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Posts by
yoohoo999
How long did it take MT5 to completely replace MT4?
in
Experienced Traders
Jun 11, 2011 at 09:09
I would be surprised if ANY brokers currently offering MT4 will completely replace it with MT5.I think they will offer the option of using either MT4 or MT5, I can't see them ditching MT4.If they did, too many people would leave their broker and go somewhere still offering MT4, since there's just waaaay to many people using EA's coded for MT4.
Reasonable monthly/ annual returns
in
Experienced Traders
May 28, 2011 at 17:04
With the greatest of respect, I think your post highlights where the majority of retail forex traders are going wrong. I'm not aiming this at you directly, it's just that your post offers a good opportunity to raise a couple of related points.If you are having to make high monthly returns "to pay the bills" then you shouldn't really be making that cash from forex. I know it's not easy in the current economic climate, but your bills should be paid by something that carries less risk (i.e. a job!).So, if you need 20% per month to pay the bills, why not get a job, save...
Reasonable monthly/ annual returns
in
Experienced Traders
May 19, 2011 at 06:58
Do people actually realise just how HUGE a 5% monthly profit actually is?Sure, if your forex account balance is $1000, it's going to take a long time until you're sipping cocktails on the beach with your laptop in front of you.But if you have a relatively low risk profile and a more substantial account balance, 5% a month (consistently) is fantastic.
Manual is best
in
New Traders
May 11, 2011 at 10:43
I've got a couple of EA's which send me alerts when a set up (and then subsequent trigger) appears. So it means that I don't have to be watching the charts 24/5 waiting for a pattern to complete. Once I'm alerted to the set up, I have a quick look at the relevant chart and work out if things are in the right place. Then I sit back and wait for the trigger alert, which sends an alert along the lines of "Buy trigger alert on XXX/XXX". Then I can go back to the charts and check the whole picture and go ahead and place the trade if it looks right. This way I don'...
Manual is best
in
New Traders
May 11, 2011 at 08:36
And manual trading is? 🙄What's the difference between a human manually entering trades based on a good strategy and a piece of script entering trades based on a good strategy?Sure, you can't just leave an EA to go off on it's merry way and sit back and watch the pips flood in, but most EA's just help traders stick to their own strategy.You should always be watching an EA just like a manual trade, and intervening if necessary.If the strategy behind the EA is sound, and it's coded well, and you understand where its weaknesses are (and how to identify and rectify them)...
Some Reasonable Montly Return You Can Count One
in
Experienced Traders
May 07, 2011 at 05:49
it was just a simple calculation to highlight the effects of compounding profits on a monthly basis where a consistent monthly return is envisaged. 😁Clearly it's going to be easier to do in practice if your lot size/risk was based on available capital rather than calculated on an individual trade basis.I was really just trying to show that in the real world, high consistent monthly returns and straight forward compounding isn't as easy as some seem to think (i'm certainly not including you in that group light!), otherwise all forex traders would be multi millionaires after ...
Some Reasonable Montly Return You Can Count One
in
Experienced Traders
May 06, 2011 at 10:33
My point above applies equally. You need to be taking large risks to be making 30% a month profit. How comfortable would you feel taking those risks on a £1m account?"Large Risk to make Large Gains" is just another way of saying "Get Rich Quick"
Some Reasonable Montly Return You Can Count One
in
Experienced Traders
May 06, 2011 at 10:31
360% ROI per year is HUGE. Your risk must also be huge.Fair enough if you're risking money that you wouldn't lose any sleep over if it all disappeared in a day. But I just can't see how it's possible to make 360% annual gains without subjecting your capital to considerable risk. The higher the risk your capital is exposed to, the more chance you have of it all going pear shaped and blowing an account.If you've got a large risk appetite, then that's cool I suppose. Have you never wondered why institutional traders only look to make less in a year than most retail tra...
Some Reasonable Montly Return You Can Count One
in
Experienced Traders
May 06, 2011 at 08:29
sorry, it won't let me edit my post - i meant that I still know relatively little about LAW in the grand scheme of things, despite being a lawyer. So why do people who have been playing with forex for a few months think they are close to understanding it well enough to be consistently profitable? The movement of price is a simple action, understanding how to profit from it is a skill that needs to be learned, practiced, refined and then practiced etc etc etc.
Some Reasonable Montly Return You Can Count One
in
Experienced Traders
May 06, 2011 at 06:57
Definitely!I think there is a reason why so many people in forex need much bigger numbers. People see it as an "easy" way to making lots of money. For example, you don't need to go to university for years, you don't need to own your own business, you don't need £1million just to get started, you can do it from home with just your laptop.......and there seems to be people making big bucks from their living room so it all just seems too good to be true. So you inevitably get the "get rich quick" people running here as fast as you can.The second problem is...
Some Reasonable Montly Return You Can Count One
in
Experienced Traders
May 05, 2011 at 15:23
Yeah I knew what you meant 😉Seems most people on here think that forex is only worth the effort if you can double your bank every week!!!64% a month consistently would be a dream come true.£1,000 starting bankAfter just 12 months you would be sitting on £378,552.After 24 months you would be sitting on £143,302,033.I would say that is a bit more than "reasonable"Good luck!I'll stick with my ambition of a paltry 5% a month 😉
Some Reasonable Montly Return You Can Count One
in
Experienced Traders
May 05, 2011 at 12:15
looks great so far, but you've only got 2 weeks worth of results there.....so can't really call it a "reasonable monthly return you can count on".if you had 2 years+ worth of history then I would be inclined to say you may be able to count on your monthly return....but after 2 weeks? getting a bit ahead of yourself there matey 😁Best of luck though, looks very promising so far.Also, 64% a month IS a get rich quick method!!!
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