Do You Still Lose?
A Forex Trading Plan: Limit Your Greed and Make $53,000 Per Month After Two Years
George Bernard Shaw:
People who say it can not be done, should not interrupt those who are doing it.
The title of this article resembles the seductive sentences you see a lot on scam and phishy or HYIP and Ponzi scheme websites. Please don’t get me wrong. I am not trying to refer you to one of these programs. I want to talk about one of the most important reasons of forex traders’ failure and show you a good way to overcome it.
I don’t know how long you have been trading forex, but you can be among those traders who have been trying to make a living or at least a supplementary income through forex trading, but have not been successful so far. There are a lot of people who have spent several years to learn forex. They have tried so many systems and strategies but they still lose. They still think that they have not found a good system and their problem is that they don’t have a good trading strategy , but they are wrong. They have had several good systems but they have not been able to make those systems work and make money for them. They know much more than what they should know to be a profitable trader, but they still read and learn more and more and still they think that they have not learned enough.
GREED is the most important reason of their failure. They have not been able to become a profitable forex trader because they are greedy. Because they are not even aware of their greed. It controls them and pushes them to overtrade and take wrong positions, but they don’t know. Greed is a normal emotion that everybody has. If you have not been greedy so far and if you think you are not greedy, just trade forex and see how greedy you are. This is normal. Everybody likes to work less and make more. Everybody likes to become a multi-millionaire or multi-billionaire within the shortest time but the problem is this strong desire can not only prevent you from getting rich, but it doesn’t even let you become a profitable forex trader who is able to make a steady small income every month.
The problem is that sometimes we don’t know what greed is, what it does and how it works. If you overtrade; if you take positions when there is no strong and sharp signal; if you take the position while it is too late and you should wait for another trade setup; if you push yourself to trade every day and when you don’t find a trade setup one day you feel angry, guilty and uncomfortable; if you try to double or triple your account within the shortest time; if you get furious when you see you have missed a good trade setup; if you take too much risk and trade more than 2-4% of your account; if you don’t close a wrong position as soon as you are realized that it was a mistake; if you follow several trading systems and strategies because you want to have as many trade setups as possible every day; if you still look for e-books and articles every day and you read them and follow and try their directions and you are not happy with what you have learned; if you like to trade with small time frames to have more trade setups; if you set a big pip or monetary goal for yourself and you get upset when you can not achieve it… THEN you are not able to control your greed.
I don’t say you are greedy. I say you are not able to control your greed. Because everybody is greedy. The difference is some people are able to control their greed and some people are not.
Now let me share something that I shared with members of Forexoma Live Market Analysis today. Then I will tell you what to do to become able to control your greed and become a profitable forex trader. Please read the below paragraphs to see what made me talk about greed:
Last Friday daily candlesticks had formed a very strong sell signal with several currency pairs including NZD-USD which had the best trade setup, but unfortunately market was opened on Sunday afternoon with a big gap, almost in all of the currency pairs that had already formed a trade setup. Usually when market opens with a gap, it is used to go against the gap direction and fill it because those traders who already had a position from the last week, when they see they are in a big profit because of the gap, they get overwhelmed and close their positions to collect their profit and so price goes to the other direction right after the market open. But last night it didn’t fill the gap and kept on going down. In these cases, I just call it bad luck and then forget about it and wait for another trade setup. I never enter if I am late. If I can enter on time and with the price that I should enter, I do it, otherwise I ignore the trade. This is a very important aspect of discipline that a trader should have. Our greed pushes us to enter even when it is too late. I know it is a pain to see a good and a strong trade setup runs away from you while you are not on board, but this is part of the game too. We can not catch all the movements.
I read somewhere that a trader said he preferred to be late than wrong. But I think being late can be as risky as being wrong. So I prefer to be right and on time than wrong or late.
Maybe many of you, have been trying forex for several months or even a few or few years but have not been profitable so far. You make some profit every now and then and lose it with some bad trades. Let me share a million dollar secret now. It is the right time to do it.
You will become profitable only when you become able to control your greed. You should be able to ignore some positions and signal that don’t look good and strong or you are late and it is not safe to enter. If you review your memory, you will see that most of the bad positions you have taken are because you have not picked a strong signal or because you had missed a strong signal but you pushed yourself to enter and make some profit and get out. But they went against you right after you entered. Maybe they have been waiting for you to enter to change their direction. Sometimes it really looks like that a position has been waiting for you to enter and right when you clicked on buy or sell button, it changed its direction. It is because you are late or you have picked a poor signal.
Being late or picking a poor signal is because of nothing but greed. You can not ignore the money that it may make for you. So you take it. When it comes to trading, everybody becomes greedy. Please don’t get me wrong. I am not criticizing you. This is normal. Everybody likes to work less and make more. I knew myself as someone who could be everything but greedy. But when I started trading, I discovered my greed. It showed up. It is hard to know it first. You have no idea. It pushes and controls you but you don’t feel it. You are not aware of its presence. You will become a profitable trader only when you know it and become able to control it.
This was all I told them.
What is the solution?
The other problem with greed is that it covers your eyes and doesn’t let you see the bigger picture. You think, to become rich, you should have a $100,000 account and double it every month and as you can not afford to have such an account, you try to double or triple your $5000 account every week to reach to that level but you wipe out your account every month. This is your greed that doesn’t let you sit and calculate and see how much money you could make if you just would be patient and happy with a small amount of profit every month and what account size you would need to become rich in a short time. I have done this for you. Probably you have seen it on the July first week performance report but here I have done it differently and more precisely. I have created a spreadsheet for you that helps see your future. Click here to download the Excel spreadsheet. I have called it Forexoma $1000 Forex Plan.
Enter your account size in the primary account size cell. I have entered $1000 as an example. In the “profit per month” cell, enter 25 which means 25% profit per month (I have already entered it). After you press enter, it calculates the monthly profit you can make.
So, if you start with a $1000 account and you make only 25% profit every month and you don’t withdraw any money for 24 months, you will have a $211,758.24 account and you can make $52,939.56 per month after 24 months or two years.
It is unbelievable, isn’t it? But it is true. You could never imagine that a $1000 account could be changed to such a huge wealth. Please note that to make such an income, you don’t have to triple your account every month. You should only make 25% per month which is extremely easy.
Now try it with different amounts of primary account size and profit per month values and for example see that if you start with a $2000 account and the same 25% profit per month, you will make $105,879.12 per month, after 24 months. Try it yourself and see.
What does this Forexoma $1000 Forex Plan have to do with controlling your greed?
When you see how much money you can make with a $1000 account and making only 25% profit per month, you will not overtrade, you will not try to triple your account every month, you will not trade poor and weak signals, you will not follow several different trading systems at the same time, you will not take too much risk, you will not… and so you will not wipe out your account and you will become a profitable trader. You will know that there is no rush. You have enough time. You can wait for the best trade setups. You will not take any position. You will take the best ones. This is how your greed can be controlled. Do you agree?
Further Reading:
Before
leaving our website, please take a look at the other articles we have published.
Yes Forexoma I agreed!
But if I open a micro account with $1000, my pip per value would not be $1 but rather $0.10 because of the lot size. Which means 25% per month on $1000 micro account will be $25.
Why I am talking about micro account? Because trading lot size that give a pip value of $1, that means a stop loss of 100 pips with $100 which is too risky on such a small account. And most of the times, the stop loss require such amount of pips.
Please clarify if I am wrong in anyway!
P.S Maybe I am not clear as to what gives $1 per pip or $0.10 per pip but your help in informing me will be helpful.
Thanks Forexoma
King
If you open a $1000 account and trade 0.5 lot positions, by making 500 pips, you will have your first 25% profit. To be at the safe side, you can open a $2000 account and still trade the same amount. Besides, on this article I am just trying to give an example to help me to express what I wanted to say about greed and controlling it. It was just an example. You don’t have to make 25% per month. Open a $2000 account and make 15% per month. After two years you will have $8,587.55 per month. It is still a great income, isn’t it? Or open a $10,000 account and make 10% per month and have $9,849.73 after two years. Making 25% with a $1000 may look a little hard but is making 10% with a $10,000 too hard too?
I have made that Excel spreadsheet to help you to check different account sizes and profits % that fit your trading skills. It can be different from trader to trader. Maybe someone prefers to open a $50,000 account and make 10% per month and have $49,248.66 per month after two years
. Additionally, something that I can achieve in 24 months, maybe another trader can achieve in 12 months and another one in 36 months. It doesn’t make a big difference.
Greed and controlling it is the main subject of this article but it seems most readers just see the “$53,000″ example and don’t consider what I am trying to say. I am trying to help you and give you a tool to think and plan for your forex trading future. I am trying to help you to control greed and become a profitable trader.
Hi,
sorry for delay but I think it is a mistake at the first sentence. It is about 0.05 lots not 0.5 for this case. (this means you should trade only 5000 USD not 50000 USD)
Good job Forexoma!
Dear Sir,
I think that 250$ per month isn’t the mircal that is impossible to happen because 250$ in 20 days means that we need 13 dollar in a day
consider that the pip for one dollar, than I think that 13 pip isnt the case
Or, I’m wrong…
Best Regards
Although am not a profeesional trader as Forexoma i agree with Forexoma 100% Fear and Greed are the enemies of forex traders. However there is one issue if you enter 1,000 then your account should be at least 20,000$ if you are using 5% of your capital is that true Forexoma?
Thanks a lot Forexoma…..Very Nice article
Hi Moe,
You are welcome.
As I explained to King, that is just an example. Although I believe making 25% with a $1000 account is possible, it may look impossible for others. That will not be any problem. They can open a $5000 or bigger account and then do it. Or they can be happy with 15% profit per month which can still make a decent income after two years. I mean there are a lot of options. What I have explained above is just an example. Download the Excel file and try it with different account sizes and profit % that fits your trading style and the account size you can have.
Something is not right here.If we follow money/risk management rules we have to trade micro lots with 1G account. Means 2500 pips /months
Not very likely. The other is that 25% / months. It’s possible sometimes here and there but consistently, impossible. I’m forex rookie but I have some stocks , futures experience. Based on that one must be a forex GOD to produce that return. 25% assumes high risk trading , with that, account can be doubled in days only to lose all of it and some next week. Consistent profitability months after months is a remarkable feat even if it’s 1-2 % .
Anyway I like forexoma , i might join in the future. Dezo
What is the money management rule that you follow? Risking 0.1% per trade that you have to make 2500 pips per months???
Something which is not right here is your understanding about money management and forex trading. Please refer to my money management article and use the account size calculator. In that article I have advised that traders risk only 2% of their accounts because there are a lot of newbies who read that article but risking 5% is still ok.
Now lets calculate and see how it works with a $1000 account. With risking 5%, you need to make 500 pips to make 25% profit and with a 2% risk, you need to make 1250 pips to make a 25% profit. Of course this is not exact because it is different from trade to trade and it has to be calculated for each trade based on the stop loss it has. But I just wanted to give you a clue.
Maybe someone can make a 25% profit in one month and the other one in 3 months. It doesn’t matter. The same goal that I can achieve in 4 years, maybe can be achieved in two or even one year by someone else. It is not a big difference. Something which is important is that you do it and follow it.
Regarding consistency, if you are not consistent, you are not a trader yet. In above article, I have assumed that you have learned to trade and to be consistent to make 25% or whatever profit every month and then you follow the $1000 plan. If you make profit this month and you lose it the other month, you should still keep on practicing and demo trading until you become consistent.
You don’t have to be a forex GOD to make 25% per month consistently. You just need to be a forex TRADER to do that. If you can not do it, you are not a trader yet.
Lastly, if you think making 25% with a $1000 account is too risky, ok open a $20,000 account and make 10% and have $19,699.47 per month after two years. That Excel calculator is given to you to try different account sizes and profit % that fit your trading style and abilities.
Hi Forexoma,
I am not really commenting on the your GREED article but I love it. I have come to terms with my greed and see how it has played a major role in my trading life. Not good. Anyway, I have one more problem that I have I think you might be able to fix. I find it hard to concentrate AFTER I have put a position in the market. I analyze, check this and that and put in a long or short and watch it for a bit and then just leave. I am talking about day trading here as this is all I know. Do you have a strategy that would let me just set and leave for a few days. I am not worried about the money nor the loss. I have gotten over that. I just dont have the patient to sit and watch the screen 3 to 8 hours a day.
By the way, I have learned so much from your webstie and I truly appreciate it.
Sincerely
Doug
Hi Doug,
Currently 4hrs chart is the most important time frame that we are focused on. With the current trading system/method we are following, we take the positions with pending orders and we get out with target orders. So we will not have to sit and watch the position all the time. The market does what it wants to do.
You can do the same with day trading. Let the computer take you out with target orders and let trailing stop loss take care of your money and moves the stop loss when you are in profit. You will not have to sit at the computer and watch the market.
wow Forexoma,
ARE YOU TALKING TO ME???
All that you say is true, GREED an FEAR, has put the world where it is today. Thank you for sharing this with us, we know it but don’t put it work.
Forexoma, this is for you ” Proverbs 11:25, A generous man will prosper; he who refreshes others will himself be refreshed”
thanks again
Thanks George
I wish you prosperity and success in your life.
Forexoma
Thank you so much your exactly right
Love your articles please keep them coming.
And as far as using a micro account to start with $500.00 i am not able to really fallow the other posts on how many pips or risk i would need to make your example work to a T.
Great work. I think georgeS hit the nail on the head here..:)
“Forexoma, this is for you ” Proverbs 11:25, A generous man will prosper; he who refreshes others will himself be refreshed”
thanks again
Thank you Chris. I wish you all the best.
hi Forexoma
Pls refer me some good forex brokers, After very long detailed analysis about the brokers review , i am not find the good broker.
Pls help
Rds
malkar
Hi Malkar,
Unfortunately I can not recommend any broker.
Mig or deuche bank
Robert
Hey Robert, does MIG offers mini or micro account?
King
Yes they do. Check it here: migfx.ch
Hey Forexoma, Thanks for the website
I checked the website but they only offer minimum lot size of 0.1…….I wanted to use lot size of 0.01 according to your calculator. $1000 capital at 2% usuage is $20. With an 100 pips stop loss, the calculator suggested I use lot size of 0.01.
: (
King
Try Alpari
Hi Forexoma,
I have a question. I am trying to practice my risk and money management using the following method. Can you help to comment on it?
I am trading using a $5,000 equity account and managing my trading such that I only deposit $500 - $1,000 dollar in my trading account. (10% - 20%).
Using 1-2% risk ($50 - $100) per trade, I will try to identify trades that conform to my risk expectation and trade setup.
There are a few reasons why I want to do this.
(1) I have been trading for over one year and still yet to exhibit consistency in my trading, the main reason is that I am inconsistent in my position sizing. I take more risk for certain trades over other. I remember you mentioned in one post that no matter how attractive is the trade, you will never risk more that 2% in any trade. That is consistency to me and I want to make it into a habit of mine and by depositing 10% to 20% reduce my margin, it prevent me from making position larger than I should.
(2) I also want to control my drawdown to 10% - 20%, that is if my account is blown, I will stop trading for this month and to wait until the next month until I get my pay check to fund my account using 10% to 20%. I try to enforce this so that I only trade strong setups that conform to my trading plan, because I remember the pain of watching good trade setup and I cannot trade because of my next month rule.
(3) This method also protecting my bottom line so that I can only trade capital from my pay check after deducting the living expenses, until I can prove to myself that I can trade consistently without suffering huge drawdown due to inconsistent position sizing.
Is this method which I am using fine?
Sometime it back fire on me, when I start to search for trade setup in the lower time frame using a 30 - 50 pip stop and then switching to larger frame and holding correction to ride profit. I then made the mistake of switching time frame for the same trade. One one hand, I am trying to protect myself from suffering huge loss(smaller frame) and the other hand, I got greedy wanting to ride my profit for larger gains (larger frame).
I keep making this mistake of switching time frame over and over again and my win-loss ratio suffers and my largest loss results from my largest position sizing (negative expectancy)
It seems that I had the problem of not taking profit and holding the trades too long. I always thought that in trading, we should control our risk and let our profit runs. But i guess I must be doing it wrongly, because it does not show in my account over time.
Thanks, it had been useful and helpful reading your postings. It really help us especially when we are starting out.
Wei
Hi Wei,
You have a good money management plan. You really have to be like that until you become consistent and disciplined enough. One year is not enough to become a profitable and consistent trader. No matter how smart you are. It is the matter of experience. One year is not enough. Keep on practicing like that and after two years you will see some good results.
Jumping from one time frame to another is also because you are not experienced enough. When you become a professional trader, nothing can move you from your favoriate time frame to any other time frame. I have passed that stage too. I have traded from 1min to weekly time frames and even monthly. You will come to this conclusion that working with small time frames like 30min is not a good idea and is not a professional work. The more expeirenced you become the higher your time frame will be. 4hrs and daily are the best time frames for personal traders. When there is a very strong signal on the weekly or monthly charts that shows the direction of the next a few weeks or months, we can take those trades too.
No matter what you are doing now and how good you are. There are only two things that matter: 1. Do not give up 2. Never trade without a reasonable stop loss.
Any time frame that you use, you choose your stop loss and target based on that time frame. The same candlestick signal that should have a 20 pips stop loss on the 5min chart, has to have a 140 pips stop loss on the daily chart. Accordingly, your target …
“Limit your loss and let you profit goes” doesn’t mean that a signal with a 40 pips stop loss, should make 120 pips for you. This is greed. With a 1:1 stop loss to take profit ratio, if you can be successful in 51% of your trades, you will be profitable at the end. However, I believe a good trader should have a success rate of at least 90%. And there are some cases that stop loss to take profit ratio is better than 1:1.
And also don’t forget that it is easy to write articles and give lecture, but it is your live trading result that counts. I have seen many people who are able to give great lectures about trading, systems, signals and … but they have not been able to be profitable even for two months in a row. I have also seen some people who still look for a system everyday, after 25 years of trading and losing hundreds of thousands of dollars.
I mean don’t believe anything that you read. Some people write articles and e-books just because they have not been able to become a profitable trader.
Hi Forexoma,
I read your response for over a few times, you really understand what I am facing and your words gave me strong encouragement and faith. Your act of genuine sharing and helping others far surpassed over your kind act of sharing trading knowledge and experience to others.
You mentioned that “When you become a professional trader, nothing can move you from your favourite time frame to any other time frame”. Before, I have the conclusion that trends exists anytime in any timeframe, now you deepen my understanding that we have to wait for the trend to come in our favourite timeframe instead of busy searching for trends in different timeframe, which was probably what I am doing when I keep jumping timeframe and in fact through waiting for trend we exercise patience.
You also mentioned that you believe that a good trader should have a success rate of at least 90% and illustrated with 1:1 RR ratio and 51% win-lose ratio, you can be profitable. Before, I guess I was too theoretical, trying to fix my focus on the risk-reward ratio and win-loss rates, but after reading what you said makes me realize that I was not even focusing on the most important objective of trading which is profit. That was probably why I always let my trade runs into profit and then into a loss. I will look more into trade management and proper RR ratio in the same timeframe.
Thanks again for your encouragement and guidance, I will continue to pursue and I trust that I will get there. I don’t like to sound like I am over-complimenting you, but you really do read into my issues in the message. Thanks.
Wei,
(Singapore)
Hi Wei,
You are welcome. I will be happy to help in future too.
Hi there!
any updates on August performance?
I am myself more interested in longer time timeframes,such as 1-3 days rather than intraday.
I understood your service would help!!
Hi,
If I tell you that we are negative so far, you will not join?
I would re-think seriously !!
I am up myself for July/August,but I need a service that is much better than I am…
Well! Of course we are positive. I just made a joke. I will publish the August performance at the beginning of the next month.
The reason that I made the joke is that my program is not merely for making money. My program is 99% for education and 1% for making money. It makes money because I analyze the live market and teach it to the members, not just the back data. So when I analyze the market, I may find a signal and I report it to members. They can take the position and see my analysis and make some money at the same time. Education is my main concern because I want my clients to have something from me that helps them to have a better life as long as they live, not just give them some money.
On the other hand, I hate to be a buy/sell signal seller. It is a low class business. I think I can be better than a buy-sell signal seller. If I just wanted to be a buy-sell signal seller, I could have thousands of pips every month because I would be only on finding and sending the signals. But now I miss a lot of signals because I am focused on illustrating my analysis for the members.
Additionally, my performance only shows the signals that email to members. Sometimes I find several signals at the same time but I don’t email them to members because I don’t want them to take all those positions. I could have all these signals on my performance report to SHOW UP, but I only count the signals that I email.
To be fair to my clients, I take all the positions I email. I take them with my live account. Because I don’t want to sit back and let the others to risk their money with my signals. I should take the risk too.
So, those who merely want to make money, should look for another website that gives them profitable buy-sell signals only. I hope they can find such a service
I thought this article on GREED really sums up probably the biggest reason that traders lose money. I started in equities in 1998 and have traded FOREX for 7 years now and I can promise very few things in life but if a trader doesn’t control greed I can promise they will not make any money and will likely blow out their account. I trade only 1 signal on 1 time frame in 3 pairs and even after 11 years I do have days even weeks that I am negative. It took about 2 years to finally learn that I HAD to trade consistently to make money consistently. That means take the signal the same way every single time. I have a money management system for increasing/decreasing my size as my account changes and it really is that simple. Traders must realize there is a learning curve that will vary from trader to trader and not make things more complicated than they should be.
My main point is your article is modest in the numbers as 25% is VERY VERY realistic in FOREX and the importance of understanding greed and ultimately controlling it is imperative. Great and honest article.
Matt
Thanks Matt
Is it your first visit here on forexoma.com or you have been following us?
The biggest problem I have encountered so far is getting my money OUT after almost two years of letting my principal balance accumulate. Now I am struggling to get my money out right now from a co who’s headquartered in Panama. The government has frozen everything.
What is your guarantee with your system that you can get my money back into my hands or back into my bank account??
You want a guarantee from me? You should have asked for it from the broker company when you wanted to open an account with them. Those who look for overseas brokers for some special purposes will be faced with these kinds of problems.
Hi Forexoma
Thanks For your Article about monthly Profit calculator which is a confirmation of my view.
What I found from the article is:
with a 10000$ account and 25% monthly profit( as you mentioned it’s a rational profit) we will have 2.1 million $ after 24 months.
if we continue the process, after 6 years from the beginning We will be Bill Gates even more by having 94955705709.5473 $
The Conclusion:
IF it.s possible to make 25% monthly there must be at least one more Bill Gates(even with 12.5% after 8 years it,s possible). but why we can’t see such those billionaires from Forex?? and you should be one of them!!
What is The Real monthly Profit on average??
Thanks again and Kind Regards
Hi Hosein,
There are a lot of multi-millionaire forex traders. If you don’t know them, it doesn’t mean they don’t exists. I have a friend who makes over $700k per month (Lets not to talk about myself). And I have another friend who is a swing trader and makes over a million dollar from each of his trades. I know another guy (who is not my friend of course and I just know him) who makes over $20 million per month and he is only 26 years old.
There are several reasons that we don’t see “Forex Bill Gates”:
1. we do not keep our money for 6 years or whatever you think. We withdraw our money because keeping such a huge amount of money with a broker is not a good idea.
2. Almost 50% of our income goes for tax.
3. We do not try to make 25% per month with a big account or if we have a small account we do not keep on making 25% per month for two years.
As I said several times on this page, the $1000 account and 25% per month was just an example. I just wanted to open the readers’ eyes to future and reality and prevent them from thinking about doubling and tripling their account every month. But unfortunately it seems most reader only see the “numbers” and don’t pay any attention to what I wanted to say.
Hey i just came across this article, and am new to forex. At this point i’m trying to find a good broker, and when I read this comment it got me thinking. You said “we withdraw our money because keeping such a huge amount of money with a broker is not a good idea.” My question is.. if we are consistently making a good profit, let’s just say 25% a month, at what point should we withdraw our funds so that the brokers are messing around with it? What i mean to say is, how much money in a forex account is too much? I have read over and over again that brokers are shady and that keeping large amounts of money in the account are bad.. what do we do about this?
Hi Gian,
Different brokers should be treated differently. For example while having one million dollar with a well-known bank is not a problem, I don’t let more than $20k to stay with an overseas broker in Cyprus.
Dear Forexoma
Thanks for your response
I know a lot of people who are making 1000% and more per month but it’s just for a month.
first of all the guy who is making $20 million per month will make 1 billion dollar after 4 years($20 M * 50 month) and should be in Forbes List.
may be they don’t introduce themselves to Forbes and I wonder why there is not even 1 person who want to be fame.
secondly, you mentioned that they withdraw their money because of risk; but I think that’s not a big deal if your broker is Well known; however your experience is more than me.
for making 20 million He should have at least 20 million in his account by making 100% monthly profit . Is 20 million dollar account Risky or not?
Thirdly : why don’t we try to make 25% with big accounts?? if there is a system and strategy that makes 25% at all you can follow it with every account size.
Dear Forexoma My comment is jut for opening traders eye and mine to the reality. Please tell me what is a real rational example of
monthly profit ?? what is the minimum and maximum profit monthly for those strategies which really works??
Best regards
Hi Hossein,
Please read the above article and also the others’ comments and my answers to them, one more time. You will find out that this article is written exactly because I wanted to prevent people to think about and try to make dramatic profits like 1000% per month. I have mentioned in several occasions on the this weblog that those who double or triple their accounts within a month, will lose everything next month.
Making 10-25% profit per month is acceptable. However, there are some other traders who make over 50% per month. Not just for one month. Contentiously and consecutively.
If someone is not able to make at least 10% profit per month, he/she is not a trader yet.
I don’t know about the others strategies, but with the strategies that I use, making 1000 pips per month is a peace of cake. Sometimes we make more and sometimes less, but in average, 1000 pips is the minimum. The amount of the money that you can make with 1000 pips depends on your account size and the amount of the risk you take in your trades. It can be different from person to person. I personally risk sometimes more than 6% because I have confidence on the positions that I take and on my trading style.
We don’t know what the account size of that guy who makes $20 million per month is and how much risk he takes in his trades. And I am sure that he is not among those who makes 1000% per month. He is a wise trader, not a gambler.
Regarding the Forbes List and what you say that his name should be there, I have a question for you:
A few months ago, we had some hot news about a guy who took 18 billion dollar gold, out of Iran. Obviously, he should be one of the richest people in the world and should be on the same list that Bill Gates is, but with a lower ranking. How come we don’t know him and we have never heard his name??? Is his name in the “Forbes List” too???
Anyway! We don’t want to compete with Bill Gates. Open a $50k account with a good broker and be happy with 15% profit per moth only. After two years you will have a $1,431,258.81 account and $214,688.82 monthly income. Even if you can make 15% every other month, you will have such an account and income after three years. Still good, isn’t it?
If someone says that he/she is not able to make 15% per month continuously and consecutively, then the answer is he/she is not a trader yet and should demo trade for a while to reach to this level.
Best regards,
Forexoma
Hiii
Your last Comment is exactly the point that i was trying to clarify. The real Profit monthly is around 15% for a real pro Trader.
That 18 billion dollar Gold was an illegal transportation to Turkey, I know it because i’m actually from Iran.may be thats why the person Is unknown.
You are right, there are a lot of unknown rich people but i’m just trying to find 1 in Forex market with Billion Dollar.
Anyway I got Your Point man and appreciate your kindness for sharing your knowledge.
with a simple math: 1000 pip with just 2% risk, 10000 acount size and 40 pip stop loss for example, means your lot must be o.5 lot; So 1 pip=5 dollar and 1000 pip= $5000.
Consequently, Your monthly profit is at least 50% . Congratulations for this great performance. By having your Signals I will be the next unknown Billionaire after 4 years
And
Please tell us the PERCENT of monthly profits of your signals If it’s Possible for you and Give us a read only access to one of your accounts.
I wanna Join Your Live Market Analysis, I’ve heard it’s an educational program at the same time.
Have a Nice day
Hossein
You are welcome
Our August performance will be published soon.
What do you want the read only access to my account for? This is the first time I am asked for it. Obviously, you are from another planet
Look my friend, there is a $100 monthly fee for this program which is refundable. You can just join and if you don’t like the program, you unsubscribe and receive your money back. You will lose nothing.
I am not used to let anybody have access to my account. Even my wife doesn’t know how much money I make. There are only two persons who know. God and tax man
Yes Forexoma, I’m From Another planet… In This Planet the others can’t make fool someone like me easily!!
I didn’t want you to show me the amount of your bank account. I just want you to make a real account with only 500$ and give a read only access to the others. YOU WILL LOSE NOTHING!!
AS YOU KNOW THERE ARE A lOT OF SCAM SITES IN INTERNET. that is a friendly advise that makes clear the real performance and makes you recognizable from SCAMMERS!!
Please Search the Internet : Foex Read only access password
You can Find a lot about this Topic. It Seems YOU are from another planet . . .
Obviously, you are doing nothing BUT trying to show up and pretend that you are smarter than the others, BUT you are not. If you were, you would not hide your real IP address (93.110.101.104) and use a proxy server (65.49.2.13) to post your comments. It means you are afraid of something. If not, you wouldn’t care. This is what I knew from the first time I saw your comment, but I wanted to be patient with you and let you talk. Nobody is trying to fool you, because it is not necessary.
I may open a small live account later and give read only access to those who are interested. It is not a big deal. Those who know me better than you, are aware that I am not used to hide anything from my clients or try to cheat them. I am even used to analyze my bad trades and count my mistakes to teach my clients something more.
But you, if you leave a comment through a proxy server next time, it will be removed immediately. Someone who is honest, doesn’t have to hide anything. Why someone who claims that can not be fooled by the others, tries to fool the others by using a different IP? I am also from a planet which is impossible to fool someone on it
:))
Dear Forexoma, I use Proxy because around 50% of websites are filtered and banned in my country . . . so I run the proxy application and surf the Internet.
But thats not a Big deal, If I am telling something wrong, just correct me … my IP shows that I am Wrong???
YESSS…In your planet is possible to fool millions of people by half-truths !! Do You hear anything about LEGAL Frauds???
I asked you some questions for clarifying the way, but you are talking about my IP address . . . Half-Truths
I’m not traying to show myself smarter, I AM TRYING TO SHOW THE FOREX REALITY AS YOU WISH:
Brokers use some applications they call Virtual Dealer: this applications makes some delay in the market, flag big accounts, Re quotas,.. So,Should Call them Dealer not broker!!!
I can not mention more because It shows I am advertising something but i’m not
anyway, “BY KNOWING THE FOREX REALITY IT’S POSSIBLE TO MAKE MONEY…”
Sorry if I was a Little Rude and too Straight
Best Regards
Hossein
IP:93.110.102.253
Shiraz-IRAN
Hello guys, Hossein has a point and there is no way that he may appear dodgy just because he does not show his IP. I cannot see any bad consequence about doing it in this conversation. On the other hand Forexoma should absolutely show to his customer how he is able to extract so many pips from the market, which in my experience is impossible. A read only account is easy to do and it will make everyone happy.
Regards
Max
We do not have to convince anybody, including our customers. The above article talks about nothing but LIMITING THE GREED. It is something that if the traders can do, they will become profitable. Most people lose because of greed. 95% of the trader lose mainly because of greed. And if you ask about their experience, you will see that their experience is the same as your experience: It is not possible to make profit in the forex market.
But if you ask the other 5% of the traders, they will say: If you limit your greed you will become profitable.
Just take a look at our last performance and see how we are working. Those are the positions that our “customers” have taken:
http://www.forexoma.com/forexoma-july-and-august-performance-41/
These numbers are off unless it is IRA funds or if the broker is a non-US broker. You have to account for taxes every quarter so that will effect your numbers greatly.
Of course you have to pay the tax. But I don’t think that I should have calculated the tax here. This article is saying something else. It wants to show you how you can have big achievements if you just limit your GREED.
I want to make a living using forex. Maybe its greeds or not. I can wait to year to earn that big but right now i need usd 100 per week for me to survive. Do you think your strategies can help me. Tq
Hi Nazrul,
If you open a $100 account with a broker that lets you trade mini lots like 0.01 lots, that will be fine. Then all you need to have is patience. With a $100 account, if you can make 25% per month, then you will have $5,293 per month and a $21,175 account after two years.
Hello Forexoma,
Your article was very enlightening and shows how if we do have patience we can still profit big.
I am presently testing a FX robot on a demo account and plan on using $1000 of discretionary
money to open a live account once I feel the results are worthwhile. I am planning on using
mini lots of 0.01 and risking 2% per trade as you advised. My drawdown tolerance is 15-20%,
probably conservative but I want to be realistic about myself in this early part of the game. Mainly,
because I want to be able to continue to pursue FX for many years to come. My question to you
is what type of leverage were you using to form this example?
Thank you again for your articles and I hope to one day subscribe to your educational program.
Mark
Hi Mark,
1:100 to 1:200 is the normal and usual leverage we can have. However, for a disciplined trader who sticks to his/her rules, it doesn’t make any difference and a high leverage doesn’t make him/her take too much risk.
Hi ..I discovered a means of making 10 pips a day guaranteed…without reaching my set stop loss even half way.Forexoma i really want you to explain to me the best possible way to utilize the best possible way to trade and make maximum benefit using my strategy…
Thanks Forexoma..Hope to get a response from you….
Sorry for getting my message to be so brief. I demo traded for close to two years and only recently got this strategy of making 10 pips in a matter of minutes and the market not going against me up to +-15.Only on one occasion between July this year did it get to -25 of my set stop loss of +-30 .Please Forexoma let me know the best possible way to trade using your money management rule and getting the most out of my strategy…Thanks man and God Bless….
Regards
Moven
Hi Moven,
So your target is 10 pips and your stop loss is 30 pips. No trader recommends and admits such a trading style. A maximum 1:1 or 1:0.75 risk/reward ratio can still be acceptable, but a 3:1 ratio is not good at all.
Thanks for your response Forexoma..
I have one more question.I want you to tell me what you would do if you have a well proven strategy that has proved not to get to your set stoploss value even not half way of it and guarantees you between 10 to 15 pips.It has been operated on the market for over a year now and only on one occasion did it get to 25 out of the 30 set stop loss value.Second closest was 20 and that was it.I do not even trade at times for a few days till i get my signals right.I also want to know if the reason you and a whole lot of other traders think the risk/reward ratio of 3:1 is bad is as a result of the fact that the market can go against me and make me loose a whole lot..I have not loosed a single trade since the start of the usage of my strategy..i.e for the past 6 months of demo trading on my demo…I actually trap 3+ per trade on my size in market of 0.4.
Or to rephrase the question.Do you think there would be any such possibilities in the forex market whereby you would have such a guaranteed value of Take profit without hitting your stoploss ..I am looking forward to hearing from you…
Regards
Moven
After watching some commercials, doing some research, and going through the articles on this site, I’m thinking of giving Forex a try. I want to start out with a demo account for a couple of months and see how it goes before moving on to real money. What is the best place to start to gaining knowledge on strategies? I was looking for it on here, but I must have overlooked the place that has links to information on learning the Forex system. For instance, I’ve read “pips” in several of the articles, but what is it exactly. Any thoughts?
Cheers,
AOD™
Hello Forexoma,
WHAT AN UTTERLY BRILLIANT ARTICLE!!!!!!!!
Hello again, Forexoma,
Having read some of the above comments,I feel it is really necessary to make a further comment. I would much appreciate a response from you.
You say that if you start with an ccount of $1000 and make 25% per month , which is extremely easy………
Correct me if I’m wrong, but what you are actually saying is that if you trade for 20 days per month, all you have to do is make 12.5 pips per day , trading 0.1lot size (i.e. $1 per pip) and then increase your lot size as you go. e.g. when your account reaches say $1300, you will be trading $1.3 per pip, and still all you have to do is make the same 12.5 pips every day. I have to agree with you, this is NOT difficult, and I say again:
WHAT A BRILLIANT ARTICLE!!!!!!!
All you do is increase your lot size as you go along and go on trading 12.5 pips per day.
Thanks Johan,
Pip number is not a good way to calculate the profit because different currency pairs have different pip values. I don’t agree with setting a 12.5 pip per day as a goal. To do that you should have a stop loss of the same size or smaller which is not possible. Having a bigger stop loss is not a good idea because one bad trade eats several good trades.
Hello Forexoma,
Thanks for your response.
The reason I came up with the figure of 12.5 pips per day is because if you trade say EURUSD and GBPUSD, on a lot size of 0.1 you have a pip value of $1, and if you have an account size starting with $1000 and you increase it by 25%, you will have made an average of $12.5 per day or approx. 12.5 pips per day if you take 20 days as a month’s trading. I am takig the 25% profit of $250 and dividing by 20 to come to $12.5per day average. IIf my reasoning is wrong, please help me?
If we want to consider the average yes. You are right.
Really Informative!
I want to get some articles or newsletter or signals from your company/system. Maybe a pre-market analysis report on daily/weekly basis, a webcast perhaps? How do i do that?
Please email me just in case if i am never back on this site again. Thanks.
all this advice is nothing untill you show us the winning strategy in forex. All the advice here just make it slow to loose all your money.
There is a scammer that’s using this time frame the no loss robot by don
Winning strategy is a different story and discussion. This article is talking about something else. I have tried to help people to understand how their greed doesn’t let them to make money. I am not talking about a strategy here. In this article, I assumed that you already have a winning strategy, but because you are not able to control your greed, you over trade and you want to double or triple your account every month. I am trying to say that people should be happy with a reasonable profit every month.
Hi Forexoma
Congratulations on this article and your site is awesome. There is a LOT to learn from this site!!
it is obvious that some people just cannot or do not want to understand the message your are trying to get accross.
In saying that I do not think that they are “not clever”or “obstinate”…….It is pshycological……novice traders want to read good news
and want to make money,we want to read that to make 2000pips/month is EASY or to become a bill gates will happen within 12 months
of trading…..
Why do we read that………..GREEEDDDD!!!!
If every traderstick to your guidance we will all make a profit……best of all….it is simple and easy to follow and understand.
I will definitely keep an eye on this site in future and might even join up sometime.
Happy pippin!!
You stated “if you ONLY make 24 percent per month — as though that is a realistic profit figure. You also say that it is extremely easy to make that percentage each month.
Anyone publishing this kind of information is dreaming and does not trade profitably him or herself. While you may make some points — I quit reading when I saw your numbers, they are not the points an experienced and consistently profitable trader would make. While there have been a handful of traders (rarer than movie superstars) who have made (documented and audited) that kind of money with some consistency — NONE of them would every say it was easy, much less extremely easy. Read Market Wizards or “the New Market Wizards” (Schwager) for a little bit of reality.
I got to your site because you left a comment on by blog with a backlink. I came here to read and see if you are a legitimate site. You are not. No seasoned trader who is consistently profitable would speak in the terms you do. I’d advise any would be traders to ignore the material on this blog. While there is truth in the principles he is writing about — he has no authority to teach it.
His comments are not someone who has made real money in amounts even close to the kind of numbers he is purporting. My guess is that he has never made a dime in this business — or that he has actually lost money.
Thanks for your comment and your effort to enlighten the others
I receive comments like this every now and then. People (including you) are free to think in any way they like. At the meantime, you can take a look at one of the comments I received about a year ago. I always read it. It has a lot of fun:
http://www.forexoma.com/my-daily-buysell-signals-will-be-discontinued/#comment-26933
First of all, I didn’t say 24%. I said 25%.
Second, obviously you are not a trader and something you say is just based on the books you have read. Different traders have different results. You can not compare traders to each other and when - for example - one of them says he makes 5% profit per months and this profit is the maximum profit he can make, you say “ok! so the other trader who says he makes 10% is lying.”
Just spend some energy and open your eyes a little more and see the bigger picture. I am sure if you read about Dan Zanger who turned a $10K account into 42 million in 23 months, you will say he is lying and he is a scam. Whereas he is not and everybody who have been investing in forex or stocks knows him (except you because you are not a trader and you are just a book reader). He has made $41,990,000 profit in 23 months from a $10,000 account. This is $1,825,652 or 18256% profit per month in average.
It doesn’t seem that my 25% per month is impossible when someone else has been able to make 18256% profit per month for 23 months
Regarding you last sentence that says: “My guess is that he has never made a dime in this business — or that he has actually lost money.”
You are right. I have never made a dime in forex because I have a few big accounts and I make much more than a dime in my trades. And again you are right that I have lost money, because some of my trades hit the stop loss and I lose money sometimes
You are among those 95% of people who spend their whole life to read different books and articles and trying so many systems and you finally give up after losing a lot of money and time. 95% of those who start forex (including you) give up and stop trading after losing a lot of money and wasting so much time.
Sean, take your medications before your surf the web
Hello Forexoma ,
i’m going to deposit 5000$ on my live account. I’m trading gold.
What stop loss i have to set and what take profit (how many pips), for making 25% each month ?
I also know that the leverage for gold is always 1:50
How can i control the percentage of the risk, or how can i calculate?
Hi Alex,
You can not make so much profit through trading gold only, unless you take too much risk which is not recommended at all.
Stop loss and take profit are different from trade to trade. While a position needs to have a 150 pips stop loss, the other position may have a 50 pips stop loss. It depends on each trade setup condition. Please read the below articles about Risk/Reward ration and money management:
http://www.forexoma.com/money-management-in-forex-trading/
http://www.forexoma.com/what-is-the-proper-risk-and-reward-ratio-in-forex-trading/
yes, but i observed that gold has a big volatility and it can give more profit. What pair of currency you would recommend me at this time and what leverage you think i have to set for it ?
Thnx.
Gold is volatile, but it is only one trading opportunity. Why you want to limit yourself when you can have more opportunities? I check about 25 pairs. There is no special pair that I can recommend. I trade any of them that form a signal. Leverage is not a big deal as long as you are disciplined enough to limit your risk. For a disciplined trader, there is no difference between 1:100 and 1:500 leverage. 2-3% risk per trade at the beginning. No matter what leverage your account has. When you gain more confidence, you can risk more.
Dear Forexoma,
Wonderful comment on Leverage, I have read alot about leverage “The double side sword” but I wasn’t convienced by any of them. I thought as what you just said it is the case of risk managment.
Really, I respect your way of thinking in Forex although I’m not one of your customers on this webdite I just read your articles.
Best Regards
Thank you my friend
ok , thnx for this, but i have one more question.
Is the broker so important for trading, for example i have fxpro and instaforex. which one is better ?
Broker is so important. For your account size, FxPro is ok. I have no idea about InstaForex.
instaforex offers 25% bonus each time you deposit money on your account. i tried, it works. and now im thinking what to chose. can u help me please.
but i remarked that instaforex offers a spread twice bigger than fxpro
Well we are now at the very last day of the year, 2009.
Tomorrow 2010 begins.
How many of us have improved as traders?
And how many of us are still flitting from site-to-site looking for that one single method that will begin the process of dollars flowing towards us, instead of the dollars flowing away from us?
If you are reading this, you are “home” now. All you really need is here … just STOP jumping from Internet site to Internet site.
I believe there is enough information on THIS site already to bring every single reader to profitability, if only they are able to keep their trading simple, and follow the instructions already given.
Above, Forexoma has given you a calculator which clearly shows that a consistent winning method may bring you to financial independence within 2 years.
Is there something I have missed here? I do not think I have missed anything.
I am naturally sceptical of people who are still saying they are having problems getting started.
Look, Forexoma has shown us that even a very small a/c of USD$1000 can achieve this goal for us. Yes, I am aware that in my part of the world, I am blessed to be able to find this money easily - but then that money represents 300 loaves of bread where I live. How much money do you need in your country to buy 300 loaves of bread - then that is an amount you might think of using to fund your account - it is the same relatively speaking.
Forexoma, I just read the comment of John Burris again: 2009-02-26 07:11:28 …
http://www.forexoma.com/my-daily-buysell-signals-will-be-discontinued/#comment-26933
One thing I smile about is this statement from John:
“He got you all subscribers hook, line and sinker wondering about other websites advertising the fact that he is making a couple hundred pips a week. You then joined his website creating traffic which is one of his ultimate priorities, traffic = advertising revenue from vendors.”
I don’t see one single advertisement.
I don’t read one single recommendation to use a service or broker.
There are NO links taking the reader to other sites where Forexoma will profit and prosper from third-party revenues.
If you are to make a difference to your own situation in this New Calendar year (although I believe we need to be making such a distinction EVERY day of our lives) there are a couple of things to do:
1) Get your priorities in order.
Clean up your computer.
Get the rubbish off there.
Remove the distractions
Settle on ONE thing/activity for the coming year that WILL potentially make you the money you desire
You can NOT chase 2 rabbits - both will escape.
Focus on ONE thing only.
2) Do something with your life and your profits, that will make a difference to others.
The wise Teacher once said: “The poor will always be with you …” but His life was an example of making things better for them
Even a small gift to the poor makes a very big difference in their lives.
Maybe you have considered giving, but you are unsure how to give most effectively?
Then maybe you could consider this site, and the principle of giving that it embraces:
http://www.forexoma.com/lets-make-a-difference/
All you do is become part of the team “Forexoma Pips” by following some of the links on that page.
Then you can fund your account using PayPal, and begin making a difference in the lives of less fortunate people immediately.
If you follow both points 1 and 2 above, then 2010 will be a better year for you, and a better year for others.
WIN / WIN
May God richly bless every single one of you, particularly as you seek to bless others.
Forexoma - thank you for your blog, and for allowing people to freely express their views and questions.
Sorry the post is so long - but I believe these things needed to be said.
Bless you man.
Ivan
Hi Ivan,
Thanks for your support and presence here. And thanks for trying to help the others and make them enlightened.
May 2010 be the year of big dreams that come true, as well as health, wealth and happiness for you and your family.
As you said, to have a better life next year, first we need to clean. We should clean everything, including our hearts and minds. Then we will have a better life.
Best regards,
Forexoma
Dear Forexoma,
I think if a person were to use USD1,000 as an alternative investment to a bank fixed deposit, scalping just USD40 p/day (or USD5 per 8 hrs. day) will see the investment grow to USD9,800 in 12 months. That’s over980% which no bank fixed deposit can beat.
I am very new in Forex trading and stumbled onto your site just a few hours ago while in FXopen Forum and your site was mentioned by one of the traders.
I have to agree that I am getting a lot of new insights and education into the world of Forex Trading.
I shall most definitely spend more time on your site.
Thank you and all the best.
RahmanSL
I am new on forex and i read a lot about,and i think your articles are very good,so i print your articlles to read at bed before sleep,
I´m thinking enjoy your 99% school and your 1% signals very soon…
A question?
If we trade your signals, can we mafr the 25%/month profit?
thank you
leogabriel
I personally make much more. There are many members who are doing the same.
However, it is illegal to guarantee any income or profit. So I do not guarantee anything.
Dear Sir,
I think that 250$ per month isn’t the mircal that is impossible to happen because 250$ in 20 days means that we need 13 dollar in a day
consider that the pip for one dollar, than I think that 13 pip isnt the case
Or, I’m wrong…
Best Regards
Hi,
Yes it is possible. Making 25% per month is not a big deal.
Dear Sir,
While studing and training on forex, I am convienced that GREED is the main point the cause newbie forex trader to lose all their capital.
Excuse me I editted your excel sheet of the plan with some columns to help. Here is the file
http://rapidshare.com/files/350695720/Editted-Version-of-Forexoma-_1000-Forex-Plan.xls
and then I added another change with an incremental percentage to reach the same target in half the time.
I need your advise
Here is the incremental edition
http://rapidshare.com/files/350697878/Editted-Version-of-Forexoma-_1000-Forex-Plan2.xls
Hi,
Thanks for your comment for the xls files and the changes you made. Something you have done on the excel files is also possible, but it all depends on the trading style and also the discipline that a trader should have.
Setting pip or monetary goals is not a good idea in forex trading because when you are behind the schedule you push yourself to trade more and this will cause you to lose money. That is why I tried to have a simpler goal to achieve. When something can be done in two years easily, why make it much harder to do, just to do it in one year?
Thank you very much for your rapid reply……
In the second one I only suggested that with time my experience will increase, so either I number of pips I can reach my be much more or the risk precentage may increase…..
Any way achive any of them will be very nice.
I’m now trying to train myself just to take my target I stop working
No more is needed. Trying to find suitable rules or me to govern me.
To protect me against GREED and OVERTRADING.
You just think it is so easy? No way. Never quit your job till you have made some money, real money with forex. Never
Ok, that plan is really awsome, why?
first of all, 1000 dollars to make 250 dollars, with a lot of a 100.000 dollars, you only need 25 pips per month, which it is extreamly easy to achieve!
second: if some open an accound of 5000 dollars, in 6 months, with the same system, you will make 4.768,37 dollars and after 12 months , 18.189,89 dollars.
if someone learn this thing very well, can even take a loan of 10.000 dollars and in 6 months will make 7.629,4 dollars per month.
that is a great income, easy and effective.
thank you so much for that system, it is really life sevior, and I will recoment it to everyone I know, someone can also do this for his children, and by the time kids will be 18 years old will be millioners!!!!!!!!!!!!!!!
Someone is 20 years old, and can do this for 2 years, that means that by the time that that person will be 22 years old, will have an income of 50.000 dollars.
Thats is a system that you should get paid to say it.!
I wish to you to be rich, happy, have love, have all the good things in this world, material and spiritual and emotional, because whoever follow it, will be a really happy person!!!!!!!!!!!!
thank you!
Hi Charis,
Thanks for your comment.
This system works if you can make 25% profit per month. This is what professional trader can do easily but 95% of those who trade forex can not. Before someone wants to start trading with real money, he has to make sure that he has learned everything and is ready.
hi Forexoma, after 2 months of trading in my demo account i follow your system and because it is demo i trade almost everyday and what i learn from these two months is that your plan is very possible, I don;t use 1:100 leverage, I use 1:20 up to maximum 1:50.
I trade usually with the news , and it has been really good for me, I have a limit 10 up to 25 pips, depents the day, the news, etc… and stop loss 15-20 pips.
i have manage to make successful trades 8 times out of 10, approx.
I only trade with good signals, and i have many pairs that i trade but not all of them all the time. Some of the more some of them rarely.
So, i will use the demo account for 2 months more, to learn even better, im very satisfied with my success, and i can say that i have managed to double my account really fast, but im doing that only with the demo, in the real account, i will use your system, the 25 %, which It is perfect!
Im not greedy, at all, i mean i like when i make big money, but the 25% is great, so, i thought since i can manage to make 100% of my account in just one month(i have lots of time to only do forex), i can make the 25 % even more wisely, and easier and better.
I actuallly make the 100% because i risk and i trade with many pairs, and i risk now because it is the demo, the more i loose in my demo the more i learn and i know what to avoid.
So, thanks again!
hello,
I have been reading your articles on forex trading a lot lately and i have found it really helpful….But i have a signal generating software,forexkiller….although it has been of great help but this has not allowed me to learn the basics…..Do you know about this software?
Hope to read from you soon
Hi Mark,
I have it, but I have not used it seriously. However, I think if you follow the trading strategies that comes with the software, you can make money.
Hello, Just a quick question, is your program suitable for a newbie or one should have reasonable knowledge in forex before taking the membership?
Cheers,
David
Hi David,
I do my best to explain everything in the easiest way. We already have a lot of videos on the members area that explain all the basics. You can also read the articles I have here before you join:
http://www.forexoma.com/learn-more/
Hi Forexoma,
I understand that this article is only for demonstration purposes only, however I do have one question which I have not been able to get an answer for in all my “googling”.
I have lot sizing calculation of 0.1 lots (standard account) per $500.
I believe that for me this 25% is easily achievable as this would represent ~5pips a day on the cable. I make 10-20pips with set trades i.e. set and forget!
So the question is…
Do you know if a personal trader (trading only my own money) can still continue to make 10 pips a day by trading 40 sizes???
The reason I ask is that I believe there is a saturation point where when trading large (> 10 sizes) you will need to trade weekly etc. Is this a correct assumption?
Most I have traded is 7 lot sizes and have been profitable in an intraday setup. Do you know if trading 40 sizes can still be used in an intraday set up … profitably?
My personality likes intraday trading with some interday trades when it calls for it….
Thanks in advance,
Ronnie
Hi Ronnie,
Trading 40 lots is not any problem. Scalping and making 5 pips per day will be a big problem.
Hi Forexoma,
Thanks for your reply, so what you are saying is trading on a interday perspective would be ok but trading intraday would be high risk.
Where do you think… in terms of lot size…. would you cut off intraday trading?
Your response would be appreciated as I would like to know the saturation point?
Thanks in advance,
Ronnie
Hi Ronnie,
You can be a good intraday trader but something you said (making 5 pips per day) is called scalping. You can not be happy with 5 pips per day and remain profitable. Where should the stop loss of a 5 pips target to be??? You can not have a 5 pips stop loss. It has to be much bigger. So one losing trade will wipe out several good trades.
Lots size doesn’t matter. Stop loss size and Risk/Reward ratio matters.
Hello Forexoma,
I like your content. It is refreshing to see someone who is genuinely trying to help other traders become profitable and not trying to sell some system or software for $2,000 that guarantees 1000 pips a month with a 90% win rate. ha ha what a joke. If I had a system like that I would not sell it so that alone let’s me know it’s scam. Anyways, I have just signed up with your service and I am focused and determined to follow the Excel spreadsheet with $5,000 to start. Mathematically it could work and I know I can do it. I lowered the number to 20% a month because that is 5% a week which is pre school easy to make. I have demo traded for about 7 months and turned a $100,000 account to $435,789. So I guess I know what I’m doing but I love to learn which lead me to your site. I never got caught up with forex robots or signal services because I searched for a mentor and I was lucky to find one who was able to teach me pure price action. Fib levels, support and resistance lines and a 200 MA. I was taught to use 4H and Daily charts and 1H charts for entry. I have watched the market for some time now and although I’m a rookie I’m confident in my abilities to learn to become extremely profitable trading Forex. He (my mentor) taught me that by compounding my profit weekly or monthly that I could truly become a millionaire. Now that I’ve seen your spreadsheet it is extremely clear that this can be done! I hope you do not disappoint me Forexoma. I’m here to learn and make money and donate some of my profits to make a positive difference in the world!
Hi Kenny, Thanks for your comment and I am glad I have you here on Forexoma.com
Honestly, if you have been able to turn a $100k account to $435k in 7 months, then you are done and you do not need my service. You had a nice mentor that has thought you everything you need to know. So why don’t you just focus on what you have learned??? I would not do it if I were you, because sometimes learning more, will deviate you from the right way you have been following.
By the way, I wish you more success in your life.
Let me clarify a few things.
25% returns per month consistently is almost unheard of. If you are making this consistently then you are one of only a couple hundred people in the world who is this successful in forex. I’m not talking about a few months; I mean many years. I have been trading forex for almost 10 years, and since 2002, I have averaged between 4% and 7% per month (I’ve had a couple months close to 25%, but I’ve also had some in the negative). These are realistic goals, and in my honest opinion as someone who has traded forex for this long, if you aim to make 25% returns each month, you have a fair chance of going broke. You don’t need these kinds of returns to make good money. I have a seven figure salary trading forex, and I only started out with 10,000.
And no, it’s not possible as far as I know, to make tens of billions in forex. You can’t trade the amount of lots that is required to make that much money. Your trade just wont be filled for that many lots. Once you start trading 20 standard lots, it gets a little choppy. 40 lots is really choppy- huge delays and requotes galore. I can’t imagine trading 1000 lots would be at all possible.
Professional trader won’t jump in with 1000 lots either. They will build up to 1000 lots if the market proves them right.
Hello mentor Valid,
i appreciate your work of great value. i have followed forexoma for 3 months now. please i would appreciate if you can give me your view on this concern of mine.
i have a 100 dollars account which i intend to trade on 0.01 lot size to start. What i want to know is do u advice i keep to the 4 hour chart for my trading ? or should i use a smaller time frame.
Once again thanks for your work so far.
EDWARD
Hi Edward, As you can trade 0.01 lot, so you can work with 4hrs time frame too.
Hi Forexoma,
I m from Sydney and interested in Forex Business,do you know about any Broker in Sydney who can manage my Forex account on behalf of me and give me monthly profit?
If so let me know the Best one.
Thanks
Vishal Mehta
Hi Vishal, I don’t know about Sydney, but if you wait for few days, we will run our brokerage and then we will start our own money management and so you can invest with us
Hi I need if I can help.
is that I lower the $ 1000 Forex Forexoma and I do not plan to change the parameters. As I can get it to work? Thanks
Hi, I don’t understand what you mean. Please explain more.
Sorry I do not speak English, and I’m trying to translate. I was saying that I have the Excel Forexoma $ 1000 Forex Plant, but I can not change I can do to camber parametros.Como which is the default. Thank you very much.
Dear Forexoma,
I’m just starting off in this new business venture and it is very complicated. I have a demo account and have been practicing. I have been closing my trades manually. Is there anything wrong with that, if I’m getting the pips in the positive? I go into a trade if I feel good about gaining some pips. I’ve tried doing the stop loss and take profit thing, but I’m not good at it. I rather close my trades manually. Is that okay or do I have to have a stop loss and take profit?
Darlene
Hi Darlene,
Stop loss is a MUST. You will blow up your account finally, if you do not set any stop loss. No matter how experienced and professional you are. You can not keep on trading without a stop loss.
Another important thing is the ratio of wins to losses. Your target should be at least x2 of your stop loss, otherwise you will not be positive at the end of the month.
Forexoma, I am trilled to see you have an ambitious goal to make 25% monthly profit under FOREXOMA money management.
I have a simple question:
Do you make 25% profit, over the whole amount of your own trading account constantly month after month? And year after year?
If you do not do that, why you claim you will be able to do that with other peoples money?
Is that selling DREAMS business ?
I do not want to sound like a jerk, but would be interested to see your answer of my question here above.
Hi Vidosole,
> Do you make 25% profit, over the whole amount of your own trading account constantly month after month? And year after year?
Yes I do. I make much more than that.
> If you do not do that, why you claim you will be able to do that with other peoples money?
But I am doing that. As I said I make more than that. If one day we run a money management and make 25% for each account, that will not be the money that investors will receive. They will have 50% of the profit, not all of it. I personally do not need to that. I mean I don’t need the money because I am making more than enough. However, I want to have this challenge, at least for a limited number of people and for a limited time, to show it to some skeptical people that it is possible to make money through forex market. Then I will stop it because I will keep on trading my own money. That is just a challenge I want to have.
> Is that selling DREAMS business ?
It is a dream for +95% of those who trade forex to make even 1% profit per month. Most of them even dream of not blowing up their accounts. But something I said above is not a dream for those who know how to trade and for those who have the tools and equipments.
Hi Forexoma,
what can I say…CONGRATS !!!
You are the first BILLIONAIRE I have the chance to write to !!!
It is really amazing ! !
Hi Forexoma, thanks for all your advices, We need it. Your 25% make sense I will apply it! I have the same problem than Darlene, I close my position manually because I always calculate wrongly my stop loss and get executed for sometimes 2 or 3 miserable pips before the reversal. I read your article on the subject and still get it wrong, I probably calculate my support and resistance the wrong way. Will try again and again until I get it right on the demo. I had lost hope of improving my retirement but thanks to you I see light at the end of the tunnel. Take care.
Michèle
Hi Michèle, Thank you for your comment.
Forex is not easy when it comes to controlling of the emotions.
Is it possible to be making up to 25% everymonth using 2% of per trade?
Hello Forexoma,
With all due respect, 25% per month growth without fail is very high. the Madoff scam was for a “guaranteed 10%” PER YEAR and that was considered abnormally good returns by the most experienced investment professionals in the world. You mention greed and fear, well for me 25% per month sounds more like greed. When something sounds too good to be true, it probably is too good to be true. I felt you were a genuine and trustworthy person, but this page makes me question things.
Maybe I’m limited in my mind, but I’ve been down the road of “easy wealth” before… there is no shortcut I beleive.
> the Madoff scam was for a “guaranteed 10%” PER YEAR…
But he was not used to invest the money of the investors in anything. That was an absolute Ponzi scheme.
> I felt you were a genuine and trustworthy person, but this page makes me question things.
So you judge the others based on your “feeling”? It is up to you if you want to do that, but I suggest you not to trade forex, because forex and feelings (emotions) can not get together in one place.
> Maybe I’m limited in my mind, but I’ve been down the road of “easy wealth” before… there is no shortcut I beleive.
I think you have just read the title of the article and some small parts of it and then your “feeling” made you post this comment. This article tries to stop those traders who want to double their accounts every month. 25% per month is a very small profit from these traders’ point of view.
Easy Wealth?
Who said it is easy? It is impossible to make even 1% per month for over 95% of the traders. That is why Madoff preferred to run a Ponzi scheme instead of a real money management program, because he was also among the 95% of the traders.
Happy Feeling
If we predict we are skilled and we can do 25%/m. But the QUESTION IS: Which brokerage (and the bank which are they connected) can HANDLE such big amount: 5th Year- balance:563 000 000,- and montlhy profit 123 000 000,- ???? and ofcourse we are greede and we will still earn more and more
Start balance 10 000,- , 20%/monthly. I thing, One after another would bankrupt…nobody can handle such a big amount - next year it will go up to the miliards…
I have explained this already in other comments above. In fact it is impossible to reach to those numbers. This is what I have said. I just have them on the chart to show you how a consistent trader can work and make money.
However, the first and the second year can be easily achieved. I know a trader who makes around a million dollar per month, from a 5 million dollar account.
My personal mission is about 300-500K/m maybe 1mil, but I’am still faaar away, but still learning, i thing I found the right system - testin on demo now for a half year. Maybe after year testing I’ll go live… I wipeout acc year ago..I’m more carefull now - money management is the key. Other side is the psychology factor of making (”easy”) money and traders mind ( good idea for your next article
) - on how much (money)income is set trader’s mind. Very good book about personal succes is : T Harv Eker’s - The Secrets Of The Millionaire Mind . I recommend it to everyone.
Best regards,
Julius
Hi Forexoma,
I am very interested in your Money Management Program , especially the one at 25% per month,
which I believe can be realistically achieved with the right money management rules and WAITING
for right set up, and not just trading for the sake of trading. I live in Melbourne Australia and have a
full time job at the moment, ( 6 months contract and am not focused on my trading). I would like to know
if your are setting up a Managed Fund or you are going to run an Automated Copy Service ?
Also what is your time frame for setting up your Money Management Program?
Thank You
Best Regards
Isaac
Hi Isaac,
Thank you for your comment.
We will have our money management program ready to join on later Jan or early Feb. It will be announced.
One other aspect of GREED that is not always apparent is the following.
Let us say I go short on a pair, and the trade goes well and shows that it is most likely to go further. I then choose to LEAVE the trade open because I can make a greater profit, rather than being comfortable with the existing profit I already have.
In other words it is wiser to state to ones self ‘I have made my profit of x% and automatically close the trade regardless of the ‘possible’ more profit.
A bird in the hand is worth more than a bird in the bush.
Blue Mental
Oh, something else.
I really like the Drop Down ‘Hello’ feature on the top right corner of the artcle. It is unobtrusive and not invasive like ‘pop-ups’ are, and the joy and happy vibe in the picture is encouraging.
Hi Forexoma,
I have a suggestion for the money management program that will be announced soon.
In the policy of the MM program maybe we can have something like:
- After the 2 years target get reached, all the traders will donate x% for commission from their monthly profit to charity programs. What do you think? Forexoma will make a difference in our lives and all together we can make a big difference in other people lives. I ask you to think about that.
Regards
Hi Vitor,
Thank you. Believe me that this was already one of the conditions. Anybody who joins the MM program, should sign up for an account with Kiva too and then lends a portion of his profit to Kiva entrepreneurs.
Hi Author,
I liked the strategy and wish to apply for myself.
Could you kindly update us with the status of your portfolio since the publishing of this article (August 18th, 2009)
Your results would be great motivation for all.
Warmest Regards,
Adil
Hi Forexoma,
I am thanking you a lot….. because you have shown us a good direction…to become a perfect trader
and consistent profit. I liked your your plan( excel sheet) and I have stuck that sheet in front of my trading
pc. Everyday I look at that chart and I follow the plan… now I am risking 3% strictly per trade. My account is
3000$ and I set my stoploss for 90-100$ per trade.and uses 0.1=1$ per pip.. so I dont have any fear if that hit
my SL. I run my trade as maximum as possible by this way I make 40% profit and above per month.It sounds good.
and no greed at all and no more risk too. So this plan will definetly will make me wealthy after 24 months…
I suggest to all..do not risk your money more than 3% and make maximum pips as possible.
Forexoma thanx a lot for you for good direction..for us to become good trader and guaranteed success…Yes its true
this plan is possible for every one who follows the money management rule..
Thanx Forexoma.. Cheers!!
Hi Vijay,
There are only a few out of hundreds who understand what I am trying to say in the above article, and you are one of those a few. You have found your way. Congratulations and welcome to the territory that only less than 5% of the traders live (profitable traders).
But please keep in your mind, the moment you don’t follow your discipline, is exactly the moment that you will be kicked out of the profitable traders territory and you will be welcome to the losers territory where over 95% of the traders live.
Happy Trading
When do you anticipate the program to begin?
which program?
Manged account….sorry.:>
We have not come to a final decision yet. We are still working on it.
finally i found solution for my greed…my lesson :prev week i made 10% profit after 3 days of trading, than the 4th day at the same week i lost all of my money, that happens when i was so confident that i can earn more profits, great fully only i started with15 dollars. it’s better to have profit USD 1.50 then loss everything.
i am giving some advise for some traders, if we earn 10% profit highly recommend that we better stop and start trading again in following week… usd 1.5 x 4week =gain usd 6.00 that is 40% of profit..
Hello Forexoma
If I make same plan with a small money in micro account the process is the same or I need to change something?
I trade almost for 8 months, after 2 months on demo I go on real money account, anyway till now I `am on deficit. But I think is more good to learn on real account money then the demo, I think demo is a waisting of time so that`s why I train on real money account, but small money.
P.S.: I`m from Romania.
Thanks
Best Regards
Dan
Hi Dan,
Yes, you can do the same with a mini account.
Demo is not wasting of time, if you forget that you are trading with the demo and treat it like a real account.
Goodness me, for a selfless man who is reaching out to struggling traders (like myself), the beatings he is getting! Forexoma, is there no end to your patience?
Yes, there are Gurus who eventually cheat. I had one myself. Forexoma knows a little of this story. Sometimes these gurus make us very skeptical, and in turn we become very wary.. But the buck has to stop somwhere. If i don’t like this Forum and feel Forexoma is fake, i will leave the forum. Right? But if i feel that i am getting quality advice, rock solid strategies and sound education all for FREE, um, haha, i don’t see why i should not hang around? Just food for thought……sorry i i have offended anyone here. But let’s get to the real deal here that our Teacher wants us to grasp.
This brilliant article is at the top of my LapTop, i have laminated it and stuck it for good. I am trying to make it as a wallpaper. I may not have a large account, my RR is usually 1:1, and my SL is based on Daily Time Frame, so it’s about 100 pips. I do not always hit my TP. Even on my win trades, i tend to close after it hits about 70% of my TP. I also lose about 2 trades for every 10 trades, and that means hitting my SL. Ouch! Not to forget the BE’s, about three trades in 10. I make nothing there.
My first month, i have achieved 17% returns, but my M&M is such where i can only expect to make about $4,000 per month after 3 years. My account is very small, and Oanda allows me to play 10 units (about :20 cts per mini lot). This is going to be my prove, my will, my resolve after reading this article. I need to see only my results, my account, and my objectives through my M&M. I needn’t see Teacher’s account.
So, by using my own preferred M&M (Money Management), i am able to gauge what i want to earn, Using what has been taught by Forexoma, i am trying to add discipline and take greed away to reach my goals. So far, i don’t think i have been successful, but i will peservere……
Thank you for th wonderful, wonderful article, Forexoma.
Hi Forexoma
really awosem about ur article. and i am fresher to this forex so pls tel me how can i start this process what are the basic needs for forex …….
by
mohan raj
Dear Forexoma,
a lot has been said and to find you, i guess God meant it that way..am so honored i found some one like you and all i can do is to pray to God to give you more and more years of good health because you are such a blessing. Well, am from a third world country and would wish to open up a live account with you, is it possible for you to trade (manage my account for me) so i can just get a monthly profit? if yes, can i withdraw the profits on a monthly basis or it has to be recycled back to form part of the principle for 24 months? Lastly, what criteria is there for some one to opt for the managed account scheme (i.e. special route on how to subscribe to M&M)? If this is replied promptly, i will be ready to send the funds to your company within a weeks time. Thank You and God Bless you
i agree with you.cos i was created that a few years ago and that plan safe to use for trade (fully recommended).but now i modify it just a little more extreme but safe up to 80% - 90%. i must confess trully i’m greedy at first but after i discover the best plan which suit to my style.
Hey Forexoma, great article, very clear and VERY TRUE
Even on my demo account if the trade goes the wrong way i get nervous and greedy so i know i deffinetly need to controll my emotions which im always working on, espically when trading. but i was wondering if you could help me out. i have read many fourms and articels about forex since im trully passinate and fasinated by the Forex market and slowly but surely make it my career. ive read that the more simple the trading strategy the more chance to rake in the profits. well i was wondering if you have the time to check out my trading strategy becuse it would help me greatly to get a “yes” or “No” on my trading strategy from a trader at your level. If you have the time please email me and i will be very happy to share my trading strategy with you and hopefully get some pointers.
Thanks alot, keep putting up great articles
ALEX
wow. great article
i’ve never read someone explain how to make money from trading forex like this before.
sorry if my eng is not good. i cant write well.
I am very happy making just 5-10% per month compounded. Even if it takes me 5 years plus to get to a decent monthly income then that
would be great. I have read and studied tons of stuff regarding the mental side of trading, money management etc and find I am able to grasp it very well compared to a few years ago. Its like I have a new brain that is wired to understand and accept it unlike before. This article is superb and this whole site is a gold mine of info that can help any new or seasoned trader.
Hi , I have just comented but just am pretty excited by all this money management business and wanted to say that the power of compounding is what really makes people wealthy. This advice providing its backed up by a solid trading plan is absolutely essential and is the way proffesional traders have made their wealth. Im not finantially wealthy at the moment but can fully see the potential in this kind of money management. Traders need to know that its all just a number game and its about the long term (doesnt have to be so long really) and not about the short term. Once you can addopt that mindset and have patience the money will follow. I did what it said in the above and only started with a few hundred pounds, but added some every money until I build up a small account and aimed for a minimum of 5% per month. In fact I far exceded my goals and got around 10-20% on a regular basis. With compounding this amount my account grew to a very decent size within 2 years. My projections of it are a bit mind bogling but very feasable. If you can just manage to get over this trap of trying to make a fortune within a short while and work with a smaller amount and compound it you will start to see the bigger picture and the amount you perhaps was aiming for is really within site and with a lot less risk involved. Have fun with your trading career.