How Much Can I Make from Trading?
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#458: How Much Can I Make from Trading?
In this video:
00:24 – How much can you make from your trading
00:59 – Made a +1.5% gain during the live weekly webinar
02:03 – What if I had risked more?
03:35 – If you want to trade for Prop firms
03:50 – Being self-employed and being an entrepreneur
04:53 – We’ve never missed daily trades or webinars
05:10 – The next tennis great?
06:17 – Take a look at Blueberry Markets
How much can I make from my Forex trading? It’s a question that people ask me all the time. Let’s talk about that a more right now.
Hey traders, it’s Andrew Mitch here at the Forex trading coach with video and podcast number 458.
How much can you make from your trading
Question I get asked all the time is, Hey Andrew, how much can I make? And when you think about it’s such an open ended question. It has so many variables in his answer that you can’t actually give someone a real answer. What I can say is that it comes down to your dedication, your hard work, how much risk you take, what type of trader you are, what strategy you trade. There’s lots and lots of variables, far too many to talk about on here. But I’m going to give you a few general ones.
Made a +1.5% gain during the live weekly webinar
Here’s a great example for you just last night on my live webinar, where I hold with my clients, I ended up making a 1.5% account game. I took trades on the U.S., Singapore dollar 2 hour chart, U.S. Swedish Croner 6 hour, the German 30 index, 6 hour, and the U.S. dollar index 6 hour.
I actually had a buy trade that hit profit on silver against the U.S. on one hour chart in the session as well, but not including that one, because that was taken before we went live on the live trades that I took, that my clients could have followed copy taken. I personally made a 1.5% account gain, but I was only risking a quarter of 1% risk of my account, total per trade. Very, very small risk per trade, fantastic gains. And the reason I’m telling you that is when people say to me, Hey, what can I make? I go, well, I made 1.5% last night and they go, that’s okay. That’s not great. It’s not exciting. Think of it this way.
What if I had risked more?
If I risked 2 1/2% risk per trade 10 times what I risked, I would’ve made a 15% account gain in the night on the webinar in just two hours. Start thinking about that and you go, wow, that’s actually really impressive. A lot of people out there will tell you if you have a look on internet land and YouTube gurus and everybody else out there online that tells you how to trade. So many people will tell you should be risking up to 5% risk per trade. Let’s imagine if I did that, I would’ve made a 30% gain on my account just in the one night. And the danger of that is that so many people then get really excited when they hear 15% gaining in a day or a night, just on two hours or 30% even. And people get the wrong side of it and they go, wow, that’s just amazing. 30% in two hours. Where else can I do that? And while that is true, it all comes back to risk. And to me, you are far better off having that low controlled risk and being a consistent trader than you are to go 30% but 5% risk trade. It all depends on what suits you but my suggestion is you go low risk trade.
The trade is still the same, but it’s just that you are got so much more control there and consistency becomes such an important part of your trading. Now, if you are at 30% gain, but you risk 5% trade and a few trades go wrong, not quite so good.
If you want to trade for Prop firms
If you want to trade for prop firms, you’ve got to go low risk per trade because they’re interested in making sure your draw downs are very low. And that’s why so many of our clients are doing really well on prop firms.
Being self-employed and being an entrepreneur
But also I wanted to let you know about another thing as an entrepreneur as a self-employed person for pretty much my entire life. Apart from a couple of years, I can tell you that when you are self-employed people don’t see the down side of things. People don’t see the behind the scenes. People don’t see all the hours and hours of dedication, the ups and the downs, the working long hours, the weekends, the early mornings, the late nights, whatever it might be, the highs and the lows, the self down people don’t see all of that.
And to get anywhere as an entrepreneur, as a self-employed person, it can take a lot of time, effort, dedication, and determination to come through to where things are good. Is trading fantastic? Yes. Once you know what you’re doing. Is it just like the best thing you could do? Yes, it is. But once you know what you’re doing. Does it take time, effort, dedication to get there? Yes, it does.
We’ve never missed daily trades or webinars
Couple things with that in our 13 years at the Forex training coach, we’ve never once missed a live webinar for our clients, never once. We’ve never once missed a day of our daily trades being posted, not once at all. We have massive dedication and commitment to our clients because that’s what we do as traders and as teachers. That’s what we do.
The next tennis great?
Another analogy I’ve got is the French open it’s on right now. How many millions of people around the world want to become the person that’s in the French open final, but really how many of those people get the right nutrition, the right training, the right coaching, the right commitment, all that type of thing.
It’s very easy for people out there to go. I just want to go and suddenly become the best trader in the world. I want to go and make 50% in a day. Very easy for people to do that but the reality is that it’s only a few people that make it because they are the ones that have the dedication to learn properly and to make their trading work properly for them. I kind of hope that helps. It’s a bit of a bit of a long story to actually answering the question. How much can you make? Look, it’s unlimited of what you can make. Just depends on the variables of what type of trade you are. You’re going to take reversals, continuations, are you going to trade news? You’re going to trade the charts, what risk you’re taking with trade. All those type of things come into it and are really important.
Take a look at Blueberry Markets
Also, another important part of your trading is making sure that you have yourself a good Forex broker. I can highly recommend Blueberry Markets. I’ve been with them for years. I’ve sent so many people to them over the years, or suggested people go and look at them and all the time without fail. The feedback’s amazing. Have a look at Blueberry Markets, if you’re looking of a new broker, for MT4/MT5 they are a fantastic bunch of people, good platform, good spreads, good markets, etcetera, like that. And customer service that you will not beat. I hope that helps. And this is Andrew Mitch here at the Forex trading coach. I see you this time for next week. Bye for now.
Episode Title: #458: How Much Can I Make from Trading?