How hard is this Business
Is this some kind of a joke? 
No one would argue that without margin trading you won't be able to achieve high returns. Actually, margin trading was made so people like your friend could trade with higher returns, while having higher risks. Damn, I think that some kind of 1:50 leverage would do well for such a sum, like, in Dukascopy, since the account is not too small. Only good sums of money, like, 1mil, can do without margin trading.
Even with a 1:10 leverage you can x10 your gains with not too much risk! Since it is unlikely that something fast and furious can devastate such an account.
It's like asking yourself, "when will I become a millionaire if I'll keep collecting 1 cent coins from the streets?" What about, heh, collecting dollar banknotes? ))
And remember, that "amount of pips" thingy is quite transparent. Let's say I can do 10 pips a day. But I can do 5 lots per trader. That translates to 500$/day, and 10,000$/month. Not too bad for 10 pips, huh? And it is possible to do it with the same 50,000$ and 1:50 leverage, trading using 20% of my account - I won't get a margin call unless some big-ass Great Depression occurs, and will be able to average at 10 pips per day. Damn, 40 pips per day would be a dream then!
P.S. And by the way, his daily targets do not match up with everything. Making 20 pounds a day will make him around 400 pounds a month. That translates to aroung 5,000, not 50,000.
P.P.S. Sorry to everyone for yet another huge posting.
This is quite the ignorant post:
Assertion 1: Is this a joke? Who are you, Mr. Join Date October to come in here and make a generally stupid comment in return to a decent post. If you're common to this forum, which you are quite obviously not, a lot of people on this forum don't understand how hard it is.
Assertion 2: Your pathetic usage to explain how the ratio between pips and size relate to the total amount gained is pathetic because it clearly defines a scenario that many people do not and cannot accomplish. Your simply stated analogy relies on a case in which the individual has 100% hit rate, because otherwise, you do not earn 10 pips a day or any other arbitrary amount of pips a day.
Each trade is a random probability, so hence the idea of stating a smaller pips is equal to a higher probability of winning is negligible unless your take profit is based on a statistics method. 10 pips a day on G/J will get you slaughtered.
Your cocky and ill received word choice: "Remember" as some kind of question to a Senior Member of this forum makes me think you're an idiot. And your later PS comments suggests that you think you're doing this board some kind of favor; You clearly are not.
Not too bad for 10 pips, huh? And it is possible to do it with the same 50,000$ and 1:50 leverage, trading using 20% of my account
"Huh?"I think we can count sir- my consensus is that you think Beno, or anyone else who reads your paragraph, cannot compute basic math? Interesting, I guess you're not the only one who has passed Grade 12 Math. But thanks for the recap.
Next time- back off with the jokes- because there's enough Trader Wannabe's on this forum.
Is this some kind of a joke?
No one would argue that without margin trading you won't be able to achieve high returns. Actually, margin trading was made so people like your friend could trade with higher returns, while having higher risks. Damn, I think that some kind of 1:50 leverage would do well for such a sum, like, in Dukascopy, since the account is not too small. Only good sums of money, like, 1mil, can do without margin trading.
Even with a 1:10 leverage you can x10 your gains with not too much risk! Since it is unlikely that something fast and furious can devastate such an account.
It's like asking yourself, "when will I become a millionaire if I'll keep collecting 1 cent coins from the streets?" What about, heh, collecting dollar banknotes? ))
And remember, that "amount of pips" thingy is quite transparent. Let's say I can do 10 pips a day. But I can do 5 lots per trader. That translates to 500$/day, and 10,000$/month. Not too bad for 10 pips, huh? And it is possible to do it with the same 50,000$ and 1:50 leverage, trading using 20% of my account - I won't get a margin call unless some big-ass Great Depression occurs, and will be able to average at 10 pips per day. Damn, 40 pips per day would be a dream then!
P.S. And by the way, his daily targets do not match up with everything. Making 20 pounds a day will make him around 400 pounds a month. That translates to aroung 5,000, not 50,000.
P.P.S. Sorry to everyone for yet another huge posting.This is quite the ignorant post:
Assertion 1: Is this a joke? Who are you, Mr. Join Date October to come in here and make a generally stupid comment in return to a decent post. If you're common to this forum, which you are quite obviously not, a lot of people on this forum don't understand how hard it is.
Assertion 2: Your pathetic usage to explain how the ratio between pips and size relate to the total amount gained is pathetic because it clearly defines a scenario that many people do not and cannot accomplish. Your simply stated analogy relies on a case in which the individual has 100% hit rate, because otherwise, you do not earn 10 pips a day or any other arbitrary amount of pips a day.
Each trade is a random probability, so hence the idea of stating a smaller pips is equal to a higher probability of winning is negligible unless your take profit is based on a statistics method. 10 pips a day on G/J will get you slaughtered.
Your cocky and ill received word choice: "Remember" as some kind of question to a Senior Member of this forum makes me think you're an idiot. And your later PS comments suggests that you think you're doing this board some kind of favor; You clearly are not.
Not too bad for 10 pips, huh? And it is possible to do it with the same 50,000$ and 1:50 leverage, trading using 20% of my account
"Huh?"I think we can count sir- my consensus is that you think Beno, or anyone else who reads your paragraph, cannot compute basic math? Interesting, I guess you're not the only one who has passed Grade 12 Math. But thanks for the recap.
Next time- back off with the jokes- because there's enough Trader Wannabe's on this forum.Assertion 1: Well, I don't think that you can actually rate someone's knowledge based on their registration date and post count. If I registered back when I started reading this forum and made a "send me ur ea please *email*" post in every EA-related topic I would have a nice number of posts myself. Anyway, skip to the next.
Assertion 2: I see you didnt get an example. I could use a couple of hours by explaining ratios, some strategy, possible number of bad and good trades per day, S/L and T/P targets on some pair, but I rounded it up in a simple example: if you manage to somehow average puny 10 pips a day, here are the results.
True about G/J. Other win/loss ratio with other targets, other strategies will average on different numbers.
As for the rest, judging people by specific words used and teaching me to back off, whatever. I saw a topic where Beno's friend showed that without margin trading, you should average around 190 pips a day (he also didn't take complex % into account, not sure how to spell it in English) so you could make a 100% return. To match this daily target 100% you should be a super-trader. But a lot of people I know have a hundred pips per week and are happy with it, withdrawing their money and doing it for a living. That's all.
I guess you just had a bad day, Walander.
But a lot of people I know have a hundred pips per week and are happy with it, withdrawing their money and doing it for a living. That's all.
Nice- I also know Bill Gates, and I slept with Einstein.
You know whats common with Trader Wannabe's? They always "Claim" they know people. They always "Claim" they are successful. No I didn't have a bad day, I read a post written by a moron.
Assertion 1: Well, I don't think that you can actually rate someone's knowledge based on their registration date and post count. If I registered back when I started reading this forum and made a "send me ur ea please *email*" post in every EA-related topic I would have a nice number of posts myself.
Anyway, skip to the next.
Assertion 2: I see you didnt get an example. I could use a couple of hours by explaining ratios, some strategy, possible number of bad and good trades per day, S/L and T/P targets on some pair, but I rounded it up in a simple example: if you manage to somehow average puny 10 pips a day, here are the results.
True about G/J. Other win/loss ratio with other targets, other strategies will average on different numbers.
As for the rest, judging people by specific words used and teaching me to back off, whatever. I saw a topic where Beno's friend showed that without margin trading, you should average around 190 pips a day (he also didn't take complex % into account, not sure how to spell it in English) so you could make a 100% return. To match this daily target 100% you should be a super-trader. But a lot of people I know have a hundred pips per week and are happy with it, withdrawing their money and doing it for a living. That's all.
I guess you just had a bad day, Walander. But a lot of people I know have a hundred pips per week and are happy with it, withdrawing their money and doing it for a living. That's all.
Nice- I also know Bill Gates, and I slept with Einstein.
You know whats common with Trader Wannabe's? They always "Claim" they know people. They always "Claim" they are successful. No I didn't have a bad day, I read a post written by a moron.I don't think that knowing a couple of guys who can get a little + in pips (and the guys who actually got me into trading) is something fictional. But since you're already biased and throw insults, I guess that's the way it goes.
Anyway, time will judge. And you argue with my posting style, not with my actual first answer in the topic. But I guess that's the best way to increase your post count, isn't it?
I was ask by a friend how many pips he needs to make per month to make 50,000 per year.
Attached is a very basic sheet to show anyone new to forex and trading in general, that it can be tough to earn a living or beer money.
Cheers
BenoTwo things,
Market gives when market gives, you can't decide for yourself how many pips you get per month or day. All these "pip targets" are IMHO totally irrelevant - your edge works when it works, sometimes it doesn't and you can't decide it - market does. Some months you might get negative pips, some months positive (funny thing being that even for negative pip months you might do profit). You can't decide where the market goes so all you can do is to hope your technique works at the market next month. (This is by the way excellent reason to trade multiple methods)
Also, pip amounts are meaningless unless balance, risk level (including drawdown you are willing to take) are known and this is assuming you use reasonal position sizing. If starting balance is 5k, it's very different than for people who have 50k or 500k or more.
If you trade with reasonable position sizing, dollar per pip value is usually different on each trade. Google "volatility based position sizing" and "fixed fractional position sizing" (also known as r% int traderspeak) if you don't know what I mean.
Also: The answer for the title question is very
Well...
If you are good at technicals & fundamentals & your strategies are also good then sky is the limit for you to earn. But keep 1 thing in mind, nothing is permanent. Never be emotional while trading. I have 1 Year Experience & I make around 100-200 pips daily on an average.
To maximuze the profit and minimize risk one should follow Technical analysis and maintain Money Management rules strictly. Self development is also important for a trader to begin, in this case Van Tharp's Super Trader could be a nice guide.
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I was ask by a friend how many pips he needs to make per month to make 50,000 per year.
Attached is a very basic sheet to show anyone new to forex and trading in general, that it can be tough to earn a living or beer money.
Cheers
Beno