Howzit guys!
Just wanted to find out from you bunch of salted traders whether anyone has heard anything about a guy called Mike Douglas he was a speaker at the M2B conference at Sandton convention centre this weekend. He is going to run a course where he (And this where i get very sceptical) claims he has a trading system that will basically guarantee daily results from 1% to 4%…
I dont know whether these are real or attainable results and dont want to be conned out of R10 000 (This is what they charge)
Any advice would be appreciated…
Oh and this is their website in case it helps masterytradingacademy
Not sure what “R” stands for :8: - but Sounds VERY expensive Andrebernard
Regarding 1 to 4% a day. It is really possible. It is even possible to make 4-5% A TRADE!
You can see an example - of live trading on pictures below, where one trade takes 4-5% profit:
Stop-loss moved from “-10pp” to “+3” - now this trade became a “Risk-free” trade (approx same actions done with EurUsd trade)
Note: these trades are done based on Masterforex-V New Technical Analysis approach
BUT KEEP IN MIND !!! it is not as “rosy” as it could sound There is a lot of hard work to be done before you could start gain stable profits.
To learn make a STABLE profit - it will take you faaaaar more than just one-off course.
What you need is - ability to “practice” based on their trading system along with pro’s. And the longer the “practice” period is - the better (6-12 months and longer would be ideal). All the “bugs” of each trading system can be discovered only by trying to apply it live (with help of Proffesionals of that system). So if they provide such ability - “i.e.: PRACTICAL lessons along with professionals” - and you have enough money to pay for it - go ahead you will gain some experience definitely
It’s certainly possible to make that much per day, but not consistently. If you started with $100 and made 4% per day, you would have $2.6 million after a single year. After 3 years, you’d have almost $2 quadrillion. 1% per day would leave you with $1300 after one year, and $230,000 after 3 years. Starting from $100. Still sound realistic?
However, ask yourself. If you had a method to [I]guarantee[/I] returns of even 1% per day, would you want to sell it?
Would you waste your time developing a course and “teaching” others?
Would you need to charge money for it if you would be making thousands of dollars per day after a couple short years?
The answer to all of those questions should be “no.” That’s because this guy makes his living from peddling his diatribe to new traders with unrealistic dreams, [I]not[/I] from being a successful Forex trader.
Shoot for making 5% per year. Then 5% per month. Then 5% per week. If you can get to that point you will be one of the most successful traders alive - the elite of the elite.
Of course, there’s a ton of people online claiming to be making more than that. However, almost none of them can back it up or do it with consistency.
My advice is, save your money… Use it as startup capital when (if) you ever learn to be a profitable trader. There’s tons of free resources out there to help you; beyond that it’s just hard work. Good luck.
[QUOTE=“jadd806;624148”]It’s certainly possible to make that much per day, but not consistently. If you started with $100 and made 4% per day, you would have $2.6 million after a single year. After 3 years, you’d have almost $2 quadrillion. 1% per day would leave you with $1300 after one year, and $230,000 after 3 years. Starting from $100. Still sound realistic? However, ask yourself. If you had a method to guarantee returns of even 1% per day, would you want to sell it? Would you waste your time developing a course and “teaching” others? Would you need to charge money for it if you would be making thousands of dollars per day after a couple short years? The answer to all of those questions should be “no.” That’s because this guy makes his living from peddling his diatribe to new traders with unrealistic dreams, not from being a successful Forex trader. Shoot for making 5% per year. Then 5% per month. Then 5% per week. If you can get to that point you will be one of the most successful traders alive - the elite of the elite. Of course, there’s a ton of people online claiming to be making more than that. However, almost none of them can back it up or do it with consistency. My advice is, save your money… Use it as startup capital when (if) you ever learn to be a profitable trader. There’s tons of free resources out there to help you; beyond that it’s just hard work. Good luck.[/QUOTE]
Excellent response.
Kudos!
I’d rather invest my money with someone who can make 1-5% per month steadily, with <5% max drawdown…then give it to another who tries to pull down 20% a week with massive DD…
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