Yes you read the heading right, i am on a 12 month mission to trade my way from zero experience to a consistent daily trade amount of $2739.72 which totals a yearly net income of $1million. (BTW, i am not looking to get to $1million in my first 12 months but to a point of trading $2740 per day consistently. $1mill per annum and $1mill in 12months in this scenario are two different things)
So it’s day 3 of my challenge and I am here to say hi on the forum to chat to anyone who wants to talk.
So if you have nothing better to do or even if you do, join this thread and follow my journey over the next 12 months to see if I can actually get to $1million per annum.
Think I can do it?
I would love to hear your thoughts, experiences, and advice. Its all welcome!!
Can people trade their way to one million per year, yes. Can someone who has ZERO experience probably not. Buy give it a try and see what happens. I am interested in your system so please explain that as you didn’t say much about it above. What are your entry and exit triggers? How much is your initial capital? What pairs are you going to trade? What sessions? What % risk for your entire portfolio vs per trade? What type of trading scalping swing or position?
If it took you longer to type your answers then actually thinking about it you probably have a shot at making it. If you had to pause at any point and go hmmmm… Probably not but as with all things trading anything is possible. Good luck and good pippin
Thanks for the response. Well, I literally started learning FX trading 3 full days ago, and after 7.5 hrs of focussed study each day I feel somewhat surprised to be able to answer your questions. As you noted…yes I have zero experience so anything I say on here at such an early stage in this quest will be soooooooooo green it may very well be amusing :-D. Entry and exit triggers - pass - (i know what you are talking about but dont know the candlestick varieties well enough to name)
How much is your initial capital? - demo trading account for two months
What pairs are you going to trade? - pass - was thinking about that at lunch today but was being to analytical. I am way open to suggestions tho
What sessions? 4hr and one day charts
What % risk for your entire portfolio vs per trade? - will depend on the various factors of the setup at the time. From 1.5:1 to 5:1 (5:1 in 6 mnths or so)
What type of trading scalping swing or position? - Swing suits my personality best…not glued to the comp, market less volatile to news and “noise”, can apply a set and forget method once the signals are there.
Trading style
I am looking to use a mechanical system, using swing trading and following the trend. I will use a naked clean price action 4hr/1 day charts and look (patiently) for 1 of three simple price action setups then i will pick the entry point, place the stop loss and push go…
All sounds great…1 thing more dangerous than no knowledge is a little knowledge. Anyway, three days ago I knew not a thing about FX so it will come to me. Over the next few days I will be looking to open a demo account so i can place dry trades (no money trades) and start honing the skills which are currently still on there way to me…(they are in the future ). At this stage i am only looking to start playing on a live account platform…I assume the only way to do this is via a broker?
So there we have it…please feel free to shoot holes in my previous rant as I welcome the scrutiny or questions or even just a plain old beating.
What sort of currency pairs do you like to trade MeiHua
Well, it’s more of a round number milestone. A bucket list item if you will. I feel for myself, having a set figure to work towards makes it more real and quantifiable. Thats for me tho…you sound like it’s different for you?
When starting FX everyone who trades has aspirations of becoming rich doing it. While this isn’t impossible it is impressive alone just to be consistently profitable, let alone stinking rich. I do wish you luck with this but having been doing this for a few years I have come across hundreds of posts from people similar to you who have only been doing it for a couple of days and still full with dreams of buying a Ferrari with their first weeks earnings. I think you should be more concerned with making a profit consistently rather than a million in your first year. If you will demo trade for 2 months first that means you will only have 10 months in which to make a million or do you plan to make a million in the demo account?
Some of the questions MeiHua asked you are standard if you know what you are doing and have a realistic strategy to earn your million bucks. Such as when MeiHua asked “How much is your initial capital?” - this is how much of your real money will you be putting in your brokerage account and using for leverage to earn your million? It will realistically have to be a large amount of money - at least $10,000 to make that kind of money, which is the amount a guy called Larry Williams used to earn $1 million in just under a year.
I don’t want to go through all of your answers but if you go through them and say pass to any of them instead of having a solid trading strategy then i’m sorry but you don’t seem to have things thought out and this seems like a pipe dream at best.
You should honestly just focus on understanding fully how to trade properly and make money consistently and if you make more real profits then you thought you would, for at least 2-3 months, then only then will your million bucks idea seem possible.
ok…do you sound a little over ambitious and naive? yes. however, EVERY single person who finds forex and attempts to make their fortune with it is just the same in the beginning, so there is no shame in that. in fact, i think that you HAVE to be that way, it is that passion and excitement that is needed to make the committment and remain persistant through the hard times so that you can succeed. there were some things that you said in your plan that tell me that (in my opinion) you are heading in the right direction. #1…you are putting in serious amounts of study time (they say it takes something like 10,000 hours to master a craft), I hope that you are including reading some of the top books about forex. there is fantastic information out there that will save you much more money than the cost of the books, in what you won’t lose to the markets as a result of reading them #2…you mention Price Action and keeping it simple with a few set-ups and triggers, which I agree with. Let me add a piece of advice, stick to the daily charts for your triggers, and use weekly charts to find your important price action patterns and breakouts (google this if you aren’t familiar) and support and resistance levels. With this framework as a base, I think you will being doing yourself a huge favor in avoiding the scalping/inconsistency of trading in lower time-frames. #3…although, there are holes in your plan and understanding at this point (based on your explanation), you seem humble and willing to be guided. this is great, if you prove to the people in the forums that you aren’t going anywhere, they will invest in helping you. but as a previous poster mentioned, many like yourself have posted a few times all excited and didn’t have the organization, commitment, etc., to make it. don’t take it personally, give yourself a break…you are what? three/four days into your journey? it will take time to figure it out and you need to be a little flexible to find what works for you. you have set an ambitious goal for yourself, but i hope that what you do achieve is responsible approach (money management), a passion and enjoyment of the act of being a forex trader which leads to a lifelong persuit, and consistency in your trading results. if you can do these things…the millions should eventually come.
that being said, i have been trading on demo for the past eight months and only last week started my first live account, so i am not trying to be “preachy” or speaking from a position of being an expert…just supportive. best of luck to you!
That said, I think that the true commitment should be in finishing your blog for the entire year no matter what you learn along the way and how much you either win or lose along the way. The blog will keep you honest to yourself and will give you a much better perspective as you continue your journey.
Nick - just to be clear will you be trading on a live account and what happens if you are down £10k after 2 weeks?
I have to be completely honest and say you have very little chance but I hope you prove me wrong. Best luck.
…but in order for you to do it, you’ll essentially have to earn that million through sheer effort of study, raw determination, and so forth.
It’s one of those things where the end may not really justify the means. I’ve met a few people who succeeded with their quest to have a lot of money, for its own sake. Through various ways, either savings or business or profession, &c.
The key was to be completely satisfied with having… ‘that number’ and so satisfied with that, that you let a lot of other things in life slip by you.
I’d gently recommend going for your goal… with the additional requirement that you’ll still be able to enjoy it when you arrive.
Best of luck though! When I quit a management job for small business, colleagues thought I was equally crazy. That was ten years ago. I’m secure, many of my former colleagues are laid off now. The Common Wisdom rarely has much bearing on what can be. Imagine if you told 17th century people that copper wires would transmit energy (a form of witchcraft, apparently) to everyone’s houses, so they could wash and dry their socks.
The face you said pass on those answers mean you are the person I talked about in another post. This qoute was about someone standing on the edge of the grand canton wanting to get to the other side decided he was not going to take the realistic route but instead get a running jump. Well about this time next year I guess we will see if I have egg in my face or not. Honestly I hope I do because if you go splat someone has to clean that up(referring to the jumper). I word of caution with three days experience if you do not approach the market with a humble mind set the market will humble you. And thak the school of pipsolagy it least. Good luck hope you the best cant wait to see you results lol
OK everyone here is saying your answers are inadequacy and i completely agree. But no one has really given you examples so let me answer my own questions for you to see what i mean. And maybe others can chime in.
Initial Capital: 5k USD broken into separate chunks, each to be added in after 4 weeks of constantly winning trading.
What sessions? LO and NYO
What % risk for your entire portfolio vs per trade? per trade .5% (each winning week increase, each losing week cut in half) entire portfolio 3.5% (increasing to 5% max in tandem with the trade size)
What type of trading scalping swing or position? Swing mostly, but i am a good news scalper.
Trading style: order flow
This you answered in the sessions which is actually a different question. What time frames do i trade: ALL ( that’s right i use 1min all the way up to weekly)
What pairs do i trade: 12 pairs (cable, fiber, Eur/Gbp, usd/jpy, eur/jpy, gbp/jpy, usd/chf, eur/ chf, aud/usd, eur/aud, usd/cad, eur/cad)
Do i suggest you do what i do? probably not. But my answers are concrete and systematize. I no portion did i just say pass or not be specific. This is just a cliff notes, i have an entire thread dedicated to my trading as well as 2 real life notebooks. Not to mention spreadsheets, documents and other stuff i have assembled in order to retain my information. Not only for this point in time but as it evolves.
Thankyou for your responses and advice, as you mentioned Rahma21, yes, i am humble and willing to be guided.
I have to make a point clear about my challenge of trading to the amount of #2740 per day. I am in no way setting out to make $1million in my first 12 months starting from scratch. What i am setting out to do is get to a point of having enough consecutive trades (70% of trades attempted) at this figure. So, i may not make any money for the first 6 months, but then have my system honed enough to make consistent $300 trades, then the next month $500 trades, then the next $1000 trades until i get to that magical number - $2739.72. So all in all the income generated from this little exercise might only be $50 - $70k however it is getting to the point of making that consecutive trade. I perhaps could have worded myself much better.
Hey, i would be discounting anyone who comes along in this industry until they have proven them selves.
Thats what I like…pure honesty as it adds to my drive factor.
I have reposted in on this thread that i am not out to make $1million in my first 12 months, rather get to a place of consecutive trades of $2739.72. So really, more likely to be an earn (if and when) of $50-$70k over the 12 month period.
I will be trading on a demo account for at least 2 months and then on to mini trading account. What trading account providers would you suggest for getting going on a demo account?
Ahh yes…luck…the intersection of leveraged calculated work and opportunity
I have reposted my original post as i feel people are misunderstanding what I am setting out to do. I am not looking to make $1million in my first 12 months…as it says in the subject i am merely looking to get to a point where i can consistently trade $2739.72 at the end of the 12 month period. So really, the total earn may be something more like $50 - $70k.
I agree with your comment of consistently trading. That is a must, all else is futile if a large sample of test are completed.
Thanks for the tip on Larry williams. he sounds like a man I will become very familiar with in the next couple of days.
Out of curiosity, what pairs do you like to trade. After todays research, it seems that the following pairs seem to be the most bankable to find a few pairs to focus on.
Firstly, i hope you got the repost i have done…i am not setting out to earn $1million in my first year…merely to get to a point of being able to make consistent average daily trades of $2740.
With thats said…your question…hmmmmmm…loaded perhaps…and maybe even not relevant in the same context now that i have expressed i am not out to make a million in my first year…
Does your question still stand or would you need to adjust it?
Thanks for the response. Hopefully you have seen my revised post. I am not out to make a mill in the first 12 months merely get to the point of trading $2739.72 consistently at the end of the 12 months. I thought this was clear but apparently not (not suggesting yourself BTW). Yes, that is exactly what it will take, much study and commitment but in a leveraged way. Pareto’s Law…the rule of 80/20. Research the best, ask the best and do what the best do with a little dash of your self. Highly leveraged learning…fuel injected if you will.
And life…yes…a balance is required and one has to smell ones roses.
So anyway, I have come across Nial Fullers stuff and have all most finished reading all of the content on his site…I have to say, he is great and gives away sooooooooo much info. Promotes keeping things clean and simple using price action charts on the 4hr and daily with a handful of well executed trading strategies using pinbars and the like.