year. But this is just an aspiration to equalise the risk per year (especially the first year) of trading with real money. Just as an individual trade should have a r:r of at least 1:1, then so should the trading project. The process is based on the capability of the stable strategy the trader determines to use, not the talents or luck of of the trader.

But 25% profit per year will lead to an incredibly useful income even if you start with just £1000. Its just going to take longer for that income to equal a full-time professional career.

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Ok. 100% each year should be a nice goal. Personally… I’m not such a fan of strategies. overall, there is one strategy. little risk, high return. i personally think MTF analysis is needed to become more profitable. (strategies like 3 times moving average or morning star + nice divergence??? do not work) But sure, some plan when to enter, exit, risk percentage, trading overnight/overweekend, what pairs/indices to use etc. is needed.

I agree it takes +/- 10 years to become a prof trader. full time isn’t necessary i think. checking the market a few times each day could also work (next to doing a normal job).

alternative: do 10-20% each year by using a managed account by investment bank.

I think top 100 traders, some of them billionaires, do have a deeper understanding how to do 20-60% each month. then it just takes a few years even if your start with just $ 1000. a percentage of top traders still trading with self earned money. (non institutional)

what do u think? how to do this extra mile? instead of 100% each year -> 20% each month = x 9 each year. or 40% = x 57 each year. top 100 traders earning big.

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These are all stats that most industries can claim. Very few businesses actually succeed in any start up. You can easily make very good money forex trading i have many people i know day in day out making very nice incomes. Ill believe what my eyes see and try it for myself rather than read them stats and not even begin especially with a negative mindset. Trust in yourself is the most important thing

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Nice reply! Motivation, trust in success maybe is even more important than statistics.

A new trading week is ahead of us… I will now focus on trading again… I’m very curious to see the development of my own open trades i do have in the market… if they will actually cross the traingle week setup of GBPJPY. then i do have a nice start to develop the trackrecord of the ‘strategy’ I’m using atm. See u guys next weekend hopefully! happy trading this week!

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However, if you can manage to keep your job, or just any job, and compound your profits…whoa!!!

Compound for just one year will change everything. Especially if you can periodically take money from your job and keep adding your trading account.

In just one year you can change the rest of your life. Of course, that countdown starts AFTER you’ve paid your dues to the school of hard knocks and became consistently profitable.

Jeez. If you’ve started to become consistently profitable, I’d try to move into my car and just stop paying rent for one year and just throw all of my would-be-rent money into my trading account.

If you could just keep your head on straight under those circumstances for only ONE year, holy cow…

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hahaha. :wink: nice reply once more! life in ur car for one year. (i though about living with my mam for one year…) indeed not paying any rent… go in for 100%…

he guys… my website is not responding… i know +200% is nice in just 2 weeks… thank u all for sharing.

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One step back, two steps forward.

Well, if you’re being diligent and can maintain (if not, increase) your discipline, three steps forward.

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went in today… but didn’t liked the entry. so one more shot needed…

this week? hit buy limit 3rd trade?

i think one more week of consolidation -> next week -> break?
what do u guys think?

maybe bullish momentum too strong… we will see.

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18

I gotta be honest. I’m getting tired of trading S/R breaks. Bounces are simpler. When it breaks out, so many scenarios can happen.

I’ve gotten chewed up. Sometimes, I catch them nicely.

My ideal is actually catching it at support, then wait to see if it breaks resistance or not. Just in case you run across a similar scenario again.

This way, you’ll already be in the green, and you won’t have to worry about a choppy entry.

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you mean only doing the 1st trade?

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Yes. If you think it’s getting close to the end of that trend, try to buy at support.

If it’s gonna go bearish, sell at resistance.

It’s tough to do. I’m trying that now. Enter before all that choppiness starts. It can get messy, and you’ll incur losses trying to get in.