Will I be richer than Bill Gates? | Forex Factory

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Will I be richer than Bill Gates?

  • #1
  • First Post: Aug 11, 2009 9:42am Aug 11, 2009 9:42am
If I have several setups per day, and each setup give me a 75% winning probability with Risk:Reward=1:3, will I be richer than Bill Gates if I keep on trading?
  • #2
  • Aug 11, 2009 9:52am Aug 11, 2009 9:52am
Yes mathematical it's impossible to lose on the long run with the right hitrate and R:R combined.
Each is meaningless on its own.
Only problem would be if you go all-in on every trade. Your
first trade could be loss and you wouldn't have any money left to trade.
  • #3
  • Aug 11, 2009 9:54am Aug 11, 2009 9:54am
Quoting Tjpld
Yes mathematical it's impossible to lose on the long run with the right hitrate and R:R combined.
Each on it's own is meaningless.
Only problem would be if you go all-in on every trade. Your
first trade could be loss and you wouldn't have any money left to trade.
Say risk 10% capital each time. Not 100%.
  • #4
  • Aug 11, 2009 9:55am Aug 11, 2009 9:55am
Yes you could even risk 10% in that case.
  • #5
  • Aug 11, 2009 10:08am Aug 11, 2009 10:08am
Quoting kk007
If I have several setups per day, and each setup give me a 75% winning probability with Risk:Reward=1:3, will I be richer than Bill Gates if I keep on trading?
$56,000,000,000? I think you might just run out of liquidity before then

Can I front run your trades though?
  • #6
  • Aug 11, 2009 10:20am Aug 11, 2009 10:20am
Quoting pipmutt
$56,000,000,000? I think you might just run out of liquidity before then

Can I front run your trades though?

Yes. Perhaps, it will take too long to earn this amount of money. I should give up this goal then. Thanks!

I heard that front running is an illegal practise
http://en.wikipedia.org/wiki/Front_running
  • #7
  • Aug 11, 2009 10:30am Aug 11, 2009 10:30am
Quoting kk007
I heard that front running is an illegal practise
We'll keep it a secret

What I want to know is your '75% 1:3 several trade setups a day' system, it sounds good!!
  • #8
  • Aug 11, 2009 10:37am Aug 11, 2009 10:37am
Where the hell are you finding trading op's with 1:3 RR and 75% hitrate?!

Im going to laugh If you say you are trading solely using tech's.

At the moment Im a tad above 80% but only on a sample of 11 trades, 8 of the wins have been consecutive and hopefully the run is not over yet. RR is either equal or 10-20% higher on the reward side.

Once I tripple the sample I will be more confident.
Living the adventure in my head.
  • #9
  • Edited 10:54am Aug 11, 2009 10:43am | Edited 10:54am
I trade this, this and this, against those marked lines. Not sure the hitrate and R:R yet.
Attached Image
  • #10
  • Aug 13, 2009 5:33am Aug 13, 2009 5:33am
Don't trouble yourself to become Bill Gates ... Just try to trade correctly. If you can turn your $1000 into $1 Mil in a 2 years period, you will be happier than BG, I promise because after that you will turn your $1M into $1 Billion in another next 2 years and become even happier because then you will quit FX and enjoy Caribbean beaches for life.
Discipline + Patience - Fear - Greed = Success
  • #11
  • Aug 13, 2009 6:24am Aug 13, 2009 6:24am
Quoting arezab
Don't trouble yourself to become Bill Gates ... Just try to trade correctly. If you can turn your $1000 into $1 Mil in a 2 years period, you will be happier than BG, I promise because after that you will turn your $1M into $1 Billion in another next 2 years and become even happier because then you will quit FX and enjoy Caribbean beaches for life.
How do you know my plan? I haven't told anyone yet.
  • #12
  • Aug 13, 2009 6:49am Aug 13, 2009 6:49am
Sometimes I think why not?But I did not find anyone who became one of the richest persons from Forex and placed himself in the forbes.......haha....But still I think it is possible..........Lets see........I am confident about it that a man only trading TA have accumulated huge riches from Forex or Stock market......

Wish you best luck...........
  • #13
  • Aug 8, 2011 11:39am Aug 8, 2011 11:39am
Quoting kk007
If I have several setups per day, and each setup give me a 75% winning probability with Risk:Reward=1:3, will I be richer than Bill Gates if I keep on trading?
You know, you can have an extremely low risk tolerance and still make massive amounts of money. My personal rule is to never risk more than 1% of my account, and with the correct Risk:Reward ratio, I usually average much higher returns.

However, you shouldn't underestimate the power of steady and slow progress.

Here's a few numbers to digest.

Say you started with $25,000 and you traded 5 days a week, 12 months a year and you averaged a meager 1% return.

After the first year you'd have $272,313

If you continued another year doing this, you'd have: $2,966,193

And for a third year, you'd have: $32,309,417

Now, this is all from just 1% a day, and really, a good trader can average more than that.

The important thing is to realize that luck only exists on small time scales, so to take luck completely out of the equation, trade a very low risk profile, and do it a lot. The people who lose in this game start risking 10, 20, 30% or more.

I believe in you!
  • #14
  • Aug 8, 2011 12:47pm Aug 8, 2011 12:47pm
Quoting PipJaeger
Now, this is all from just 1% a day, and really, a good trader can average more than that.
haha, 1 % a day CONSISTENTLY? You gotta be kidding me. So go ahead and become bill gates then. blablabla.

Maybe in 3 years, invite me to your yacht and show me the statements of your trading account

(nubcake, let's not start a discussion again about which kind of returns are possible)
  • #15
  • Aug 8, 2011 1:01pm Aug 8, 2011 1:01pm
Quoting Custos
(nubcake, let's not start a discussion again about which kind of returns are possible)
i have no interest in such discussions. i'm not bored enough and the amusement factor is low. you have your ways and perceptions. they seem to serve you so far.
Congratulations ScalaFX for coming out of the closet!
  • #16
  • Aug 8, 2011 1:06pm Aug 8, 2011 1:06pm
Quoting nubcake
i have no interest in such discussions. i'm not bored enough and the amusement factor is low. you have your ways and perceptions. they seem to serve you so far.
So far yes, haha.
  • #17
  • Aug 8, 2011 1:21pm Aug 8, 2011 1:21pm
Quoting Custos
haha, 1 % a day CONSISTENTLY? You gotta be kidding me. So go ahead and become bill gates then. blablabla.

Maybe in 3 years, invite me to your yacht and show me the statements of your trading account

(nubcake, let's not start a discussion again about which kind of returns are possible)
There's a TROLL in the dungeon!!!
  • #18
  • Aug 8, 2011 1:23pm Aug 8, 2011 1:23pm
Quoting PipJaeger
There's a TROLL in the dungeon!!!
what an educated comment. Another college guy, I assume
  • #19
  • Aug 8, 2011 1:32pm Aug 8, 2011 1:32pm
Quoting Custos
what an educated comment. Another college guy, I assume
I'm also not bored enough to debate such extremely subjective matters as achievable results. However to me, averaging 1% per trading session in the long run, especially for a scalper, is very modest.
  • #20
  • Aug 8, 2011 1:36pm Aug 8, 2011 1:36pm
Quoting PipJaeger
I'm also not bored enough to debate such extremely subjective matters as achievable results. However to me, averaging 1% per trading session in the long run, especially for a scalper, is very modest.
good for you, man!
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