Some of your other replies would lead me to believe you are new at this.
As said by many others, forget the ‘over the counter’ EA route.
Learn to trade for yourself, then try an EA. You’ll know why it’s failing, and what to do about it. Like delete it.
As for what is possible/probable/realistic as far as gains go, when you start out, forget percentages.
Focus instead on ‘positive’.
I don’t care if you finish the day only up one pip. Don’t beat yourself up thinking about the ones that got away, be happy that you didn’t incur a drawdown.
Stick to your plan, protect your capital, and the gains will come.
You understand that the higher reward, directly correlates with the higher risk you will take?
When you see these people talk of outrageous claims of obtaining 20% returns monthly, they are effectively telling you that they are willing to lose 10-20% of their accounts on a monthly basis as well. If not more as I do not believe most of them adhere to proper money management.
As mentioned previously by another poster, the ultimate goal should be to be in profit. Period.
Let the results of that tell you what type of returns you can anticipate. By stating it ahead of the fact, you will no doubt force trades to attempt to achieve such goals. This has been a disaster for many time and time again.
For years now on this site people have been stating that they are earning or attempting to earn high returns every month. So much to the fact that they should all be multimillionaires over and over again if such feats were consistently feasible.
Yet, they all still seem to be trading the same reloaded micro accounts.
Use your best logic and understanding. And if you do not have good logic, obtain it and fast. Cause this market will find and expose your every weakness. And it is always at the expense of your pocketbook.
Even a 1% of consistent return on a monthly basis will make you a millionaire. Just don’t fall into the trap of so many that think they can become the next forex millionaire in 12-24 months.
Ever go to an Amway meeting? Many posters in this very thread, remind me of the slick suits on stage preaching how everyone can be rich and fast. Yet it’s always the same suits on stage preaching the same song and dance. And they only money coming in is from the same people that are in the audience doling out their hard earned cash to maybe one day achieve that realization.
Expect the only difference is that those here that think they are the slick suits are really the audience members doling it out. They just don’t realize it yet. They will. Then they’ll understand every word I have said thus far. And perhaps at that point, they’ll still have enough stamina to finally learn how to become a profitable trader.
I am just a newbie for forex & I earn high profit for some trade & lose more than what I earned for some trades. I should take more safe actions. I did it like gambling. Thanks again!
MasterGunner, great advice. Each trader must find her or his own path, but it seems clear that the experienced traders focus on minimizing drawdowns. I’ve heard that a thousand times, focus on minimizing your drawdowns and don’t even worry about your profits. I think it’s hard to believe, but true.
If a trader can trade week in and week out with very little or no draw downs, the profits come almost like magic. Of course, it’s not magic. It’s because the trader is concentrating on the hardest and most important aspect of trading. Anyone can put $500 on a craps table and have a 48% chance of making 100% profit. But of course, that’s not trading. Really good thread. Thanks for the sage wisdom.
I´m a day trader, so i usually take a couple of trades per day. I only trade the days when there is something to trade, so assuming four days a week, i would say that i take between 30 and 40 trades a month.
That´s correct.
But if you find a system with a high win/loss ratio, and never risk more than 1 or 2% on each trade, then 20% a month is a very reasonable goal. The key is to find a high win/loss system and use proper money management.
1% would literaly take you like 30 years or more though :(. I think it takes 10 years at 5% with no withdraws to get to ~700k ish, still any profit is better than none, but id aim for 20% at least that way if you miss your goal you might end up at say 10% or at least 5%. If you aim for 1% your not allowing yourself much room for when you start having losses.
I know. It’s like you have to start out rich to get rich. Where’s the fun in that? But I think I may have found a way to get there without waiting 10-30 years. I think I can get there in just a few years using OPM (Other Peoples Money) to give my account a turbo boost. We discussed this earlier. The hard part is establishing a fairly long term (2 to 3 years) record of consistent profits with no or very low drawdowns. The profits don’t even have to be that huge. I’m thinking even a record of 2% a month for two or three years should light off this rocket.
Of course, for my personal account I’d like better, so I trade two accounts. Three really. One is my personal account where I’m looking for a better profit. In my “special” account the goal is to make a profit, but take no or very low drawdowns. It goes without saying that if I take no drawdowns I’ll make some profit. My third account is the LTG (Line To God) account. When I see a very risky trade that I believe will make a ton, but it’s too risky for any sane person to trade, I throw it in the LTG account. Special is right on track, Personal makes a comfortable living, LTG is a wild roller coaster, doubling one month, taking a 50% drawdown the next. But really, If I’m going to do well in less than 10-30 years, I think it’s selling the “Special” account’s potential that will do it for me. We’ll see.
You still are not understanding. Trade and trade well. Let your profit dictate what your return is. You will not be able to forsee it. Any attempts will cause you to force trades. Don’t tell me you can achieve 20% months on end. Prove that you can. And don’t worry about having to prove it to me. This is something you need to prove to yourself.
I never said to force trades, theres a difference from following your trading plan and overtrading. I trade at most 2 times per day, more is overtrading for me unless the trades follow my trading plan. I know a scalper that trades ~20 per hour. Is that over trading or forcing trades? Nope, he is following his trading plan. My goal is 40% a month, anything positive is welcome, but my goal is still 40%. Do I get 40% every month? Nope, i’ve only gotten it a few times but Ill still aim for it. I actually do the complete opposite of forcing trades, I only take them if they come to me. Each night at midnight EST I set my new limit orders for the day. If theyre hit thats great, if not oh well, I didnt lose anything and I know I cant catch every trade.
Ya, you are right, but I like having goals :D. In the end I dont control what I end the month with, I just take the trades that are given to me but, I still enjoy having goals.
It will take more than a year, even at a consistent 40% a month your looking at ~2 yrs time, even longer with withdraws. I also dont make a consistent 40%. I plan on posting here for many years, so eventually and hopefully Ill be able to become a millionaire and help others.
