Trading Style

[MrBad]

Dear All ,

I Raed alot of Books about Forex trading , but i dont know what style of trading suits me .
here is my objectives :

1- I am Looking to trade few hours daily , lets say 2-3 hours .

2- I am looking for a 24K $ annual profits .

should i go ahead with Forex or should I look for something else .

Please advise what is the best type of trading that suits my objectives .

Regards ,

Hussam .

 

[sambinho]

It depends on a rather large number of variables MrBad.

First thing I will say is the ammount of profit you generate is a function of the size of your account, and your performance as a percentage. For example, if you can generate 25% profit annually then you will be making $2.5k from a $10k account, and $25k from a $100k account. Simple enough.

I have no idea what style of trading suits you best, everyone is different. Some prefer scalping, others like position trading. Find what suits your personality best whilst keeping in check with your desired performance level.

Do you have any experience in trading or is this your first shot at it?

 

[MrBad]

It depends on a rather large number of variables MrBad.

First thing I will say is the ammount of profit you generate is a function of the size of your account, and your performance as a percentage. For example, if you can generate 25% profit annually then you will be making $2.5k from a $10k account, and $25k from a $100k account. Simple enough.

I have no idea what style of trading suits you best, everyone is different. Some prefer scalping, others like position trading. Find what suits your personality best whilst keeping in check with your desired performance level.

Do you have any experience in trading or is this your first shot at it?

Well , thank you for your reply . I had been learning and reading books since a year and i worked on Demo versions for 2 months . but suddenly i stopped and i asked my self am i in the right direction ! i will try scalping and position trading and try to figure out which suits me more .

another thing , here in My country most of dealing offices had 5 pips spread and comission 5$ , shoud i look for something else using the Net ?

 

[sambinho]

That seems pretty reasonable to me MrBad, if you really search hard you could probably find better spreads/comissions but a good trader should be able to overcome these barriers to success.

As you haven't traded with real money yet, you haven't experienced the heart of real trading - emotion.

"Human natures stands in the way of human intelligence."

The only worthwhile advice I can offer you is to come up with a method that doesn't lose much capital before you begin trading your own cash. Sadly, most people have to lose their entire acount/savings before fully taking on board the importance of risk control.

I wish you good luck in your trading, and hope that you will be successful.

 

[MrBad]

That seems pretty reasonable to me MrBad, if you really search hard you could probably find better spreads/comissions but a good trader should be able to overcome these barriers to success.

As you haven't traded with real money yet, you haven't experienced the heart of real trading - emotion.

"Human natures stands in the way of human intelligence."

The only worthwhile advice I can offer you is to come up with a method that doesn't lose much capital before you begin trading your own cash. Sadly, most people have to lose their entire acount/savings before fully taking on board the importance of risk control.

I wish you good luck in your trading, and hope that you will be successful.

Thank you for your advise , I appreciate it , good look for you too .

Regards .

 

[Priceman]

MrBad,

The year you have spent reading is probably worthwhile. Now don't bother spending anymore money on books and courses just get stuck into the free information that's everywhere on the internet and boards like this one. The traderpedia has tons of valuable information and the threads on here show lots of different trading styles, you are bound to find one which suits you.

Good luck and hope to see you still here in another year, battle-scarred from the bad times but still plugging away at a few pips a day. The learning will never stop.

 

[wasp]

Dear All ,

I Raed alot of Books about Forex trading , but i dont know what style of trading suits me .
here is my objectives :

1- I am Looking to trade few hours daily , lets say 2-3 hours .

2- I am looking for a 24K $ annual profits .

should i go ahead with Forex or should I look for something else .

Please advise what is the best type of trading that suits my objectives .

Regards ,

Hussam .

So you want $2000 a month, or $500 a week, or $100 a day within 3 hours in that day. Therefore all you want is ten points at $10 per point... (each day)...

that is of course if you don't ever lose...!

I'm with GammaJammer here, your annual salary shouldn't be the first thing you look at, it doesn't work that way!

 

[MrBad]

Sorry to be the bearer of bad news, but I think that if you have defined objectives both in terms of profit and time spent before you have even defined what you are going to do to achieve that I think you are doomed to fail. In most other business ventures this way of doing things has at least some value but as far as I'm concerned in trading it is actually counterproductive.

In an ideal world what you should get from your research is trading ideas, thoughts about the market etc. These need to be tested and honed until you find a style that works for you and makes money. Only THEN should you start thinking about how much money this might be and how long you might need to be trading in order to make it.

Sorry mate, I just think you have it all totally backwards.

Good luck

GJ

Dear Gamma ,

I Appreciate your comments , the reason behind my post that i read a book about trading ,and an advise been givin to decide to are your Objectives before starting to trade ? knowing what are your objectives will help you to find a better trading style . that was the advise .

the idea is not that am looking for a system of trading in terms of time or profit ,am looking for a system suits me , i cant spend 10 hours daily trading ! because i have a job .

Anyway , this forum helps me alot because i can find people with good experience who can give a good advises that could show me the right now .

Appreciating your reply .

Regards ,