How to turn $1000 to $50,000 in a year.
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Dislikedwell in my opinion, you're likely going to blow up your account 100 more times before you achieve this. You will need a very good strategy. A 70-80% win rate and probably some pretty heavy martingale trading when you have losses. It's definitely achievable but few can do it. Just take a look at some of the past myfxbook compititions. The winners of most of the competitions have done it but in my opinion that has massive luck on there side. Best of luck!Ignored
Disliked{quote} You can only Imagine how many account I have blow up, I don't even have a system yet not to talk of Strategy, I trade solemnly on Price action, I put this project on public just to get advice too from Friends, I will be risking 10% of my account with 40 pips stop loss Take profit will be determine too by price I know that's too risky but my drawdown will also be 30%, The money management is also not common, I will start trading London Open to New York close. If you have any good strategy to recommend that has 70% win rate, I will gladly...Ignored
Disliked{quote} You don't need a high win rate to be profitable in Forex. It's all about where you exit the market. If you're wins are double your losses, you could win 40% of the time and be successful. Example: You get $100 for a win and $50 for every loss. You traded 10 times. You win 40% of the time. $100 x 4 = $400 You lose 60% of the time. $50 x 6 = $300 You net $100 every 10 trades and you don't even win 50% of the time. Not bad at all. My win rate is around 40% and I'm doing just fine.Ignored
Disliked{quote} I get your point on win rates, you got a good grip of Forex market and knows what you doing, I saw your demo explorer which is very remarkable, Stop by more often to scrutinize me if am trading of charts, I'll be posting charts of my trade and also update on account balances once in a while, trade explorer will be visible to friends for now till further notice, I have live account right now showing all my trading history, the total loss will destabilize Forex newbies and I don't want that, I will rest everything starting from Monday.Ignored
Disliked{quote} ..... I don't even have a system yet not to talk of Strategy, I trade solemnly on Price action, ......Ignored
Disliked{quote} To trade, you must have a belief system, a pattern that you have seen work time and time again. By trading this pattern, you gain an edge. That is the strategy..... The system incorporates everything else like position sizing and money management. I highly recommend you put a system on paper before attempting this journey. It will be worth your whileIgnored
DislikedI always trade against my plans thinking my plans are not good enough later to realize that my plan is always the bestIgnored
Disliked{quote} Friend, this is common. I do it, too. And it is almost always a bad idea.A lot of trading is mental. We have to learn self-control and stick to our plans. Just try to keep cool and stick to your rules. There is always tomorrow.Ignored