hello all,
This has proberley been done to death, but anyhow. I would like to hear from every one that is making a living from forex either part time or full. Part time qualifies as at least 40% of a typical western wage,
We have all seen the “if you compound this, or using that, the profits are ending crap” time for actual realtime, real people results. Put your results in average profit per month ie average 10% perm month gain. no need to put up fx books or screen shots. this is about honesty
I myself have been trading about 7 years blew 3 accounts, only small amounts about 3-5k at a time. I have developed 3 successful methods that continually provide me with profits now. I cover 26 pairs.
Averaged 28% each month over the course of last year.
It has - and never successfully, partly because there’s no reason why people (who aren’t selling or promoting anything) should disclose their incomes or trading results to a random stranger, and no reasons why you should believe or accept any statements made in a forum by people who are really no more than random strangers to you, anyway.
What should matter to [B]you[/B] is whether [B]you’re[/B] able to make a living by trading forex, and what you’ll need to do, to achieve it.
That’s maybe not helping you?
You’re apparently making about four or five times as much percentage profit on your account as the average professional, institutional floor-trader. You should be offering coaching at Goldman Sachs, not asking strangers in a forum how they’re doing.
Hey greetings. 26% a month sounds terrific if a little incredible; but more power to you if that’s true. I currently trade on a very sporadic basis and typically get in to make a few extra bucks here and there.
I wouldn’t see any issue at all for full time traders reporting their profitability; where I come from those who actually do well tend to wear their profitability as a badge of honour.
Although your returns seem incredibly high I wouldn’t want to compare them to institutional traders (Edit: Banks specifically) who work with trade volume in the millions at a time on a daily basis because…they do not use any leverage, which should should be self explanatory, even besides the fact that they do not take proprietary positions which are only incidental in their market making business for corporate clients.
What kind of trading do you do; do correlations not affect your working 26 pairs simultaneously.
I’m looking to generate a significant % of my income from trading and have settled on 5-10% a month as a realistically achievable target on a review of my current strategies.
I think it’s quite difficult to trade currencies for a reliable fixed income, I guess depending on how much money you are working with.
i keep a fixed amount of capital and draw profits every 6 weeks. short to medium term. average 19 entries per month across the 26 pairs… i dont worry about news.
the hardest thing for me to overcome was accepting profits…??? wtf… you might ask???
the market will only give what it gives. so methods built on 3:1 and 5:1 and all the other profit risk stuff, can and does stop you out from actual gains.
i dont trade percentages ie 2% or 1%, for me i found over time it was a killer to my account across pairs. so i do 10 cents for every $1000 of capital. example 26k is 2.6 lots " 2 standards and 0.06 mini"
how you trade a $1000 account and how you trade a 100k account are exactly the same. the only thing that changes is the value of the pip.
the main thing that got me through is for every success story out there, there are at least 1000 failures. and they will all tell you with no problem that you are not good enough or it cant be done. you will never succeed because they didnt and they are smarter than you…blah blah blah
I take the approach " your failures dont measure my success" and should i fail. it only shows me one more way on how not to do it.
Frankly speaking I will not do forex for living. I had fear it will not suit me. I need fix earning for living that forex will not give me .However I can collect extra earning from forex. With my routine earning I will not face any difficulty if there is a loss in trading.
This sort of response drives me nutty. Do you really think Goldman Sachs traders have access to more than 10:1 leverage? Do you think they can run high risk strategies and risk 4-5% a trade like some traders do?
The difference between a retail trader and a hedge fund/bank trader is night and day.
If he has made those gains then congratulations to him, those are big numbers but everthing has to be in context…what was your drawdown scmonds?
Yes, institutional traders do have access to leverage, far greater than 10:1 should they require it. Therefore a high net worth retail trader is in the same ball park as a ‘pro’ institutional trader. Admittedly though, retail traders certainly have more scope when it comes to accessible high leverage options - but that’s certainly not to say that institutional traders are capped at 10:1.
I think you’ll have a hard time waiting for a reply from scmonds - he is no longer a member here? I wonder why that would be Flipfloptrader? anything to do with outlandish claims; as you said though, congrats to him for achieving such high returns. Maybe he is now at Goldman
