Turning $3000 into $80000 in 6 months

Hello guys i posted this for some adice and tips.

My background in forex is fairly newi i have been learning about it for 6 months now and 3 months paper trading.
I have heard many testimony’s here about people’s system and some people have profited highly from trading.

I was looking for some help where anyone could help me or guide me through presumably ( best ) people who have already done it before in giving me some advice on how to trade effeciantly.

I know its possible to trun this amount of money, i have been told by once such individual that he only uses fundemantal analysis.
Yahoo! Finance UK - FTSE, Stock Exchange, Mortgages, Loans & More

Like yahoo finance etc and waits for the overall sentiment of the day, i do not think by doing this alone you can be that profitable in a short space of time there must be more to it.

The person im speaking about Turned 3K into 320K in a period of about 9 months, he claimed he only used fundemntals would that be possible?

Any tips comments appreciated
(Sorry if you find any spelling mistakes English is not my first language).
So forgive me !

Let me just state.

I know some people might reply and say dont just focus on the money, but im not really i just want to see improvment in my trading and if i see improvment thats the best i could wish for, becuase that means i am on the way to profiting from my improvment.

Judging yourself by others trading and or using that as benchmark for your own trading is a bad idea?

Just because you can’t beach michael jordan at basketball doesn’t mean you can’t play a good game in your own leauge.

I totally agree with your point you cannot equal your self everybody is diffrent.

Let me put my question across slightly diffrently how do you consistantly keep your profits to the maximum while reducing your loss, sound management agreed.

Today UK unemployement figures came out it looked drastically bad the pound got hammered by Euro/GBP and GBD/USD asolutly hammered.

Lets say you only look at the fundemental point of views figures looked bad, so just short GBP/USD and long EUR/GBP enter wait hope it doesnt hit your stop loss and make sure no other influantial announcments are coming out is that it!

I’m sure someone will disagree with me, but no one really trades just on fundamentals anymore. That is no one that is successful at it.

If you believed GPD was stong fundamentally, that wouldn’t tell you the best entry point and where to place exits and stops and where retraces are at.

Fundamentals are more like a VERY broad overview. Things you would that would effect the fundamentals like news and reports on different areas of an economy can often have no meaningful effect on the price in the short term.

This is possible but its only because he was lucky no other reason another thing to consider is lucky normally runs out. Check back with the same person a year later as to how much he made or how much he has left if at all he has anything left.

Don’t be suckered in to all this talk. If you do I guarantee you’ll lose everything. I absolutely guarantee it. Your probably going to lose it anyway just from your beliefs I doubt you’ll have the patience and discipline … anyway

Remember lots of people before you have spent lifetimes studying and trading and tried innumerable permutations combinations and techniques some had the best mentors in the world.

If there was a consistent way to make gains like ur friend they would have found it.

Why do they say never risk more than 2% max, follow proper money management, under trade, cut losses …

With all their experience the billions upon billions they manage do you think their fools to say this and your fine friend is smarter?

Possible but highly unlikely, what I think is he’s lying or he’s exceptionally lucky and if the latter is the case he’ll soon run out of luck (its inevitable)

forgive me for not being so clear… im not saying that i want to turn 3K into 350K in 6 months i would just be kidding myself at this moment in time.
I do disagree with you slightly i personally believe i will have the patientce to do it however a few people surrounding me might not have…

My point is this i do know the person i am talking about so he said i just extensivly research the fundementals of that day get in and take the profit or the loss… i monitored his progress aswell from october 2008- january 2009 he was able to increase the account to about 50K he told me it was intense, but then from January 2009 march 2009 he increased it to 350 K.

So he was being consistant and he did tell me the losses he was acumelating towards the end and he actually has now stopped trading at this moment in time due to the market conditions.

This argument is a no brainer at the end becuase success realy lies in being consistant cutting short losses and doubeling profits, but how can you do this only by fundemental analysis…and when do you know the market is not stable enough to invest in, if your only using fundementals…
Maybe you guys can send me some good websites for forex??
And how can you find out where smart money is leaning to?

thank you

I think fundamentals are very hard to understand…the intricacy of a countries economy is very tricky…

but how can you do this only by fundemental analysis…

Why don’t you ask this genious friend of yours and come back and tell us?

Stories of people making their fortune in forex in a short time are stuff of urban legends; and about as common in real life as winning the lottery I suspect. I’m not saying your friend hasn’t made all this money, but you cannot be niaive in this game - there are way too many sharks in the water.

Like yahoo finance etc and waits for the overall sentiment of the day, i do not think by doing this alone you can be that profitable in a short space of time there must be more to it.

Daytrading using fundemental analysis! I suspect your friend is “trading the news” rather than fundementals. When a big announcement is made - such as unemployment or interest rate announcements, currencies can fluctuate wildly. This can be very profitable, but is very risky and unpredictable, you can easily lose in quick retracements.

By the way, if you do ask your friend some questions, and they get around to requestinig a fee (even a small one) for sharing the details of their technique/system, run… because you have just spotted your first shark.


i understand your point the whole reason i opened the forum for education my questions in this forum was tho see if others might use the same style of trading and have such success.

In terms of sharks i know the person for a couple years now so its not some random internet con person however it is not easy he said and he does sustain losses he did tell me this.

but at the end of the day in forex its about learning and making money thats the whole point of this business.

lets move on from this and ask commenters what style of trading they use maybe techniqal, fundemental or a combo of both? and why/

thank you the point of this thread is for education not get rich quick schemes.

lol you’re forgiven lol, guess we thought you were another one of the get rich quick or die trying wannabes. We get that all the time.

I do disagree with you slightly i personally believe i will have the patientce to do it however a few people surrounding me might not have…

Well if you have your head firmly on your shoulders (in touch with reality) I’m sure you have some chance of success

My point is this i do know the person i am talking about so he said i just extensivly research the fundementals of that day get in and take the profit or the loss… i monitored his progress aswell from october 2008- january 2009 he was able to increase the account to about 50K he told me it was intense, but then from January 2009 march 2009 he increased it to 350 K.

As I said earlier this is possible I’ve personally seen $100 to a little under $500k in four months. I need hardly mention how the story ends.

A few years ago such stories use to excite my interest that was when I was totally ignorant but now after a wee bit of education they don’t even stir my curiosity.

So he was being consistant and he did tell me the losses he was acumelating towards the end and he actually has now stopped trading at this moment in time due to the market conditions.

Its too early to say he’s consistent. Was he employing a technique called averaging down? This technique if used will work for some time and you make impressive gains with little draw down (not unrealized draw down). You can make almost exponential gains as long as your luck lasts but you eventual ruin is guaranteed. Its set in stone.

This argument is a no brainer at the end becuase success realy lies in being consistant cutting short losses and doubeling profits, but how can you do this only by fundemental analysis…and when do you know the market is not stable enough to invest in, if your only using fundementals…

I don’t know, I’m not a fundamental trader beyond the basic announcements like the interest rates, unemployment claims. The best fundamentalists in the world haven’t fared to well of late. Peter Schiff was able to tell the coming recession but he went totally wrong on his dollar predictions. He lost a lot of money for his clients. Heavily in fact.

Jim rogers is one of the best FA traders in the world. He made 4000% percent over a 10 year period and in the same time the S&P returned 47%.
But even he made mistakes at on point he was absolutely convinced gold was too high so he sold at 600 something. But Horrors!! it started to go up so he began averaging up he could do it because he never traded on margin and so could hold for a long as he wanted to and he was absolutely convinced it was overbought and would eventually drop. It went up to 800 something and he averaged all the way up and made a pile when it dropped.

Averaging down/up will definitely give u spectacular returns for a while.

Lately he predicted oil to reach $200 when it was at around $150 and where did it go? The other way round all the way down to $30. Imagine that for a man in his 70’s with decades of experience.

Maybe you guys can send me some good websites for forex??
And how can you find out where smart money is leaning to?

Smart money … hmm … the COT report can tell u where the smart money’s at, its very effective in futures but I’ve never used it in fx but some ppl do and claim it works. You can check it out. Head over to shatterfield and do the free video tutorial and then check out the free charts and timingcharts. There 's a lot of information on the COT on the internet.

PS>Please excuse my english its not my native language


From the info i have i do not believe this technique of avaraging down was used by him , i have looked into it it is very risky from basic analyis and could finish you of lol…

The forex market is like a relentless beast that has no mercy on those who stay ignorant from gaining knowledge, however having said that what is the best way to keep being consistant and end up being profitable in the long run.

becuase really were not here to play … any info would be sweet
thank you