neil
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Forget it - Take a reality check and read this post I found at FF.
Trading is hard work. Some make a lot of money to enable them to trade fulltime, many make a little part time cash but a bigger number of people (including the gamblers, the stupid and down right lazy) simply make losses.
Here we go :
As for what can you make.
The summary is it varies. People pursue different goals. But this is probably one of the biggest mistakes I see out there is people with expectations that are generally unrealistic or cause bad habits. Can you make high returns? Yes. Is it more likely you won't? Yes. Most people don't seem to grasp even what a few percentage points a month compounded over time can do. This is why you will see people fight tooth and nail over funds that even turn 10% a year consistently. This is not to say you can't do better, most would say they want to and I get it. But what I think is more improtant instead is to just see where you fall. Learn to trade right and see what that means.
Here is something I wrote in a thread in the private forum that I called reason why aspiring traders remain aspiring traders. It's very opinionated and again just my view. This was one topic I called. unrealistic expectations.
Here is that post
Expectations
This one is huge. I wrote a whole entire long thing and deleted it twice.
Expectations are tricky. We all tend to get into this b/c we have expectations about certain things. Most of us have expectations that to be brutally honest will never be met. Things like
"I want to make X% per day/month/year" And usually X = something absurd and rare.
Now I don't fault expectations but they often blind us from being just plain logical about this business. I had an email from someone who was making over 40% for the year. This person had recently left their job and had a lot of money that they wanted too see if they could trade for a living and support their family. They said that they were about 3 years in and ready to give up b/c it wasn't enough to meet his needs. 40% a year folks. I get emails like this an my stomach cringes and it's the times when I wish I wasn't in a position to receive their emails. I never give that type of advice. But what I tried to explain to this person is, where else in the world can you get 40% per year returns or even close. Now my point is not to debate percent returns. Frankly they vary and are so situational dependent on so many issues. My real point is again here is someone whose expectations are so high that they are blinded. Most people are blinded. Yes I said it, most people I believe are blinded. This ties into everything from system hopping to moving down timeframes, to poor MM which we I have spoke about. Expectations cause people to make poor decisions and instead of realizing really that they should instead to learn to trade right and build a foundation and see where their trading takes them.
Another thing I see a theme on. I want to trade for a living. Since when does trading have to be for a living or nothing. Yes I Know most of us want a better quality of life. We have all the best intentions in the world. We hate our "jobs" so we look at trading as a way out. Well guess what? Most people will never be able to quit their jobs as quick as they want or if ever. I know I probably just broke some hearts but it's reality check time. Those of you with tiny accounts need to realize that their can still be an end game. Grow your account, add to it, and see where it takes you. I know very few people who are ONLY trading their own accounts for a living. I am not going to go hugely beyond that but most people forget about things like:
-Taxes
-Health insurance
-Sitting on enough where performance is not an issue for years(or pressure creeps in
-Withdrawing from your account = not growing an account
-money aside for bills
-the list can keep going
Instead peoples expectations instead get in the way and they breakout excel. Plug in 50k account to start. What they need to live and be wealthy. And then they figure out how can I get that % number. What business out there would ever work like that? None. So why is forex or trading any different. It isn't.
Now everyone's situation is drastically different. I will never ever give advice to a personal situation. It isn't allowed and it is something one has to do their due diligence on. What I am trying to do here is bring most people back to earth, and those that are back down, realize what can be done if you learn to trade right.
Again all these topics are so inter-related that you will eventually realize that expectations are your ego which ties into so many other things that will effect your trading. Most people simply don't learn to trade right b/c they are so caught up in their expectations. The best thing I could ever say is throw them out the window, learn to trade right and see where YOU end up. Not anyone else, but you.
Of course things like blowing accounts, over leveraging, trying to hit it big on every trade all tie into those expectations.
I will probably add to this one, cause it is such a big deal to me. Hopefully this sets of a few light bulbs. Just realize that a little can go a long way, and that this is not a race but a marathon.
Be smart.
james16 Chart Thread - Page 8328 @ Forex Factory
Written by :mbqb11
Study and practice plus time will help you to be a profitable trader if you are determined.
Trading is hard work. Some make a lot of money to enable them to trade fulltime, many make a little part time cash but a bigger number of people (including the gamblers, the stupid and down right lazy) simply make losses.
Here we go :
As for what can you make.
The summary is it varies. People pursue different goals. But this is probably one of the biggest mistakes I see out there is people with expectations that are generally unrealistic or cause bad habits. Can you make high returns? Yes. Is it more likely you won't? Yes. Most people don't seem to grasp even what a few percentage points a month compounded over time can do. This is why you will see people fight tooth and nail over funds that even turn 10% a year consistently. This is not to say you can't do better, most would say they want to and I get it. But what I think is more improtant instead is to just see where you fall. Learn to trade right and see what that means.
Here is something I wrote in a thread in the private forum that I called reason why aspiring traders remain aspiring traders. It's very opinionated and again just my view. This was one topic I called. unrealistic expectations.
Here is that post
Expectations
This one is huge. I wrote a whole entire long thing and deleted it twice.
Expectations are tricky. We all tend to get into this b/c we have expectations about certain things. Most of us have expectations that to be brutally honest will never be met. Things like
"I want to make X% per day/month/year" And usually X = something absurd and rare.
Now I don't fault expectations but they often blind us from being just plain logical about this business. I had an email from someone who was making over 40% for the year. This person had recently left their job and had a lot of money that they wanted too see if they could trade for a living and support their family. They said that they were about 3 years in and ready to give up b/c it wasn't enough to meet his needs. 40% a year folks. I get emails like this an my stomach cringes and it's the times when I wish I wasn't in a position to receive their emails. I never give that type of advice. But what I tried to explain to this person is, where else in the world can you get 40% per year returns or even close. Now my point is not to debate percent returns. Frankly they vary and are so situational dependent on so many issues. My real point is again here is someone whose expectations are so high that they are blinded. Most people are blinded. Yes I said it, most people I believe are blinded. This ties into everything from system hopping to moving down timeframes, to poor MM which we I have spoke about. Expectations cause people to make poor decisions and instead of realizing really that they should instead to learn to trade right and build a foundation and see where their trading takes them.
Another thing I see a theme on. I want to trade for a living. Since when does trading have to be for a living or nothing. Yes I Know most of us want a better quality of life. We have all the best intentions in the world. We hate our "jobs" so we look at trading as a way out. Well guess what? Most people will never be able to quit their jobs as quick as they want or if ever. I know I probably just broke some hearts but it's reality check time. Those of you with tiny accounts need to realize that their can still be an end game. Grow your account, add to it, and see where it takes you. I know very few people who are ONLY trading their own accounts for a living. I am not going to go hugely beyond that but most people forget about things like:
-Taxes
-Health insurance
-Sitting on enough where performance is not an issue for years(or pressure creeps in
-Withdrawing from your account = not growing an account
-money aside for bills
-the list can keep going
Instead peoples expectations instead get in the way and they breakout excel. Plug in 50k account to start. What they need to live and be wealthy. And then they figure out how can I get that % number. What business out there would ever work like that? None. So why is forex or trading any different. It isn't.
Now everyone's situation is drastically different. I will never ever give advice to a personal situation. It isn't allowed and it is something one has to do their due diligence on. What I am trying to do here is bring most people back to earth, and those that are back down, realize what can be done if you learn to trade right.
Again all these topics are so inter-related that you will eventually realize that expectations are your ego which ties into so many other things that will effect your trading. Most people simply don't learn to trade right b/c they are so caught up in their expectations. The best thing I could ever say is throw them out the window, learn to trade right and see where YOU end up. Not anyone else, but you.
Of course things like blowing accounts, over leveraging, trying to hit it big on every trade all tie into those expectations.
I will probably add to this one, cause it is such a big deal to me. Hopefully this sets of a few light bulbs. Just realize that a little can go a long way, and that this is not a race but a marathon.
Be smart.
james16 Chart Thread - Page 8328 @ Forex Factory
Written by :mbqb11
Study and practice plus time will help you to be a profitable trader if you are determined.
