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My Journey to a $1,000,000

  • #41
  • Mar 5, 2007 1:10pm Mar 5, 2007 1:10pm
3/04/07
GBP/USD
Entry - Sell 192.73
Result - Stopped Out Overnight +16 or 2.7%
  • #42
  • Mar 5, 2007 1:52pm Mar 5, 2007 1:52pm
Nice trades! At this speed you will get there in no time...
  • #43
  • Mar 5, 2007 2:13pm Mar 5, 2007 2:13pm
I agree with Hilmy their are plenty of naysayers here, but with the right attitude and other financial factors it is goal that is not out of reach.

I started with $562.00 the last week of Dec. and have managed to almost double that in under 90 days so I am with ya, onward to lots of cash.
  • #44
  • Mar 5, 2007 2:50pm Mar 5, 2007 2:50pm
Quoting hilmy83
one of the pitfalls i find about online journals is exactly that..you get self conscious about your trades cause of other people and their smart comments.
As you know hilmy when you dropped in on mine and I am sure our fellow member here will have the strength of character to stick to his conviction. Sir, the very best of luck. The significance of a man is not in what he attains but in what he longs to attain.
Do not focus on making money; focus on protecting what you have.
  • #45
  • Edited Mar 6, 2007 2:37pm Mar 5, 2007 8:46pm | Edited Mar 6, 2007 2:37pm
What? A loss? But my system is infallible! LOL

3/05/07
USD/CHF
Entry - Sell 122.05
Result - Stopped Out -27 or -3.6%
  • #46
  • Mar 5, 2007 9:10pm Mar 5, 2007 9:10pm
with 0.5% per day , you will add 6 more digit after 10 years aproximately
944.727.427.9
or 5 years 4 month (aproximately) to reach 1.000.000

but hey, if you target it like that , most of the time when you miss the target, you will panicked easier

oh and if you add the starting equity to 1000, you can save time about 1 year & half
  • #47
  • Mar 5, 2007 9:37pm Mar 5, 2007 9:37pm
Quoting HowManyPips
What? A loss? But my system is infallible! LOL

3/04/07
USD/CHF
Entry - Sell 122.05
Result - Stopped Out -27 or -3.6%
Swissy is NO DAMN GOOD
  • #48
  • Mar 6, 2007 3:02pm Mar 6, 2007 3:02pm
3/05/07
EUR/USD
Entry - Sell 131.12
Result - Stopped Out Overnight -18 or -2.6%

Well, a disappointing and boring last two trades. But I will continue to take the signals I am getting. My only thoughts are that with choppy markets I may start closing trades when I am not able to be at the computer because while these last two trades culminated in losses, the signals that were given were correct for a period of time and both trades were at least +15 in profit at one point. These are the points when I believe an EA would come in very handy, because, hey, we all need to sleep and occasionally do other things with our lives at times!
  • #49
  • Mar 6, 2007 5:53pm Mar 6, 2007 5:53pm
I do alot of manual trading myself as I am not astute enough at this time to hit TP points as well as I would like.

Many an early trade did just excatly this, and I would lose more than I would win especially trading the European open, so I decided to switch to the Asian Session and spend a little more time in front of my computer just in case, and it has paid off.
  • #50
  • Mar 6, 2007 7:34pm Mar 6, 2007 7:34pm
90% of all traders lose. Retail/restaurants/services businesses all fail at a high rate.

One of the top reasons is being undercapitalized.

Do you think trying to turn a small amount into a big amount is not being undercapitalized, maybe.

Hey I've said it before I wish anyone luck - and with hard work maybe they will have a certain amount of success. But in the end it takes money to make money. Sorry for the reality check. And no I have never told anyone here or elsewhere on the net to get a day job. That is for themselves to decide.

But if anyone is wants to be taken seriously in trading Forex then talking about unrealistic goals with multiple posters saying I hope to see you do it. Come on. And providing the math how x nbrs of pips = X nbr of years/days.



Sceptical not cynical. There is a difference.
  • #51
  • Mar 6, 2007 11:28pm Mar 6, 2007 11:28pm
hey, could you post also your equity in this forum so that its easier to monitor. thanks=)
  • #52
  • Edited 2:26am Mar 7, 2007 12:28am | Edited 2:26am
The equity is not as important in my mind right now as you would believe it to be. Yeah, sure it's $1,000,000 I'm aiming for, but I didn't say it would happen overnight, or that I would have 1000 winning trades in a row. Since the beginning of the journal we are up +93 already and have gained 14%. If I hit a special milestone or something ($500, $1000, $2500, etc...) then I'll start posting the balance but for now it only takes a simple math calculation which (I hope) most of you can figure out yourself. I'll post weekly and monthly summaries at their ends.
  • #53
  • Mar 7, 2007 2:07am Mar 7, 2007 2:07am
Hey HowManyPips, I feel it is my responsibility as a SENIOR MEMBER on this VERY SERIOUS FORUM (money is always serious) to inform you that you may be thinking WAY TOO SMALL!!!!!!!!!!!

l know that you are new to the forex trading realm, so you probably don't yet realise that GBP/USD moves approximately 1,000 pips PER DAY, if you string them all in a row. The range from high to low is usually about 200 pips, though it may be as little as 100 and as high as 500. Anyways, there are about six or seven good gyrations on an average day, each good for 50 to 100 pips at least. So there are tons of pips to be made, even if you don't spend the entire day harvesting them. So that deals with the pip issue. They are ABUNDANT, NOT SCARCE!

Next the issue of how to make money. You have only a little money right now, but you want lots. If the truth were told, you probably want about $100 million or more. (Assuming you are a normal, average person.) So don't settle for less than what you're worth. So let's see if you can get from where you are to where you want to be without having to to get bogged down and bored trading this stuffy Forex market.

The thing you need to know is that pips aren't the main point. It's steady compounding of capital. For that you need a good win rate. Coupled with a good return on capital per trade. The great thing is that when you find a way to have a high win rate (% of winning trades), then you automatically can increase your risk factor (amount risked per trade) to a much larger number. The other important number is Reward / Risk ratio. If you can keep the size of your stops down to less than or equal to the size of your pips earned, then this also allows your risk factor to go higher. With a high risk factor, and a good win rate, coupled with a decent Reward / Risk ratio, the return on each winning trade can get quite large.

For example, I recommend trading with a trading system with a 75% win rate and a 1:1 or better Reward : Risk Ratio. This combination allows you to use a Risk Factor of .50, and assuming that the losses aren't clustered, you only stand a 1 in 16,384 chance of diminishing your capital by 98.5%, which would mean your equity would sink to a level so low that you would have to replenish your account with more hard-earned, stolen, borrowed or inherited money before you could carry on with your trading program.

Now, for the trading program I am suggesting, you should try to find one where you can complete at least two trades a week. That is, where with the time you have available you will be able to identify at least two system compliant trades during the six full or partial trading days each week. With an average of two completed trades per week, a 75% win rate, 1:1 RRR, and 50% Risk Factor, an account with $300 in it will grow to $270,000 in 6 months, and $243 million in 12 months.

As to the practicalities of the trading program, you should search around on this site or elsewhere to find a trading system with 1:1 RRR (or better) and about 75% winning trades. I think Mouteki on this site is better than this, but there may not be too many trades available per week. However, if you choose the right currency pairs, and tweak the system a bit, and put in a bit of extra time, and scan around for particularly good opportunities on various currency pairs, I think it's likely that you can get a workable trading system up and running quite quickly.

Take it from me, How Many Pips, you should consider changing your name to "How Many Days to Financial Abundance". The pips are not a fundamental measure of anything. The key variables are the ones that I've mentioned in the last two paragraphs - Percent of Winning Trades, Reward : Risk Ratio, Number of Trading Opportunities, and Weeks of Trading. The rest are all details.

Shoot for a cool quarter billion in one year, and don't settle for one cent less if what you really desire is more than $1 million. Don't succumb to greed, but if you have a charity to fund or the national debt of any small countries you want to pay off, then $1 million isn't going to go too far. Face it, the world is so awash in liquidity (ie - borrowed money ) that a dollar isn't worth nearly as much as it once was. The Forex market is flush with plenty of liquidity (maybe hundreds of trillions of liquidity units), so you've come to the right place if you want to own some of this excess liquidity that the billionaires and trillionaires are fretting to retain by paying fund managers to shuffle it back and forth constantly between different currencies every second of every day (except Saturdays). Even if you make a few hundred million liquidity units, you can spend it back into the economy and it will keep in circulation and help the trillionaires later on when they sweep it up in their next sweep (stock market crash, high interest rate cycle, real estate crash, war, plague, hike in oil prices, etc.). So you won't really effect the billionaires and trillionaires too much, as long as you spend your money and don't try to elbow into their international monopolies - banking, oil, media, weapons, mercenary armies, prisons, private security, narcotics, pharmaceuticals, gold and diamond mining, alcohol, cigarettes, gambling, pornography, coffee, big box retailing and the sex slave trade. Just stay out of these businesses if you know what's good for you. There are plenty of other ventures to involve yourself in.
  • #54
  • Mar 7, 2007 2:59am Mar 7, 2007 2:59am
Quoting itme
Hey HowManyPips, I feel it is my responsibility as a SENIOR MEMBER on this VERY SERIOUS FORUM (money is always serious) to inform you that you may be thinking WAY TOO SMALL!!!!!!!!!!!

l know that you are new to the forex trading realm, so you probably don't yet realise that GBP/USD moves approximately 1,000 pips PER DAY, if you string them all in a row. The range from high to low is usually about 200 pips, though it may be as little as 100 and as high as 500. Anyways, there are about six or seven good gyrations on an average day, each good for 50 to 100 pips at least. So there are tons of pips to be made, even if you don't spend the entire day harvesting them. So that deals with the pip issue. They are ABUNDANT, NOT SCARCE!

Next the issue of how to make money. You have only a little money right now, but you want lots. If the truth were told, you probably want about $100 million or more. (Assuming you are a normal, average person.) So don't settle for less than what you're worth. So let's see if you can get from where you are to where you want to be without having to to get bogged down and bored trading this stuffy Forex market.

The thing you need to know is that pips aren't the main point. It's steady compounding of capital. For that you need a good win rate. Coupled with a good return on capital per trade. The great thing is that when you find a way to have a high win rate (% of winning trades), then you automatically can increase your risk factor (amount risked per trade) to a much larger number. The other important number is Reward / Risk ratio. If you can keep the size of your stops down to less than or equal to the size of your pips earned, then this also allows your risk factor to go higher. With a high risk factor, and a good win rate, coupled with a decent Reward / Risk ratio, the return on each winning trade can get quite large.

For example, I recommend trading with a trading system with a 75% win rate and a 1:1 or better Reward : Risk Ratio. This combination allows you to use a Risk Factor of .50, and assuming that the losses aren't clustered, you only stand a 1 in 16,384 chance of diminishing your capital by 98.5%, which would mean your equity would sink to a level so low that you would have to replenish your account with more hard-earned, stolen, borrowed or inherited money before you could carry on with your trading program.

Now, for the trading program I am suggesting, you should try to find one where you can complete at least two trades a week. That is, where with the time you have available you will be able to identify at least two system compliant trades during the six full or partial trading days each week. With an average of two completed trades per week, a 75% win rate, 1:1 RRR, and 50% Risk Factor, an account with $300 in it will grow to $270,000 in 6 months, and $243 million in 12 months.

As to the practicalities of the trading program, you should search around on this site or elsewhere to find a trading system with 1:1 RRR (or better) and about 75% winning trades. I think Mouteki on this site is better than this, but there may not be too many trades available per week. However, if you choose the right currency pairs, and tweak the system a bit, and put in a bit of extra time, and scan around for particularly good opportunities on various currency pairs, I think it's likely that you can get a workable trading system up and running quite quickly.

Take it from me, How Many Pips, you should consider changing your name to "How Many Days to Financial Abundance". The pips are not a fundamental measure of anything. The key variables are the ones that I've mentioned in the last two paragraphs - Percent of Winning Trades, Reward : Risk Ratio, Number of Trading Opportunities, and Weeks of Trading. The rest are all details.

Shoot for a cool quarter billion in one year, and don't settle for one cent less if what you really desire is more than $1 million. Don't succumb to greed, but if you have a charity to fund or the national debt of any small countries you want to pay off, then $1 million isn't going to go too far. Face it, the world is so awash in liquidity (ie - borrowed money ) that a dollar isn't worth nearly as much as it once was. The Forex market is flush with plenty of liquidity (maybe hundreds of trillions of liquidity units), so you've come to the right place if you want to own some of this excess liquidity that the billionaires and trillionaires are fretting to retain by paying fund managers to shuffle it back and forth constantly between different currencies every second of every day (except Saturdays). Even if you make a few hundred million liquidity units, you can spend it back into the economy and it will keep in circulation and help the trillionaires later on when they sweep it up in their next sweep (stock market crash, high interest rate cycle, real estate crash, war, plague, hike in oil prices, etc.). So you won't really effect the billionaires and trillionaires too much, as long as you spend your money and don't try to elbow into their international monopolies - banking, oil, media, weapons, mercenary armies, prisons, private security, narcotics, pharmaceuticals, gold and diamond mining, alcohol, cigarettes, gambling, pornography, coffee, big box retailing and the sex slave trade. Just stay out of these businesses if you know what's good for you. There are plenty of other ventures to involve yourself in.
But it would be very hard to find a system like that right?

So you main message is forget the $1m once you are good enough to trade like this the sky's the limit.

Cheers
  • #55
  • Edited 4:24am Mar 7, 2007 3:23am | Edited 4:24am
Quoting tom.hunter
But it would be very hard to find a system like that right?

So you main message is forget the $1m once you are good enough to trade like this the sky's the limit.

Cheers
There is a person named Jacko that visited my thread a few times to tell me that I was wasting my time, who allegedly is a fantastic trader, and has explained how to make money multiply like rabbits. There is also a James18 Group (or something like that) where people can learn a proven, effective trading system. My friend told me there is a thread somewhere on Factory Forex where people commented on different systems, and the most popular one was Mouteki (or Moustachi, or something like that) which allegedly performs even better than the system I described above.

And in my scanning around I came across a few threads where people allegedly created robots that performed extremely well - and they operate with perfect precision 24 hours a day.

I personally plan to attempt to create and forward test a trading system with 2:1 RRR and 60% or better %wins in the next few days, but it could take a few weeks (or months) to get all the bugs out. I've been practising and researching with 5:1 trades to see what is required, in order that I can find out the limits of the models I'm working with, and to refine my skills. I think that the 60% success rate at 2:1 RRR trades is quite doable as a starting objective. It's not a method I would encourage others to attempt, as it's ridiculously complex. I suspect that there are simple, proven methods that work just as well, nearly as well, or even better if you search around.

One thing you may want to consider is my theory that traders fit into two categories - institutional (rich) and non-institutional (poor). The institutional traders aim for making a small return on capital, whereas some non-billionaire investors aim for making a vastly higher return on capital. For example, here are the performance results for the legendary billionaire Bruce Knover's fund. In his eventual role as a trader under the legendary Michael Marcus at Commodities Corporation (now part of Goldman Sachs), Mr Kovner made millions and gained widespread respect as an objective and sober trader. This ultimately led to the establishment of his current company, Caxton Associates, in 1983, which today manages over $10 billion in capital and is closed to new investors. :
Year To Date Investment Fund Performance History

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 28% 22% 31% 12% 18% 4% 2% 0.5% 1% 2%
  • #56
  • Mar 7, 2007 3:30am Mar 7, 2007 3:30am
personally i know theres a guy in real life from Singapore, he made about 2 million in 5 years! hes retired now.. as long as you have high chance of getting profit in forex, it is just matter of time before reaching your goal



wishing you a fast journey, good luck!
  • #57
  • Mar 7, 2007 4:38am Mar 7, 2007 4:38am
3/06/07
USD/CHF
Entry - Sell 122.31
Result - Closed for Sleep/News purposes (ADP Nonfarm Employment) +0 or breakeven
  • #58
  • Mar 7, 2007 4:59am Mar 7, 2007 4:59am
Quoting itme
Hey HowManyPips, I feel it is my responsibility as a SENIOR MEMBER on this VERY SERIOUS FORUM (money is always serious) to inform you that you may be thinking WAY TOO SMALL!!!!!!!!!!!

l know that you are new to the forex trading realm, so you probably don't yet realise that GBP/USD moves approximately 1,000 pips PER DAY, if you string them all in a row. The range from high to low is usually about 200 pips, though it may be as little as 100 and as high as 500. Anyways, there are about six or seven good gyrations on an average day, each good for 50 to 100 pips at least. So there are tons of pips to be made, even if you don't spend the entire day harvesting them. So that deals with the pip issue. They are ABUNDANT, NOT SCARCE!

Next the issue of how to make money. You have only a little money right now, but you want lots. If the truth were told, you probably want about $100 million or more. (Assuming you are a normal, average person.) So don't settle for less than what you're worth. So let's see if you can get from where you are to where you want to be without having to to get bogged down and bored trading this stuffy Forex market.

The thing you need to know is that pips aren't the main point. It's steady compounding of capital. For that you need a good win rate. Coupled with a good return on capital per trade. The great thing is that when you find a way to have a high win rate (% of winning trades), then you automatically can increase your risk factor (amount risked per trade) to a much larger number. The other important number is Reward / Risk ratio. If you can keep the size of your stops down to less than or equal to the size of your pips earned, then this also allows your risk factor to go higher. With a high risk factor, and a good win rate, coupled with a decent Reward / Risk ratio, the return on each winning trade can get quite large.

For example, I recommend trading with a trading system with a 75% win rate and a 1:1 or better Reward : Risk Ratio. This combination allows you to use a Risk Factor of .50, and assuming that the losses aren't clustered, you only stand a 1 in 16,384 chance of diminishing your capital by 98.5%, which would mean your equity would sink to a level so low that you would have to replenish your account with more hard-earned, stolen, borrowed or inherited money before you could carry on with your trading program.

Now, for the trading program I am suggesting, you should try to find one where you can complete at least two trades a week. That is, where with the time you have available you will be able to identify at least two system compliant trades during the six full or partial trading days each week. With an average of two completed trades per week, a 75% win rate, 1:1 RRR, and 50% Risk Factor, an account with $300 in it will grow to $270,000 in 6 months, and $243 million in 12 months.

As to the practicalities of the trading program, you should search around on this site or elsewhere to find a trading system with 1:1 RRR (or better) and about 75% winning trades. I think Mouteki on this site is better than this, but there may not be too many trades available per week. However, if you choose the right currency pairs, and tweak the system a bit, and put in a bit of extra time, and scan around for particularly good opportunities on various currency pairs, I think it's likely that you can get a workable trading system up and running quite quickly.

Take it from me, How Many Pips, you should consider changing your name to "How Many Days to Financial Abundance". The pips are not a fundamental measure of anything. The key variables are the ones that I've mentioned in the last two paragraphs - Percent of Winning Trades, Reward : Risk Ratio, Number of Trading Opportunities, and Weeks of Trading. The rest are all details.

Shoot for a cool quarter billion in one year, and don't settle for one cent less if what you really desire is more than $1 million. Don't succumb to greed, but if you have a charity to fund or the national debt of any small countries you want to pay off, then $1 million isn't going to go too far. Face it, the world is so awash in liquidity (ie - borrowed money ) that a dollar isn't worth nearly as much as it once was. The Forex market is flush with plenty of liquidity (maybe hundreds of trillions of liquidity units), so you've come to the right place if you want to own some of this excess liquidity that the billionaires and trillionaires are fretting to retain by paying fund managers to shuffle it back and forth constantly between different currencies every second of every day (except Saturdays). Even if you make a few hundred million liquidity units, you can spend it back into the economy and it will keep in circulation and help the trillionaires later on when they sweep it up in their next sweep (stock market crash, high interest rate cycle, real estate crash, war, plague, hike in oil prices, etc.). So you won't really effect the billionaires and trillionaires too much, as long as you spend your money and don't try to elbow into their international monopolies - banking, oil, media, weapons, mercenary armies, prisons, private security, narcotics, pharmaceuticals, gold and diamond mining, alcohol, cigarettes, gambling, pornography, coffee, big box retailing and the sex slave trade. Just stay out of these businesses if you know what's good for you. There are plenty of other ventures to involve yourself in.
I like this post. What system are you using?
  • #59
  • Mar 7, 2007 5:37am Mar 7, 2007 5:37am
Quoting SunTrader
If you are really interested in one day possibly making $1mil, the first thing to do is stop thinking about making $1mil.

Its great to have a financial goal but the real goal is to trade right. As has been said million times before: Trade the plan, plan the trade. The money will then follow.
I'm fairly new at this myself, but I strongly agree. When making money is my goal, I lose.

I have to make the goals:

CONSISTENCY
MONEY MANAGEMENT

If I would just do that, I'd be getting there a lot faster, the money would come.

The numbers are right. $300, 20 pips a day is all it takes.

If you want to make it to a million in 1 year, you have to go with 18% margin, which is not good money management.

Best to just use 10% and take 2 years, give or take.

20 pips a day.

My account is also $300. Let's do it together.
  • #60
  • Mar 7, 2007 4:49pm Mar 7, 2007 4:49pm
Ah, the joys of the forex...

3/07/07
GBP/USD
Entry - Buy 1.9333
Result - Stopped Out -31 or -4.7%
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