Realistic Expectations

[Mysticforex 13]

Those of you just getting into trading, what are your expectations? Have you heard the stories of relative new traders turning their $10K accts into $100K in 1 month, 6 months or a year?

What kind of expectations do you have? If they are unrealistic you may be setting yourself up for failure. 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. Several years ago I had a 103% return on one of my accts in a month's time.

Five months later I margin called the same acct. Learn to walk before you try to run.

[forexlady101 10]

My expectations, at least in my mind, are realistic.

I'm doing this as a part time at the moment, but if things keep up this way, maybe I'll consider doing it as a full time job.

I'm really enjoying this experience.

[Lavazza 10]

Have you heard the stories of relative new traders turning their $10K accts into $100K in 1 month, 6 months or a year?

 

Yeah, such stories are usually posted by either robot sellers of broker representatives.

 

In the real world it wouldn't happen... Well, actually it could, but the probability of such event would be like 0.00001% or so.

 

My expectations are not overstated since I'm the realistic person in my general views.

[straddle 10]

Shouldn't keep your expectations too low either .

 

When you are winning you should take advantage of the momentum and win as big as you can . Dont settle for 10% when you could win 50%.

 

Because when you are losing there is a possibility you could lose fast . So you need some wins to cover potential losses .