Look, no one’s saying anything about ratios, but do you understand this simple mathematical equitation? Here: Earning constantly 5% with low risk per month. Now tell me on your 1000$ acc, how much is that in $$ at the end of the month?
Excuse me Mr. Livermore, long time no see, how’s on the other side, eh?
Hahahahahahaha, man you just made me fall of my chair and roll around the floor in laughter
Turning 300$ into 15,000$ in 6 months, are you high on ACID??? Low, risk man, low risk…you can’t do that with low risk…look I managed to turn a 100$ acc, into 400$ in two months. Do you know what was my risk? 100% each and every time I traded… Please don’t write things like this, because it sounds like you’re under 18 (no offense really)…unless you have a buddy over at Goldman, Barclays or Deutsche Bank this is not serous conversation, cmon…
@ milliardo … I would love to show you my account. 1k 2 months you should be able to have a balance of at least double if not triple. If you can’t do that if it takes you a year to double 1k honestly… Go play poker or go to the casino … Your odds are much better ,
I won’t lie they use to be huge more than 50% not. Anymore though but look I wish you the best of luck in . your trading journey and if you want a chance at anything in life you have to think big and don’t always listen to the herd that’s my two cents
With huge DD anything is possible, but my problem is always thinking what if that trade comes and wipes the account…I am trying to keep my DD under 50%, preferably under 30%…heck on my micro account right now I have a 60% DD and 60% this month return…
But for a living, when everything depends on you and you alone, I can’t afford myself those risks…and in that case to earn big I need big account…that’s all. No one’s saying you can’t turn 300$ into 1 000 000$ but to do that with 5% DD, that’s impossible.
The word Impossible has possible in it … anything is possible but i do see what you are sayying its much
more harder and stressful task
did-pip you would just love to see that dont you aha maybe one day send me a PM id rather not show my trading account around… lol i mean you don’t go showing of you personal bank statements do you …? i wouldn’t mind making a performance chart and sending it to you if you care that much :).
[QUOTE=“d-pip;662428”] Libertysilver, Don’t bother, I stumbled into +7-month old post of yours. You’re a joke! link to http://forums.babypips.com/newbie-island/65027-takes-alot-trader.html#post617660 Post 04/03/2014 [/QUOTE] Lol…nothing wrong with being honest,… But I can tell you now that I have come along way from the 7month old pots, cherp all you want d-pip… @ the end of the day I know what I have in my trading account I know what I have accomplished, and the only way to succeed is by failing. (Y)
To go slightly off topic. I think it should end here, sorry for opening a can of worms didn’t really think all this high flying micro account traders cared that much.
I noticed you are from Serbia Milardo I have been out to Loznica, my good friend is Serbian, they don’t let you guys trade from what I understand. I even wanted to buy a house there, said I am a foreigner need to become Serbian (nuts), so ditched the idea, nice country (Loved the fact that Drina that connects the Danube allows you to cross over to Bosnia, Croatia).
Just curious to know how you navigate this. I part own his business out there and I was looking to do something with his buddy who is an economics major but he says very few people trade in Serbia, says only knows one guy in Belgrade who trades manages a $1m or so for some Russians.
Heh, don’t know about that buying the house part, but yes the earlier Foreign Exchange Operations Act didn’t allow for a Serbian citizen to have money in foreign institutions (banks, various funds, etc.)…back in the days (aprox. 10 years ago) they wouldn’t allow you to take the money outside of the country (“smart” economists working for the government saw that as a foreign capital flow outside of the country, and deemed it bad)… Nowadays, some things have changed because of pressures from EU to harmonize the law with EU laws, hence some liberties exist now and you can transfer money outside…though don’t know what would happen if someone would try to send 100k $, might be he would have to do some explaining before that
Jobs are hard to come by here so every other thing for making some income helps…(around 30% unemployment)
A year ago I went to some bucket shop (yes, they started showing up here too) seminar here in Belgrade and in my group there were around 30-50 people there (various age groups), and I was told that there was a group before me, and one scheduled after my group finishes…so I’d say that traders here are growing (though how successful, don’t know)…
I know jobs are pretty tight there. There are even issues with the use of Paypal, etc. We provide a working environment for some 10 3D designers (can’t reall say employment because they get paid directly of the jobs they do). There was talk of EU membership in 2017 but corruption is till a problem but they also say your new leader seems to be trying to clean things up, they all say good people just get assainated if they try to make things too clean.
I still love the country, has a kind of Greek feel to it. I found the population to be one of the most educated unemployed population I have ever seen. Amazingly talented but no money. I said to my buddy at the time I fear for jobs in the UK once this country joins the EU. Many more will need FX to really pay off… LOL.
Yeah, I’m not into politics that much, but the corruption in Government is one of the highest in the region…talks with the EU aren’t going that well because of the open support for the Russian Federation and political pressures about Kosovo (the cancer wound in this region)…
The PayPal thing is really stirring things up these days, lol People are trying to freelance and earn some $$ but most of the popular freelance sites work with PayPal only…they see it as some tiny hope for salvation…
Heh, they say that the mentality here is similar to Greek and Spanish
I have known people who can take account $500.00 and turn it into a $5000.00 in a months time. FXCM had a contest that was monthly for a year. $25,000.00 was given to first place every month… It is not impossible but it is very hard and requires someone with very good knowledge and experience in Forex Trading… The contest was called Micro-King because in order to enter your account had to have a minimum of $500.00 and it was for people who were trading micro accounts. This is confirmed and all you have to do is contact FXCM in order to verify this claim. I am a full time trader and I started with a $500.00 Account. Yes it took me time, but I learned and I am now able to sustain myself. You have to look at trading as your income not as a hobby or a replacement income. You have to trade it knowing you have to survive on your account. Otherwise you will keep it as a hobby and never take it seriously. Forex has to become your only income in order to become a professional trader. You will not put in the screen time nor the pain if you do not.
Truth is in there…and I can’t say anything against it, all I can say that for someone to turn 1 000$ acc into 15 000$ in 3 months time should call W. Buffet and apply as his investment adviser
Everyone writing this make it sound so easy, like everyone can do it… Then on the other hand we have that 80% failure rate in trading, and the biggest culprit there is using high amounts of leverage…
FXCM also did analysis of their most profitable clients and their conclusions were that the accounts with over 5 000$ starting capital had grater success than those bellow, and those who were successful never used more than 1:5 leverage… That tells you something, right, or their findings would all be like in your post… People you talk about are in those 0,1 - 0,5 %
Truth is in there…and I can’t say anything against it, all I can say that for someone to turn 1 000$ acc into 15 000$ in 3 months time should call W. Buffet and apply as his investment adviser
Everyone writing this make it sound so easy, like everyone can do it… Then on the other hand we have that 80% failure rate in trading, and the biggest culprit there is using high amounts of leverage…
Millardo with a view of being respectful. You think that traders that do double digit returns are in high demand. In fact traders who can’t do double digit returns will eventually either change market or leave the game and admit they have failed, normally within 3 years this decision is clear.
If brokers had run those stats in the early 80’s FX was fairly new and most institutional traders didn’t want to touch it because they didn’t get it they would have ruled 90% are successful. The book “The New Market Wizards” form Jack D. has a good piece from one of the top FX Options trader who was making 20m on one trade in options not even spot (who makes money in options?) but they do exist.
So to conclude most brokers have skewed data, simply because most of the retail traders being small accounts with little or know knowledge of markets have become their target market, so students, people in third world countries or poorer European states, if you look at most of the broker sites excluding FXCM have a lot Middle East and Asia directed marketing. These nations have restrictions against trading similar to Serbia and for those who don’t levy high taxes and generally struggle for proper tuition and information as torulf39 experienced being from Ukraine. A lot of people are bound to fail in the UK most of us can muster 2-3k Sterling roughly close to 5k dollar mark to trade.
So those stats may be a little misleading as it is relative to the audience. If interactive brokers ran a similar poll which they won’t the result will be much different as the minimum requirements and the level of institutional or large retail traders with that broker is large. The result will not differ from broker to broker as most brokers have small account inexperinced gamblers who are happy to sacrifice 1-2k in the market and they will call it tuition.
Account size is irrelevant it is down to skill and understanding. At the very least a double digit return is the only thing that justifies you continuing to risk money. If you can’t then hang your socks up and bet on Saturday football instead.
You are right on most accounts, and I can’t argue there, but I’m talking about the risk…double digit return is ok by me, 1-2% daily is achievable, the only problem is risk and DD, nothing else… My point was that for a low risk you need bigger account… Everyone attacked your OP because you stated that with a 1 - 2 000 $ starting account someone can make a living. I don’t know what is the average salary in England, but here in Serbia the average salary is around 300 EUR, and living expenses are roughly around 300 - 500 EUR if you’re living alone in a rented apartment… So with a 2 000$ account you could make a living here. In UK, and other more expensive countries in the world I don’t think so. Just remember, a losing month is not an option for anyone in that situation…
For options, I don’t know, it’s on my To-Do list Working with weekly and monthly options sounds like a sound strategy, and the caped risk is good in my book
Btw. Feel free to drop a PM if you ever come to Belgrade with your friend here…always nice to meet someone with the similar passion
I would like to know how many of you plan on making a million dollars. Within what timeframe do you see yourself achieving this, once you start trading live?
I see myself hitting a million within 3 years tops. This estimate is based on rigorous backtesting of my trading plan.
My point was that for a low risk you need bigger account… Everyone attacked your OP because you stated that with a 1 - 2 000 $ starting account someone can make a living.
Btw. Feel free to drop a PM if you ever come to Belgrade with your friend here…always nice to meet someone with the similar passion
It was natural for some people to consider the figure a little exaggerated and misleading but the premise was lost because most people don’t have real world financial or even economics experience, a lot of the posters still live at home or are barely coping with their own jobs. Trading is really an escape. The point was if you have 10k sterling about 16k USD to cover rent and perhaps even a supportive partner to help cover costs while you developed, then you can cover rent for a year at least or mortgage. If you partner helps out then you have a good buffer for all other expenses. Say you have 2k-5k trading capital (everyone chose the lower half to oppose), a lot of experience, trading plans, skill you can now consider trading 2k balance, max daily drawdown of $100-$150, risk/reward (high probability only trades), trade no more than 2 positions a week, you have there 15-20 trades to max drawdown. Not kidding if you loose 20 trades in a row don’t ever trade again… I don’t care how tight your stops were… My point is this should have no impact on your overall living costs, you are simply capitalizing, as your balance gains, you can reduce risk like hedgefunds do. In the early stages you have to take more risks or you are simply putting good money to waste. Worse case scenario you destroy your 2k, remember if you had 10k that would be 20% account loss (I should stop using drawdown), imagine you manged 1m and you lost 20% that is 200k, I think all the investors will withdraw their funds and you will probably get hit with various accusations possibly jail. So the same rules apply, if you wipe out 20% of your equity, then simply give up because you would have to make 40% in the year just to breakeven and cover costs, so in my opinion it is easy to trade 10k lots with 10k in the trade account, in the end infaltion changes in exchange rates are eroding any gains, then just hand your cash to a unit trust fund or mutual fund, you may even get a better rate of return.
Yes, I will let you know if I am in Belgrade. It will be good to meet up.
