I was researching this topic and came across a lot of theories from experts. Well, some are good. However, I would like to share this realistic way to become a millionaire while trading forex. The calculation here "[B]Simple Compounding[/B]" is very correct. Just this number of pip per day could get you there.
What is not mentioned on the post is how much loss the trader could incur during these months of trade. One could get the number of pips today and lose it tomorrow.
Now, has anyone ever set a pip target and achieved it on a daily or regular basis? Is this possible in this unpredictable market?
I am currently using this system. I started with £500 and after 2 weeks I have £1500. I’m using 5% of my equity per trade. I don’t aim for a set amount of pips but I try to get ~285 pips a week. You can see my plan here 301 Moved Permanently
For 90% of traders here, the quickest way to become a millionaire from forex would be to start as a billionaire.
Get your heads out of the clouds, it just ain’t gonna happen!
Hi Rambo You say it is proven where I can find numbers about this proof? The traders that make so called big profits disappear after one week and the pro traders dont give any numbers. I hear 10% a month is possible but no proof. Moneynvrsleeps is doing better and he showed proof The true is that it is very hard to find out what is realistic to make such calculations They are probably depending on the trading system, how many opportunity a system gives in a day week or month and how intensively you are trading A big account makes it probably more difficult to make big profits or not necessary needed. I would be very happy trading with $500 and making 10% a month consistently But also trading a million and making 5% a year
Hey TC, pat on the back to you for your great trades in the other thread, cant remember which one it was I seen, but your doing great yourself.
The key really is to have the stops in place to being successful or not.
And Ill be the first one to tell ya, Im a stop moving sOb. I also grind it out, hour after hour of charts and notes, to NOT lose, always have from the very first day. And to tell you the truth, it beat the heck out of me, to be good, then to lose because I moved my stop, not taking a lose, and moving onto the next trade, where Id probably double what I lost from the previous trade. Its all a mind game, soul searching, digging deep and not giving up.
I can rock it out, then lose it, then rock it out, then lose it. So, now I focus on Drawdown.
And guess what, I got better this weekend. FOr the first time, I spent the entire weekend studing Fibonacci. Something that gives me somewhat a better footing for TRADE CONTROL, and STOP LOSS parking spots.
Going to take me the week to get it down properly, and finding the best Hi?low points for my pair. But I have to say, I really am digging it. Looking to spend the next few hours smashing the charts. Have to trust the numbers, but thats going to take time, because I have my brain numbers imprinted. LOL…
Also switching Brokers, getting away from Oanda. Cant take the crap spread jumps anymore. I really feel like they are messing with me at times.
So, now Im demoing with Tallinex, who takes US citz AND allows hedging, which I dont do anyways, AND higher Leverage, which, I wont use anyways, but let me tell you this. Just now, Oanda Spiked to 8 pipspread, and Tallinex bumped to 3.3 in the same span.
In my style, those spikes are horrendous. Also I get free withdraws, because Im going to be withdrawing weekly, so Free works for me…
My plan, 5% a day on one account, and withdrawing 25% a week, and roll over what ever is left, repeat.
Another account, Im going all out, taking all my signals, setting all my stops and letting it roll.
27% Demo today,-- (Smaller lot sizes), 31 wins, No loses ( 4% Drawdown )
23% real today,— 14 trades, no loses ( 6% drawdown)
I might actually be setting my stops to just a hard number, like 6 or so. I will know all this in the rest of the week.
Im about to make my move on this, all coming together. I have like 2 weeks before I deposit sizably, for me anyways, lol…
Something I also want to add. Ive been watching this dude Reza, on the youtube. He got me hooked on the Fibagucci. Sat morning I stumbled onto him, you know how youtube works, " How the heccck did I get here"Q!!??
ANyways, The dude has me pumped up to even a higher level then in the past, lol… If that was possible, right?..! So thats the story on the whole Fib thing, I dont want to get reprimanded for pimpin someone, so enough about Reza…
Hard work, dedication, Stops, and brass Balls will get you to 1Mill.
What, what is this? on a 10-20 dollar account? Maybe a 1500-2500 dollar account, or even a 23.752-47.631 dollar account. Those numbers where just picked at random to show you that a 5% gain is pretty relevant to youre [B]EVER[/B] changing account size.
Id say that shooting for a pip target instead of a percentage a day is going to help you be profitable in in the long run, escpecially since you dont concern youre self with a percentage of youre account youre less likely to play around with youre lot sizes and overleveraging yourself.
You distance yourself more this way, from youre emotions and look even more critical towards youre potential trades. All and All while compounding youre money daily with greater accuracy and you have more insight about how things are progressing. IMHO
I myself trade a set pip target each day, and my tradingplan has very strict rules set about stopping to trade for the day wether i achieved the daily goal or not.
Hi Money, Excellent result! Making 14 or 31 wins in a row is what I would like to learn from you. Thanks for the pat on the back I had some good trades but more loosing trades (4W : 7L). I am still on the profit side by MM R:R and position sizing It is all about numbers and statistics.
We trade in a complete different way but you statistics are gold.
You seem to make long streaks of winning trades over and over and over and make a hi profit % with it
By that you have gold in you hands and a million in reach statistically and by the numbers. You only have to do it
If you have 6% draw-down and no loosing trades, what is your stop? You can take a 10% risk SL and still make your system work I wonder how you can make the best R:R decision to make the best of your system.
This week, Im at 35% gain, 19 wins, no loses… Pretty much cherry picking, stick and move.
My goal is 5% a day, but there are nice trades, and I cant just let them slide by. Cant be afraid, and cant think of it as overtrading. If its there, take it, right?
Still, the 25% comes into effect, even if its Tuesday, 25% whacked out, withdraw, repeat.
I think it is bad intention and negative approach to become the millionaire quickly. Because forex trading is risky and tough business and reasonable profit is possible but trying to become the millionaire quickly can cause the reason of failure, so be careful and trade with positive mind in order to get the fruitful result.
All talk about compounding but we can not get profits as we think .There are ups and downs in forex trading . However we can get consistent profits with our patience. No body can become millionaire without hard work and skill because forex is not a money making machine.
I’m really curious, most of the professional traders, do they use EA at all?
Btw, I’m a 100%, just started a cent account with $100 deposit, I’ve no experience in judging ones currency will go up/down.
Therefore I really want to know how top traders get the information of ones currency trend against another?
I’ve read through the replies and believe most of you are experienced traders!
Well, a lot of traders predict the trend from the way currency pairs basically react to macroeconomic data released. For example, a pair like the EURUSD, a series of very strong US data would cause the trend of the EURUSD to be a downtrend. This is because traders are getting more convinced that by December this year, the Federal Reserve will announce interest rates hike. This will make the USD much more attractive to buy.
It’s a long way actually! But in my early stage of trading, I was too much quick! As a result, I crashed my 1st real balance within 1st week of live trading! Then, I changed my trading plan according to proper money management and risk management policies! But, it’s true nothing is impossible here for a pro trader!
You have to keep working at it, if your nervous or worried track the market, observe learn, make mental trades then wait n see, it helps. today I placed a trade in USD/JPY 10 mini lots, i got spooked and closed the trade at no loss no profit lol
Although you make a compelling argument, I think there is a big misconception that you and I can in any way shape or form affect the market. It is the institutional investors who will decide the direction of the market. You and I are just along for the ride. The only thing we should be concerned about is where price is now. What has it done in the past that it will probably do again? Based on that information, we have a reasonable chance of being in a winning trade.
