Realistically, How much Money can I Expect to Make?

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Old Oct 18, 2012, 8:34am   #33
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Re: Realistically, How much Money can I Expect to Make?

IF you solely focus on profits each day, and have a target.. and you meet it, there's a strong possibility you're not getting the most from the market. Potentially you could be missing out on more profits.
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Old Oct 19, 2012, 5:42pm   #34
 
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Re: Realistically, How much Money can I Expect to Make?

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Originally Posted by Aesop20 View Post
IF you solely focus on profits each day, and have a target.. and you meet it, there's a strong possibility you're not getting the most from the market. Potentially you could be missing out on more profits.
This is the trap that all new traders (myself included) always fall for. The markets are unlimited and there is always an opportunity to make more profit. We humans cannot cope with this. We have to impose rules and structure on ourselves if we are to succeed in generating a profit in trading.
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Old Oct 20, 2012, 7:29am   #35
 
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Re: Realistically, How much Money can I Expect to Make?

Yes thats true after i reach my daily goals , i observe markets and if an opportunity comes one would be a idiot to not welcome it with open arms! What i meant to say was having realistic views is better than unrealistic views. In my case 10k was unrealistic , 625 is realistic however that does not mean i stop once i reach that goal. I am just simply highlighting that going home with 625 is better than 400 or a loss by holding on "too long" This business is an amazing balancing act , i feel Tightrope walking professionals might feel jealous with the amount of balancing act we as traders do!
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Old Oct 23, 2012, 2:21pm   #36
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Re: Realistically, How much Money can I Expect to Make?

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What i meant to say was having realistic views is better than unrealistic views. In my case 10k was unrealistic , 625 is realistic however that does not mean i stop once i reach that goal. I am just simply highlighting that going home with 625 is better than 400 or a loss by holding on "too long" This business is an amazing balancing act , i feel Tightrope walking professionals might feel jealous with the amount of balancing act we as traders do!
Yeah i'd agree and i think you've done the right thing to realise a more reaslistic target, one that you know you can meet, and possibly beat more often than not. It's a lot better feeling as you'll feel you're actually making something of it.. plus the fact you actually are rather than as you say holding on and it all going pear shaped. Don't get too greedy
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Old Oct 26, 2012, 8:37am   #37
 
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Re: Realistically, How much Money can I Expect to Make?

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Don't get too greedy
Its very easy to say but so damn hard to actually not be greedy , i have learned to conquer my trading fears , by that i mean if a position goes against me i use orderflow analysis if price has gone through my mental stop i don't book it asap usually market is shaking weak traders out and in 100% of time markets do come back [provided one is trading with the underlying trend] Rest i am working on not being too greedy , yesterday in crude oil i let my 3900 gain turn into a 625 just by being greedy for few more hundreds!!

I have conquered fear , now greed left! I wish someone had a cure for this "need to want more"!
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Old Oct 26, 2012, 1:06pm   #38
 
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I think this is the crux of it. Instead of thinking "how much can I make" you should think about setting a target to make an amount. If you asked traders if they could make say 10 points on the DAX in one day, most would say yes. So suppose you set yourself a target of 10 points, and you would wait until you had a set up where there was a really good chance to get 10 points, (this happens 3 or 4 times a day), and then, once you have the 10 points, No More Trades.

The limit to how much you can make is only in your head. Once you can get 10 points per day, you can build your account. 10 points at £10 per point (one contract) is £100, 10 contracts for 10 points is £1000, and so on. Lets start with a £10,000 account and see how long it takes to turn it into £1 million.
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Last edited by timsk; Dec 14, 2012 at 5:46pm. Reason: Merging posts
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Old Oct 26, 2012, 3:04pm   #39
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Re: Realistically, How much Money can I Expect to Make?

Never works out like that though does it.
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Old Oct 26, 2012, 3:14pm   #40
 
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Re: Realistically, How much Money can I Expect to Make?

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Never works out like that though does it.
Nope, a/c grows position size grows, greed grows and so does the losses
It can be done though turning 10k into a million, time taken would definitely be long
but it can be done, only hindrance would be ourselves.
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