It's been said "give enough monkeys typewriters and eventually one will write a novel"..... still doesn't mean they know how to read.
Automated trading: $200 to $100K in 1 year 27 replies
Turning $250 into $100K in one year??? 11 replies
DislikedWell, don't even need a calculator to see that MM is crazy.
Just wanted to see if there would be a thread named "how did I toast 1k in 1 hour by trying to turn it into 100k in a week" :
Thanks for all the compliments & brickbats--lol
Some of you already pointed out the danger assoc with this system--Yes, I fully agree that you cannot trade like this day in & out---a surefire way of giving back all your profits---I already said this is my 'wild thing' account, not the usual way I trade---this is only for 'binge trading', say, I'll do this only for a wk or so & will take the profit & run--lol--yes I set a target for myself to keep myself motivated--- And during this time I hardly sleep moe than few hrs a day as I always keep an eye on my account---Ignored
DislikedI enjoy forex trading, but I'll never take it as my profession, coz I'm already in a very noble & rewarding profession ( any American will know which one i mean)---Some of you suggested to buy a Porsche---now i'm going to drop another bomb--ready?--I don't have a driver's license yet-lol--that's my next agenda to make it happen ---and I'm also single--need to find a girlfriend also (preferably a trader who follows good MM--lol)Ignored
I enjoy forex trading, but I'll never take it as my profession, coz I'm already in a very noble & rewarding profession ( any American will know which one i mean)---Ignored
DislikedI'm an American and I have no idea what you are talking about? How can someone so young they don't have a license be in a noble and rewarding profession. If it's killing people, I served in two branches. Ain't nothing noble about letting some numbnuts in Washington send your stupid ass off to another country and die.Ignored
DislikedI know a better way to make that kind of money:
open a website and teach people how to trade on Forex , you can make thousands of % on your investments this way and the best thing is that you don't even need to be a successful trader , just copy all the TA stratgies from Forexfactory and teach them to your students
You can write ebooks , sell subscriptions , offer personal mentoring and if someone should want to see your account statements (although most people would believe your fancy website without this) you make a simple thing: you open two separate trading accounts and make the same trades into opposite directions , one of the accounts will make profits for sure and no matter what you can't lose because for you it is just hedging and you only lose the spread , then you conceal the losing account from your customers and show them the profitable one , great , isn't it?
And additionally you make deals with other people like so you get access to their customers and they to your and you pay a part of the commissions to one another.Really this IS a strategy and the risk is very limitedIgnored
DislikedBTW, how many times have you lost the $1000? Or is this one of the first times you have done this sort of trading? The question out of how many is always the most revealing.Ignored
DislikedAlso, not you but someone else said that Forex is ideal, because one cannot lose more than the $1000 account. This is absolutely not true. In a fast market one can lose much more than their balance. I have yet to see a contract that guarantees maximum loss.Ignored
Disliked- very good question.
- i am not so sure that this is absolutely not true. how would a broker collect? i do not think they would win in court. if they selectively execute margin calls there is a conflict of interest. the broker has some, albeit soft, obligation to close your trade if it margins out. this is not just to protect them but to also protect the trader. if the broker's systems fail, the liability should not fall on the trader. and the broker would not want the publicity of going after a client.
the key is the placement of liability and the conflict of interest, not so much the contract wording.
- what is much more disturbing in the broker's contract (you know, all that small print we fail to read) is the clause that allows your broker to use your account - your money - for operating expenses if they get into trouble. that means you have last claim on your money if they refco.
find and read that clause in your small print - every broker has it. then go to the cftc here: http://www.cftc.gov/marketreports/financialdataforfcms/
and check the capitalization of your broker. if your broker is not listed, well, that is not a good sign. note oanda's capitalization. note also mbtrading/efx.Ignored