Are You Realistic With Your Goals?

With respect to trading, it seems I am making around 3 – 8% per month with the robots that work.

My goal for the new year is to accumulate around $20,000 in capital and open 4 accounts with $5,000 in each so I can put the robots that work in them and let them go.

I have tested extensively now in live and demo accounts for the last two years to know which ones are performing and which ones aren’t over the long term.

However my plan will still be to trade using low lots and increase them over time. What I have noticed is that some produce 30% a month however if you use too large of a lot size and the market changes drastically, then the drawdown gets to be too much for the balance and then a margin call is issued.

My conclusion after two years of trading is that I’d rather make
a stable 3-8% a month then 30% for a few months and then loose
it all back to the market.

What happens to most people is they want forex to replace the income from their day job or business with a very small investment of only $1,000 . And frankly that is not realistic. Suppose you are an executive making $150,000 a year and your take home pay after taxes is $120,000 or $12,000 a month. Do you think forex can make that for you month after month with perhaps just $10,000 in investment capital? It just isn’t realistic and that’s why people over trade or over leverage their accounts. They get anxious and impatient. I know because I thought like this before until the market taught me otherwise.

I believe you can replace that kind of income with perhaps $100,000 in investment capital and you are trading conservatively. You just have to accumulate the initial $100,000 in capital and have the wisdom to know what you are doing with respect to trading. And that’s not all….it’s still going to require your time, energy, patience, resolve and a positive mental attitude to make it happen. A little luck wouldn’t hurt either!

However you know what they say about luck. “Luck is when preparation meets opportunity.”

I hope this information helps, informs and inspires you.

I know it does for me.

Mike

Some interesting quotes I found the other day that you may like:

“There are only two tragedies in life: one is not getting what one wants, and the other is getting it.” – Oscar Wilde

“Learning preserves the errors of the past as well as its wisdom.”

“It doesn’t matter how efficiently you paddle, you will never reach your destination if you are on the wrong river.”