I'm not asking for overnight wealth.

 

This is an interesting for me being I'm new. I want to know the performance of others. It is hard for us noobs to get a grasp on what is possible and if all the time and turmoil is worth it. I am lucky where my expenses are low. I'd be comfortable making a $2000 profit a month. Not sure if I'm speaking for all newbies but I want to know, even if it is very modest living, can one pay bills with trading forex? I understand people with spouses, kids, mortgages having issues with time both physically and mentally, I'm not hat guy. Obviously overtime profits would grow but I'm thinking small. Making 5 figures a month is of no concern to me now, maybe not ever. I think I remember reading somewhere that of the 10% making money in forex a smaller percentage of those make more than $50,000. I hope I'm not confusing with any of my statements.

 

As I know, 30% per year is a great result for forex. so if you can pay bills with 30% yearly of your depo then you can live with trading forex.

oh completely forgot two things

1. your depo must survive drawdowns

2. your strategy must be profitable

 

Looking at 30% a year return (I'm not going to worry about a compounding account) I'd need $120,000 to meet my soft goal. I've seen 30% a year before. But that was with Managers and they are dealing with so much money they don't care to maximize their return just have a modest consistent return. Right?

 

The other very important parameter is drawdown.

a simple martingale can show profit but it is straight road to loss.

so as for me the consistent return is more important than max profit.

 
landofcash:
The other very important parameter is drawdown.

a simple martingale can show profit but it is straight road to loss.

so as for me the consistent return is more important than max profit.

yes, absolutely. consistent returns are definitely the most important thing in forex trading.

 

I'll probably start small.. under $2000. Looking at the numbers on this forum it is going to take me a while (over a year) to get that to a standard account of $10,000. Even with a solid system and lack of emotion. I have a "regular" job now that I could prop up the account with over time as well. That would speed up the process. It's just confusing sometimes cuz even on this forum people talk big like 30% a month. Then other will say it is impossible and say maybe in a year. I'm trying to build a plan and put some sort of timeframe on it. Just real tricky when you see conflicting numbers and stories.

 
heman1320:
This is an interesting for me being I'm new. I want to know the performance of others. It is hard for us noobs to get a grasp on what is possible and if all the time and turmoil is worth it. I am lucky where my expenses are low. I'd be comfortable making a $2000 profit a month. Not sure if I'm speaking for all newbies but I want to know, even if it is very modest living, can one pay bills with trading forex? I understand people with spouses, kids, mortgages having issues with time both physically and mentally, I'm not hat guy. Obviously overtime profits would grow but I'm thinking small. Making 5 figures a month is of no concern to me now, maybe not ever. I think I remember reading somewhere that of the 10% making money in forex a smaller percentage of those make more than $50,000. I hope I'm not confusing with any of my statements.

Sorry, but when I read too many people written: I'd be comfortable making a $2000 profit or any amount I can't control my desire to post.

Do you understand that your affirmation is about to have market control?

ANY thought about 5% weekly, 15% monthly, $5000 per month would be fine = wrong.

It's like to say: I have the control of the market.

Mostly, this thought is the mistake of think as employee when you need to think as trader.

An employee is sure that at the end of the month he will receive a payment that is equal for (let's say) 8 daily hours by four weeks. That{'s sure money.

On trading, there is no sure money

Wall street bet for Companies quarterly profits because the big boys are unsure about coming profits made from real activities, but you think you can make $2000 on markets.

Well, the good news is yes. You can.

Just go for fixed return products. There are several.

Easiest is to take USD 1200000 (1.2 million). Go to some bank paying 2% interest rate and you have it, 2000 monthly.

Another way is treasury bonds.

However you need to think on inflation y/y to keep money purchase power. So maybe 2% is not enough.

Do your own maths Highest rates on bank Certificates of Deposit (CDs), Money Markets, Checking Accounts, and Savings Account rates | Money-rates.Com

 

I read the first half of your post but the rest was rude. That said, lets stay on track.

Alright having a fixed goal in mind is the wrong thought process. How do I set goals without having a number in my head? Or is it just one of those shoot for the stars since we should be looking for 100% optimization of ourselves? The reason for asking if my goal can be accomplished has a little to do with assessing any system I use. For testing there has to be a control. Once again from your comments that is all wrong and I'm stuck in this mode. Could you give me a better example of how to look at it?

 
heman1320:
I read the first half of your post but the rest was rude. That said, lets stay on track. Alright having a fixed goal in mind is the wrong thought process. How do I set goals without having a number in my head? Or is it just one of those shoot for the stars since we should be looking for 100% optimization of ourselves? The reason for asking if my goal can be accomplished has a little to do with assessing any system I use. For testing there has to be a control. Once again from your comments that is all wrong and I'm stuck in this mode. Could you give me a better example of how to look at it?

You can set goals when trade is on. Looking for exit point.

Let's say you have 50k. And you want to make it grow.

Took first trade and profit 3000, a good one.

Took a second trade and lose 1500. You're still above.

Took a third trade and profit 500. You're even with your goal.

Problem is: You don't know about time between trades. A day, a week? maybe a month?

Maybe you start with your first trade at some point after December 10, and luckily it's short:

But what if you're between March and June 2008

Several traders (not few) only takes long or shorts. And stay on front screens just waiting.

Till one day on 2007 where selling seems the best choice.

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btw, you need to have a good tested strategy then maybe you can reach your goal .

Trading by hand you need to spend too much time watching charts, news etc....

Also profits for a short period of time when you just started is a very very bad thing because your feeling of the risk reduces and you start increasing lots and loose all .

Reason: