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Turning $250 into $100K in one year???

  • #1
  • Quote
  • First Post: Dec 25, 2007 2:03pm Dec 25, 2007 2:03pm
Hey everyone I was wondering if it is possible to turn a mini account into a 100K in one year???

What are your guys thoughts???
"Don't work for your money, but let money work for you."
  • #2
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  • Dec 25, 2007 2:11pm Dec 25, 2007 2:11pm
Not many traders have come forward and stated that they have, but I am one that is keeping my fingers cross and hope that you can do it.
  • #3
  • Quote
  • Dec 25, 2007 2:57pm Dec 25, 2007 2:57pm
Quoting chady250
Hey everyone I was wondering if it is possible to turn a mini account into a 100K in one year???

What are your guys thoughts???
Aloha Chady

If you're trading a mini account with a few hundred bucks you'll need a tremendous success rate right from the start just to keep from going broke. The most positive remark I can come up with is, "Your chances are very, very slim". But who knows? People win the lotto.

If you do it I'll be very happy for you.

Mele Kalikimaka!
Bill
  • #4
  • Quote
  • Dec 25, 2007 3:02pm Dec 25, 2007 3:02pm
in this case, your chance of turning a few hundred to 100k is better than winning a lotto.
Working towards CME membership
  • #5
  • Quote
  • Dec 25, 2007 5:07pm Dec 25, 2007 5:07pm
Your guys thoughts are all very true. It would sure be interesting to win the lottery wouldnt it. But what came to my mind is that if people have a very slim chance of making 1000 dollars into 100000 dollars in one week, would it be easier if someone tried to make 250 into 100000 over the course of one year?

I have a simple trading plan of using EMA's and RSI on the daily charts. It has been personally back tested for the past 3 months with a profit turn out of about 600 pips. Although I am not to sure if this is reasonable enough to sustain a 1 year goal of 100,000. I use EUR/USD and USD/JPY as the pairs for trading.

Mele Kalikimaka and Merry Christmas to everyone.
Chad
"Don't work for your money, but let money work for you."
  • #6
  • Quote
  • Dec 25, 2007 7:39pm Dec 25, 2007 7:39pm
Quoting chady250
Your guys thoughts are all very true. It would sure be interesting to win the lottery wouldnt it. But what came to my mind is that if people have a very slim chance of making 1000 dollars into 100000 dollars in one week, would it be easier if someone tried to make 250 into 100000 over the course of one year?

I have a simple trading plan of using EMA's and RSI on the daily charts. It has been personally back tested for the past 3 months with a profit turn out of about 600 pips. Although I am not to sure if this is reasonable enough to sustain a 1 year goal of 100,000. I use EUR/USD and USD/JPY as the pairs for trading.

Mele Kalikimaka and Merry Christmas to everyone.
Chad

That is the beauty of Forex. ANYTHING IS POSSIBLE. After many years of banging my head against the desk, I finally realised the holy grail of fx trading - patience and discipline.

I would say your question is in the same category as "Can I win the lotto?", but with a very very big difference - you have no control if you win the lotto, but you do have control over your trading account.

I did a quick excel calculation, and to achieve your result, you need to do abt 65% per mth. Possible - anything is possible. Probable - statistically anything is probable. Only question is, can you do it?? I remember James, or Diallist very early on said that if you can't make 200 pips in 35 days, then you should not be trading a live acct. So working on that value, you would need to be trading at $8/pip approx to achieve your 65% for the first mth or so. SO your acct is being leverage at approx 32x. Remember, a negative 5 pip floating trade will mean you are abt -16% dd. Do you have the mental discipline to handle that sort of equity draw down? Lets say, you do make 65% for the first mth, what is that in $$ terms? $162. Do you have the mental discipline to keep going after making $162 for the mth? Work a hard day on the weekend, and you would make much more than that. What happens, if you make 30% for one mth? Do you have the mental discipline to not get into the trap of thinking that you have make 90% the next mth?

None of this is meant to be discouraging, rather something to help prepare you for the experiment if you so desire. I tried something similar some time ago, and found it better to say, "let me see what I can take this $250 to by the end of the year".

Good luck.
  • #7
  • Quote
  • Dec 25, 2007 8:05pm Dec 25, 2007 8:05pm
I see what your trying to say. I definitly agree with you! The lottery is an uncontrollable variable that deals with luck and very small percentage. However in the Forex you are able to control many of the variables. This will allow you to control the pace at which you are both losing and making money.

Does anyone have any simple trading systems that they may want to share?

Quoting kermut
That is the beauty of Forex. ANYTHING IS POSSIBLE. After many years of banging my head against the desk, I finally realised the holy grail of fx trading - patience and discipline.

I would say your question is in the same category as "Can I win the lotto?", but with a very very big difference - you have no control if you win the lotto, but you do have control over your trading account.

I did a quick excel calculation, and to achieve your result, you need to do abt 65% per mth. Possible - anything is possible. Probable - statistically anything is probable. Only question is, can you do it?? I remember James, or Diallist very early on said that if you can't make 200 pips in 35 days, then you should not be trading a live acct. So working on that value, you would need to be trading at $8/pip approx to achieve your 65% for the first mth or so. SO your acct is being leverage at approx 32x. Remember, a negative 5 pip floating trade will mean you are abt -16% dd. Do you have the mental discipline to handle that sort of equity draw down? Lets say, you do make 65% for the first mth, what is that in $$ terms? $162. Do you have the mental discipline to keep going after making $162 for the mth? Work a hard day on the weekend, and you would make much more than that. What happens, if you make 30% for one mth? Do you have the mental discipline to not get into the trap of thinking that you have make 90% the next mth?

None of this is meant to be discouraging, rather something to help prepare you for the experiment if you so desire. I tried something similar some time ago, and found it better to say, "let me see what I can take this $250 to by the end of the year".

Good luck.
"Don't work for your money, but let money work for you."
  • #8
  • Quote
  • Dec 25, 2007 8:54pm Dec 25, 2007 8:54pm
keep going! continue to wet your pants about making trillions! after all if it wasn't for you folks, the rest of us wouldn't be making money! :
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  • #9
  • Quote
  • Edited 9:31pm Dec 25, 2007 9:01pm | Edited 9:31pm
Peterfm's 5/8 crossover pretty simple. So is Harold4x's key to the mint.
Good luck.

Regards,
K.
  • #10
  • Quote
  • Dec 25, 2007 9:11pm Dec 25, 2007 9:11pm
Quoting jjk2
keep going! continue to wet your pants about making trillions! after all if it wasn't for you folks, the rest of us wouldn't be making money! :
Not sure about you, but I was always told, "If you can not say anything
positive, best not to say anything at all."

Constructive criticism is good, sarcasm really doesn't help anyone.

Regards,
K.
  • #11
  • Quote
  • Dec 25, 2007 10:06pm Dec 25, 2007 10:06pm
Quoting chady250
Hey everyone I was wondering if it is possible to turn a mini account into a 100K in one year???

What are your guys thoughts???
Depend on how skillful trader you are.

A novice trader? Doubt!

Will an expert trader speed up to reach 100K if he knows how to? Good question
  • #12
  • Quote
  • Last Post: Dec 26, 2007 12:59am Dec 26, 2007 12:59am
Quoting kermut
Not sure about you, but I was always told, "If you can not say anything
positive, best not to say anything at all."

Constructive criticism is good, sarcasm really doesn't help anyone.

Regards,
K.
okay!

i'll leave you to your wet dreams.
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