can i retire in 5 years starting with 5,000$ ?

So you're saying that it is impossible to consistently get 2 - 3 pips per day. Resulting in 10% profit per month? Ok, I admit I may have put things bluntly, but I'm confident that, that's entirely possible, even for someone who's just beginning to learn to trade forex. 25 pips on the other hand, may be a little more difficult, but in the last month I've made some pretty good trades using fibs...

But hey, maybe im getting ahead of myself :D , seeing as you guys have thousands of posts, and I only have one.. why do you feel that those types of returns.. arent achievable?
 
Quote from ElectricSavant:

well,

I personally make 3,652 pips per day scalping the Forex. I have amassed 1,000,000,000.00 in my game acount and plan on going live with $2.00 next week.
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Got you topped. I personally make 8,495 pips a day scalping Forex.
I have amassed 3,500,000,000.00 in my game account and plan on
going live with at least $10 next week. Wish me luck...:p
 
Quote from Wings:

So you're saying that it is impossible to consistently get 2 - 3 pips per day. Resulting in 10% profit per month? Ok, I admit I may have put things bluntly, but I'm confident that, that's entirely possible, even for someone who's just beginning to learn to trade forex. 25 pips on the other hand, may be a little more difficult, but in the last month I've made some pretty good trades using fibs...

But hey, maybe im getting ahead of myself :D , seeing as you guys have thousands of posts, and I only have one.. why do you feel that those types of returns.. arent achievable?
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And, just out of curiousity, what will you do if a trade goes against you? Stop it out or let it go until it (hopefully) comes back? I know I'm being anal about the details, but humor me.
 
I usually have a stop of 10 pips when im scalping and 20 when im taking on larger trades. I've been most successful using bollinger bands, and I pretty much just look for a trend reversal, if I can get anything around 5 pips profit in a trade then I take that trade, although looking back I have an average of 10 pips per trade, my risk/reward ratio is pretty bad but im currently adapting my methods to improve it, I haven't consistently made 100% every month but I'm gaining a much better understanding the more I trade.

There are loads of risks with scalping, but I see it as an easier method of trading, rather than taking a position for a few days or weeks. I started learning with candlestick charts, then trend lines, bollinger bands, elliot wave, fib retracements and fans. But overall, my trading times are pretty intense, what I'm in the process of doing now is trying to adapt a really solid 'yearly' based trading program, I need 25 pips per day, 500 per month and 6000 per year (per lot), scalping can only help me to an extent, although I would like to take advantage of massive fundamental movements that will help me secure monthly pips (like unemployment) and then less common announcements to help reduce the number of yearly pips (such as interest rate announcements).

It's very ambitious, but I think I've got alot of beginners issues handled, the transition into a live account was simple, i only think in terms of pips and how many I need per month, the amount of money im trading is irrelevant. Also I funded my account with money I made from 'autosurfing' online, it was a stupid risk, but I'm glad I took it because now I have far less emotional attachment to the money I have trading forex.

I'm by no means the finished article in any way, but I love the psychology behind trading... and seeing as at my age I don't really need the money from trading I just need to wait a few months, maybe even a few years before I take out the money I've grown. But that fact has helped me distance myself from really screwing up while scalping.
 
Well, your attitude is good from what I read. It's just your belief in the ability of consistancy to scalp these pips consistantly that I with a moderately sized 6 figure account, and many other traders here (some far more experienced than myself) would consider inherently flawed.

Let me ask you a simple question.

Don't you think that if there was an easy system of just making 25 pips a day, someone would have been out there with a patented version of it making billions? There are people out there making money off such "schemes" but they are nothing more than people stealing money from folks like yourself, unfortunately.

It's like those guys who claim to have a "system" that is reliable in blackjack.
 
Well my first post may have sounded pretty socially inept, but I don't trade using a system thats been developed by someone else. It's just the way I've conditioned myself to think after reading countless wealth building books, plus I just love the concept of compound interest. The logic in your thinking is based primarily around 'if you're getting such great returns then why isn't everyone else?'. Also, It's awesome that you're trading with 6 figures, but in a way, by saying that you're putting constraints on yourself, my account is now just below £60k, and I've worked that up from £500 a little over a year ago (not all with forex), but consistently throughout that all I concentrated on was the rate of return I established per month.

Now for me, with forex, it's almost as if pips are 'objective' whereas money is 'subjective' , whenever people make outlandish claims of how much they are going to make in a years time with x amount of compounding people nearly always respond with oh well in y number of years you'll have more money than anyone in the world. But theres nearly always a problem with that kind of thinking, I believe that my model will work, up to a certain point, but if my trading capita vastly increases to the point where I can affect the market then it will no longer work.

I haven't been trading long enough to establish whether or not my results are just from luck, taking extreme risks, some sort of talent, knowledge or a combination of all of those. I just know that all I do is think very small on a daily basis, it's not a strict, unbreakable rule that I absolutely have to get 25 pips a day, but I really have to put the effort into getting 500 pips in a month. To get 500 pips in a month seems like a heck of alot of work, but if its broken down into tiny trades then it's far less complicated simple. How many times do at least three indicators point to a trend reversal?... loads!! I'm not even trading full time, but if I were to increase the number of pips per day to 50 pips, then I could get a monthly return of 400%.

Totally crazy, I know, but impossible.. no way, especially due to the fact that for at least an hour a day im reading and testing new technical indicators and designing my own.
 
That's a good target. I entered at 1.1168 but I think I'm going to take my 13 and walk away at .1155.

How are you determining that target?

Quote from juliogonz:

Sell 300000 USDCAD

1.1164

10:03PM - 05-22-06

T = 1.1051
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