yes I think we,ve worked that on out, your simplistic veiw is missing something along the way me thinks.
I was listening to a radio show last night, the guy on it said that if you make 1 dollar a second it will take 12 days to get a million, on the other hand 37 years (i think) to make a billion!!! 86000 seconds in a day! Hahaha long way to walk!
86k per day for 37 years!!!
If you are working towards your first $ Million then you donāt have time to watch the seconds you are to busy watching your Business the money comes later !
hahaha a long journey indeed.
we better start now!
If you do your maths right with compound interest, $10 you can get $1 million if returns 20% daily least then 6 months. Do you think possible?
Nop, I dont think that is sustainableā¦ you ll crush and burn, 20% a day implies highly leveraged trades.
Please Please Please give me a call first if you ever manage 20% consistantly daily Iāll be your friend for life(as will all our other forex mates),nice to have a goal though,keep at it sngerge:60:
20% a day is a 7300% gain in a year
if someone managed that I would be amazed
The math comes to 89 days, 65 trading days, would be at 1 million with 20% daily, its possible in the longest shot, you have a better chance winning the lottery, note the more you win the more the loosing odds play against you. Take roulette for example. You can theoretically win and keep winning using mathematics, but eventually the 0 00 will roll which doesnāt account for any of the mathematics which then may result in a big loss or small loss. plus with 20% daily, you may have to invest more than comfortable and risk your account daily, For example, if you got 5k from 10$ would you be willing to risk that 5k to start with nothing again. I would be happy winning half a percent daily, and keeping my account stable while I earn an income from it rather than trying to get rich. Right after the 14 time of winning you have roughly a 99.99% chance of loosing. And risking like that it would be a big loss
Actually I lied,I can consistantly alter my account by 20% a day no problem,granted it is by losing 20% but hey thats still 20% right.Skill like this dosent come overnight though,you really have to work at it,but I think I can now do it most of the time(lose that is)And they said at school"Id never do any good" Huh. well thats showed them hasent it.:33:
I think as even as small as 1% per day would be a great accomplishment.
The amazing thing is, it does not work out to 365%
A $100 account would be over $3000 at the end of the year.
If you exercise good risk manangement you will probably only risk 1% of your account in any one position. Assuming you make are patient and wait for one good trade per day, this means to increase your account by 1% you pretty much have to double your one position.
How many pips is that? The same amount as your stop loss. If you have a stop loss of 30pips and risk 1% of your account on the trade you need to make 30pips to make 1% profit, ignoring spread.
Have you replied to the right thread?
Have you? Why not read the post before mine and decideā¦
Anyone here is a millionaire? achieve by trading forex?
yeh Iād like to know that too sngerge ,and no porky pies please,hey lets be truthfull out there guys
I am not a millionaire, but I have made significant profits from currency trading. This post is long but hopefully you can get something out of itā¦
Like I said I am not a millionaire, but I think that is probably because I am very hesitant to keep trading the way I have been. My current account balance is just over $360,000. Overall, I have traded the ASX and Nasdaq profitably for a period of around three years. I got into trading through my job; I am (still!) a high school teacher and teach commerce, business studies and economics. I live in Australia, and the ASX has a school sharemarket game that I would always enrol the kids into.
The first time I played this game, I sucked. After ten weeks of trading, I had lost about 4% of what I started with. But I was intrigued; I already understood many of the theoretical concepts attached to the financial markets, and I was (and still am) obsessed with probability. I was (and some would say still am) a problem gambler, and loved casino games like blackjack and poker. I saw this as just another game with better odds, and I couldnāt stop thinking about it.
I went straight in. I got lucky, and I was making money. I turned $15000 into $20000 over a year. But the sharemarket was too slow. I started trading futures contracts, and then ended up moving into currency. That $20000 was quickly reduced to $5000, and I then added another $10000 and lost $8000 too. I effectively blew up two accounts in one year. I was devastated. Consider that I was working as a teacher; I had lost more than I could save in a year.
I eventually saved up more money, and reentered with a starting stack of $15000 a year and a half later. But this time I had done my research. I have read evey single book I can find on currency trading, and trawl through sites like these to find additional nuggets of wisdom virtually everyday.
I have tried every trading method under the sun (with real money and through manual backtesting) and have found that the only way I can be consistently profitable is via swing trading. I trade the dailyās and weekly charts. I dont usually hold a position over the weekend and usually aim for 100 pips a week. It rarely happens; I make on average around 20-30 pips a week. I do have some big drawdowns on my capital; the worst being a two month period where I was down around 30+%, but I have had the nerve to continue trading regardless and turn it around.
Although I am currently sitting on 350k, I have had at one stage over 800k. Tax is a killer, and I have had some drawdowns since then, but I think the reason why there are so few forex millionaires is because you need exceptional skills, knowledge, discipline and discretion to trade the same at higher monetary values. Anyway some pointers on how I trade:
-
I trade with an ECB (or whatever you call them, I just donāt want to give their name) and am probably only profitable in forex because of them. How people can trade successfully with a retail broker is beyond me.
-
I swing trade using a combination of fundamental and technical analysis
-
I donāt use a fixed system. I trade in the moment and use my judgement to execute trades.
-
My entry is based on general trend, price action, bollinger bands and moving average. I look for high probability setups i.e. pinbars (hammer, shooting star), break through significant s/r levels etc.
-
My exit is usually around the ma if it is a bounce back situation, or a weak daily candle. I do not use fixed stop orders unless it is an obvious stop point. I usually close bad trades if they have totally changed the chart setup.
-
I risk around 5% per trade in general, but have let it go a bit at times if the signals are still going my way.
The reason I replied is because I am at a point where I am scared and I feel this is affecting my judgement. I never trade with more leverage than 10:1 (I usually trade 5:1) but trading overnight positions of 2m+ is just too much for me to trade unemotionally. At the moment, I am trading 500k - 1m each trade, and have been breaking even pretty much for the past three months. I need to forget the money and focus on the chips me thinksā¦ but itās harder than it looks.
I will answer any questions you have over the next couple of months but I will probably only check periodically so donāt expect me to rush to reply. And please donāt ask me to elaborate on my āsystemā like I said it is not a system, just a general way of approaching the markets. I think in a very fluid manner, and do not hold very many fixed beliefs in life in general.
Cheers,
Jakers
p.s this year on the ASX game I made the top 100 in both state and nation wide - top 0.5%. Yay!
1 Like
The successful traders do not post here anymore, by and large.
Thereās a reason for that.
āPearls before Swineā. Thereās your hint.
Your other hint is that trading is a zero sum game. Someone wins and someone loses.
Thatās the nature of the business. Generally speaking, most people who come here are ignorant, foolish and looking for a quick buck. There is no āone weird trickā to becoming a good trader.
How about planning on spending the next 3-5 years of your life to even BEGIN to become consistently profitable. Essentially, plan on spending the equivalent amount of time that you would spend attaining a Masterās Degree from a University.
There are still some good folks posting here, but the numbers have decreased and the number of scammers has increased.
Caveat Emptor, young ones.
Having said all thatā¦the āschoolā here at BabyPips is a very good starting place and I highly recommend it.
1 Like
I just wanted to say , after trading for several years and many different things, and now turning to the dreaded fx finally ā¦I am doing better than othersā learning curvesā. I wanted to say , you have the right mental attitude ā¦ Itās similar to mine. For instance, when I came into this, I asked myself honestly how much I was willing to risk on each day trade nod NOT break a sweat. Not even react much at all. For me it was$30 , and on a 1 mini lot basis that means I want x sue account to risk only 2%. Ou do the math.
Now if you have a sound method, that should be the starting point. If you can grow from there, your. Chance of not following your own system is reduced because youāve taken out the emotional fear factor. That for me is crucial. I tried futures, and as the position size was way too big, my psychology was like on tender hooks every moment. Now , I donāt personally like drawdowns, so if it goes 60% to that hard stop of 30 pips , I get outs, end of story. I donāt care if it rebounds . I 'll make it back on those trades that go into profit quickly because I make twice as much. So, I think you have the correct caution in your trading . Well done, I whole heartily agree . Thatās all I wanted to say .
No, I cannot name anyone because I donāt think that anyone who made a lot of money through Forex trading would have made his identity public.