Article in Futures Mag

Discussion in 'Forex' started by ElectricSavant, Sep 1, 2006.

  1. boid-dog

    boid-dog

    That number [%95 %90 whatever] is kind of worn out in my opinion. How many college freshmen intent on med school actually end up with MDs? How many are successful in any major endeavor?

    Everyone enters trading with a different idea of what they can achieve. Some end up making $5 k/ day, other $500.

    It's more interesting to think about the %10 who persist. You've lost your first 'nut.' What do you do to become successful? You don't grasp at straws (e.g. the "get rich adverts'). First and foremost, I'd say is to keep yourself in the game. Know your limits. How much can you risk/lose before retrenching.

    Some traders walk out of their clearing firm office with $10k checks on friday--fun money for the weekend.

    I doubt that they can teach you how to trade, but they could help you learn--but they probably don't have the time (wouldn't you rather spend the weekend in Steamboat Springs, rather than giving a webinar?)

    At this moment I'd like to average 10 pips a day. I trade with more of a scalpers' mentality though--i try to get in only at most opportune moments. I'll go for at least 10, more after reports, maybe 2 trips a day (i work too).
     
    #11     Nov 16, 2006
  2. misha7

    misha7

    Here is a different type of math. To make your 20 pips per day imagine you are trading just one lot every day, with 10k account (about 10:1 leverage). Average spread is 3 pips, so to break even you need to make 250(trading days)x3=750 pips, i.e. $7500.

    So to just cover the cost of trading you need to make a return of smth like 75% pa.
     
    #12     Nov 16, 2006