Answers to Everyday Questions : forex……?

forex……?

5 Responses to “forex……?”

1. rstamb7 said :
   June 23rd, 2010 at 5:31 am

   First off, I trade for a living so I know what I am talking about. To earn $1000 per day you need to ask yourself some questions. How much money do you have to fund an account to trade with? If it doesn’t work out do you have something else to fall back on or possibly bring in an income on the side to pay the bills until you get the hang of it? Have you traded anything before because if you haven’t the psychological side of trading will most likely destroy you. Why do you want to make $1000 per day? Why not $50,000 or $250?

   My answers – Money in the account is obviously extremely important because you need money to make money. The more you have the less risk you can take onto your account with each trade therefore you are lessed stressed when you do lose money. Also $1000 per day is nearly impossible to make if your account is below $10,000 and even over that is still a small account. Why? Because you should only be risking 3% per trade to manage your money properly and to lower the stress of losses. To make $1000 per day you would need to make 1000pips on $100 traded, 100pips on $1000 traded, 50pips on $2000 traded, 25 pips on $4000 traded, 10 pips on $10,000 traded. Are you going to make any of those pip amounts per day, EVERYDAY? No way. You need to look at monthly performance rather than daily because you will surely fall short of your daily expectations and so therefore there should be no daily expectations. Monthly performance of 400pips is a good but lofty goal for the beginner. If you want to make $1000 per day that would be $20k per month which means if you make 400pips (merely a goal because every month will be different) on yur traded amount you would need to be trading $5000 per trade. To trade $5k and properly risk only 3%…in fact let’s take it easy and make it 5% of you account that would be obviously $100,000 account size. And that is assuming you know how to make 400pips per month!

   So how are you going to make 400pips per month? You need a backtested and then forward tested strategy that fits your schedule, fits you personality, has low drawdowns so you don’t spend half the month making up what you lost in the beginning of the month., and also need to make an average of 400pips. (20 pips per day by the way)

   Do you have any other source of income? Better if you do because then when losses come in your trading you won’t want to kill yourself because you aren’t sure how you are going to pay for your rent/mortgage and the internet connection that you need to make the money through trading.

   If you have not ever traded before…live. Then you are in for a rollercoaster of emotions that you have never felt before in life. You will lose the first two trades that you make live. Then you will get scared and not take the next two trades because of fear and they will be great profit that more than makes up for your losses. Then you swear that will never happen again and trade the next trades. You will go through a flat period where there isn’t much profit or loss. After that there will be some more losses and you will go through the same cycle again. Sometimes you will exit to early because a trade went against you by only 5 pips but even losing $50 scared you so you got out for the meantime. Then suddenly price surges in your direction and you get pissed at the markets. Then your mentality becomes a war mentality instead of a calm, focused professional. If you take on that war mentality then you will surely lose.

   Keep this all in mind because trading is a great business if you design a system that works, have the money to fund the account, have a second income at first to lessen the stress of expectation, and study the psychology of trading 10x as much as the actual trading. Stick to the system no matter what and manage your money so that you don’t get greedy when there are profits and fearful when there are losses.

   I hope this helps. One thing that has helped me the most in trading is my faith in God and His Son. Trading relates to many things in the Bible and that is where my psychological lessons have been made clear to me.

   If you want any more help email me. I don’t want to dampen your spirits because I know what that is like but you must have open eyes going into any endeavour.

   God Bless.
2. Joshua said :
   June 23rd, 2010 at 6:01 am

   I’ve made over $1000 a day on more than one occasion; Forex takes care of my entire income. I use a Forex trading system though, I’m not into reading books and figuring it out myself.

   If you’re interested I found these reviews of the top 3 Forex trading systems: http://forex-tracer.the-perfect-solution.com/
3. jsforex.blogspot.com said :
   June 23rd, 2010 at 6:19 am

   It is possible to AVERAGE 1% profit each day. But there’s one catch, you have to trade with $1million in your trading account.
4. Rob C said :
   June 23rd, 2010 at 6:23 am

   get some automated software to trade on a demo accout with play money.

   practice, practice, practice,
5. [email protected] said :
   June 23rd, 2010 at 7:14 am

   If you want to learn how to trade forex, you should attend a free forex introductory seminar. The class is offered as small in-class setting.
   The seminar is open to everyone and it is four weeks long-one session per week. Each session is about 2 to 3hours long.
   Each attendees will receive a free workbook.
   The next seminar begins at 10:00AM on Saturday, July 19, 2008.
   The location is 3435 Wilshire Blvd. Suite1103, Los Angeles, CA 90010
   Seats are limited, you must call to make reservation.
   (213) 249-0255.