My first Million in Forex

Trading Systems Free Forex Trading Systems
1

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

2

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.

3

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

4

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

Robert

5

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.

6

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.

7

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. :o 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

8

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.

9

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

10

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 :slight_smile:

11

Thanks Vitali for wishes, I will post my plan next week for everyone to comment. will be posting my results daily as soon as I go live next month.

Cheers:)

12

so if you want to make a million and you are comfortable with your money management, then i would humbly suggest throw away your indicators and learn to trade off of supply and demand.

Alot of people have different methods even amongst the institutional folks (and i dont mean funny farm lol!!!) The ones who are not consistant use an “algorithm” in the form of a robot of sorts. it will fit the market for a little bit and eventually lose.

There are other big players out there who are consistantly profitable and there trading is mostly discretionary meaning there are no rigid rules only guidelines. IMHO the only way to trade discretionary is to use support and resistance.

This is the way to your million not this system or that system and please stay away from robots.

learn how price moves and feel the ebb and flow of the market and you will succeed!!!

13

Thanks for your advice Johny. certainly agree with you, I’m working on those guidelines/ principals at the time being and am not planning to use any EAs or system(s) but rather to stick to support/ resistance levels given will be trading 2-3 pairs that am familiar with & money management that allow reasonable draw downs. :slight_smile:

14

Hi Robert,

As you may already know, there’s no opportunity quite like forex trading to catapult one into ‘millionairedom’.
Your aim to take $100k to $1M is achievable and the power of compounding will come into play ‘big time’. Compounding has been described as the ‘eighth wonder of the world’ by someone very knowledgeable.

I am happy to work with with you towards your goal.
Here’s the plan:

Account balance: $100,000
Maximum ever risk: 5%
Target number of pips per month: 500-1000 pips, possibly more.
Strategy: Mainly day trading.
Currency pairs traded: Cable (gbp/usd) and euro (eur/usd)

Progress can be posted on babypips if you wish. PM or email me.
To a financially rewarding future!

PS: You may want to look over some of my posts here on this forum.

15

Hi Obaasima,

Glad you are interested to work with me on this challenge. will contact you to discuss a few things soon. I have an intention to post the progress from planning, going live and details of transactions every day. I believe this would be very useful to myself and other traders to exchange ideas and learn from each other. To a financially rewarding future! cheers;)

16

Newbie Millionaire,

I hope you educated yourself first. If you don’t know the answers below you’re doomed before you start.

  1. How do you determine and trade the trend?
  2. How do you determine Support and Resistance?
  3. How do keep you’re wife from knowing what you’re up too?
  4. How long do you test your system before trading live if your wife doesn’t kill you first?
  5. Does your Doctor know of your impending mental breakdown?
  6. Would you jump out of a plane without a parachute?
  7. Do you answer the front door before looking though the peep hole for the men in white coats carrying a straight jacket?
  8. Do you think you can fly if you jumped off a high building?
  9. Do you read Superman comics too much and dream of wearing tights?
  10. At what time of day do the major reversal times occur?
  11. At what time of day do the minor reversal times occur?
  12. At what time of day do the mini reversal times occur?
  13. Who’s really controlling the market?
  14. What has an effect on currency value such as the Aud?
  15. What is the carry trade?
  16. Do you leave your trades open over the weekend?
  17. Does the moon have any effect on the markets?
  18. What is the spread?
  19. Have you had a lot of success trading the currency markets in the past?
  20. Have you ever been considered a loser by friends and family?
  21. Will you go on vacation 1000 miles away without a spare tire?
  22. Are you suicidal?
  23. Do you have a good day job paying a good income.
  24. If you lost all $100,000 trading how would this effect you financially?
  25. Do you buy more than one lottery ticket per week?
  26. Does numbers confuse you?
  27. Are you right or left brained?
  28. Do you understand big words like bankruptcy?
  29. Can you do your own income taxes or is this too complicated a task for you even to consider?
  30. Do you rush to use somebody’s posted “Holy Grail” system in live trading before testing it first?
  31. Do you think Fibonacci is a famous Italian Painter or a board game of the 50’s or both?
  32. Where does 75% of the trading occur on the currency markets.?
  33. What causes the numerous reversals in a 24 hour period.
  34. Who determines the US interest rate and how often?
  35. What currency determines the price of oil in Japan?
  36. Does Russia have a currency market?
  37. What effect if any does the USA’s increase in national debt have on the US dollar?
  38. Which currency pair is the most traded currency pair?
  39. What are futures and do they have any effect on the currency markets?
  40. Do rising and falling commodity prices have any effect on the currency markets?

If you cannot answer all 40 questions correctly then do the following:

  1. Rid your home of all lethal weapons.
  2. Update your will.
  3. Say good-bye to your family and friends.
  4. Practice getting use to loneliness and being poor.
  5. Read a book on how to live off the land.
  6. Prepay your funeral expenses.
  7. Seek professional help for all aspects of your life.
  8. Get religion and pray a lot because you’re going to need it.

Trade well and prosper,

Johnny

17

Hey Johnny,

Thanks for your post :slight_smile: I liked it, but assure you am not a moron with 100k in hand to burn it. to be honest, what I would like to achieve here is to prove with educating yourself properly, knowing how the market works, sound money management, defined principal and sufficient capital, one can succeed in this market. that’s the whole point of this challenge then possible financial gains… however, appreciate your advice. cheers;)

18

MMX,

Thank G_D. I liked that response MMX. You sound like you just might achieve your goal. Good show old boy go for it. I hate seeing nebies throw their money down the drain. You can see this happening everyday on all the forex forum sites. They confuse investing and gambling and end up doing the latter. I’m pulling for you to go all the way, but why set your sites so low. Pyramiding will get you there quickly.

My post was for the genuine newbies reading this thread and a reminder for them that this is no game and that the uninformed and undereducated should not attempt this aggressive stategy.

Trade well and get that million,

Johnny

19

The Quest,

I just read your previous posts. Please continue demo trading until further notice. Call your Doctor he may be able to help you. Your goal of $10,000 a month will not get you to your goal of $1,000,000 in six to 12 months. Please see question #26 on the previous post (26. Does numbers confuse you?).

Trade to survive,

Johnny

20

Dear MMX,

Reading through your posts, it seems you are starting to get a handle on trading Forex. I’d like to put in my own two cents.

As has been stated a billion times daily, Forex is probably the riskiest investment out there. Just when you think you’ve got it all figured out, it throws you a curve ball. I’m not saying this to discourage you - it just bears repeating. This does not mean that Forex is impossible to beat. Quite the contrary. You just have to be absolutely sure to do a few things:

  1. Always use a stop/loss. Set specific limits on how much you will risk per trade. Never trade willy nilly - that’s akin to gambling.

  2. Immediately protect your capital by locking in pips once you are showing a profit. If you are up +20 pips, adjust your stop/loss to either break even or be + a few pips.

  3. Before you begin any trading, sit down and write out exactly how you will trade. Set really specific, realistic goals for yourself. Have a detailed plan laid out fully beforehand so that no matter what situation arises, you know exactly what action you will take. Once you start live trading, you should never be guessing. You should know exactly what to do no matter what arises. This is critical.

Of course, this is just basic stuff you probably all ready know.

Now for some more thoughts:

Have you thought about diversifying your 100k? As others have stated, that’s a gigantic sum of money to invest in anything, let alone Forex. Have you ever thought about investing some in the stock market, some in commodities, and the rest in Forex? Just throwing this out there because now is an EXCELLENT time to start buying stocks. And the good news is that you can use the same technical analysis on both and achieve good results.

Which brings me to my next question: How will you decide to enter and/or exit your trades? Will you be using fundamental and technical analysis, or just one of those (or none of those lol)? What time charts will you trade? How many pips will you try to get on each trade? Will you use a trailing s/l? Which pairs will you trade? Lot size?

Not trying to be negative, once again. Just curious really. :smiley:

Long story short: Yes, that’s a ton of money to invest in Forex. But if you feel confident in yourself, and you plan on being cautious with your trading, then I say go for it. Just be very cautious. Personally, it might very well be possible to go from 100k to 1 million in your first year, but why set your sights so high? What’s wrong with making an additional 100 - 200K in a year? That’s damn good money and totally possible!

Also, I will provide free signals to you if you are interested in a second opinion on what to trade. I won’t make any guarantees about the signals, but I’ll offer you free technical analysis and email you with what to buy/sell and when if you are interested.

Best of luck to you. Keep us all posted. I have no doubt that you shall fulfill your quest. Just don’t get greedy and you’ll be fine! Remember that free advice abounds here.

To your success!

-ForexPhantom-