My first Million in Forex......

[MMX]

Hi,

I should initially clarify that I'm not into any commercial activity & am not planning to sell any system, EA, method,.....etc. Rather, the purpose of this thread is to share what I have in mind and get your advice, suggestion, criticism on my plan.

Let me tell you little about myself, I have been trading forex live for past 12 months with mix results, blow up two accounts in the beginning but am doing ok on third one with some consistent result. what fascinate me about this market is, it's huge potential if one knows how to trade. so, I'm planning to take bigger risk, the idea is to open a new account by mid July with capital of $ 100k and reach ultimate target of $ 1m in 6-12 months. I have break down the target to 3 steps, 250k, 500k and hopefully 1m.

what I hope to achieve here is to identify a few talents that would like to participate in this and firm a team who can help me out planning detail of this challenge and work with me through out, in exchange of financial rewards. If team work proven to be successful then we can go for bigger task & start with larger capital.

Would appreciate receiving your feedback on this.

Cheers,

Robert

[Thunder]

An 100.000$ account is pretty hugh. I wish you good luck and hope you post updates here. Please tell us a bit more about the strategy which should bring you to the million.

[o990l6mh]

Originally Posted by MMX

Hi,

I should initially clarify that I'm not into any commercial activity & am not planning to sell any system, EA, method,.....etc. Rather, the purpose of this thread is to share what I have in mind and get your advice, suggestion, criticism on my plan.

Let me tell you little about myself, I have been trading forex live for past 12 months with mix results, blow up two accounts in the beginning but am doing ok on third one with some consistent result. what fascinate me about this market is, it's huge potential if one knows how to trade. so, I'm planning to take bigger risk, the idea is to open a new account by mid July with capital of $ 100k and reach ultimate target of $ 1m in 6-12 months. I have break down the target to 3 steps, 250k, 500k and hopefully 1m.

what I hope to achieve here is to identify a few talents that would like to participate in this and firm a team who can help me out planning detail of this challenge and work with me through out, in exchange of financial rewards. If team work proven to be successful then we can go for bigger task & start with larger capital.

Would appreciate receiving your feedback on this.

Cheers,

Robert

No offense, but if you're doing OK on your third account why would you invite other people to help you? If it ain't broken, don't fix it comes to mind.

Aiming for 100k -> 1M in a year sounds pretty risky. I certainly hope you can afford to lose 100k without tears coming.

If I were you, I'd keep on doing what it is you're doing now that returns consistent results and after each profitable month I'd add a fraction of that 100k.

It's safer and much more likely to succeed if you aim to get rich slowly instead of fast.

If you've got a good thing going, then trust in yourself

[MMX]

Originally Posted by Thunder

An 100.000$ account is pretty hugh. I wish you good luck and hope you post updates here. Please tell us a bit more about the strategy which should bring you to the million.

Thanks Thunder for your wishes. I would certainly post more details on system am going to use for everyone to give feedback.

Robert

[johnnykanoo]

taking bigger risks is a surefire way to blow up account number 3. you really need to observe good money management. besides have you ever traded even $100 pip value? let me tell you it works on your psychology in ways i can't put into words.

Seriously if you hit 90k and you lose a couple of trades your bound to start trading crazy just to hit that 100k. its these round numbers we aim for right? so if you start aggresivly trying to hit 100k after a couple of losers that lets say drag you back to 75-80k you could conceivably hit a bad losing streak and give it all back and imagine how that would feel.

If you are doing ok then i would say aim for consistancy, and proper money management and your millions will follow.

[MMX]

Originally Posted by o990l6mh

No offense, but if you're doing OK on your third account why would you invite other people to help you? If it ain't broken, don't fix it comes to mind.

Aiming for 100k -> 1M in a year sounds pretty risky. I certainly hope you can afford to lose 100k without tears coming.

If I were you, I'd keep on doing what it is you're doing now that returns consistent results and after each profitable month I'd add a fraction of that 100k.

It's safer and much more likely to succeed if you aim to get rich slowly instead of fast.

If you've got a good thing going, then trust in yourself

Hi o990l6mh,

Thanks for the feedback, my 3rd Ac is doing ok but I guess the reason wanna go with this is, there are a lot that i still should learn about this market to become a full time trader, so having this publicly would make me learn from others, have their opinion on my mistakes & share what i did right.

On setting the target, I'm not in rush to prove anything, as long as I can be a better trader there is no restriction on time. will approach the smaller target to start with.

Thanks again & hope receiving your further advice, suggestion.

[MMX]

Originally Posted by johnnykanoo

taking bigger risks is a surefire way to blow up account number 3. you really need to observe good money management. besides have you ever traded even $100 pip value? let me tell you it works on your psychology in ways i can't put into words.

Seriously if you hit 90k and you lose a couple of trades your bound to start trading crazy just to hit that 100k. its these round numbers we aim for right? so if you start aggresivly trying to hit 100k after a couple of losers that lets say drag you back to 75-80k you could conceivably hit a bad losing streak and give it all back and imagine how that would feel.

If you are doing ok then i would say aim for consistancy, and proper money management and your millions will follow.

Thanks johnnykanoo for your comment, I totally agree with what you have mentioned & have experienced it first hand in my previous accounts. I improved a lot psychologically and my money management comparing to when i start. there is still huge room for improvement and I would aim for it.

It might sound stupid but I did trade 1m & 2m lot in my previous accounts. even though there were successful most of the time but it was purely luck. As mentioned, million is an excuse to master the game....

Cheers,

Robert

[phil838]

Originally Posted by MMX

Hi,

I should initially clarify that I'm not into any commercial activity & am not planning to sell any system, EA, method,.....etc. Rather, the purpose of this thread is to share what I have in mind and get your advice, suggestion, criticism on my plan.

Let me tell you little about myself, I have been trading forex live for past 12 months with mix results, blow up two accounts in the beginning but am doing ok on third one with some consistent result. what fascinate me about this market is, it's huge potential if one knows how to trade. so, I'm planning to take bigger risk, the idea is to open a new account by mid July with capital of $ 100k and reach ultimate target of $ 1m in 6-12 months. I have break down the target to 3 steps, 250k, 500k and hopefully 1m.

what I hope to achieve here is to identify a few talents that would like to participate in this and firm a team who can help me out planning detail of this challenge and work with me through out, in exchange of financial rewards. If team work proven to be successful then we can go for bigger task & start with larger capital.

Would appreciate receiving your feedback on this.

Cheers,

Robert

I have to agree with everyone else here. I don't see how you can turn 100k into 1 million in less than a year unless you are overleveraging yourself and making risky trades.

200k, and even 300k may be possible, but 1 million is out of the question if you're following proper money management rules.

I promise you that you'll lose your money if you try and gain that much that fast.

[MMX]

Originally Posted by phil838

I have to agree with everyone else here. I don't see how you can turn 100k into 1 million in less than a year unless you are overleveraging yourself and making risky trades.

200k, and even 300k may be possible, but 1 million is out of the question if you're following proper money management rules.

I promise you that you'll lose your money if you try and gain that much that fast.

Appreciate your feedback Phil, the beauty of this is you get others point of view which helps eliminating mistakes. I don't plan to blow up this account just to meet the deadline. my 1st target is 250k, if successful I will approach 500k and then target 1m. am not that sensitive to any time frame as long as I am profitable. hope you comment on the plan I will post in a few days.

Cheers,

Robert

[Vitali]

Good luck MMX!

Due to the extreme risk of your challenge there is going to be a high level of luck involved.

Keep us updated Mr. Sorros