Its nice to see one or two have tried to bring the topic back to basics slightly as the person who started the thread and many others who have posted dont think the correct way. Its not about how much you make or how much can be made. Its true 1k a month is achievable but HOW is what should be asked. If I had a bank of $100k and placed a trade that went up into profit by 5 points i would win 1k in one trade and then stop for the day with job achieved and that is with excellent money management of no more than 2% of bank on a trade 10 point stop loss and take profit at 5 points. So the original question is itself not the correct question to ask. People especially newbies get hung up on ££££ or $$$$. Stop thinking that way. Think points, drawdown and %age wins. Think money management and then the money will look after itself. If you had a system that took 20 points a day every day with a small draw down then you will be a millionaire starting from $100 within 18 months. Start looking at trading in this way and you will see this wonderful pastime/job/treasure seeking that we do in a totally different way and is the start of the path to success. Points make prizes never I repeat never talk in money terms when talking about trading. POINTS POINTS POINTS
i don't even care about win percentages. i don't think they matter that much to an extent.
The only thing i care about is my profit factor and the max draw down percentages. i will agree though that money management is part of it.
note 1 stander lot is $1000 if with leaverage 1:100 need 100 pips
as your statement should be micro lot that need 1000 pips.
I was interested to find this topic now, years later, and i just started last week with $100 usd and i barely made $514 usd in a week, friend told me it's not-normal to have such income in a week only. So far i made 200 trades in this week only, seeing how market flows i can say that it is possible to make 1000$ a day in profits , mostly on GOLD, its still a guess due to my low budget i have, but i think if you CAN have 1000$ per day, investing 1.0 in gold per trade, just then you could be able to make such money in the day, but also you can loose chunks of $ in those trades if you dont have a strong strategy!!
1000 dollar per day is not the problem, you must look to this think other way, you must calculate in percents, lets say you have a 100k account and you risk 1% per trade, then you have already 1 k win or loose per trade and one trade per day is not so difficult.
you can also play more safe and use only 0.5 % risk per trade if you make then 2 win trade per day then you have again 1000 Dollar.
or if you only risk 0.5 % per trade and you make a nice trend tarde with 2-3% win that is also good and more then 1000 dollar win.
i would recommend you to calculate your tardes in percent risk, also if you did have had already some luck in the last weeks, its better to lower the risk.
I don't understand how you can even ask such a question. We're talking about return of investment here. Not rolling the dice.
Ask yourself: Why do there seem to be no older short term traders?
All the gurus on YouTube are young! Are there any over 40? Anybody with some real experience? (A few years doing something doesn't amount to much. Ask an employer.)
Could it be that the typical scenario (trading high risk on margin with higher commission costs because of small amounts of capital) only works on a rising market? And as soon as the market turns against them (could take months) they're wiped out. The problem with losses is they can immediately interrupt your trading. Have you considered how long it takes to recover from a 50% loss (which many short term traders experience)? Most never recover. In this dangerous scenario you have inexperience combined with high risk. Sounds like a recipe for calamity.
Say you have $100,000 which almost no short term traders have because they've already lost it. But say you win a lottery. Its probably the only way a short term trader will ever have $100,000! Anyway, you lose 50% so you now have $50,000. Maybe you are lucky enough to make 20% a year. Most people never do that consistently of course. Let's run some numbers. You'd think at 20% return you'd be back in the money pretty fast. It would take 5 years making a return that almost nobody makes. That is why high risk trading is a road to ruin. Preservation of capital is paramount. J Paul Getty famously said, I'm more concerned with the return OF my money than than the return ON my money.
Year 1 $100,000 > $50,000
Year 2 $50,000 > $60,000
Year 3 $60,000 > $72,000
Year 4 $72,000 > $86,400
Year 5 $86,400 > $103,680
Many of us are coders.
I do not mind making spelling mistakes here.
But if i miss one bracket or semicolon in my code then the whole things stops working.
That is where my focus is.
I can make a lot of spelling mistakes here and most people will still understand what i mean.
That is a significant difference compared to coding.