Can FOREX help me turn $30k into $300k in 40 months?

Hello traders,

Let me start off my saying, this is now one of my top 5 favorite websites. WOW.
I’ve been on the site for 1-3 hours everyday since June 4th. So much knowledge and candor on these forums, its been great for me. And so active too!

Long story short, I recently sold one of my businesses that has left me with some time and money. I have $30k that I am looking to invest in FX and 30 hours a week to dedicate to training, then trading. I plan to follow ICT methodologies once I finish the baby pips schooling. (just finished kindergarten)

I have yet to open a DEMO account and will not do so until I have complete the Baby Pips Schooling course. My other business supports all my bills and would like to use trading income to put toward a home by the end of 2015. (15 hours/week)

As I read on another post, “treat it like a job and it will pay you like a job.” [U][B]With that said, how likely is it that I can reach the above goal? (Putting in 30 hours a week of training and a few months of demo accts before trading)[/B][/U]

Based on 6% a month compounded, it would take me 40 months.

I have a traded stocks for 5 years now, but only casually due to how busy I was with the biz I just sold.

Thank you for reading. All comments are welcome!

Paul

yes you can,

shoot for the stars,

It is possible but I will say the odds are stacked heavily against you. Good luck

Thanks for the quick response time.

Is there a correlation to time spent trading to $ made? Will that help move the odds?
Is there a sweet spot?

You can put 60 hours a week for 2 years and still there is no guarantee for success in this field.
You have a long term goal in mind, but I would suggest taking small steps. So when you think you are ready to trade, open a live account with $100 and trade with that for at least 3 months. I am 99% convinced you will lose it all. That will then be the best $100 you would have ever spent because it will give you a reality check on forex, psychology, patience, will power etc hopefully you’ll then take the next step up. $29,900 saved. Good luck, it can be done but you need to be patient and not rush it…

Understood.

In my googling, I came across “pros making 6 figures” who offer to let you copy there trades…Is there any validity to those claims?

If you want to learn to trade then you have to trade. You can have others trade for you (like the “mirror” programs run by Currensee, Zulutrade, and numerous others), but if you want to be the one driving the results in your trading account (eventually), then you have to develop the decision-making skills to be able to do it.

Of course. There are indeed many pros who make 6 figures and who will let you copy their trades. What they don’t tell you is that they don’t make the 6 figures from their trading but from their students and customers.

it’s easy to turn 30k into 3k

So start with 3k first and turn it into 6k just to prove to yourself that you can.

It’s even easier turning $30k to $0k

You say your going to follow ict methods? How do you plan that when he suggests starting with a shoestring account. Also im willing to bet Ict doesn’t spend 30 hours a week trading. Considering mondays and fridays are normally smaller range days

I plan to trade tues-Thursday. Use Monday and Fridays to work on developing strategy and increasing knowledge. I plan to start with 1000. But eventually want to add more capital.

Is 15 pips per day too much to ask?

Can it be done? … Yes.

Can YOU do it? … If you are smart, you can lose virtually nothing having a go. :slight_smile:

Consider weekly, or even better monthly targets, rather than daily. :slight_smile:

15 pips a day will turn your 1000 into 150 million in 40 months with monthly compounding (assuming you start with $1 per pip). If you start with 30,000 and $30 per pip, in 40 months you will be a billionaire. I don’t know, is that much ?

Its not to much to ask for lol theres a lot money out there to be had. Just dont over trade trying to get it all.

You assume that $1,000 are invested at all times which is not possible so your math is a bit off here. Just saying…

I love you all “professional” newbies :*

Yes, FOREX can help you to turn $30k into $300k in 40 months but for it you will have to updated yourself with latest market news and market trends.

Hi,

the short answer is yes you can do that. Now it does sound a lot easier then it is. I mean on paper you do the math, you look at it and it sounds like a very simple target to achieve. Reality is different. I don’t mean to discourage you here, but I would like to point out a few things:

  1. You said you are a noob. Pro’s will take your lunch money away and FX trading is a lot different than trading stocks. You did say you plan on learning and trading in demo accounts which is a good start. Take your time and learn from your mistakes.

  2. Keep in mind that you will never have all your cash invested so when you run your calculations do not forget that. You mentioned you would like to start with $1,000 and then add to it. Sounds good. Now assume you deposit your $1,000 in a broker of your choice. At no point will you have $1,000 invested unless you try to commit fiscal suicide.

  3. I would recommend you diversify a bit, and not throw your $30K all into the FX market. Don’t get me wrong, I am focused myself and hate those pathetic mutual fund managers who diversify until you can’t make a profit anymore, but I do suggest you look int at least one or two other asset classes. A rough suggestion is $20K FX and use the other $10K on one or two other ‘ventures’ if I may call them that.

  4. No matter what you will achieve in demo accounts or on paper, reality will be different. So many underestimate the psychological impact trading with your own real money has.

The above are just four that came to mind really quick. Feel free to drop me a line if you wan to chat more about it.

PS: One thing you can do to challenge yourself a bit and see if you can reach a pr-determined goal is take advantage of those No Deposit Bonuses, where a broker gives you a certain amount of cash to trade with but you have certain guidelines to follow. You can accomplish two things that way:

  1. You will see if you can meet those calculations you do for your own cash, i.e. can I turn x-amount of money into x-amount in a given period. This will not cost you anything, it will test you and if nothing else it will point out your flaws.

  2. You are challenged, especially your commitment. See if you can stick to a certain schedule and how it will impact your daily life.

It is just a suggestion and may come handy, plus should you succeed you will have a few hundred bucks that you can learn with. I said learn with cause you may lose them, but at least it will not be your own. Another thing you can do once you open a demo account is compete in trading challenges. I mean do not spend to much time and energy, but keep them in mind as you learn your way around. There are several brokers who offer those no deposit bonuses, I recently decided to give PaxForex a try and so far so good. They had the best conditions. As far as trading challenges, just about every solid broker offers them now.

Either way, I wish you good luck with your own challenge.