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
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
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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
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
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......
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.
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.
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
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
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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.
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
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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.
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
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Traderpattern,
Thanks for that last post (I am sore with laughing )
Thanks for that last post (I am sore with laughing
)£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.
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.
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
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
$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?
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?
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.
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
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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.
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.
be-positive
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Opitions,
(OK. Point taken ) I will be more constructive in the future with my postings. The last thing that I want to do is SLAG anyone ( if any member was annoyed please accept my apologies. ) The Quote that made me laugh was
Who are you ? Well I am a quiet Scottish laddie dreaming of becomeing a full time trader by reading and listening to the more knowledgeable people like your good self.
Be- positive.
The day I STOP LISTENING AND LEARNING IS THE DAY I DIE
(OK. Point taken ) I will be more constructive in the future with my postings. The last thing that I want to do is SLAG anyone ( if any member was annoyed please accept my apologies. ) The Quote that made me laugh was
Who are you ? Well I am a quiet Scottish laddie dreaming of becomeing a full time trader by reading and listening to the more knowledgeable people like your good self.
Be- positive.
The day I STOP LISTENING AND LEARNING IS THE DAY I DIE
TraderPattern
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No offence taken whatsoever Be Positive. I guessed that you were laughing at my "smoking" comment.
But contained within my post was a serious message. Unrealistic expectations are a major danger for the newbie trader.
Adequate capitalisation, a realisation that a learning curve is inevitable (and not avoidable), and modest expectations for the first year or so are what will take you to the next level.
But contained within my post was a serious message. Unrealistic expectations are a major danger for the newbie trader.
Adequate capitalisation, a realisation that a learning curve is inevitable (and not avoidable), and modest expectations for the first year or so are what will take you to the next level.
kinglatfan
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Remember that the market makers and brokers out there who after all are trying to take your hard earned money will have learned their trade over a good period of time when their employer would not have let the anywhere near a trading screen.
You simply have to serve your apprenticeship. It matters not what is the size of your initial capital. Without adequate training and preparation you are going to get skinned alive.
Develop your trading style and systems. Make sure your paper trades are in profit. Always keep reading and learning. Only trade when you have the right mind set.
As sure as eggs are eggs you are going to get into a lot of losing positions. Knowing how to deal with these situations without either hesitation or fear is essential. Accept full responsibility for all your actions.
Trading is not an easy option. If your are ever in a trade and you get a funny feeling in the pit of yout stomach then is the time to get out. You can only make real money when you have learned to trade systematically and without fear.
It does not really matter whether you start with £1k or £100k: without adequate preparation you will lose the lot.
kinglatfan
You simply have to serve your apprenticeship. It matters not what is the size of your initial capital. Without adequate training and preparation you are going to get skinned alive.
Develop your trading style and systems. Make sure your paper trades are in profit. Always keep reading and learning. Only trade when you have the right mind set.
As sure as eggs are eggs you are going to get into a lot of losing positions. Knowing how to deal with these situations without either hesitation or fear is essential. Accept full responsibility for all your actions.
Trading is not an easy option. If your are ever in a trade and you get a funny feeling in the pit of yout stomach then is the time to get out. You can only make real money when you have learned to trade systematically and without fear.
It does not really matter whether you start with £1k or £100k: without adequate preparation you will lose the lot.
kinglatfan
Be positive
That's the trouble with writing things down. What you mean does not always come out the way it is intended when viewed by someone else.
I had that down as you having a laugh at the whole of TP's post, and was interested to know of your expertise. So my apoligies for being brusqe.
Good fortune.
Options
That's the trouble with writing things down. What you mean does not always come out the way it is intended when viewed by someone else.
I had that down as you having a laugh at the whole of TP's post, and was interested to know of your expertise. So my apoligies for being brusqe.
Good fortune.
Options
Naz
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IMHO i have found that when people talk to me and say how much money can i earn,they have a mind set that can hinder their trading.I scroll out my p&l most times so that it dosnt emotionaly get me out of a position at the wrong time.
A simple thing that a very top US trader showed me and it works.Forget the money concentrate on getting it right and the profits follow.
I traded next to a guy who was moving up a level in his trading and was finding it tough.So we talked about this and he tried scrolling out his p&l,next thing you know he's realy doing well.Why? because he stopped thinking about money and started thinking about his trading.
A simple thing that a very top US trader showed me and it works.Forget the money concentrate on getting it right and the profits follow.
I traded next to a guy who was moving up a level in his trading and was finding it tough.So we talked about this and he tried scrolling out his p&l,next thing you know he's realy doing well.Why? because he stopped thinking about money and started thinking about his trading.
