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Quoting The Fool
2% per day an easy feat? Sustained over a long time, I assure you, 2% per day is a Herculean feat.
huh, is this you?

http://www.forexfactory.com/showthread.php?t=184652

Anyway, back to topic
Hi All,

I write this in reference to the first post of this thread.

My 4 year old daughter's nursery class were offered 1 chocolate now (sometime in the morning) or 4 when they left to go home - she was the ONLY one to settle for 4 at home time - and she gave 2 of them to me. Boy was I proud!!
I've got my pips - go get yours!
10K account, risk 2% on a trade, average SL 25, lets say 8 minilots, that mean I just need 25 pips from the market daily to reach my 2% a day.

Considering gu on average moves 150 pips daily should be ok, unless I've been extremely lucky or something for the past half year
Quoting BackTestDummy
Hi All,

I write this in reference to the first post of this thread.

My 4 year old daughter's nursery class were offered 1 chocolate now (sometime in the morning) or 4 when they left to go home - she was the ONLY one to settle for 4 at home time - and she gave 2 of them to me. Boy was I proud!!
Hehe - this is good if the chocolate provider doesn't default - if it's Bear Stearns, Lehman Brothers, or a whole list of others, maybe it's better to take the 1 chocolate now.
Hello,

I am very new here, but I am not a novice trader

So, I have some ideas to share.

I would say first that having a greater ratio than 1:1 isn't necessary to be successful . You can have a 1:2 ration and make money consistently. It all depends of your percentage of successful trades. If you have a 10 pips target and a 20 pips Stop Loss with 75% of positive trades, you are earning money.

Making consistently 1% each day or 2% isn't easy obviously! But it isn't impossible and some traders are making more than 5% each day. And I am somewhere between 2% and 5% daily. So I can assure that it's possible!

Compounding is a great thing if your strategy is designed for compounding. everything can be calculated. The risk of compounding also can be calculated. I have always compounded my gains with no major problems.
Quoting MightyII
Making consistently 1% each day or 2% isn't easy obviously! But it isn't impossible and some traders are making more than 5% each day. And I am somewhere between 2% and 5% daily. So I can assure that it's possible!

Compounding is a great thing if your strategy is designed for compounding. everything can be calculated. The risk of compounding also can be calculated. I have always compounded my gains with no major problems.
Hi MightyII,

Since you make 2% - 5% daily, and you can compound your money with no major problems, is it correct for me to assume you are a very rich person?
"Success is not a fantasy, it's a formula." - MTI
Not to nitpick, but children also usually have infinite discount rates. If you ask them if they'd rather have a lollipop or go to disney world next week, they'll usually take the lollipop.
1000$ acc.
260 working days
2% each day
After 3 years: 1000*(1.02^780)= ?
Trader from Croatia
Quoting Geene
1000$ acc.
260 working days
2% each day
After 3 years: 1000*(1.02^780)= ?
Ha if you could do that you'd have over 5 billion dollars.
Quoting BackTestDummy
Hi All,

I write this in reference to the first post of this thread.

My 4 year old daughter's nursery class were offered 1 chocolate now (sometime in the morning) or 4 when they left to go home - she was the ONLY one to settle for 4 at home time - and she gave 2 of them to me. Boy was I proud!!

Hehehehe. Cute.
Quoting Topgun_1
Hi MightyII,

Since you make 2% - 5% daily, and you can compound your money with no major problems, is it correct for me to assume you are a very rich person?
Obviously MightyII is making an outright, bold-faced lie. He comes here and claims to make between 2% - 5% per day and then refuses to answer my question about his claim. In fact, it is no coincidence he has a grand total of 2 posts since he has been a member here. So this tells me he is a "hit and run" poster.

As Pearl Jam said, if someone were to make 2% per day, they would make several billion dollars. And over a long enough period of time, it would make you the richest person on earth. I highly doubt that is the case with MightyII.

Come on people, don't come here and make outrageous lies. Claims such as "I make between 2% and 5% daily" doesn't exactly help the integrity of this forum - or any other forum for that matter.


Topgun
"Success is not a fantasy, it's a formula." - MTI
2 % a day is far from outrageous, I try and average about 1%, even 5% is believable to me, I used to have days where you'd get a 10% return, but now I only trade 6 - 10 hours a week.
{Promotion Removed}
Just because you can't see it and haven't done it, doesn't mean you can't do it.

I made 2 trades yesterday, +19 and +15 pips, each trade risking 5%.

My start $ was $129 and with yesterday trades my account got to $149, my default was 50 dollars 2 months ago

That's a 15.5% increase of account.

Ok, so it's a small account, but I know that trading is 90% psychology and 10% method, l just apply the same trading plan over and over again and compound to get to riches!
  • Post #54
  • Quote
  • Edited Jan 27, 2010 12:07am Jan 26, 2010 1:43pm | Edited Jan 27, 2010 12:07am
You guys are obviously missing my point.

My point is not that I think it is outrageous for someone to make 2% - 5% in a few trades, but instead my point is that I don't believe NOBODY has ever made at least 2% each day for an EXTENDED period of time ... such as a 3 year period, for example.

I used my (online) computer calcutator to figure the exact amount of 2% per day, with 260 trading days per year, for 3 years, starting with only a $1000 account. Here is the exact amount it comes to:

$5,106,625,085.35

And that is with "only" with the 2% figure. If instead 4% was made each day, then the numbers become practically incomprehensible!

So, my question to you guys is: Can you produce a legitimate evidence showing that you have 5 billion dollars in your bank account?


Topgun
"Success is not a fantasy, it's a formula." - MTI
  • Post #55
  • Quote
  • Edited Jan 27, 2010 1:19am Jan 26, 2010 4:02pm | Edited Jan 27, 2010 1:19am
2% per day consistently is impossible. I think that 15% monthly consistently is maximum you can win without sustaining irrecuperable drawdowns.
Anyway, nobody compounds indefinitely. If you have 10 millions then 10-20% yearly is enough for a very good living so protecting the capital will be the main task.
I automatically discount anybody who claims high rates of return, they lie, dream or suffer from some beginners' luck. I don't have to see their trading history to know it.
Topgun

You accused me to be a liar. As you see yourself, I don't spend my days on the forums. That doesn't mean that you, people who are on the forums aren't doing well on trading the forex. But I am not looking for a system here.

Topgun, I can tell you that I am trading the same system for more than 6 monthes. I trade about 5 hours per day, about 3.5 days a week. My average for those last monthes is around 4% daily, not 2%. I won't share my numbers, but you can estimate my performance. I traded for one month on a demo and published my results on myfxbook, showing all the trades (including the still open trades). People who knew that followed my trading live on myfxbook, day after day. I won't share my system. AND I AM NOT LOOKING TO TRADE OTHER PEOPLE MONEY. I just wanted to show that making good numbers is possible over a large period of time if you are disciplined. That was my intention participating to the forum. To give confidence to those who hear from other people that making money on the forex is impossible.

P.S: No, I am not a billionaire, and don't try to be one. But I am really happy with what I've achieved trading the forex.
Quoting MightyII
Topgun, I can tell you that I am trading the same system for more than 6 months. I trade about 5 hours per day, about 3.5 days a week. My average for those last monthes is around 4% daily, not 2%. I won't share my numbers, but you can estimate my performance. I traded for one month on a demo and published my results on myfxbook, showing all the trades (including the still open trades)
MightyII,

Whether you were lying or not, I admit I cannot definitely say with proof whether or not I was correct in my assessment. However, one must admit that it was very odd for someone to come here and make one post claiming a 2% - 5% gain per day, and then for that person to never post again ... especially after someone (such as I) asked a question regarding your claim.

Having said all that, what matters is the bottom line of how fat one's real life bank account grows (and not some demo account). Many will tell you that demo trading and live trading are not the same.

Going by the figures you gave, if you trade about 3 days per week (or 4 days per week, if that is what you prefer) and make an average of 4% per day, then that means if you start with a trading account of $3600 you will have no problem of making $1,000,000 a full year from now. Understand that this is just one million, not one billion, so it should be simple for you.

And surely scrapping together $3600 to trade with will not be a problem for someone making 4% per day.

MightyII, If you return to this thread one year from now and honestly post that you made - starting with under $5000 account - $1,000,000 from your trading AND give proof of a bank statement or some other bona-fide document of proof, then I will issue a personal apology and leave this forum with my tail between my legs.

Until then, I stand 100% by my statement that nobody here is making between 2% - 5% per day in a live account for an extended period of time (such as 1 year or more).


Topgun
"Success is not a fantasy, it's a formula." - MTI
First, the reason of not answering is just that I didn't come to the forum since this time. When finally, I saw what was written, I answered. And I won't participate much on the forum in the coming times. But ok, maybe I will post some proofs in the coming monthes to show what is possible in the forex.
And finally, Topgun, I won't ask you to apologize for anything.
Quoting MightyII
First, the reason of not answering is just that I didn't come to the forum since this time. When finally, I saw what was written, I answered. And I won't participate much on the forum in the coming times. But ok, maybe I will post some proofs in the coming monthes to show what is possible in the forex.
And finally, Topgun, I won't ask you to apologize for anything.
MightyII, that's fair enough. We will look forward to see if you become a millionaire very soon (that is IF you are really making 4% per day as you say, then 1 million dollars a year from now will be no problem).


Topgun
"Success is not a fantasy, it's a formula." - MTI
Would be interesting to see the results at the end of January 2011.

I'd be ecstatic with just $500,000.
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