How good do you have to be to be considered a giant in forex?

[tim61468]

I know there are 2% of forex traders who are considered giants in the forex community. The question is how long do you have to consistently make a profit before you are considered a giant? Also,how much do you have to make before you are considered a giant? Would you consider a trader who is consistently making no more than $5 a month profit on a $20,000 account a giant? id like to know peoples thoughts on this.

 

[Pharaoh]

I would think that someone who can consistently make a good living from trading would qualify.

Any thoughts on where I could live well on $5 a month?

 

[Rambo35]

Would you consider a trader who is consistently making no more than $5 a month profit on a $20,000 account a giant? id like to know peoples thoughts on this.

Definitely not and lol at Pharaoh. While consistency is one of the most vital aspects of trading, making $5 per month on a $20K account is hardly a performance to be proud of. In the end it depends on how you define success, but at the very least you should be able to live from your trades before you can be considered successful, but that is just my take on it.

 

[willforex]

I would think that someone who can consistently make a good living from trading would qualify.

Any thoughts on where I could live well on $5 a month?

Lol mate. With $5 what you can buy ?

 

[LoRio]

When you see your strategy winning.Take a loss , having had stop loss , and saying , "well , its win loss ratio is 70% , so losses are in the menu.No reason to change my strategy yet."
Then you persist , the trades are winners again.
Thats when you become a giant , the moment you see your projected profit becoming more realized.

 

[tim61468]

How long would you guys say you need to consistently be making a living trading the forex before you could be considered a giant? 1 year? 2 years? 5 years?

 

[fxapex]

it depends on how quickly you learn from market or your mistakes....the faster you learn the time taken to be successful trader becomes short......

 

[LoRio]

How long would you guys say you need to consistently be making a living trading the forex before you could be considered a giant? 1 year? 2 years? 5 years?

id say , most times it takes busting that big account again, and saying
"ok . whats going on here?"
"I changed brokers.Bust"
"I changed strategies.Bust"
"I Learned Technical analysis.Bust"
"I Learned Fundamentals.Bust"
"I Increased my millionaire deadline from 1 to 2 weeks.Bust"

I Believe the core to being a giant is when you can accept losses -when those losses do not indicate your strategy going red overall.
When they do indicate that , you pick a new strategy.Or , for more excitiment , you build a new strategy.

 

[tim61468]

"I Believe the core to being a giant is when you can accept losses -when those losses do not indicate your strategy going red overall."

This comment hit the nail on the head for me. Besides patience Ive learned not to try and close every single trade with a profit. If I can keep my account significantly in the black from month to month Ill close some trades that are deep in the red as long as Im making money over all .

 

[alanrox]

id say , most times it takes busting that big account again, and saying
"ok . whats going on here?"
"I changed brokers.Bust"
"I changed strategies.Bust"
"I Learned Technical analysis.Bust"
"I Learned Fundamentals.Bust"
"I Increased my millionaire deadline from 1 to 2 weeks.Bust"

I Believe the core to being a giant is when you can accept losses -when those losses do not indicate your strategy going red overall.
When they do indicate that , you pick a new strategy.Or , for more excitiment , you build a new strategy.

Good one mate