200 pips x 400x gearing: isn't that 80,000 pips? Why start with one thousand? At that rate, couldn't I fund my account with one dollar and still make enough each month to live large and, like Mountain Trader, also quit my job? Or maybe two dollars just in case (unlikely I know given the 90 percent success ratio) the first trade is stopped out. Your thoughts, please.
Hey, Chood, I think continuing this dialogue (if that's the right word) only encourages the time-wasters, whatever their intentions / motivation might be, and may confuse -- or, worse, inspire -- some newcomers. It's your call. Personally, I've decided to practice my discipline, resist the (admittedly strong) temptation and not take the bait. In this thread or others like it, past, present and future. Cheers.
Step one would be to learn how to trade. This is where the first round of losers fail. They purchase a course and after the first day decide that it doesn't work. During this time you can trade in a demo account. Although there are simple methods that consistently work, if you intend to trade as a profession it makes sense to plan on at least 6 months to a year of mastering the art. During this time avoid negative people who have been CHOOD up by the market and don't want you to succeed. They enjoy being a poison to others so ignoring the ignorant is a good policy and associate with people who are doing what you want to do. (If someone says that what you want to do is not possible that is a good indication that you should avoid/ignore that person) Find people who are doing it and network with them. When you create your trading plan based on what you have experienced to be realistic, if you need 2000-3000 to live on plan on not taking money out of your account until this amount is less than half of your monthly profits. Then your account will continue to double and multiply. If it is not doubling and multiplying according to your plan you have not learned how to trade yet and should still be in a demo. The next round of losers fall away by allowing psychology to interfere with trading the method that they have learned. Some understanding of how human weakness effects your trading decisions is necessary. I have often had losses due to poor decisions that I knew were not based on what I had already learned. It is my opinion that relaxation techniques such as yoga and meditation help to overcome this problem which seems to be due to stress and excess emotion. Anyway, when you map out this plan you will find that the 2-3000 per month you need (which would conver a modest house payment in my part of the country) will double at regular intervals. Again some people live in a universe where mathematics works differently so "results may vary"
Fair enough, certainly. I'll note that once shills and scammers have free range, this forum pretty quickly could become cornered by shills and scammers. Or at least so cluttered by them that there's little reason for anyone honest to bother. That's happened to another board. Also, that's the rule, not the exception, at some of the proprietary (dealer-managed) forums I've seen recently.
Yes, Forex is incredible isn't it? For those of you who took the time to contact a few Forex Brokers you discovered that yes it is true that accounts are available in 50:1, 100:1, 200:1 and 400:1 leverage. Your risk is always limited to the amount of your stop loss and even if you margin out your risk is the amount of your deposit in a trade. Yes, the market moves 120-150 PIPS per day on major currencies. All this is readily available information. To imply that this is not true really reveals a level of ignorance that one would wonder why someone would be here. 200 PIPS at 400:1 is not 80,000 PIPS it is 200 PIPS. Your deposit in the trade is .0025 of the lot size in this case. If your lot size is 10,000 your deposit would be $25. Hello and welcome to Forex Trading introduction to Forex accounts. I don't use 400:1 myself and don't expect that will stay around for long. Yes, I have seen my account increase by 20% in 2 hours on news day when I was trading with 5% of my account and the market moved 200 PIPS that day which was a 400% return on my deposit. More realistic is simply targeting around 25 PIPS average per day or 100 per week. That is a consevative target that is not exceptionally aggressive. Yes, you can open an account with $300 at some reputable Brokers (bucket shops to some) And yes if you calculate what that will do in 6 months to a year it is quite incredible. Once the lightbulb goes off you will hopefully be as happy as the rest of us who are enjoying trading. I think some of the resistance is from people who are "professionals" fund managers and employee traders who are accustomed to trading with other people's money. They live in a different world and do not think like entrepeneurs. They rely on fundamentals which boils down to 50/50 guesswork and employ hedging (a fear based strategy designed to protect losses which also nutralizes profits) These "professional" trading systems tend to accept large drawdowns as part of the deal. So in their world it is hard to accept when successful traders (bucketeers, shill and scammers) are enjoying the real potential that Forex has to offer. After all, if it were possible they would be doing it... uh... right? Well maybe not. Even trading geniuses like Tom Demark have admitted that they don't have the personality to trade themselves. Some trading experts and gurus don't trade themselves but are hired to make money for other people. I don't work for a broker or institution or a fund. I don't sell anything for a living or represent anyone. I just trade.
MountainTrader, how long have you trade actively the following: In forex In equities In futures In options And the length of time did you start becoming profitable..consistently?