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A Forex Trading Plan: Limit Your Greed and Make More Money

I don’t know how long you have been trading forex, but you can be among those traders who have been trying to make a living or at least a supplementary income through forex trading, but have not been successful so far.

There are a lot of people who have spent several years to learn forex.

They have tried so many systems and strategies but they still lose.

They still think that they have not found a good system and their problem is that they don’t have a good trading strategy, but they are wrong.

They have had several good systems but they have not been able to make those systems work and make money for them.

They know much more than what they should know to be a profitable trader, but they still read and learn more and more and still they think that they have not learned enough.

GREED is the most important reason of their failure.

They have not been able to become a profitable forex trader because they are greedy.

Because they are not even aware of their greed.

It controls them and pushes them to overtrade and take wrong positions, but they don’t know.

Greed is a normal emotion that everybody has.

If you have not been greedy so far and if you think you are not greedy, just trade forex and see how greedy you are.

This is normal.

Everybody likes to work less and make more.

Everybody likes to become a multi-millionaire or multi-billionaire within the shortest time but the problem is this strong desire can not only prevent you from getting rich, but it doesn’t even let you become a profitable forex trader who is able to make a steady small income every month.

The problem is that sometimes we don’t know what greed is, what it does and how it works.

If you…

  1. over-trade
  2. take positions when there is no strong and sharp signal
  3. take the position while it is too late and you should wait for another trade setup
  4. push yourself to trade every day and when you don’t find a trade setup one day you feel angry, guilty and uncomfortabletry to double or triple your account within the shortest time
  5. get furious when you see you have missed a good trade setup
  6. take too much risk and trade more than 2-4% of your account
  7. don’t close a wrong position as soon as you are realized that it was a mistake
  8. follow several trading systems and strategies because you want to have as many trade setups as possible every day
  9. still look for e-books and articles every day and you read them and follow and try their directions and you are not happy with what you have learned
  10. like to trade with small time frames to have more trade setups
  11. set a big pip or monetary goal for yourself and you get upset when you can not achieve it…

THEN you are not able to control your greed.

I don’t say you are greedy.

I say you are not able to control your greed.

Because everybody is greedy.

The difference is some people are able to control their greed and some people are not.

Now let me share something with you today.

Then I will tell you what to do to become able to control your greed and become a profitable forex trader.

Please read the below paragraphs to see what made me talk about greed:

Last Friday the daily candlesticks had formed a very strong sell signal with several currency pairs including NZD-USD which had the best trade setup, but unfortunately market was opened on Sunday afternoon with a big gap, almost in all of the currency pairs that had already formed a trade setup.

Usually when market opens with a gap, it is used to go against the gap direction and fill it because those traders who already had a position from the last week, when they see they are in a big profit because of the gap, they get overwhelmed and close their positions to collect their profit and so price goes to the other direction right after the market open.

But last night it didn’t fill the gap and kept on going down.

In these cases, I just call it bad luck and then forget about it and wait for another trade setup.

I never enter if I am late.

If I can enter on time and with the price that I should enter, I do it, otherwise I ignore the trade.

This is a very important aspect of discipline that a trader should have.

Our greed pushes us to enter even when it is too late.

I know it is a pain to see a good and a strong trade setup runs away from you while you are not on board, but this is part of the game too.

We can not catch all the movements.

I read somewhere that a trader said he preferred to be late than wrong.

But I think being late can be as risky as being wrong.

So I prefer to be right and on time than wrong or late.

Maybe many of you, have been trying forex for several months or even a few or few years but have not been profitable so far.

You make some profit every now and then and lose it with some bad trades.

Let me share a million dollar secret now.

It is the right time to do it.

You will become profitable only when you become able to control your greed.

You should be able to ignore some positions and signals that don’t look good and strong or you are late and it is not safe to enter.

If you review your memory, you will see that most of the bad positions you have taken are because you have not picked a strong signal or because you had missed a strong signal but you pushed yourself to enter and make some profit and get out.

But they went against you right after you entered.

Maybe they have been waiting for you to enter to change their direction.

Sometimes it really looks like that a position has been waiting for you to enter and right when you clicked on buy or sell button, it changed its direction.

It is because you are late or you have picked a poor signal.

Being late or picking a poor signal is because of nothing but greed.

You can not ignore the money that it might make for you.

So you take it.

When it comes to trading, everybody becomes greedy.

Please don’t get me wrong.

I am not criticizing you.

This is normal.

Everybody likes to work less and make more.

I knew myself as someone who could be everything but greedy.

But when I started trading, I discovered my greed.

It showed up.

It is hard to know it first.

You have no idea.

It pushes and controls you but you don’t feel it.

You are not aware of its presence.

You will become a profitable trader only when you know it and become able to control it.

What is the solution?

The other problem with greed is that it covers your eyes and doesn’t let you see the bigger picture.

You think, to become rich, you should have a $100,000 account and double it every month and as you can not afford to have such an account, you try to double or triple your $5000 account every week to reach that level but you wipe out your account every month.

This is your greed that doesn’t let you sit and calculate and see how much money you could make if you just would be patient and happy with a small amount of profit every month and what account size you would need to become rich in a short time.

If you start with $50,000 and make only 5% per month, after two years, you will have a $161,255.00 account and a monthly profit of $8,062.75 (of course if you don’t withdraw any money for two years).

It is a $96,753 yearly income which is good.

Besides, you can still leave some of the monthly profit in your account to grow it even bigger.

Then you will have more monthly profit.

What I am trying to say is that a small but steady monthly profit can create a great income for you after a while.

But if you follow your greed, you will do nothing but losing your money.

This is possible only when you become a consistently profitable trader.

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138 thoughts on “A Forex Trading Plan: Limit Your Greed and Make More Money
  1. Duane says:

    Hello, I think that this was a great article. I suffer from every aspect of greed that you listed. This week alone I have made more money than in the past month. Why? I traded only one system, (I have a million of them), I did not trade with 10% of my account on one trade, I did not trade NFP, I traded only the 4 hr time frame. So thanks, you really described my dilemma, and the pointed me in the right direction for profitable trading.

    Duane

  2. Aniba says:

    Very inspiring!

  3. Emilio says:

    Hi there, what a nice article you have written. I have been trading just for 6 months and i saw myself in several parts of this indresdible article. Since i’ve started to trade i have lost a portion of my account opening high risking trades with a weak signal or opening a position too late because i cant really controll my greed and wait for a better trading se

  4. Emilio says:

    …a better trading set up but after i found out this article i could see clearly all the mistake i had made. When we see that with just 25 to 30% profit a month we can litteraly build a long term strategy of winning trades reducing drastically the risks so we are able to control our greed. Thank you so much for sharing your opinion, believe you are saving lives you are giving us a chance to see the bigger picture. Last week i’ve lost $1250 because i was not able to control my greed but i learned the lesson and now a replaced all the money. We need discipline and a understanding that we just need 1,25% profit per day to reach our goal and it’s extremely easy to achieve and when you realize it you are ready to control your greed. I know there are some days where is possible to make 30% to 50% profit in one single trade position and it happens when you take a good wave but it can’t be a rule but just ann exception.! Thank you so much for sharing…believe when i feel that greed is trying to control me i run to this article to remember all you told Hugs from Brazil and Green trades for us!!!

  5. Shaban says:

    Thank you so much. You changed my trading vision.

    What a great article thank you again.

  6. Aje says:

    Thank you so much for this article. I have blown up several accounts. But the strong passion I have for keeps me coming back each time I plan to stay away.

  7. Grzegorz says:

    You applied all simple principals of life to this problem to solve it… People overcomplicate things and this is so easy with your explanation 🙂 you really helped me here and opened my eyes. I will apply this rule to my strategy and will keep you updated how I’m doing in few weeks 🙂 self control really plays the role

  8. Joshua says:

    This is sweet.

  9. Otto says:

    Really great article, thanks! I will read it again time after time.
    A question: how much monthly profit is realistic with this daily candlestick pattern system, if I risk 2% each trade?
    Thanks,
    Otto

    • Chris says:

      I have a few trade setups per week. As I wait for the strongest setups, my success rate is high (close to 100%). Risking 2% per trade, one can make about 16-24% per month.

      • nadi says:

        Hi Chris

        Honestly, I’m doubtful if one could make above 10% without over-trading. Am I correct that when your account grows, the brokers lower your leverage and it will be become more difficult to have a monthly return of even 5%?

        Would you please clarify what would be a realistic expectation for a trader?

        Many thanks

        • Chris says:

          Hi Nadi,

          No, the broker doesn’t lower the leverage when your accounts gets bigger.

          > Would you please clarify what would be a realistic expectation for a trader?

          A trader can expect to become rich through trading. Making a 6 figure income through trading every month is a piece of cake for the professional traders.

      • naveen says:

        Hi Chris,
        Can u please help me in trading, let me also known the strong setup.
        Thanks.

      • George says:

        Hi Chris,
        first of all, thank you for your great articles.
        Allow me to ask you the following:

        Let’s say we have found a trade setup with EUR-USD which has to have a 100 pips stop loss.
        Size account = $1,000
        Max.risk = 2% = $20
        Stop loss value = $20
        Pip value = $20/100 = $0.2
        Lot position = 0.02 =(1 lot x $0.2)/ $10

        Let’s say that we are good enough to make 16-24% per month. Don’t you think that with a lot position of 0.02, the amount of money you can get is very little in order to be able to achieve your $1000 Plan?

        I would appreciate very much your answer in order to know if I am wrong or what would you recommend!

        Thank you.
        George

        • You are welcome.

          If you make a 1:5 R/R trade, then you will make $100 which is 10% of your account. Just two positions like this every month will make 20%.

          So it is possible.

          • George says:

            Hi Chris,

            thank you for your early reply!

            $100 equals to 500 pips. I’m sure that making 500 pips in a single trade is a piece of cake for you and for any good and experienced trader. However, don’t you think that this is not realistic or very hard to achieve for a beginner?

            Let me ask you one more question:

            When you take a trade, the only thing you know for sure is your Risk, because YOU fix it. The problem is that you never know the Reward.

            Is there any way to determine / calculate the potential REWARD in order to know if the trade is worth while?

            Thank you for your inestimable support and hope one day all of us who are learning from you could do the same good and help others.

            Best wishes!
            George

          • Novice traders can also do it if they learn to take the too strong setups on the long time frames.

            It is not possible to predict the reward. You never know how far the price will go even after a too strong setup. It can even hit the stop loss at its initial level. All we can do is that we take the too strong signals and set a proper stop loss. The rest is not under our control, nor we can determine how far the price will move.

          • George says:

            Thank you very much for your early reply, Chris!

            I am in no hurry to make money, but yes, I want to trade properly as soon as possible.

            The basic thing for me is to focus on doing thing well. Doing so, money will come sooner or later (at least to make a living).

            I think I am not a greedy person. I don’t pretend to get rich. I just pretend to make a decent living. The most important thing for me is not to be dependent on any job, and to have time for my family.

            I like the MONEY I REALLY NEED (food, house, wearing, education, health, transport, taxes) and I don’t worry about the MONEY I DON’T REALLY NEED (caprices). If I have it, fine.

            Let’s hope I succeed in Trading !

            Thanks again,
            George

          • Good luck George.

      • Elijah John says:

        Hi Chris, could you please advise how to trade from a country where Fx or Margin trading is banned for Retail or individual trader.

  10. agyusant says:

    Thank you for this great article.

  11. fred says:

    hi great article, are anybody here to help me to make 20% monthly in market? i have question from author of this article that which trading strategy he use? please email me thanks.

  12. bigboss2910 says:

    Dear, while reading your article I believed you are talking about me. my case is the same you talked. I lost more than $60,000 within 6 years trading . my great mistake was funding my account with little money, lose this little money then fund other little . finally i found my self a big looser… I decided to stop reading & trying new systems. I will stop trading a while as a fighting rest & collect all my Experience in a few points on a white paper as a plan for me . I will follow your articles and I wish succeed.
    thanks again

  13. Alejandro O, Bastida says:

    I have question, there is an agent or employee of a brokerage company suggesting me to open an account worth 100 U.S. dollars, I like to believe that it is possible since I have so limited cash; now I like to request your opinion Chris that 100 U.S. dollar is enough for a capital for , anyway I am new and have no experience about trading and I still studying your articles.

    • Chris says:

      Hi Alejandro. If they allow you to trade mini-lots (0.01 lot), then you can work with a $100 account, however the problem is that all brokers who offer $100 accounts and mini-lots are market maker brokers.

  14. Asiri says:

    Chris.. I agree with you…. It’s good way to control our greed…

  15. Zak says:

    Hi Chris,

    I would like to thank you for the great job that you’re doing and for your sharing spirit. Please can you tell me why “I know it is not possible to have a 652 million dollar account and a 163 million dollar monthly income” ?

    • Chris says:

      Hi Zak,

      You are welcome.

      I meant it is not possible to have such an account and income as a retail trader with the ordinary brokers.

      • Nadi brh says:

        Thank you Chris for the article.

        Based on what you have said in this article. Is it possible to let the account grow until the third years with a reliable broker and make the 25% monthly profit? this way you will be a millioaire in 3 years which is great but you said that it is risky to let your account reach in millions because of maret crach or Brokers problems.

        Would you please explain this to me whether it is possible and safe to keep growing the account until the third year and have a million dollar accoun and then withdraw it?

        many thanks Chris

        • Nadi,

          You are welcome.

          That is possible but it is risky with retail brokers, although the risk is not too high. You can split your money among a few brokers. Later when your capital grows, you can trade through banks which is a little more expensive but much safer.

  16. Santos says:

    great great article, greed has ruined many things, relationships, countries, empires..etc, and we still havent learned.

  17. Adam Jacobs says:

    Hello,
    I have had this same concept in my mind forever. My goal wasn’t necessarily 25% per month, but it was 1% per trade and one trade per day which adds up to be about the same. The only problem is that I can not consistently get winning trades. I have done a ton of research on the safest strategies but I am lucky if I win over half my trades. Do you have any advice on a solid strategy that produces consistent winning trades?

  18. jasent says:

    I would love to change your name to Jesus Chris. I just can’t believe you are doing this for free. please can I see the picture of this Genius called Chris? You have made my day with this article. THANX a lot

  19. Martin says:

    “I know it is not possible to have a 652 million dollar account and a 163 million dollar monthly income.”

    Everything is POSSIBLE … the only limit is our Limiting beliefs of what is possible or not!

  20. Parvez says:

    It is a realistic data and approach of trading . Thanks chris.

  21. San says:

    Hi Chris,
    as amazing as the above spreadsheet looks, from my calculation it will be rather ‘hard’ for a novice to make 25% on a monthly basis, if we are following the rule of risking 2% of our capital.

    For a $1000 accnt balance, when we risk only 2%, and assuming we have a SL of 100 pips, we cannot open a position of more than 0.02 lots.

    If we open that kind of position, value of each pip ( for EUR/USD ) will be only 20 cents!

    So to make $250 in first month ( for a 25% profit), the number of pips we need to earn is 250/0.2 = 1250 PIPs!

    That’s a lot of pips to make in a month, if we are not ready to risk more than 2% of out trading account. What do you say? Does this calculation make sense?

  22. aman says:

    @Chris But how it is possible then What you reckon ordinary brokers. You recommend some broker Who kept our money safe and Are not termed as money maker. Do you think ECN Broker or any other advice.

    regards,
    Aman

  23. Abdelghani says:

    hi dear chris!
    I am abdelghani from Morocco.
    i wanna thank you so much for sharing and guiding as with this valuable information
    God bless you!

  24. Dhanan says:

    Very nice article Chris! It seemed as though you read my mind and wrote in words about greed. I didn’t realize there is such a thing as “everybody is greedy, but some know how to control it and others don’t know how to control it”. Awesome! I’ve decided to read all your articles on LuckScout.com. Thanks a lot!

  25. derick says:

    Hi Chris, just read your article and liked it. i am totally new to and would like to do this full time since i have a new born baby to support now. plan to start with $3,000us and require 20% profit a month. Any advice for a newbie? thanx in-advance.

  26. Maria says:

    Hi Chris,

    At the end of weekdays, which one is better, opening position at the close of a candlestick or at the beginning of opened candlestick? After all, market usually opens price with gaps after weekends. Thanks a lot

    • Chris says:

      I prefer to take the position before the market close. Strong trade setups are usually followed by agreeable weekend gaps that might not be filled sometimes. So that we cannot enter.

  27. ijaz ahmad says:

    same greed situation with me when I trade I want to make 600% per month
    but i’m in fail because this is not a holy game.
    if u control our self u succed in every field of life not only in

  28. rango says:

    Hello Chris,

    Nice article, very useful..

    Regarding to Money Menagement rule of risking 2% per trade,
    how many currency pairs you suggesting to trade at once or is this question a symptom of greed in my case?

    Regards..

  29. Zaf says:

    Hi Chris,

    Thank you for the sharp article that really describe what im going through at the moment. Quick question, in a day how many hours we trade to not over trade?

    • Chris says:

      If you choose to be a day trader, then you have to be at the computer during one of the main sessions (London or NY) which is too hard and tiring.

  30. Shalewa says:

    Hi Chris, thanks for this great article, please just to clarify, re response to Maria’s question, ‘I prefer to take the position before the market close’. My question is do you take positions on the daily and weekly time frames on Fridays when the candlestick has formed if it is a strong trade set up? Thanks.

  31. Bob Harding says:

    Aloha Chris,

    I’ve been active here for about 5 weeks. In that time period you and the folks at LuckScout have taught me how to have a life trading.

    The major thing is I have slowed down. I am no longer trying to scalp my way to success. I am no longer sitting at the computer for 6-8 hours per day. I am learning how to live life with a business model that allows me to do just that.

    I began with learning November 2013. I made a commitment to Josie and myself that I would find a way to add value to our lives by trading.

    We don’t have much and never have had. I am 69 and Josie teaches school. My retirement is meager to say the least.

    You and LuckScout have put in place for me a trading plan that I know will be successful.

    I love The DBB trading plan. I know I can make a good living if I do nothing else other than trade DBB.

    At this point I am not sure how to say’ “Thank you” in an appropriate way.

    What you are doing here is HUGE! LuckScout is a HUGE, BIG Deal!

    In my humble way, Thank you from the very bottom of my soul for showing me the way…The Way!

    Best!
    BobH

    • Chris says:

      Hi Bob,

      Thank you for your kind words. Glad to hear you like what you read here.

      You have found the right track. Just keep on following it and you will reach your destination soon. You are so close.

      Good luck and keep up the good work 🙂

  32. Mr. Musa says:

    Hello Chris,
    I am so impressed with your advise but i am a total novice when it comes to trading and i very desperate want to take part in it as my a full career to make a living. please i need advise from you, I will like to start with $10,000

    I plead to get a response from you and please let me know you location and if it warrants me coming to see you or inviting you to put me through, i will be very grateful to do that.

    Thanks,
    Musa

  33. Suraj says:

    Hey, Myself Suraj, I was searching for good plan, and look what i got awesome plan by you sir, I am really impressed with your all articles Sir. You are just awesome, helping every trader with right and usefull articles. I am now big fan of you. Sir, i want some tips from you, i used your plan and put 100% profit per month, as i will surely do it, but what i was thinking is when my account gets into million dollars then is there any broker allowing or is it possible to open order with more than 5k-10k lots. As i have calculated i will have $4 million dollars in first year in end.

  34. Suraj says:

    Sir have you got my message yesterday? I need your help and advice.

  35. Suraj says:

    Sir, i am really impressed with your articles. i think so my first message got deleted. Sir i have put 100% in your trading plan sheet except 25% per month profit. Sir, in the end of first year it’s 4 million dollars. So sir whats the maximum lot i will be able to use? Sir i opened a demo account of $5 million and the max lot i opened was 19000 lot. so is it possible in live?

  36. Lucas says:

    Your article is really great! I was wondering if I could start with a live account of 100$ and earn 10$ per day? I don’t want to become millionarie overnight, but I need to reach 80-90 thousand bucks within 2016. Do you think it is a realistic goal?

    • What I suggest you is that you focus on learning first and forget about the profit for now. When you learn how to trade you will know how much profit you will be able to make.

  37. STEPHEN says:

    I thanks you alot chris for this information. i had a live account with $105 with leverage 1:1000 i wiped it out in two days. i deposited $90 again and i wiped out in two days march 2015. This article has opened my mind alot i wil now stop been greedy and wait for clear signals for me to enter a trade. i thought i could earn $1000 per day within 3months time with $100 deposit earning a consistent profits daily . i was to be targeting 100pips in EUR/USD and GBP/USD pairs. Am now practising in demo account to see all my mistakes and correct them. Is realistic to earn a $1000 per day profits with $10,000 ivestment please? Advice me

  38. Rupert says:

    Hey Chris I am worried as too why brokers need your ID / documents . Is it safe giving it to them ?
    As you read so many scam articles I am slightly worried investing my 20,000 savings

    Thanks

  39. Rupert says:

    Thank you Chris

    Is there any uk brokers you could recommend?

    I’m currently thinking plus 500 cm ?

    Rupert

  40. Eddy says:

    I just wondered, if we really have $1 Million on the account after trading for years wheteher the brokers are afford to pay us, if we suddenly withdraw the $1 Million our money :)?

  41. Alex Mawser says:

    Hi
    Is it necessary to use leverage to succeed if I trade according to this plan? Thank you!

  42. Steve Edwards says:

    This is a great article and the response’s provide much insight…:)

  43. TJ says:

    Just by following 1 system like the BB Breakout, it is possible by risking 2-3% per trade to get a such result? 25% per month is quite big, I would be more than happy. Thank you Chris for another valuable article.

  44. Oesha Roopram says:

    As always down to the point and so true. Thank you Chris. Learning every day.

  45. Hi David,

    Nothing for now. We check the charts every day to locate the forming/formed setups.

  46. john ren says:

    Hey Chris:
    Is Oanda a market maker? If i am able to make a million dollar profit each month, would i be able to withdraw my profit from this broker or they would take away my profit?

  47. john ren says:

    what is the most amount of money a retail trader can make on a monthly basis from the market without any problems from the broker?

  48. john ren says:

    Hey Chris:

    Can you give me a list of some of the true ECN/STP broker? I am looking to invest. Also do you know at what lot size would create liquidity issue for EUR JPY? I have heard that even with a 200 lot size trade, it would move the market in a adverse way.

  49. john ren says:

    I have heard that the biggest account size in Oanda is a 8 figure account size, i am sure with such a big account size, they will regularly withdraw 1 million dollars in profit each month.

  50. john ren says:

    Hey i have a system with win ratio around 54 percent but now it has dropped to 50 percent and the risk reward ratio is 1:1.5 is that really profitable in the long term? i have messed around with the system that’s why the win rate has dropped from 54 percent to 50 percent.

    • John,

      Even with R/R ratio of 1:1.5 it can be profitable if you choose the strongest setups and ignore the weak ones. So stop trading for a while and then start from the scratch while you promise yourself not to over-trade and not to take the weak trade setups.

  51. john ren says:

    Hey Chris, i have been told that Euro USD and Euro JPY are heavily correlated, which means that in order to diversify the risk of trading, i shouldn’t trade these two currencies at the same time as the movement are nearly the same. Am i right thank you?

  52. Arin Davidian says:

    Chris how do you explain everything in this simple way?it looks like you know everybody and all of the problems that each trader can have.It was a great article.Greed is a killer poison .I should take more time to focus on my greed.I should think about it.I should feel it.i have suffered a lot before.i have lost so much and it has made my life so hard and depressing for me.I am gonna fight this greed.i cant kill it but i wont let him control my emotions.i feel i am in some kind of psychological clinic or sth from the day i founded LuckScout.I don’t Really feel i need to learn much more strategies or stuff.But i really think i should learn everyday to control my emotions.I have a long way to go.you and your sits are the best things that has ever happened to me.thank you very much chris.

  53. Jabba Goode says:

    Hi Chris

    This is a really cool post, and for a good trader it is achievable. However I think you missed the part that it would get kinda tricky to make 25% as the balance gets higher. Just thinking about a loss alone in a large balance account would make anyone go crazy.

  54. Nir Antman says:

    Hey Chris,
    I just read this article for the second time, wanted to thank you, for me personally its the most important article, my last station before becoming profitable.
    The market is so full of temptations, and I just keep win and loose.
    My account balance is “ranging” for 8 month, but I think this second read helped to make a commmitment with strong deternination.
    It will be really nice to here a few words of building a written trading plan and commit to it, I just did it, hope I did it good.
    I wish you all the best, its a true plesure to read anything you wisly write.
    THANK YOU!

    • Nir,

      I will read and publish your article if possible.

      Thank you so much for your commitment.

      • Nir Antman says:

        Hey Chris, think I didn’t fully understand,
        you want to write an article about writing a trading plan, or you want me to write a few words about why and how I wrote mine.
        anyway, I appreciate your positive feedback.

        • Nir,

          I thought you had written an article about it. It is a good idea if you do it if you like.

          • Nir Antman says:

            I’ll be honored to do that.
            I think I can write a good one.
            its ok to do it as a demo trader?
            I can share my own experience but I still do not have “certificate” of success.
            do I have a green light?

          • Nir,

            Of course you can do that and I will be more than happy to publish it on the site under your name. Please do it if you feel like that.

  55. Elijah John says:

    Hey Chris,

    I have been reading your articles i find it very useful for a novice trader like me. Really appreciate you’re GREAT WORK.

    Am in the learning process as part of it i am trying to find a right Broker to start with but the on-line reviews of many famous brokers scares me in how People lost their monies and even they couldn’t withdraw their money when they want to.
    Could you please Help me on this.

    Many Thanks – Elijah

  56. 1) Who said making 25% is easy? You have to pass these stages to become able to do it, if you can:
    https://www.luckscout.com/quick-start-guide-for-new- -traders/

    2) No, I didn’t. The above numbers are just examples. There are so many pitfalls on the way of traders. I didn’t talk about them because this article is focused on a different topic. This article wants to make the traders to understand they will get better results if they limit their greed.

    You can refer to our archive and see how I have talked about the pitfalls in some other articles in details:
    https://www.luckscout.com/archive/

  57. Kal C says:

    Complete noob question but how many pips or successful trades would make up 25% of $1000? Just an example to illustrate it would be enough for me.

  58. manidweepam says:

    Hi Chris,

    In this article, you are saying that to become rich I don’t need a $100,000 account to start with, instead I can start trading with $1000 and make to big based on 25% growth/month.

    But in another blog (https://www.luckscout.com/some- -trading-facts-and-myths-you-must-know/) you are saying someone starting with $1000 is going to be wiped out even if he is a profitable trader.

    Can you please explain.

    Thanks.

    • Hi,

      I think you haven’t read these two articles carefully.

      If you can make, let’s say, 5% profit every month with a $1000 account, then you will become rich. This is what the first article (above) says.

      But in the second article, it says that usually the brokers don’t let you do that, because they place all the small accounts on the market maker system to wipe them out as soon as possible.

      So, if (1) you become a consistently profitable trader who makes X percent of profit every month and then (2) you find a broker that doesn’t cheat you, you will become wealthy with a small account, otherwise it is impossible.

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