How Much Dosh Can I Make?

ENCHANTER

Newbie
1 0
I WISH TO KNOW FROM SOME OF THE MORE EXPERIENCED TRADERS, THE FOLLOWING
IS IT POSSIBLE FOR ME TO MAKE £100 PER DAY WITH A CAPITAL BASE OF £1000, MY STRATEGY OR TRADING PLAN IS BASED AROUND THE CT FORMULA WITH ADDITIONS.

AM I BEING UNREALISTIC??
 

mmillar

Guest
330 5
If it were only that simple.

You are being totally unrealistic.

You should only risk a maximum of 2% (some people say 1%) of your capital per trade = £20.

If you have a stop/loss of 20 points (as CT suggests) you should therefore only trade at £1 per point.

So you will need to make 100 points per day, which using the CT formula, is impossible. If you're lucky you'll make £5 per day.

Sorry to disappoint but at least you know.

Cheers
 
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FTSE Beater

Experienced member
1,518 4
Hi Enchanter

Welcome to T2W :)

I started with £1000, and it is possible to make ok money with that.

The one thing that is really against you, is that any losses must be kept to the absolute minimum - and you have to be fully disciplined all the time, (any lack of discipline could make a HUGE dent in your account).

With £1000, you also can't afford to have a bad run. It happens to all traders from time to time, but with a small account - it could be disastrous

So, rather than thinking about how much you can make - concentrate on how small you can keep your losses.

Hope this helps
 

Morris

Well-known member
299 2
Follow Elder - focus FIRST on capital preservation, then making consistent profits. Only then can you persue superior returns.

I think £1000 is way too little to start with, but that's just my opinion.
 

ChartMan

Legendary member
5,580 46
You CAN start with £1000, but £10 a day is a more reaslistic sustainable NET profit. 1% risk is teh nost you should consider... There are ways to hike this, BUT only for the very experienced "risk takers". There are certain conditions when trading the dow that you could ( in theory) bet your house on it.Then comes the unexpected news, and you lose your house......
 

Morris

Well-known member
299 2
Another thought on profits. I have some cash in a building society saving account (one of the best rates I could find a few months back).

the balance is around £40k, and do you know how much that made last month ?

... the princely sum of £132.16 after tax.

So, if you can make more than say £200 - 300 per month on £40k then it might sound pretty meagre, but you're beating the return on cash.
And that's all that matters really.
 

Splitlink

Legendary member
10,850 1,233
It sounds easy but, in futures, you have to concentrate on not making a loss, something most new traders choose not to think about! It seems so easy to make those few pounds more than a building society would give and one must consider the outlay on software and good books, too.

Then there is the psychological thing. Could you stand a loss of 3,000 pounds or would you say "To hell with that, I'm, going back to the bank again!"

Split
 

Skimbleshanks

1
2,325 16
I think you have to spend an awful lot of time learning how to lose. Everyone wants to win, but the trick in this game is learning how to lose. Once you have mastered that, then anything is possible. And expect it to take you a couple of years to really understand how to lose.

I know nothing about the CT systems so I cannot comment on whether this strategy will net you £100 per day, but I seriously doubt it.
 

TraderPattern

Well-known member
339 7
If you are serious about trading, start with at least £30000 and count on losing £10,000 of it within a few months. If you are not turning the corner by then, then reconsider whether trading is for you.

Once you start to turn the corner, your £30,000 would probably be bringing you in an average of £100 a day after costs, commissions and other expenses. When I read your question about making £100 a day from £1000 (and to top that, with no experience) I felt that either you were fooling around or you were seriously new to this.

There is light at the end of the rainbow; once you get experienced (and thats 2-3 years away from where you are now), a maintained capital level of around £50,000 in your account could bring you anything from £300 to several thousand pounds a day on good days (and you would be sweeping out your excess over £50k every month so you can live). Also, you will have very few losing days.

I want to smoke whatever is being smoked by a person who thinks he can bring in a consistent £100 a day off £1000. It just cannot be done. To bring in a consistent £100 a day, you will probably be looking at 6 months of experience and around £30k of capital. The more experience and capital you have, the more you make.
 
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be-positive

Veteren member
4,969 488
Traderpattern,

Thanks for that last post (I am sore with laughing :eek: :eek: :eek: )
 

NikNak

Newbie
9 1
£1000 to use

study charting for six months minimum
open an FX spot account FXCM.com
£1000 will get you $1600 = oportunity to use say 1 or 2 $10,000 lots and possibly make $40 $50 per lot average with a run on 50 points


This is the only opportunity I know that will give you a chance with as little as £1000.

But like all investments FX is 'very risky' do not use capital you cannot afford to lose.
 

Helenqu

Established member
841 3
I always find it odd that people feel happy to talk about chucking away £10K. It's as if there is a macho thing about it having to hurt to learn or something. The sooner you learn to keep losses under control the better, so why start out with huge stakes that you are bound to lose when you first start? Makes no sense at all to me.

Start small and EARN the right to trade bigger. It takes a lot of time and effort to learn to trade but if you are very careful it doesn't take huge amounts of money to learn those lessons. The key to this however is patience and as you need this by the bucketload in trading you might as well do some practice :)
 

NikNak

Newbie
9 1
$10,000 minimum FX Lot?

I must point out that the investment for a Mini FX account is approx £1000

The minimum FX trading lot is $10,000 and this is secured by 1% of its value i.e. $100.00. (One hundred dollars) or a one hundred point move

I am not suggesting that the New Trader invests $10,000 of their own money.

If the Trader falls asleep, the FX automated account will simply close the trade with the maximum loss of 1%.

Hope this is clearer for everybody?
 

options

Senior member
2,374 218
Adamhsmith.

What is clear, is that the min acc opening bal for a mini fx account with fxcm is $300. Of course the more you put in the better the comfort zone for your losses.

Be-positive.

Try being a bit more constructive with your postings. A one line slag off to another trader without giving your explanations is as about as much use as a fart in a thunderstorm.

Who are you ? What justifies your answer? What's your trading experiance? Full time, part time or dreaming?

Imv, it only matters that you become consistant at making money. Start off with a small amount and you will more than likely blow that amount a couple of times and have to start from scratch before you get a grip on things.

Options.
 

Naz

Experienced member
1,391 22
I've worked with all different size traders.How much you make is relative to yourself.Either your account size or your personal circumstances.

Where i used to trade we never realy talked about money we mainly talked about how many points we'd made on the day.For me a point is a dollar run.
 
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