Realistically, How much Money can I Expect to Make?

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Old May 14, 2013, 3:23pm   #57
 
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Re: Realistically, How much Money can I Expect to Make?

The reality is this; there might be 0.5% at most here who have gained, from april '12-april '13, profits greater than £8,105, which is where tax kicks in if you're a self-employed trader. Those in this select group have paid their dues in a number of different ways, and sacrificed just about everything else in order to reach a level where one grumbles about having to pay the taxman; it's a nice problem to have! So, one has to forget about the money to start with, as it'll only get in the way of doing the right things trading-wise. Keep the risk small and learn as much as possible off tiny accounts, which will inevitably be blown up numerous times, and then maybe after 3/4 (probably 5+ though) years of toil, you might be in a position to start considering income, tax and the "problems" of running a successful business.
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Old Jul 14, 2013, 9:50pm   #58
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Re: Realistically, How much Money can I Expect to Make?

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Originally Posted by tony1979 View Post
The reality is this; there might be 0.5% at most here who have gained, from april '12-april '13, profits greater than £8,105, which is where tax kicks in if you're a self-employed trader. Those in this select group have paid their dues in a number of different ways, and sacrificed just about everything else in order to reach a level where one grumbles about having to pay the taxman; it's a nice problem to have! So, one has to forget about the money to start with, as it'll only get in the way of doing the right things trading-wise. Keep the risk small and learn as much as possible off tiny accounts, which will inevitably be blown up numerous times, and then maybe after 3/4 (probably 5+ though) years of toil, you might be in a position to start considering income, tax and the "problems" of running a successful business.
Right on Tony1979! And that's just the beginning of a totally new set of challenges. Challenges you never thought will have now that the money is coming in.....but, it's fun once you overcome them and you are ready for the next new and bigger set...and on and on
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Old Jul 26, 2013, 8:03am   #59
 
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Re: Realistically, How much Money can I Expect to Make?

For those of you new and want to realisitcally know what your chances are watch the video on the link below. Steve Sedgewick questions the CEO of IG Markets and pushes for a answer to the question "How many of your clients are making money?" - finally the CEO gives an honest answer after several attempts to avoid the question...

Falling revenue no long-term trend: IG Group CEO - CNBC
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Last edited by timsk; Jul 26, 2013 at 8:55am. Reason: Typo
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Old Jul 31, 2013, 10:29am   #60
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Re: Realistically, How much Money can I Expect to Make?

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Originally Posted by Hoggums View Post
For those of you new and want to realisitcally know what your chances are watch the video on the link below. Steve Sedgewick questions the CEO of IG Markets and pushes for a answer to the question "How many of your clients are making money?" - finally the CEO gives an honest answer after several attempts to avoid the question...

Falling revenue no long-term trend: IG Group CEO - CNBC
It would have been nice of you if you could state the answer for us here, anyways now that the link has been given will look into it to find out the answer.
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Old Aug 7, 2013, 2:46pm   #61
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Re: Realistically, How much Money can I Expect to Make?

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It would have been nice of you if you could state the answer for us here, anyways now that the link has been given will look into it to find out the answer.
He goes from saying "The majority of client trades are profitable" to "A minority of clients are profitable".

Does this mean that a small minority of profitable traders make the vast majority of overall trades? Or just that he's bull****ting a bit?
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Old Aug 8, 2013, 5:26pm   #62
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Re: Realistically, How much Money can I Expect to Make?

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Originally Posted by ryandj2222 View Post
He goes from saying "The majority of client trades are profitable" to "A minority of clients are profitable".

Does this mean that a small minority of profitable traders make the vast majority of overall trades? Or just that he's bull****ting a bit?
most traders loose money - doesnt matter what damn broker you look at

this game is hard and the brokers are desperate to keep people active ...........but if they are loosing money they will leave

A Brokerage house is not for the fainthearted and you need serious salesman promising riches to keep that client base topped up

N
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Old Aug 13, 2013, 11:12am   #63
 
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I tried my hand at trading CFD with online brokers that are springing up , my conclusion is people would be better off trading directly with exchanges , the spread which we loose to brokers is quite substantial. I think this forum is filled with majority who loose in trading and its not because of the skill ,its on account of the surmountable feat of costs.. Saving up to trade big lots rather than CFDs is the only way one can learn to trade. 1 Lot (big lot) risk appetite should be there otherwise its best to forget about trading. This has been my observation.

Another laughable thing i hear is "simulated trading" i mean trading live is THE only way i actually learned! Now in hindsight i feel i wasted 18 months in this bull****! If i had traded live straight away my learning curve would have grown exponentially , i am sure a lot of people will refute my comments.
Trading is not a business , trading is trading however teaching to trade is a business-- always remember that!

Last edited by timsk; Aug 13, 2013 at 1:53pm.
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Old Aug 23, 2013, 5:51pm   #64
Joined Aug 2013
You can make millions or lose everything (money and time)

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SHORT ANSWER

Allegedly, 90% of all traders fail
This cliché is posted on the boards almost daily. It may or may not be true. Evidence to support this figure is mostly anecdotal, however, it’s certain that many who try their hand at trading quit with less money in their pockets than when they started. So, the balance of probabilities suggests that you would be wise to ‘expect’ to lose money rather than to make any. But hey, that’s a negative attitude and, besides, you’re not one of the 90% are you? No sir, let’s assume that you’re destined to join the elite 10% of profitable traders!

Now the good news
The positive spin on the ‘90% of all traders fail’ statistic is twofold:
1. Many of those that fail are ‘get rich quick’ punters who play at trading in the vein hope that they can turn £100 into a million in next to no time. If this describes you – here’s some great advice for you. . . If it’s money you can afford to lose and you want to have a laugh gambling, go to the races or take a trip to Las Vegas. It’ll be a whole lot more fun.
2. The good news is that the failure rate needs to be high in order to provide the mega profits for the 10% who succeed. In this respect, trading is a bit like the lottery. The jackpot is divided between those who have the winning numbers. The more winners there are, the smaller the cash prize that each winner receives. So, if you’re willing to put in the huge amounts of time and effort required to succeed – the upside is big. Huge. The sky’s the limit!

But . . . (there’s always a ‘but’!)
But here’s the rub. The secret to trading success is not to focus on reward, but on risk. You must minimise risk and keep your losses small. Coupled with this is the need to focus on trading really well, rather than the money you’ll make if you do. In this respect, good traders are like the best premiership footballers. First and foremost, footy stars have to focus on their training, fitness and how to excel on the field of play. The fame, money and beautiful WAGs come second.
There are LOTS of ways to make a lot of money, including but not only trading. The secret is that whatever you do, you MUST LOVE it. Eat it, drink it, sleep it, breathe it...Follow your passion. And don't do it for the money.
Get support, go rent a desk for $500 a month and work amongst successful traders, get trained and coached and helped. IF you like it, many don't, even the ones who get it sometimes decide it's not the way they want to live their life, and you get to be one of the 5% who win, the answer will depend on how much you start with and your ability to weather volatility and sleep at night.
If you start with $10,000, you'd be truly outstanding, top 1%, if you trebled it every year, so Year 1 $30,000, Year 2, $90,000 etc. The better route is to go to a prop place or successful trader / arcade who will back you. That way you get to trade much bigger size much faster, and keep 50-80% of the profits. Then you might make $1m within 3-4 years IF you were really good, focussed, supported and really loved the process, not just the money !
Decide WHY you want to do this, what you are prepared to give it in terms of hours per day and money.
Good luck.
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