Forex Trading - Beginners

Let me explain why this is unrealistic. Let's say you get to your $1,500 and you aim to make the low end of what you want to make a day, $20.

That means, you are pretty much aiming to grow your investment by 1.3% PER DAY. At that point, why even withdraw the gains? If you can grow your investment by 1.3% a day, you can turn that $1,500 into $167,000-ish within a year if you just reinvest your gains.

In other words, at current exchange rates, you can turn R27,750 into R3m-ish within a year. Does that sound realistic to you? If you can consistently do 1.3% a day, you essentially have found a licence to print money. You will have found the secret to limitless wealth.

It is just not doable, my friend. Not even the most educated, most experienced institutional traders out there can do it. And I know this because if they did, THEY would be the richest person in the world, and not Elon Musk.

Hence the reason you also do not believe someone when they say they can guarantee you x% of growth a month (think Mirror Trading et al). If they could do that, then again, they have found themselves a licence to print endless riches. Why would they not just trade for themselves instead of wasting their time chasing people to invest with them?

Now I know you are not asking about some tipping/signal service, but I put it in here cause some dumbasses on this forum just need to see it.

For you, all I would say is, if you are serious and want to make money trading the market, then don't aim to do day trading. You stand a much better change getting to know gold inside out and understanding what makes it move over a longer term. Then you can try and take longer term (1-3 month) punts on it. You will definitely not average your 1.3% gain a day doing that, but you are more likely to make a success of it and earn that supplemental income as opposed to what you are aiming to do. Just take note that those carry costs will add up over extended periods of time and will eat away at your profits and I am also by no means implying taking longer term punts is 'easy'. It will still be hard AF to get your calls right.

But trying to trade pretty much anything on a daily basis will just end up in you losing all your money. You could just as well go to the casino and play roulette. Same results will be had.
 
8BitLife said:
Let me explain why this is unrealistic. Let's say you get to your $1,500 and you aim to make the low end of what you want to make a day, $20.

That means, you are pretty much aiming to grow your investment by 1.3% PER DAY. At that point, why even withdraw the gains? If you can grow your investment by 1.3% a day, you can turn that $1,500 into $167,000-ish within a year if you just reinvest your gains.

In other words, at current exchange rates, you can turn R27,750 into R3m-ish within a year. Does that sound realistic to you? If you can consistently do 1.3% a day, you essentially have found a licence to print money. You will have found the secret to limitless wealth.

It is just not doable, my friend. Not even the most educated, most experienced institutional traders out there can do it. And I know this because if they did, THEY would be the richest person in the world, and not Elon Musk.

Hence the reason you also do not believe someone when they say they can guarantee you x% of growth a month (think Mirror Trading et al). If they could do that, then again, they have found themselves a licence to print endless riches. Why would they not just trade for themselves instead of wasting their time chasing people to invest with them?

Now I know you are not asking about some tipping/signal service, but I put it in here cause some dumbasses on this forum just need to see it.

For you, all I would say is, if you are serious and want to make money trading the market, then don't aim to do day trading. You stand a much better change getting to know gold inside out and understanding what makes it move over a longer term. Then you can try and take longer term (1-3 month) punts on it. You will definitely not average your 1.3% gain a day doing that, but you are more likely to make a success of it and earn that supplemental income as opposed to what you are aiming to do. Just take note that those carry costs will add up over extended periods of time and will eat away at your profits and I am also by no means implying taking longer term punts is 'easy'. It will still be hard AF to get your calls right.

But trying to trade pretty much anything on a daily basis will just end up in you losing all your money. You could just as well go to the casino and play roulette. Same results will be had.
Click to expand...
Hey if Nancy Pelosi can do it, then I can do it.
 
8BitLife said:
In other words, at current exchange rates, you can turn R27,750 into R3m-ish within a year. Does that sound realistic to you? If you can consistently do 1.3% a day, you essentially have found a licence to print money. You will have found the secret to limitless wealth.

It is just not doable, my friend. Not even the most educated, most experienced institutional traders out there can do it. And I know this because if they did, THEY would be the richest person in the world, and not Elon Musk.
Click to expand...
All quantitative strategies have a capacity limit. As your trading size approach that limit, they start to make less money for more risk, so your Sharpe falls. This is why the returns on any given strategy can’t make one infinitely wealthy. It is absolutely possible to get a return of 1.3% daily for trades up to a certain size.
 
cguy said:
All quantitative strategies have a capacity limit. As your trading size approach that limit, they start to make less money for more risk, so your Sharpe falls. This is why the returns on any given strategy can’t make one infinitely wealthy. It is absolutely possible to get a return of 1.3% daily for trades up to a certain size.
Click to expand...
Do you really want to say it is 'absolutely possible'? Consistently? Every day? Just as long as you keep trading the same size and don't keep reinvesting your gains? Come on guy. Are you actually being for real? @BBC please don't listen to this guy. It is not 'absolutely doable'. It is in fact not even 'just plain doable'.
 
8BitLife said:
Do you really want to say it is 'absolutely possible'? Consistently? Every day? Just as long as you keep trading the same size and don't keep reinvesting your gains? Come on guy. Are you actually being for real? @BBC please don't listen to this guy. It is not 'absolutely doable'. It is in fact not even 'just plain doable'.
Click to expand...
Absolutely, every day. If you trade frequently enough, your standard error drops to near zero. This what every successful HFT firm in the world does.
 
BBC said:
Change of strategy
Make $100 profit and use that to buy a prop firm challenge.
Once passed, use their money to trade since the profit is split
Click to expand...
Make sure it's just FTMO. Everyone else is a scam
 
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Update 01

After 1 month, I still have not blown my account....yet :laugh:


Started with $100
Got to $300
Took a big loss (no risk management)
Recovered losses

Current balance $260

No withdrawals yet
 
BBC said:
Update 01

After 1 month, I still have not blown my account....yet


Started with $100
Got to $300
Took a big loss (no risk management)
Recovered losses

Current balance $260

No withdrawals yet
Click to expand...
Why haven't you withdrawn and gotten a FTMO account ?
 
Note: make sure to post less about your profit or the admins will block your account
 
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