How Long Does It Take to make $5000/Mo consistent profit?

[corei]

Hi Guys,

I am a newbiew in Forex but am very comitted to master trading, I don't mind spend 70 hours/week or more to master Forex trading. In fact I don't see learning Forex as working ,it is fun for me and enjoyable.

A little about me :

I am a small business owner. I lost a lot of money and a house in mutual fund and stock trading in 2008. I was totally devastated because of this. This occurence has caused me to be a very risk averse person.

Lost a lot of money because :

- Over confidence
- I used money that I can't afford to lose
- Emotional factors
- Money management
- Noob skill in trading.
- Other classic noob mistakes

Lessons learned , it's a lesson that I will never forget for life because the experience was so painful, The desire to be a full time, profitable trader never completely ceased though.

I now want to go back into trading after 5 years.

What I am going to do :

- I will focus on psychology, RR and money management. I will try everything to enforce discipline.

- I will pick a simple, yet proven trading system at Forex Factory. Trading Made Simple @ Forex Factory

and will stick to this system only until I master it, won't waste my time playing/experimenting with other systems.

- I will quit my small business and get into forex full time. The business has not been profitable for the last 3 years anyway and I don't enjoy it but with trading it feels different, it doesn't feel like work at all.It feels fun.

What I have :

- I have $ 125.000 saving. $ 80.000 will be enough to cover my expenseses for 2 years. After 2 years of learning Forex , I will be left with $ 45.000.

Questions :

- Is it possible for me to make consistent $ 5000/Mo through Forex after 2 years or hopefully 1 year using seed money of $ 45.000?

I will only learn and apply 1 proven trading system , Trading Made Simple @ Forex Factory
I will focus on psychology, RR and money management. I will try everything to enforce discipline.


Thanks

 

[timsk]

Is it possible for me to make consistent $ 5000/Mo through Forex after 2 years or hopefully 1 year using seed money of $ 45.000?

Hi corei,

Yes, it is possible to make £50k a year from a $45k account. Is it probable that you'll achieve it within 2 years of starting to trade? No, it's not. It's much more likely that you'll repeat your experiences from 5 years ago. Think about what you're asking here. Essentially you're asking if it's possible to make a 110%+ return on your capital in one year. How many people do you know who have done that or, even, ever heard of doing it? Next question: of those that have managed such an amazing feat, how many managed to repeat it the next year and the year after that? I know of a few investors who achieved it in the bull market leading up to the dot com crash in 2000 - but that's about it.

Having such a wildly ambitious goal is setting yourself up for failure. In your first year of live trading, start with a very small account and see if you can break even over the course of the year. In your second year, see if you can beat the best return you'd get from an interest earning bank or building society account. In your third year, see if you can double that figure which, at today's interest rates, means you'll be looking for a return of circa 10%.

Obviously you can't afford to live off returns as low as these. If you need the $5k a month for living expenses, then get another job that's going to pay that. Don't think that you'll earn it from trading as you almost certainly won't. It's good to be ambitious, but I'm afraid your expectations are right off the probability Richter scale. Sorry to be the bearer of bad news, but it's better to get a reality check before you start to lose yet more money in the market.
Tim.

PS. I forgot to say, with regard to the thread title, take a look at these two FAQs:
How Long Does it Take to Make a Stable Income from Trading?
Realistically, How much Money can I Expect to Make?

 

[NVP]

dude dude dude ......

you mention you are a risk averse person ..........so dont come to trading - please.......learn from your mistakes and focus on things that you find more natural and generate income for you .......boring and safe I know but it will keep a shirt on your back and a few dollars in your pocket....

please.........
N

 

[pboyles]

Hi Guys,

I am a newbiew in Forex but am very comitted to master trading, I don't mind spend 70 hours/week or more to master Forex trading. In fact I don't see learning Forex as working ,it is fun for me and enjoyable.

A little about me :

I am a small business owner. I lost a lot of money and a house in mutual fund and stock trading in 2008. I was totally devastated because of this. This occurence has caused me to be a very risk averse person.

Lost a lot of money because :

- Over confidence
- I used money that I can't afford to lose
- Emotional factors
- Money management
- Noob skill in trading.
- Other classic noob mistakes

Lessons learned , it's a lesson that I will never forget for life because the experience was so painful, The desire to be a full time, profitable trader never completely ceased though.

I now want to go back into trading after 5 years.

What I am going to do :

- I will focus on psychology, RR and money management. I will try everything to enforce discipline.

- I will pick a simple, yet proven trading system at Forex Factory. Trading Made Simple @ Forex Factory

and will stick to this system only until I master it, won't waste my time playing/experimenting with other systems.

- I will quit my small business and get into forex full time. The business has not been profitable for the last 3 years anyway and I don't enjoy it but with trading it feels different, it doesn't feel like work at all.It feels fun.

What I have :

- I have $ 125.000 saving. $ 80.000 will be enough to cover my expenseses for 2 years. After 2 years of learning Forex , I will be left with $ 45.000.

Questions :

- Is it possible for me to make consistent $ 5000/Mo through Forex after 2 years or hopefully 1 year using seed money of $ 45.000?

I will only learn and apply 1 proven trading system , Trading Made Simple @ Forex Factory
I will focus on psychology, RR and money management. I will try everything to enforce discipline.


Thanks

No, and please do not try. Go get yourself a job, learn from the mistakes of the past, don't repeat them.

 

[Mr. Charts]

As well as timsk's excellent advice I'd suggest that you paper trade first for at least six months in all sorts of different market conditions before rushing in with real money. We all know it's not the same as real trading as the emotion is missing, but, hey, if you don't succeed at paper trading there is no way you'll succeed for real; and success paper trading is no guarantee when it comes to the real world.
Once you've got a consistent record paper trading then trade real money in SMALL amounts and gradually scale up ONLY if your record is consistently successful.
I imagine it's taken a long time to build up your capital, don't squander it on living expenses without proving to yourself you can make money.
Motivation and determination and application are pre-requisites of success, NOT guarantees of it.
Richard

 

[DionysusToast]

- Is it possible for me to make consistent $ 5000/Mo through Forex after 2 years or hopefully 1 year using seed money of $ 45.000?

No - you will not make $60k per year from a $45k pot trading Forex.

Your best bet is to get funded by someone else.

As for picking a "proven system" from Forex Factory - there are no systems. Trading is a skill you develop. Your search for a system will do nothing but burn time until you finally give up looking for a system.

PBoyles is right - you should not do this. Your plan is that of a patsy. Whilst the market needs patsies, you should not blow $125k learning that you are one.

You do not understand what trading is right now. It is a competitive sport. In effect what you are saying is this....

- I think I'll become a trader today
- and get other traders to lose their money to me
- and to do that, I'll just go to the internet and find a system
- and I'll do it in 2 years and make over 100% return a year at the end of it

I'm not sure how you got the $125k but I presume it wasn't through being dumb. Take a step back and think about what you are saying here because it's a bit like

- I think I'll become a spaceman today
- and get other spacemen to lose their rocket seats to me
- and to do that I'll read up on being a spaceman on the internet
- and in 2 years I'll be walking on the moon

 

[Rockfeller]

If you are starting to plan things in forex then it messes up the mind and you might get distracted. I have a goal to make 5 to 10% per month. If I do not achieve that then no problem.

 

[Hoggums]

Got to agree with everyone else. Your plan is pie in the sky. It's ridiculous, over-ambitious and you will come to regret it.

Go back to the drawing board and come up with a plan based on facts, not fantasy.

 

[NVP]

someone once said the best way to getting 1 million pounds in your bank account Trading is to start with 10 million in it ..............

hmmm
N

 

[robertofx]

someone once said the best way to getting 1 million pounds in your bank account Trading is to start with 10 million in it ..............

hmmm
N

Yeah much more realistic target

 

[Dameon]

unless you are trading other people's money, the making 10% from your own funds can be really an uphill task. Raise it to >100k and get better at trading.

 

[wackypete2]

Noticeably absent from this discussion is the OP. However he conveniently has the same link prominently placed twice in his post..

Peter

 

[Rambo35]

Noticeably absent from this discussion is the OP. However he conveniently has the same link prominently placed twice in his post..

Peter

I was about to write if I am the only one who thinks his story does not quite add up and make sense so I am glad that you have noticed something as well.

When new traders ask if this and that is possible it always makes me smile because all their expectations could possibly happen, but are not probable and my answer is always the same; they will not happen and trading does not work like that.

 

[timsk]

I was about to write if I am the only one who thinks his story does not quite add up and make sense so I am glad that you have noticed something as well.

Hi Rambo,
Both you and wackeypete2 are very observant! It's a judgement call as to whether or not to respond posts like the OP of this thread. I tend to take the view of 'innocent upon proven guilty' - largely because I'm not a Mod' and don't get involved in their murky world!


Sometimes I get it wrong and the poster is banned and the thread deleted. However, the real reason I reply to threads like this (when I do) is because they catch the attention of other new members and wannabe traders surfing the site. So my reply - and all subsequent replies in this case - send out a loud, clear and unequivocal message to them. Even if the OP turns out to be a ne'er-do-well, maybe, just maybe, some other impressionable person has read the chorus of opinion expressed here and taken heed.
Tim.

 

[malaguti]

I was about to write if I am the only one who thinks his story does not quite add up and make sense

Rambo, help me here please as there is something else that doesn't quite add up
in a post in april, you were fairly new to trading and embarking on a strategy, and in a post today you were able to move to making trading your primary source of income..how did you manage that in just 3 months exactly?

 

[markmc27]

Rambo, help me here please as there is something else that doesn't quite add up
in a post in april, you were fairly new to trading and embarking on a strategy, and in a post today you were able to move to making trading your primary source of income..how did you manage that in just 3 months exactly?

He must be getting paid to start pointless threads on multiple websites ,should be a millionaire soon

 

[Rambo35]

Rambo, help me here please as there is something else that doesn't quite add up
in a post in april, you were fairly new to trading and embarking on a strategy, and in a post today you were able to move to making trading your primary source of income..how did you manage that in just 3 months exactly?

I was new to forex trading yes, not to the trading world in general. I have made adjustments which I do not need to disclose to you.

 

[malaguti]

I was new to forex trading yes, not to the trading world in general. I have made adjustments which I do not need to disclose to you.

One word...bullsh1t.

 

[Rambo35]

One word...bullsh1t.

You can think what you want, the only suggestion I have is that instead of acting like kids and fighting in the forum over things in order to keep it clean to stop this. You obviously have nothing to contribute to what I post that is of value and want to start nonsense arguments which just ruins threads for others. I just try to be the better forum member and suggest for this to stop, that's all. Others get tired of it.

 

[mehulsoni]

""How Long Does It Take to make $5000/Mo consistent profit? ""

If you have learned Forex trading properly, tested lots of strategies, got the best one for you and you have planned your trading strategies well, you can make good money till you manage your risk and money best way..