Crazy returns!? Or are they???

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stevoeo

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Hello fellow traders.

I have been checking out fxcm's best top 5 traders of the month for a couple of months now, and there are cash prizes on offer for these top 5 traders. These top traders seem to be making incredible gains of 100%, 200%, 300% and even 400% all in a mere 30 days. And it's not if they do it with a large capital outlay, no. They use small funds. All you need is a $1,000 to be eligible for the competition and not make any withdrawals during the 30 day period. FYI here is the link Forex Contest

If this is the case shouldn't there be millionaires right now out there. I mean if a person trades like this for 12 months, he could be stinking rich!!!.

Are there any of you in this forum who are making a very very good living as independent traders in forex. Can a person sustain gains of over 100% in a month for even 6 months?!

Moreover, what can you say a person needs as a safe capital outlay to start trading as a full time job. That can make you around $3k-$4k a month. Plus profits to plough back into trading.

stevoeo.
 
stevoeo said:
Hello fellow traders.

I have been checking out fxcm's best top 5 traders of the month for a couple of months now, and there are cash prizes on offer for these top 5 traders. These top traders seem to be making incredible gains of 100%, 200%, 300% and even 400% all in a mere 30 days. And it's not if they do it with a large capital outlay, no. They use small funds. All you need is a $1,000 to be eligible for the competition and not make any withdrawals during the 30 day period. FYI here is the link Forex Contest

If this is the case shouldn't there be millionaires right now out there. I mean if a person trades like this for 12 months, he could be stinking rich!!!.

Are there any of you in this forum who are making a very very good living as independent traders in forex. Can a person sustain gains of over 100% in a month for even 6 months?!

Moreover, what can you say a person needs as a safe capital outlay to start trading as a full time job. That can make you around $3k-$4k a month. Plus profits to plough back into trading.

stevoeo.
Click to expand...

stevoeo,

I thought I should clarify some of the subtleties in RC's message that may elude you as a relative newcomer to this site.

Firstly, there's selection bias in the trading competition results, so they may not be that representative. For example, out of a large number of traders who display random results, select those profitable day one. Out of those unskilled traders selected, select those profitable day two, and so on. After a while, you have some pretty impressive results achieved by lucky fools.

As for the returns claimed, try to break it down to daily returns: 5% a day makes 165% a month with compounding. With a $10K account trading one lot, 5% equals 50 pips. Achievable? Yes. Easy? Perhaps not.

The topic of capital required is discussed here:

http://www.trade2win.com/boards/t2w-polls/11195-how-much-capital-do-you-need-trade-full-time.html
 
stevoeo said:
These top traders seem to be making incredible gains of 100%, 200%, 300% and even 400% all in a mere 30 days. And it's not if they do it with a large capital outlay, no. They use small funds.
Click to expand...

The smaller the funds, the easier it is to produce "spectacular" gains.
 
Contests are just that - contests. They have absolutely no basis in reality. The things you need to do to win are exactly the things which would destroy you as a real trader. Specifically, taking enormous risk.

As for trader3cnd, word has it Forex Peace Army is a major scam, so take anything you see there with a major grain of sale. Besides, broker reviews tend to be very, very biased because the loudest voices are always the complainers. And in many cases they are just traders unwilling to accept their own fault.
 
Contest strategies are totally different than real trading for a living.

Dont get to caught up in the % Returns. Huge % returns are all about leverage and risks. Those big returns are real. And many will scream at the top of their lungs they are not.
Believe it of not though, these contests are a way to break into the trading arena. Fund Managers now are chasing these contests and hiring.

But Trading is all about consistency over time.
 
stevoeo ... are you really that niave ??? why would you be looking at these sites anyway are you wondering if you could do these things yourself ?? or are you having us all on !!!

if you went to a casino on a given night... I would bet my house on it that there would be at least one lucky winner !!! and if you were gambling yourself.. what do you think the chances of you being that lucky winner would be !!! not very good me thinks
 
Hi all,

I feel the arguement that spreadbetters and DMA traders who work on their own account can't make an absolute killing each calender month gets far too many column inches.

I'm baffled by it to be honest as it is more than possible to build up a small account into a substantial sum of money and it is more than possible to then push on and really make impressive returns and bring in a lot of cash.

It can be done and people do it. Traders who operate at this higher level have a natural ability for trading and / or the right pshycological make up. If you possess either of these traits then crack on and make some big money by trading at size when the time is right and always be greedy.

I imagine it would be very difficult to be a highly profitable trader if you don't possess either the right mindset or natural ability.......I'm not saying its impossible as I'm sure there are plenty who would disagree..

If you are adding money to your account more often than not or expecting margin calls then I'm not too sure if you are in the right business.

'Its amazing how rich you can become by not being right all the time" somebody elses quote but it speaks volumes.

I have gone on a bit too much when a simple ' yes' yould have done.

HTP80
 
yep and the monkey who hits 1000000000% a month will sit quietly and eat a bannana while all the other monkeys will cause a riot chimping and chomping it can't be done, never, ever, not in a million years
 
yeah... on a £150 quid Spread bet quid a point EUR/USD .. a mear 50 point win is worth a 33.333%
-- "spectacular gain" my ****... ... wouldnt even get me a tank of petrol for the BMW ;-]

Why oh why oh why oh why... who gives a hoot about % this % that ...
 
CHRISTO9HER said:
Yeah, all you have to do is risk 15% per trade and you've practically done it. You will be the world's richest man in about 3 years.
Click to expand...


You will not compound it most likely. You may make 5k from a 5k account but use the money. Even if you don't use them money, it becomes harder and harder psychologically as your account increases.

You don't need to risk 15%. You can do it risking 5%.
 
Too true....it is all about the cash. Cash is king in this game and the more you have in the more you are going to make which I guess is where the % / month comes into it
 
Hoggums said:
Yep - it's possible to make 10,000% a month. Put enough monkeys in front of a trading screen and one of them will do it.
Click to expand...


It can be done. It is fairly easy actually. You need to have balls and not give a sh!t, you need to trade full time and trade a lot, you need to know what you are doing, but it can be done.
 
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