Hi all, as the title says. Is it too much to accomplish. I like to know before I start to write a plan for it? Otherwise, I will scalp with 10 pips per trade to achieve my goal. When you look at it that way: You will having days that you lose. So now on THAT day: Now its starts getting a little bit more difficult. One could also argue: Then there is the psychology part. The answer if you're a human being anyway is NO!!!
You're probably not going to have the self control to NOT 'revenge trade' if you find yourself in that position. Well THEN you're looking at this realistically. If you can achieve that: And if you're able to achieve that: And 'in the real world': They 'come and go' and don't normally last too long. Such records are normally 'curve fitted' and 'cherry picked'. No offence and not directed at you personally in any way: Work with it carefully, be realistic in your goals, and you'll turn that amount into something substantial in a shorter space of time than you think possible.
That's not my fault i. I've been getting the feeling that I'm the only one posting here of late!!! But that's my point. You get the picture. But as I said: It can and does happen as you probably well know otherwise you'd not be disagreeing with my post obviously!!!
I guess all I'm saying is that for a variety of reasons: And that's why I keeping making the joke that 'soon there will be more brokers than traders' and I'm starting to wonder if that is still a joke and not reality given the number of new 'bucketshops' that seem to be 'creeping out from under a rock' every second day or so.
And in this particular case thread take a careful look at the wording: Damn, this Forex thing is such a game. Somebody once said that compounding was the mightiest force known in the universe I don't mean to say it's possible, especially over an extended period of time Hi Dale, slightly chaotic times here away from trading, I mean!
Sorry, and will do better. Put it this way: I still think we all approach this whole thing the wrong way BUT I realise it's only because most of us most certainly me anyway don't have the resources. What I'm saying is screw percentage gains and stuff like that. Work out your actual monthly living expenses in USD or whatever currency you live with and ensure that you can trade something that moves in HUGE increments on a daily or hourly basis like the Italian MIB40 or the Spanish IBEX or the Brazilian Bovespa and ensure you have enough capital so that the risk on any trade that you make is 0.
If you're trading for a living this is your sole source of income then you cannot simply 'forget' that you have to MAKE 'X' amount to live, withdraw it, and then work with the balance. This business leverage or not is no difference from any other business i. And not a 'clunker' either!!! To give my response to OP's original question and with apologies for the detour from topic I posted a few moments ago I basically agree with Dale.
That's fine, I don't try to force the market to give me more than that if that is all that is available. Some months are quiet step forward, August! So for me, setting out with a fixed target at that level is overly ambitious and can jeopardize the whole project as it can lead to overtrading, forcing trades, seeing setups that aren't there, all the things we should not be doing. I am not arguing against ambition - most of us, myself included, started trading to make an awful lot of money without having to work for anyone, after all - but I personally think that this target is too specific and too ambitious.
I would target that, and then love the months when the market wants to give you several times that. I agree with Simon: And that makes for a tidy profit at year's end, with or without compounding. Breaking it down, that's. That's my point really. See what I'm saying??? The alternative would have been to simply say "no it's not asking too much" without knowing anything about the thread starter's proficiency or experience as a trader. Hehe, I know you know, you know? I mainly started that 'compounding' issue because I find it personally fascinating.
It's nearly like a nuclear chain reaction, which increases exponentially. While compounding doesn't gather strength quite that quickly, I still think it's one of the most powerful probably the ultimate weapon in a trader's arsenal. So it's always worth a thought. It's only a pleasure longdinhguang I'm sure I speak for everyone that's contributed here. That's what these forums are for.
To aid and assist new??? Put it this way well speaking for myself anyway: Now if you could just send to us your billing address Most people on this newbie forum are asking for more And how much are you willing to risk on a trade? And are you going to make one trade per day? Now what's your potential take profit reward? I use mainly 1 hr chart and trade base on mostly price action plus support resistant.
It was very nice all of you to give me advice and answer my question. One day if I became a millionaire I won't forget u guys. I do not think so. Its affordable, yet achievable. So 'all in all': It IS too much to ask. I know it's not what you want ed to hear.
But that's the way it is in my opinion noted. Ah dale, I was wondering why it was so quiet, welcome back. That calculation doesn't include compounding, Dale. I can count you know!!!! I know what compounding is you know!!!
Just my thoughts, this is a personal thing. I don't disagree either. Now we've 'saved another one'!!! The is irrelevant.More...