Yep Mianko, I get the Maths. You start with a balance of $200, and if you grow that consistently for 270 days in a row, you will make over 17k on day 270 as your 3% profit. I get that.
What I’m more curious about, is what you are saying really is, that you intend to start a live account with $200, as A COMPLETE NEWBIE, and then grow that balance everyday, including losses which do, and WILL happen ( and incidentally is the ONLY thing that IS guaranteed ) to over half a million dollars in 270 trading days. Is that right ?
If it is then it surely is an admirable goal. But I fear it may prove a tad difficult to achieve. But I DO wish you all the best with it, I really hope it works for you.
Again, please excuse me if I’ve misunderstood and I’m being a bit thick again.
That’s the initial plan… Maybe at some point I will decide I need some money for something and don’t get to 500k but at least I would like to get to 500-800$ a day after a year. That could definitely change my life
P.S. I will first try the plan on a 200$ demo account and see how it works… I believe that making such a low rate is not that hard if you analyze everything before you enter a trade…
Well, like I said my friend, it is an admirable goal. And who is to say you won’t do it ?
And similarly to you, it is my hope that forex trading can replace my current job as my primary source of income. However, I won’t need as much as $500 a day to do that.
I believe it may serve you better though to concentrate your ‘initial plan’ on learning to be consistently profitable rather than giving yourself fixed targets of how much you need to be profitable by.
I think personally, that such is the nature of currency trading, that NOTHING is fixed, nothing is guaranteed ( except losses ). So concentrate first on becoming consistently profitable.
There’s an old saying in Scotland which says, " Take care of the pennies and the pounds will take care of themselves." Try keeping that saying in mind as you begin your journey.
Ya know, if I had a dollar for every noob that posted what their projected success would be in trading, and how they would turn a sum that amounts to about a weekly or monthly income for the average american, into a sum that exceeds what most people ever retire on, In a time period of less than 5 years, I wouldn’t have to trade for a living anymore.
Personally HoG, I welcome the liquidity. And all pessimism aside, you only got two choices: up or down, and the trend is your friend…so how hard can this really be?
Forget “193 days for me to turn $7 into $835,542”. I’d honestly be happy with $1.00 for these posts. it would probably amount to a fairly decent sum each month!
Best of luck to ya mianko. Many many many try, very few survive, even fewer thrive. I do applaud your ambition.
I think it’s like with a car. You can use a car in a bump race, but then it’s probably wrecked in no time. Or you can use it for everyday use and then it will last. I do also see the trend channels as streets. Enter/leave when the car stops at the curb instead of jumping in and out while it is in the middle of the street. Nobody would enter/leave a car while driving at full speed in the middle of the road, but traders do it all the time with their orders. They jump in with no reason than to make money in the middle of nowhere. Just having a lot of dreams how to make gazillions in no time.
But all that said, dreams are what keep us alive. You know only too well, that reality will turn up completely uninvited and wreck the majority of forex dreams.
I actually “discovered” currency trading by mistake. I used to sell bits and pieces on ebay, and one day I was trying to find a Chinese Wholesaler who sold golf tees. And I ended up on a currency trading site. ( still don’t know how that happened )
Anyway, after I had read a full sentence about it, and demo’d for about 3 seconds, I decided this was going to be my path to easy street. I had the dreams too. And I bet deep down, everybody has them when they first start out.
But like I say, time and reality soon put paid to those dreams. I reckon the problem is that people just set their targets way too high when they start out. They dream of the good life and reckon it’s only a matter of days before they do a George Soros with the GBP.
I know most will fail, I know now that this AIN’T the easy get rich quick plan. But let’s be honest, if you’re gonna dream, why dream small ??
If you dream big and only accomplish 25% of your dreams you will probably be happy…
I first got to know the forex markets when I was in collage 2 years ago and a teacher told us about everything and showed us a real example: FMI gave my country a large amount of money as a loan and then the USD/RON ration lost almost 2%. I made a simple equation in my head… If I had put all my money (almost 1000$) on sell at a 1:400 leverage (2 years ago I didn’t know that the leverage can be 1:500 to) I will probably be 10000$ richer…
This is how everything begun… There a lot of people who believe that “Just having a lot of dreams how to make gazillions in no time.” but if you take it slow and try to make a little bit of money everyday and maintain this ratio of making a little bit everyday you will succeed…
Maybe when I start a live account I will make a tread and post my trades everyday so I can monitor better and get some advices/comments from you guys…
Well, I second most of what you wrote there. Albeit I have a 180 degree opposite point of view regarding dreams.
What do people know about Soros? Just what the gossip tells. I tell them what type of “animal” George is. He is a hard working guy, probably stress addicted, who didn’t start as poor guy:
There is another hero who is more related to your sport:
Even he did not seek desperately for any quick rich scheme.
Dreams, sure we all have em, but don’t let you fool by [U]greedy[/U] dreams. If anybody want’s a quick million by dreams, I’d suggest playing lottery instead of throwing money to fx brokers. Why? Because it’s cheaper! Not reality kills your bright future, your dreams (if too greedy) kills it!
The “funny” thing what I seem to discover all the way: The more desperate somebodies life already is, the bigger the dreams and the smaller the probabilities to reach them. It’s like with trading. If you are in a hole with a string of losses, your emotions get out of control and you dream big and start your next desperate trade, what do you believe is your chance for a success?
I have already a fairly good life. I am not desperate. That’s why I do not need big dreams. I have realistic dreams and even better I know how I could reach them within my lifespan. I am experienced in making my dreams come true, because I did it already. And I can assure you, it never works through big dreaming. If you really want to fulfill your desires, you won’t have any time for dreaming, because you work so much and hard out of desire and with joy, that there is simply no time left for dreaming!
My inner belief is that whatever somebody want’s he will get. There is for sure the chance to grow on a profitable fx account. But to do it, we must work for it, learn for it and first of all get rid of the big unrealistic dreams! Unrealistic dreams are like empty promises or like hope. You know them all: “Next year I stop smoking”, etc. etc. Those promises are just there to keep somebody off from doing it. If somebody really would have the [U]desire[/U] to stop smoking, he could just do it. The promise is just there to keep him off from doing it right now.
As I wrote uncountable times in several threads before: Making money is the easy part. Protecting that money is more difficult and this is not done by dreaming. Don’t talk about it, don’t dream about it! The more you talk and dream, the worse it becomes! That’s why most fail. They just dream or talk about. The people with success do not dream about it, [U]they just do what is needed[/U]!
There is something for everybody who want’s to read a little about reality of trading:
I can’t disagree with anything you have said. Dreams without very hard work and personal sacrifice will always be just that, dreams.
It’s easy to look at successful people, and aspire to be just like them while overlooking the tremendous ammount of hard work they have had to put in to get where they are. But I don’t mind listening to people’s dreams. In fact I quite enjoy it.
Of course success isn’t free. But let dreamers dream. As you have quite rightly pointed out, no-one will become more successful than me because their dreams are bigger than mine. They will become more successful than me because they work harder than me. And then they can live the dream, instead of dreaming the dream.
3% a day is a massive return - if hedge funds and the like can charge fat maintenance fees to maybe offer 20-50% per year (if you’re lucky) then why do you think you can make so much more than these professionals? It’s just not going to be possible in the long run. You’ll also be putting yourself under pressure to take trades to try and get that 3% each day and that won’t end well.
Set yourself a few short-term goals first to achieve before looking at the big money. First, open your demo and get to grips with the how it all works. Then see if you can be profitable for 2 months in demo. If you can do that then open up the $200 live account. First goal there should be to just not lose money. Concentrate on taking good trades and managing your risk and the money will start to come in after that. It won’t be 3% a day every day but if you stick with it making a few percent every week is possible and that can add up to quite a bit over the years.
Went short 3 lots AUD/USD about 5 minutes ago at 1-05881. Put a target of 1-0565 for 23 pips profit. However just closed at 1-0572 for + 16.1 pips.
Call it chickening out if you want but the profits represent just over 4% of my balance right now so I took it gladly. Still think it will drop further as the day goes on but happy to take profit for now
The boj does from time to time intervene. Spikes all over there if you look back.
Yeah, I wouldn’t sell aud. That’s like with xau. I do just bottom fishing with those pairs. The bulls are present all the time and you never know if it jumps. Too much risk, because the stops can’t be that close on top. Yes, it says overbought, but that can fool us. We have a long term underlying bull trend in commodities.
haha those must have been some big trucks. I made a killing on it last night. Cant wait to see what tonight holds for me. Knowing my luck it will be at there acceptable level and I will be sol. But time will tell. Hopefully one of those trucks gets lost and comes to my house. (One can dream right)
