Trade my way to $50,000,000.00 in 15 years and retire!

Beginner Questions
1

Hello all,

First of all, say hi to everyone and hoping everyone is doing well. I’d like to start this thread how I got myself to double my acct in 6 months already.
I started in August 11 with $1700, have been avg return at 2.4% weekly and currently at $5700 (had reached to $6100 and withdraw $400 due to medical bills :frowning: ). (please do not asking about my trading system because I dont want to reinvent it, thank you for your understanding :).

I will post my weekly performance right here at Friday afternoon sharp!
Have a great weekend!
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Forex Trading Journal Community | MeetPips.com

3

How did you decide on that amount and timescale ?

4

Well, if I can keep this pace, I can reach to more than 10 billions! however, due to withdrawal (cost of living, taxation etc, I like to keep it really realistic)
Thank you for your consideration!

5

because 5 my lucky number Lol

6

Good luck anyway !!

7

nevergiveupss,

Wish you well on your jouney,

Just dont get greedy, stick with your plan, and once you see your off course, fix it instantly at that very second you discover the problem…

I personally think you will hit your goal,

*Hat Tip

8

Thanks alot for your inputs MNVS, I wish you do well too!
Cheers,
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9

Good luck. but

First, this thread shouldn’t be in newbie Island.

Second, what is the purpose of a thread where you don’t share anything? if you want to keep track of your progress then just simple open an account at meetpips, myfxbook, tradeexplorer FF, mt4stats.

and third, I am sure nobody will ask you to reinvent anything, instead a lot of traders would be grateful if you share an outline of your system

10

Well , I’m trading with EWS (Elliott Wave count system) therefore, I just don’t want to reinvent the system)
The reason I show it here because it is a motivation for newbies whom believe that FX trading can make money.
I hope I can clarify enough!
cheers

12

This isn’t a mystery and he isn’t using any special system, it’s just simple scaling using a very risk averse system that can pull in a tiny amount of profit per week.

Let’s assume he’s a weekly swing trader, and needs on average a 70 pip stop loss for his trades to avoid trackbacks.

Week 1:
Let’s say he wants to risk 2% per trade…or $34.
His max position size for the first week would be $34/0.0070 or 4800 (~$0.40 per pip on EUR/USD rounded down for extra risk aversion)
2.4% per week @ 1700 = $40.8 profit the first week/($0.40 per pip) = 102 pips to make goal, which is easily attainable with a well thought out swing trade.

Week2:
Still at 2% per trade and now at an account balance of 1740.8, he recalculates his position sizing for his 70 pip stop loss.

.021740.8=34.8 per trade/0.0070 = 4,973 rounded down again to 4k lots or $0.40 per pips.
profit goal of $41.78 (current bal0.024) needed this week, or a gain of 105 pips.

Week 3:
Acct Bal: 1740.8+41.78 = $1782.58*0.02= 36$ risk per trade/0.0070 = 5143, rounded down to 5k lots or $0.50 per pip on EUR/USD.

Profit goal this week is (current bal*0.024) $42.78/0.50 per pip = 86 pips to meet make profit goal for the week.

Week 4:
Acct Bal: 1782.58+42.78 = $1825.36*0.02 = $36.50 risk per trade/0.0070 = 5214 lots, rounded down to 5k($0.50 cent pips again on EUR/USD)

Profit goal = 1825.36*0.024 = 43.88/0.50 = 87 pips gain for the week.

Week 5:
Acct Bal: 1825.36+43.88=1869.24*.02 = $37.38 per trade/0.0070 = 5,340 lots, down to 5k (0.50 cent/pip)
Goal = 1869.24*.024 = $44.85/0.50 = 90 pips goal for the week.

Week 6:
Acct Bal: 1869.24+44.85=1914$.09*.02 = 38.30 per trade/0.0070 = 5471 lots, down to 5k ($0.50 per pip on eur/usd)

goal = 1914.09*.024 = $45.94/.50 = 92 pip goal.

so on and so forth…as you can see the OP’s 15 year profit goal is an extremely easy goal to attain and as long as you scale your position sizing each week to adjust your profit gains and “compound” your weekly earnings. anyone can do this :slight_smile:

I’m a manual scalper (just started a few months ago) and pull in roughly 50-60$ per hour on average on micro sets. I put in the work though, and spend about 10 hours a day in the charts. We all have different goals…just find something that works for you and keep slowly scaling your account and we’ll all be millionaires one day, though some sooner than others :wink:

good luck nevergiveups!

14

I have to second rcarter on this scaling in trades on a micro, mini, or even a average sized standard account is a hole different concept than what you are talking. Then also I am not sure what broker you got but you talking alot of faith in your broker with that kind of money. However I truly hope you do run into these issues. Means you made it big regardless if you hit the 50 mil or not. I must also agree with mr carter on risk. Its easy to risk 1-3% (or whatever you risk) to money you can afford to lose. I am not sure what that number is to the rest of you but I cant flush 5 figures down my toilet. So I will never risk 1-3% off that at any one time. But again I hope you run into every one of these issues in the future.

If I can offer one piece of advise though let it be this. Diversify your capitol. In forex most of our money sits not really doing anything just raising the dollar amount we risk on a trade. Witch is ok but what if your brokers goes under. All that money goes with him (for the most part). Instead I suggest moving a portion of your yearly gains into safer places. And more than one place to if I might add. This way if one investment goes flop its not going to ruin you. Anyone holding that much money in one location had better know what they are doing because it will draw alot of unwanted attention. In this day and age our enemies are all around us and alot closer than you think. Especially when this much cash is involved.

This is not a good thread for the newb section of this site however there have been many more before this one and they all end up in the same place. Where ever that is I dont know I have to use the search button or scroll back way to many pages to find it. I will apologize as I will not be following this thread it really dont interest me much. I will ghost if it is at the top as that is a hole lot of zeros and very eye catching. Dont take what I posted here the wrong way I meant no disrespect. I hope the best for you. I just had to spill my 2 cents on the greatest thread in history (if you make it).

15

Excellent illustration of compounding but I think what R Carter was stating is that at some point your nice little 2% suddenly becomes worth 10,000 or 50,000 and that in itself becomes a problem in terms of absolute dollar values to be risking.

The other problem being trading millions of dollars, if your account gets that large, to be able to get the sort of volume to fill those orders.

But as everyone else here said I wish you the best of luck and at least you have a realistic time frame for the scale of you goal and don’t expect to become a multi-millionaire in 6 months!

16

One could only hope someone with the kind of money the OP is talking about obtaining would diversify in a variety of different investments to further compound his/her return with less risk.

As for Carter, I’ll do you one better and post my exact scalping system and you can give it a try yourself. Scalping does take a lot of skill, and it is hard work, harder than any other form of trading but the rewards are far greater than that of the longer term trader.

Also, if you are going to even attempt to scalp you have to understand that the 5m chart is a direct correlation to the longer time frames. Without the small downtrends and tiny retracements in a 5m chart, the longer 1 hour downtrend wouldn’t exist. Likewise for uptrends. All timeframes are directly correlated with each other, it’s just a matter of looking at the faster charts less like “noise” and more like the “foundation” of what the big picture is doing.

I have to go grab my brother in law from the airport but look for my strategy sometime this weekend (I’ll try to get it posted tonight). I’ll post it in whatever forum is appropriate but I’ll be sure to link it back to this for your reference.

-cloudy

17

Why would you put all your eggs in one basket?

18

Whoa I am going to stop you here. I am not trying to see who is the more profitable trader here. But rewards are greater than the longer term trader I must challange. I will show you a trade I took thursday night that hit my TP before market close on friday. This trade took me about an hour of watching charts to take.

Here is the aussie dollar on the daily Thursday roughly 7PM est

908×560

I wont try to explain my trade to much but pretty sure it has the same basic concept as most scalper. But pretty much price in strong move up due for retracement goes into consolidation. Forms inverted hammer (or whatever) retesting the high. Now I wont trade just the candle stick on the daily (usually). Stops are to much. I trade the 50% retacement of that pin bars wick to hold down risk. But even then on this setup you talking almost a hundred pip stop. To much for even my blood (reguardless that I risk X amount percent of account). So once we get close to the 50% mark I drop down to 4hr, witch didnt tell me much so I never got a screen shot (pretty much the same as you see here). So then down to the 1 hr for an entry and hope to get a better setup.
908×560

Not really much on here except we are now about the 61% fib level of that swing high. Also we made a lower low with a lower high. Lastly since we made this lower high I can now tighten up my stop. However I see that doji but it was followed by a hammer so no clear entry. I drop to the 15 min (now your neck of the woods).

So now on the 15 min I see a hole lot of rejection at the swing high and if I place my stop just above that high we are talking a 15 pip stop loss. So I went short at the stupid triangle that I cant get rid of for some reason when in a live trade. I tried to enter on the 50% mark of the previous candles wick (pet peeve of mine) but was to slow on the mouse and with the spread factored in thats as close as I could get. Oh forgot to mention those red areas. Well those are ares I suspected price to bounce so I put my TP levels there. Entered 3 micro lots since we were still in a strong up move on the daily. I didnt risk much on this trade half a percent (roughly). Taking off a lot at each red area. Moving stop to BE at first TP zone. Once stop is at BE I will look to open another trade but I didnt see anything standing out it was late and I had to work so I went to bed. Today I planed to close this before the market closed but on that last candle in the next chart Price hit my TP to the exact pip. Before I closed it out.
908×584

Now I am not sure how you scalp. BUt was an roughly 85 pip gain on this. The fact I kept risk down so low this only gave me a about 2.5% gain. Normally I risk 2-3 percent but this was against market momentum. That is normally a 10-15% gain on my trades. Some do lose so dont kid yourself and think I make this on every trade I dont as you see from this one. BUt as a scalper 85 pips more most scalpers would have took about an average of 4 winning trades to get there. Now calculate win loss percentage of 60% winners. This would have took about 6 trades. 6 trades at my half percent risk per trade means you had 3% of your account exposed (if you lost all). You also would have been in front of a screen all day. Where it took me longer to type this than to do it. In the end we made about the same but you had more exposure and no life. Also like I stated somewhere up there as long as my risk on my trade is gone I will open another one. So on any given week I spent about 4hrs looking at charts to make about the same as you that spent all week with your eye popping out your head from chart watching that also required more skill to do. I am not trying to knock you I do scalp. Look at my first tp on this trade at 25 pips tell me thats not a scalp. So I dont know your scalping strat it may be better than what I have seen so far. I tried to scalp but just to much watching charts for my taste. How ever I would like to hear your side. I stated mine. Sorry for the rant I should not drink so much and post but I did so whatever. Would like to hear a scalpers point of view as to why scalp. Anyway I am feel good its late and the wife his half naked in bed. So it was good talking to everyone I am off to bed.

19

@bobmaninc

Well this is kind of ironic with you being drunk haha, but that was a really professional writeup. It looks exactly like my winning swing trades. I scalp too, but of course we’re talking 20-30pip targets, and more than 2 trades a day is overkill, so you still get to have a life, and scalp… and swing trade :slight_smile:

20

Its more adaptation to the market, if your to sit there and watch charts.

Sometimes it calls for scalp, sometimes not.

Now, it would be wise to swing trade news reports, or ride the wave, or whatever you call it, and scalp the rangey price action.

I have a few differant strats for differant times of the day, which is important, but hats if i want to trade allday.

The main key, to compounding, is let the numbers do the work, dont push the matter, the money will come.

I prefer to scalp nice, easy movements… Around 12GMT is perfect for me, im here for 1-2 hours, taking the SUREST pips i can get. I call them sleeper pips, like a carefree bike ride, weavin from side to side, with the cool wind in the face, sun shine screamin, birds churpin, easyyyyyyyyy, happy, pips. This shouldnt be stressfull. Who wants a stressfull career?

When I enter a trade, I BETTER be in profits with-in 5-10 seconds… If Im not, I made a bad call, because my strat calls for instant traps. I see it coming around the corner, i throw the trap out, and snatch him up, then hide again, waiting for the next one.

I set my Trail stop at 2 pips, with an alarm, and I might come back to the forum to surf, but I should hear my alarm very fast. But, knowing i hear that, and in profit, I just let it ride. Im already in profit, no sense in closing the trade. You dont have to sqeeze every last pip out of the move, just what the trail lets you take…

22

There is no limit on how much return you can achieve per week. It’s just a matter of your understanding how the market works and adapting to its everyday changes. Goals are meant to be broken.

23

Thank you for your inputs, will consider these ideas.

Cheers
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