Good quote for newbies to read. Expect to lose in the beginning. It’s part of paying for the learning experience.
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Read some more of this thread. thanks to Dale, Clint and Manxx and others for keeping it real. Sometimes the harsh reality is exactly what people need to either get them moving on to something else or putting extra focus on what they’re currently doing.
Thanks all. Great thread.
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thank you sir most appreciative
I am starting to believe that
you can not be a successful trader if you do not go through some unsuccessful times
,you can not be a successful trader if you do not have a good heart
and you can not be a successful trader if you do not know that to get something you have to give something and the more you give the more you get (my money management formula)
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All true Dale- well said - the bottom line is that TRADING MUST ALWAYS BE TREATED AS A BUSINESS .
Peruse some a greater amount of this string. on account of Dale, Clint and Manxx and others for keeping it genuine. Some of the time the unforgiving the truth is actually what individuals need to either make them proceed onward to something different or putting additional emphasis on what they’re right now doing.
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Some very good answers here in terms of working out bank sizes to make it a living, however, if you are brand new to trading Forex, I would suggest a different approach.
A micro account of £100 - £200 on 0.01 lots is feasible to practice and learn on as you go, a £1000 ideally if you can.
Don’t get me wrong though there are brokers out there that will let you trade from much less but this will leave very little room for error! And there will be ERRORS lol
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You are always welcome! Keep practicing & learning; hope for the best.
I loved your Post Dale, I think very realistic about the Forex market, a lot of people who have been dreaming of a lot of money or fast enrichment, now I feel ready for more battles of joy and sadness in the market, because I know that, who is here for love and taste, will hardly give up, but rather try to realize the maximum boat is embarking, My Many thanks.
Amicar
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Hi Dale I average about 86% per month 
cheers!
Hello.
If that is what you have averaged (give or take let’s say) for a period of five years or so then as I have noted on another thread: I am jealous and I would love to be able to make money like that. Chances are though that even if you showed me what you are doing I would probably blow it up because I am pretty sure it’s not swing trading or long term trading and that is the only way I have been able to make money over the past few years. But if that is legit then I could not be happier for you.
But let me say this: if that is legit (and I have no reason to question you) then you are in an extremely minute and small group. Problem is that new traders that see your returns think it is easy and it can be done no problem. That is just simply not the case. In order to achieve those results sustainably and consistently you must have learned a lot of self discipline and must have a really sound and proven trading system or methodology.
But let me ask you this (and I ask this not to be full of it or because I doubt you i.e. I am really interested in the answer): why have you not gone to one of the big investment firms or trading houses and shown them your results and gotten in with them??? I know the obvious answer is to say that why do that as you work for yourself and don’t need to. But man: the money you could make and the lifestyle they could offer is beyond words and not to mention security and the rest that goes with working for one of those firms. Really curious i.e. have never actually asked this of somebody that makes consistent gains of that magnitude. Matter of fact: I am pretty sure they would pay you a small fortune just for trading system or methodology. I mean to say: you do realize that hedge funds, for example, are over the moon with only a few percent per ANNUM.
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86% per month? — Over how many months?
Do I sound skeptical about that 86%? — Yeah, I’m skeptical.
We’ve all had spectacular returns occasionally. But, when we talk about a trading track-record, we’re not talking about those flash-in-the-pan, one-month outliers. A trading track-record means nothing, unless it’s a long-term, consistent record of performance.
And I will bet you your next-month’s 86% profit that you haven’t been earning 86% per month for anything approaching “long-term”.
Just to put things into perspective, if you start with $100 in trading capital, and grow your capital by 86% (on average) every month — then, in just over 2 years (26 months, to be exact), you will have ONE BILLION DOLLARS.
With that sort of bank-roll, you can afford to take my bet.
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Tell it like it is why don’t you Clint!!! LOL!!! ROFLMAO!!!
I was trying to be diplomatic!!!
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As much as you can afford to lose.
Don’t give up your day job! There’s absolutely no need! @dpaterso s post is right on the money! No pun intended 
If you quit your day job and try day trading with a small amount of money with minimal trading experience … Your stress is going to go through the roof which is one of the key ingredients to poor decision-making in trading.
Continue to learn all you can about forex in your spare time.
Keep your day job!
Do whatever it takes to become very, very, very patient and trade the daily time frame with .01 lot sizes. This type of trading fits neatly into a person’s schedule who works full-time. I have found the work continues to provide income and a distraction from overthinking my positions.
Trading the daily chart will go a long way to eliminate stress, keep you out from in front of your monitor which results in all sorts of second-guessing and upside down trading … going long when you should go short, short when he should go long.
Learn to be patient, trade small lot sizes on the daily charts and chances are you can take joy in watching numbers get larger and larger over time and not smaller and smaller very quickly.
All this should be taken with a large grain of salt as I have some trading experience in options but still demo in forex.
Good luck!
KC
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It was a typo, he meant 0.86% a month. Nothing to see here.
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I also think that it is not issue of money, the main issue is to have strategy that can actually secure continuous profits. If you have such strategy then you will be able to benefit even with smaller amount of invested funds by exploiting leverage, margin accounts or eventually some bonus accounts
Before doubling your trading lot size based on a “100%” bonus read the fine print.
Never accept the bonus. As they say on “the street corner” The first one is free!
The bonus is a forex opioid specifically designed for new traders to make them feel as though they actually have twice as much trading capital as they do. Instant Nirvana! It encourages them to trade larger sizes more often than not losing quickly, handing over their hard earned money to the broker sooner.
Remember: Don’t go into the light - Poltergeist, There is no free lunch - street smart sam, and don’t take the bonus - Readers of fine print and reality accepters.
Green is good!!
KC
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Yeh. The infamous bonus accounts!!!
We (the broker), without even knowing you from a bar of soap, will lend you $1 000 USD to trade with. If you make any profits they’re yours to keep. If you lose: no problem. Or we’ll match your lot size for a few trades. Nice guys huh.
Fu*k me: in my current predicament I couldn’t even find a friend to help me out for a few months. Maybe I should have called my broker for a loan!!! LOL!!!
I suppose in all fairness: if one knows what they’re doing and the broker is legit then you can make some money. Been there and done that (once). Just read the fine print. Most that offer this will give you a set period and a minimum number of lots to trade during that period otherwise you cannot withdraw your profits (and three guesses why those rules are in place).
Of course: once you’ve done this and lost the bonus money then the next step is to fund with your own money (making every excuse for yourself as to why you wiped out the bonus money and thinking that with your own money on the table then you will act differently). And right there you’re in: hook, line, and sinker.
If there is one thing that this industry excels at it’s marketing let’s face it!!!
Have fun.
Regards,
Dale.
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I have to agree with dpaterso’s mindset of this. It is an observation, not a judgment. A leading broker house did a study on the traders that trade with them, they used raw data, so there was no manipulation of results, they found the following:
- More than 89% of trades were closed in a profit
- More than 85% of those accounts were in decline
Reason? …People tend to close a trade on a small profit, securing their win…The same people like to “ride” their losses, hoping it would turn into a win.
In the end the results of the study had shocking results: Traders with a strike rate of 46% showed gains of more than 200% on their account over a period of 1 year.
Go figure…Losers come in first after all.
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Amazing post zhadow. There are a lot of negative people within the trading community. People fail all the time in all walks of life, trading is no different. This does not mean you should not try.
Agree. I used to have a 70% win rate but made only 10$ per win and lost 16$ per loss. Made good enough money but would lose it all quickly and be unable to recover. I was always incredulous. How could I lose so much money when I had a 70% win rate? Lately I’ve started making 17$ per win and 14$ per loss, on an 88% win rate. Boy did things change fast. Made $7475 profit in just the past 1 month and 1 week, on $3K capital. I’ve learned the importance of tracking stats and changing my mindset. Why be fearful when the trade is green? But I continue to take partial profits whenever I can so as to protect my gains.
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