This is for the noobys - those with unrealistic expectations of what trading can bring. First of all you have to become succesful, and that means having a consistent strategy/system that delivers more than you lose. This is a big ask and most don't make it. Having achieved this what can you expect as a return? Well Elder in his books reckons that 20% a year makes you a super star. 30% is very rare. So your $1000 might be $1300 by the end of the year if you are very very good. I don't doubt that some are doing better than this - but they are even more rare. If you could make just 1% a day on your account you would own all the wealth of the planet within a decade (assuming compounding). So beware of the 10 pips a day brigade - it just doesn't happen like that. Beware of the claims of 90% win rates - they are almost certainly lies.
Personally I'm happy with around 70% win rate and a few per cent a month on a consistent basis - some months more, others less.
I wrote this cos coming to a forum such as this it is easy to believe that hundreds of traders are turning 1K into a million is six months - it could possibly happen by luck, but the next six months may see it all lost.
Setting a realistic expectation will stop you beating yourself up and make you take more notice of strategies that you might otherwise have rejected.
Good luck with your trading - and even better build a realistic strategy.
Personally I'm happy with around 70% win rate and a few per cent a month on a consistent basis - some months more, others less.
I wrote this cos coming to a forum such as this it is easy to believe that hundreds of traders are turning 1K into a million is six months - it could possibly happen by luck, but the next six months may see it all lost.
Setting a realistic expectation will stop you beating yourself up and make you take more notice of strategies that you might otherwise have rejected.
Good luck with your trading - and even better build a realistic strategy.
Irregular