Want to add, Friday, I set up a trail to early, ( weekend setup) and it messed me up, stoppin me out, with the spread jump crap on friday close) so there went 5% loss, and my only lose, so Im 21-1 as of right now this month.
First of all i would not really suggest you that you invest such huge amount of money, $45,000 is really very much huge for me. Anyways it requires good knowledge and money management to make money in the forex market.
Hi Money 
Respect. I really like your posts. I am a newbie in Forex, still figuring out about how to trade Forex properly and would like to ask you some questions if you donāt mind.
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Your winning rate is fantastic 103-2 but your balance is low . This part I donāt understand, can you explain?
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Are you sure 1 month is enough for figuring out trading?Care to elaborate? Thanks!!!
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BS, trading can be learned in 1 day, its following thru what you learned that can carry you to the endā¦
This 2-4 years of sitting and starring at the screen is non-sense!!!
Forex is very simple, you pick a system, you follow the system, end of story.
Cut loses short, let the wins run, easy as tying your shoeā¦
If you dont have it " figured out" in 1 months time, your definitely going to be in the 95%ers area.
Support/Resistance/buy/sell/Stops/profit/vacation/Mansion
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I am a newb but I will advice you to have a good trading plan before you startā¦
i am also getting on my feet with forex trading, and also made a lot of mistakes in the past. i will give you a personal advice, which changed my way of thinking and took my trading in the green zone. first of all, you need a clean chart, no indicators on it. second, you need to master drawing trend lines (i draw mine on the 4h chart and make my entry on the 1h chart). i know it sounds foolish, but it is harder than you think. second, trade only on impulse, never ever go counter trend. this way you will get a feeling of the market and how things are going. after you have done this, you can start experimenting with indicators, but only use them as a confirmation for the decision you already took. do not let indicators decide your position in trading. that would be all. and be carefull about news in the market. sometimes, it is best just to avoid them. good luck in your quest!
P.S. about making 5000 a month regularyā¦well, it is not that hard. i managed to pull almost 6000 in a month with a 10k account (on a demo account that is, but still, my earnings range from 2k to 6k a month. about a real account, i just opened one, so not really something to show right now)). but you need to focus on PIPS, not money. earn pips, and money will follow.
It is possible to make $5000 in one month of trading, but I disagree with the consistent part. There is no way you can be consistent with a certain amount of profit in view. I guess, you can say maybe 2500 sometimes, then 3000 some other month and so on. Do not take a big risk all in the name of meeting the target of $5000. You just have to watch and dance to the tune of the market, Perhaps, you will succeed.
I probably agree with two thirds of that, but its bit more tricky than he makes out. Lets start with the bits I donāt agree with. This pick a system idea isnāt particularly good advice. New traders usually lack the knowledge required to evaluate good from bad. If you read forums, its clear there are guys with 10 years experience who still lack that knowledge, and its not something most people learn in a day or a month. I donāt want to sound like some sort of conspiracy nut here, but the underlying principles on which most public domain systems are based tend to be based on educational materials provided by the guys on the other side of your trade ! Thereās a reason they teach that stuff !
Having said that, you do need to get started somewhere, so perhaps reasonable advice, I could write a lot more about this but its not the appropriate thread.
Support, resistance, great advice. In my experience its not advice that new traders want to hear (I didnāt when I started) and I think the reason is identifying support and resistance usually takes some discretion and experience compared to indicator based approaches. I look at a chart now, I see support and resistance, I see an underlying wave structure, but I didnāt see that the first day, it took years. Support and resistance often occur over a zone, rather than at a single price, and again it takes experience to get a feel for the size of the zone for the timeframe being traded, and how price behaves around these areas. Its not something picked up is day.
Cut losses short, let winners run. Again, good advice, but not much use on day one. Whatās a winner ? Whatās a loser ? And the answer of course is dependent on the individual trader, and its different for all of us. Youāll notice that no one ever addresses this issue, theyāll throw out glib statements, such as take as much profit as you can etc. figuring this stuff out is what takes the 10,000 hours, either watching price move on a screen, or stuck into serious systems research.
If it makes you feel any better, I didnāt figure it out within the first month, it took me years ! But in principle, heās right.
Iāve recently taken the leap in to full time trading hereās how I did it.
For 3 years I worked full time, reading an hour each morning, trading lunch (timed for US open), more reading in the evening. I read everything I could find on anything and still do continue to read constantly Iāll never stop learning.
About a year in to the learning phase I went through the usual Expert Advisor / Signals holy grail searching and lost a few grand. It hurt but I learned a lot. Iāll never let someone else or someone elses system that I donāt understand trade for me, if I lose in the long run I can handle that.
Money management, risk and sticking to the strategy is most important.
Obviously donāt risk more than you can afford to lose. But also donāt go in to the game knowing that you can lose it and itāll be OK. Itās not OK to lose (cash). Losing trades every so often is natural. Some people say to expect 50% or even 100% of the start up money which is crazy. Expect to lose 0%, be disappointed if you lose 10% etc.
After 2 months of live trading I can tell you, itās not all as peachy as it seems. You need a different mindset totally.
Working through charts, research time, waking up at 5.30am (UK here) to catch up on what the Asian markets did overnight, being around for big news etc.
I wouldnāt advise trading micro lots. The losses donāt hurt enough to learn from them. When youāre ready to trade put your nuts on the block and go for it.
On a H4 chart most would say you need a massive stop loss. I disagree. Iād rather have a good entry with a small (10-20pip SL) and lose 5 trades before getting in to the big trade, than lose 50-100pips in one big hit. My preference though.
One more thing is to test trading different time frames. I thought M5 would be great as more moves, but after a few weeks my brain was melting from staring at the screen. I now trade H4 and higher which means like now, I can nip out to the shops for a few hours.
Good luck.
PS - A great way to draw trend lines is by switching to the line chart. It took me a few months to think of this
āRule No.1: Never lose money. Rule No.2: Never forget rule No.1.ā - Warren Buffett
Dear Simbafx,
Thank you very much for your advice. It seems to me that you had done a careful research regarding FX trading results from so many sources. And the consistent return of 10% capital per month seems to be a very good. From you point of view I would consider that 10% consistent return per month would be a reasonable target for FX novice.
Best wishes to you and other members in this forum.
You wonāt need 2 years to understand Forex. If you study BabyPips lessons 20 hours a week, you will be ready to trade Demo and apply what you learn on the Demo Chart. After one month of Demo at 20 hours per week, you will be ready for a live account and earn $2000. per day at setting your limit at 20 Pips on each trade. Good Luck, Happy Prosperity and never ever stop your learning process in FOREX.
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everyone talk about āknowing how to tradeāā¦
but waht means this?! just knowing when to trade properly?!
i think is incomplete.
no one talk about the the most important and 1āst aspect to achieve to became a real trader and the most difficult to understand: [B]THE MENTAL SETUP[/B] ( your behavior regarding trading itself, what you plane to do and what you do in reallityā¦ )
the rest is just [B]THE UOTCOME[/B] of your mental setupā¦
Very inspirational, indeed!
In forex market you cannot guarantee this much of amount.
You have to work hard and develop a good trading system to earn something. However if you can consistently profitable over time you can go above 5K easily
Forex is most risky business because the market can change faster than you act. The only way to beat it to use your mind which is the fastest so far. That means use your mind to reduce your risk. How? by education. Join a trusted Forex training program, learn yourself from the members of this site, study lot. By the way, I recommend to study the pipschool of this site and test your understanding how much you know. Once you believe you are confident enough start with practice account to see whether you are making any profit, then move to real account to make real money.
[QUOTE=āZENWEST;511204ā]You wonāt need 2 years to understand Forex. If you study BabyPips lessons 20 hours a week, you will be ready to trade Demo and apply what you learn on the Demo Chart. After one month of Demo at 20 hours per week, you will be ready for a live account and earn $2000. per day at setting your limit at 20 Pips on each trade. Good Luck, Happy Prosperity and never ever stop your learning process in FOREX.[/QUOTE]
Lolā¦
In this market only 95 % of traders loose money , so why focus in this dangerous game of trading , you have already lost good amount of money and suffered lots of pain so think seriously before entering this dangerous game of trading.
Best of Luck
Rob I went on your website, and the amount you charge is overboard. I would never paid you that much. Instead of paying that much money to you or any trader who try to teach but overcharge, you can learn all of that here on babypips and find your strategy and make money. Three years ago I have paid 500 dollars to this trader that has been trading for 10 years. Even today I go sometimes at a meeting just to attend and to meet new traders. So far the people I met there and I mean every single one person there is successful at trading. He charged us 500 dollars and shared the knowledge that possibly 99% traders wouldnāt out there. What is your reason for charging so much for trading training?
How much is he charging?
Rob Taylor Trader charges:
āPricing and availability.ā
āOption 1. 50 hours one to one for new traders. Lasts 3 months. Price Ā£4995.ā
āOption 2. 25 hours one to one for experienced traders. Lasts 2 months. Price Ā£2795.ā
This is in pounds not dollars. In canadian dollars: Ā£2795 = 3801 canadian dollars and Ā£4995= 6793 canadian dollars.
So you figure it out if it is worth it that much for you to pay for someone who offers the trading training online.
6793 canadian dollars is a one year cost for college in Canada.
$140(USD) an hourā¦ Lol Nice!