who has been unsuccessful so far in forex?

[simontucker]

I have many friends who trade and most of them have been unsuccesful so far. This is very bad and main reason behind this is lack of discipline and no system that works for them.

I started out with $30,000 and its looking very bright.

I sometimes think that people who start out with $5000 is not enough. You need space. I started out with $5000 and lost it all.

Any newbie started out with $30,000 or close to it?

 

[Racer]

I don't think you are going to get many answers because they won't be reading this!

 

[simontucker]

Yes, forex traders dont wish to read this sort of nonesense. They want to hear about successful forex traders only. But I am just talking about the reality. Not everyone is successful but its our aim for them to be successful.

What about you?

LOL, U say that no one will read it. hehehhe, you have :cheesy:

 

[Racer]

I didn't say no one... I said they...

I don't trade forex at all

 

[simontucker]

u into cfds? what do u trade?

 

[Racer]

CFDs, spreadbetting, shares

 

[c6ackp]

I don't see how the level of starting capital can affect your % return or your chances of being a consistent trader (unless you are getting much lower commissions on larger lots - e.g. trading Globex futures).

If the spread is 3 pips+no commission for the newbie starting with $5k or $30k, how can the level of starting capital affect the outcome?

With $5k you should not risk more than 2% of your capital, so $100 per trade max loss. For intraday forex a 20 pip total loss (incl. spread) is normally sufficient to see if your trade is resonating with the current market action. This means that you could trade at the $5 per pip level.

So the newbie starting with $30k could trade @ the $30 per pip level (assuming back-tested / winning strategies).

If this simple logic doesn't make sense to you then please be careful with your $30k, as you may be missing something or committing too much capital to individual trades.

Either that, or I'm missing something!!!

The reality is that a newbie shoudn't even think about having a live account - but the allure of this game is often too exciting for the newbie to listen to reason.

Steve

 

[simontucker]

Yes newbies have to start with a decent amount like you have mentioned.

I am just lucky enough to have spare cash.

 

[wasp]

Its not how much you've got - its how you use it!

 

[BroadSword]

I started out with $30,000 and its looking very bright.

So, what return have you made then, and over how long?

 

[simontucker]

a lot mate.

i started with 5k, and lost, then put 30k. my money has turned into x20

 

[BroadSword]

a lot mate.

i started with 5k, and lost, then put 30k. my money has turned into x20

Six hundred grand from an account that started at thirty? Thats impressive.

I guess a lot of people will be interested in how you did this...

 

[Racer]

So the purpose of the thread is then.. who is unsuccessful... oh ..you ...have..

Look at me, the big one who has made it big time.


Sorry but I don't think that is the right way to go about telling people how to trade.
But I wish you well in your future trading.

 

[Racer]

simontucker

Not everyone is successful but its our aim for them to be successful.

'our'? Is this a selling thread?

I normally don't get a pm from a newbie trying to get me to trade forex

 

[simontucker]

hang on, the person asked me, so i pointed it out,. im no newbie. i have been trading for a year in forex. thats all

 

[simontucker]

no im not selling anything. i meant as a whole, we all want to make sure everyone is successful. im talking about u and everyone on this website. we all try to help.

thats all

 

[JumpOff]

I have many friends who trade and most of them have been unsuccesful so far. This is very bad and main reason behind this is lack of discipline and no system that works for them.

I'd have to put myself in this group. Through study, I've reached a point where my planned trades leave my account at breakeven - instead of just constantly going down everyday. I'll be staying with simulated trading until I can make my account go up consistently. Developing a "system that works" is turning out to be more work than I thought. -But I can't think of anything I'd rather do.
JO

 

[ERA]

Depends what you term as successful,

A trader who has turned 5k into 3K , but learned something valuable is way better off in the long run that someone who doubled 5K with a few lucky calls.

 

[Racer]

no im not selling anything. i meant as a whole, we all want to make sure everyone is successful. im talking about u and everyone on this website. we all try to help.

thats all

Okay, if that is the case then my mistake and well done on your trading.
I have come across a lot of people trying to sell me things in the years I have been trading, so that is the reason for my cynicism

 

[simontucker]

No problems racer.