Massive respect for you on that one.
My friend and I have been trying to do something relatively simple all night so far… all we are trying to do is create an expert advisor to signal using MACD that a trend has changed… and so far we are still failing miserably. haha.
This might take a while. :rolleyes:
Wow, making 1 million dollars a year in forex isn’t so easy after all 
1 Million is shooting pretty high!
I think 100k in your first year is doable and thats what i’m shooting for.
I’ll let you know in december. My account is just starting to compound this month with additional size… Its about to get fun! 
Are you using any particular system or just one you created yourself? I’d love to hear how it works either way… gotta try to incorporate as many potentially good signals into this thing as possible.
Hello Again SweetPip,
The message buffer fills up fairly quickly. It then discards the oldest messages and keeps the newest message. (I’m not sure how many messages it keeps exactly, but it won’t let you scroll back past a certain point).
If you use the time series functions and embed them in a loop that checks when the time for candlestick[1] has changed, (i.e. a new candlestick has formed) your print statements will only be printed at the open of candlestick 1 (once price has ticked up or down) on whatever timeframe you are using to make decisions. This is a much more efficient way to make use of the limited buffer.
Also, when you are initially debuging your program, set the time in the strategy tester to only cover a wee bit before and after the event you are looking to capture. Once you’ve debugged your program and know that it captures the event you want, you can increase the width of your testing range.
If you see it gives you a bad trade, look in the trade journal to find the losing trades and then test it around that data point to see why it entered you in that trade.
Hope this helps.
B.
My method is outlined in my Fib Retracement’s thread here: 301 Moved Permanently
Its not really automateable if thats what you’re looking for.
I hope my question does not sound stupid but i don’t understand what you mean here ?
How can a trade take 10% of my account on a 100:1 leverage ?
If for example I have 1000 dollars on my account and open a 100k position, the spread should be 3 pips which would be 30 dollars, that is certainly not 10% …
Hmm I must have missed something here, please explain that 10% thing
thanks
I believe that the title “noobie” is used to harshly… when you are a noobie that means your new and on this forum it means your new to forex or new to the forum right??
now what in the heck is wrong with being new?? it means you took the first step to doing something. if you are new to forex GOOD FOR YOU!! that means you took the first step to bettering your life or simply enjoying the "forex game"
or if your new to babypips forum that means your new to this community again… WHAT IS WRONG WITH THAT?? that means you took a step to learning or sharing your knoledge with others…
my point is that i think if you are new to the fourm or if you are new to FOREX their is abbsolutly nothing wrong with that in fact its GOOD that you have begun somthing that just may benifit you in the long run if not financially it helps you learn about something that we are all intersted in … the foreign exchange market. dun dun dun…
this post is dedicated to the people that take that first step to bettering their lives.
Vent it out brother. Tetorri if you have not been welcomed to the forum yet let me be the first one to welcome you. I am a noob also, nevermind the title.
Nobody is picking on noobs for being noobs here. Just trying to weed out the get rich quick stuff. There are plenty of sites out there that will glady let you hand over 4 - 6k out of your banking account for that pie in the sky preaching.
We are all like minded people in this community. Regardless of how long or how we got here.
I know where I am from I can’t talk to people about my interest. Around here the best investment going is a scratch off.
hi guys …its me… the guy that started this mess…sorry for being out for a few days…im gettin ready for deployment to iraq. but anyway im glad to see yall are getting more in depth than i ever thought…i mean lets say i made it to 500k…would i have the discipline to leave it alone? or pull it out and buy a house(even though its a good thing to spend ur money on)…im not used to the big life, and im not sure how i would handle knowing that i have that kind of $$$ in my name
to answer someones question…yes i am planning to pull this off…just maybe not in a year because im sure there will be bad days…100k would be successful enough for a yr…
i think the key to this thing here is to walk away after 2-3 trades per day.even if they were good or bad…a whole new day could make a world of a difference
yea ur right…i didnt take spreads into consideration …i dont take spread into consideration on trades mainly because my profit targets are very conservative(dont u think? i mean im only going for 5-10pips per trade using hour charts)
Take care while in Iraq. Any chance of being able to facilitate some trades over there. When I was in just being able to email was a big deal. We would have to run our connection on the mr-sat which cost about $20 a minute. Now I see it is getting much better now on basic quality of life while away.
yea…thanks.we’re pretty safe where we’re going to be at.(im a blackhawk mechanic) on an airforce base…living in trailers…the word is we will hav internet but its filtered like a m#$%^f%^cker so hopefully it allows fxcm’s trading station to run
oh yeah… don’t get suckered into buying denars over there.
I just want to clarify a few things in response to this. First, I understand that it is possible, and is probably being done right now, but over the timespan they seemed to be suggesting of about a Year, and for a brand new trader? I just can’t accept that that is a good goal for a new trader, it’s too aggressive, and brings in too many emotions, dooming the new trader to stress and failure.
Second, I understand risk % is not increasing or decreasing as the trades get bigger, but the risk in dollar amount is getting compounded too, I mean it has to if risk% is staying the same as the trades get bigger. I just think that one could look at this scenario with a very biased eye, and overlook the risk side of the argument. I think escoe wasn’t aware that even good systems have drawdown periods.
Anyway, I still believe the best lesson for these people would be 1 month of live trading with the goal of 20 pips per day. They would fast appreciate, especially with spread costs, how difficult such a task is day in and day out. But it’ll be hard to pull them away from the spreadsheets long enough to actually trade a currency pair.
I just wanted to add a little on position sizing into the discussion. I mentioned in my method thread on here about adding size and how its the way to make all your dreams come true… Last night i was messing around in excel making a spreadsheet to track my movement of my contract sizing and how long it should take to get to my 100k goal this year. I just put some basic averages of what I think I can easily AVERAGE every week. Anyone who can trade one standard lot in the FX markets can probably make a nice 60k a year or something, but adding size is key to making a crap load more.
As you can see the initial account double is the hardest part, and it is the part where most traders get discouraged after seeing the slow results. But once you get over that initial doubling of your account size and start adding contracts the amount of money you start making and the amount of contracts you can add WITHOUT ADDING ANYMORE RISK PER $$$$ ACCOUNT SIZE shoots off like a rocket.
Keep in mind that these are VERY VERY conservative numbers. For example today I took 262.5/contract out of the S&P 500… thats in one day, and i’m only trying to average 400 net a week… I think my actual results should be about half the expect forecasted time of this spreadsheet, but regardless, the only secret to making money in the markets ISN’T how many pips you can make, but how much size you can trade. Then it simply becomes a matter of how much money do you really need and want to live your life?
Any professional trader i’ve ever talked too trades as infrequently as possible with as much size as possible to accomplish their lifestyle. I’ve said it a lot on here before, and i’ll say it again… TRADE TO LIVE, DON’T LIVE TO TRADE.
Forgive my disjointed thoughts… its margarita time after market close here but I had this made a couple nights ago and thought it was relevant.
You can read my full post from a month or so ago about adding size from my thread here: http://forums.babypips.com/35298-post62.html
It expands on some of the stuff i’ve talked about here tonight.
Cheers folks!!!
It’s interesting how when compounding a certain percentage on a starting balance for a set period of time what the outcomes can be.
If you just add just one more percent a day to a 200 trading day year, the final amount will shoot through the roof each time you add that just one more percent to the formula.
If I keep up my performance without withdrawals for one year, I will have made a nice chunk of money.
If I keep up the same performance over a three year period without withdrawals, I will be the first ever trillionaire.
Well if I am a trillionaire in three years, your all invited to the party. There will be plenty of margaritas daedalus.
I love math, but it can be misleading:D
i second daedalus’ comments. Size is what matters for fast growth. I now trade 3% of my account each trade, i’m making more and trading less. As long as you have a decent method that limits your drawdowns you should be laughing in the long run.
making money is easy, when you know what your doing, and have a good system, it took me 3 years and many losses, but now i do make good money in forex and i will be a millionaire in a few years, 10k to 1 mill in a year is a bit of a stretch, but 1000 to 1 mill in 4 years is not, not for me anyway, good luck to ya’s all hope you find a system that works for you.
Excel spreadsheet attached to show compounding.
If you risk your entire portfolio each time you trade, you can make a lot of money quickly.
The problem isn’t so much money management or risk management as it is EGO MANAGEMENT. You must be disciplined.
I know a few traders with $10k accounts or more that are more than happy to place one trade ALL IN and net 3 - 5 pips a day and QUIT.
$400 / day * 250 trading days = $100k / year.
If you start with 1 mini lot and make $100, then you have earned the right to trade 2 mini lots.
Something to think about.
TwoPercent_Blank.zip (303 KB)
I agree with Tymen. You would have to be supported by someone else to in my opinion make 10k-1M a year. Realistically its possible but you would have to be at the market all day. I’ve heard of people with doubling their account almost every week they use alot of leverage but the do it. Also I think 20 pips a day is to low of a goal to try to make 1M out of 10K.
I even heard of a Brit who made 10k pounds into 500K pounds in a month. True, Maybe but I’m skeptical
nice idea but you’re not really taking into account losses… you are going to have some losses. and sometimes that loss may be bigger than your previous profit