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$1000 to $1,000,000,000 in 4 years

  • #21
  • Sep 12, 2010 3:19pm Sep 12, 2010 3:19pm
Quoting bbakker
I like the above quote because it is so true.

"The first objective is to handle Draw-down and have a strict guideline of exiting bad trades at a loss."

Having $20 or $200 on the line is psychologically very different to having $200,000 or $2m on the line! The mind works in mysterious ways... well mine does
Knew I'd find you here BB! always looking for a quick buck Just joking mate...

I have implemented a 2 year plan to 100k up in my trading account starting with 3k and growing it to 10k and then adding 12k at the end of 1st year... so 22k to 100k in one year. That is a realistic Goal I'd reckon...

It's about 15% pm on average which I am able to achieve... The question is whether i can achieve it consistantly over 12 months...

12 goals, 12 months, 100k! I RECKON IT's POSSIBLE
@pawpaw1000 on Twitter
  • #22
  • Sep 13, 2010 12:09am Sep 13, 2010 12:09am
Quoting japac74
Furthermore he must be careful that if he is in a good trades, he rides the profits and not close the trade at exactly 20 pips so he feels good that he earned his pips for the day.
How do you ride the profits? I'm semi-new and I have been trying some platforms that have conditional paramaters to ride a run, but how does that work and does it really work? I'd like about 30 pips a day to feel good about myself and allow for slippage.
  • #23
  • Sep 13, 2010 12:18am Sep 13, 2010 12:18am
Quoting klrman
How do you ride the profits? I'm semi-new and I have been trying some platforms that have conditional paramaters to ride a run, but how does that work and does it really work? I'd like about 30 pips a day to feel good about myself and allow for slippage.
depends on the system u trade and especially on the timeframe

best regards
Hero calls followed by margin calls...
  • #24
  • Sep 13, 2010 12:19am Sep 13, 2010 12:19am
Quoting bbakker
I like the above quote because it is so true.

"The first objective is to handle Draw-down and have a strict guideline of exiting bad trades at a loss."

Having $20 or $200 on the line is psychologically very different to having $200,000 or $2m on the line! The mind works in mysterious ways... well mine does
This was the most difficult part for me so far: Focus on getting the 30pips but ignore the amount of money that big lots represent (as long as I stay withing my daily 3% win or loose). I am getting better though! Fighting stress is also important.
  • #25
  • Sep 13, 2010 12:24am Sep 13, 2010 12:24am
Quoting kostas1
This was the most difficult part for me so far: Focus on getting the 30pips but ignore the amount of money that big lots represent (as long as I stay withing my daily 3% win or loose). I am getting better though! Fighting stress is also important.
Quote
my daily 3%

Hey buddy...teach me : D
Hero calls followed by margin calls...
  • #26
  • Sep 13, 2010 1:08am Sep 13, 2010 1:08am
Quoting Ipndasno
This concept of 20 pips a day has been written on my BIG white Board so many times that ""How can I forget this simple goal.""
Hi buddy, I agree 400 pips a month is a fairly achievable target. Difficulty level: Medium.

But the only problem I have with your target is the lot size. You will be risking more than 5% in each trade (with a normal stop loss), and that is a huge risk.

Yes, you will have several winners in a row, and when you start to have a losing streak, few consecutive losers will ask for a margin call.

If your system is sound and you are making 20 pips everyday in demo for about six months. You can go for it!

All the best dude..
  • #27
  • Sep 13, 2010 1:21am Sep 13, 2010 1:21am
only way to reach there is forget all numbers and just remember 20 pips a day,i am also following same theory.2 standard lots maximum will be my goal.
  • #28
  • Sep 13, 2010 1:29am Sep 13, 2010 1:29am
Quoting Alihuzaifa
only way to reach there is forget all numbers and just remember 20 pips a day,i am also following same theory.2 standard lots maximum will be my goal.
yes... but u gotta need a strange mindset when you have open trades in an amount of 20 000 $ or s.th like that : p
Hero calls followed by margin calls...
  • #29
  • Sep 13, 2010 1:35am Sep 13, 2010 1:35am
Quoting PhAnTi'
yes... but u gotta need a strange mindset when you have open trades in an amount of 20 000 $ or s.th like that : p
Good point. One should practice meditation side by side.
And, don't look it as money, look it as numbers, lol.
  • #30
  • Sep 13, 2010 1:42am Sep 13, 2010 1:42am
Quoting The Lord
Good point. One should practice meditation side by side.
And, don't look it as money, look it as numbers, lol.
sounds pretty simple
Hero calls followed by margin calls...
  • #31
  • Sep 13, 2010 1:53am Sep 13, 2010 1:53am
Quoting pawpaw1000
Knew I'd find you here BB! always looking for a quick buck Just joking mate...

I have implemented a 2 year plan to 100k up in my trading account starting with 3k and growing it to 10k and then adding 12k at the end of 1st year... so 22k to 100k in one year. That is a realistic Goal I'd reckon...

It's about 15% pm on average which I am able to achieve... The question is whether i can achieve it consistantly over 12 months...

12 goals, 12 months, 100k! I RECKON IT's POSSIBLE
Hello matey! Of course it is possible and your targets are much more realistic than the thread starter's targets and knowing you, you will achieve your targets. Remember though, you have to take the rough with the smooth and keep those emotions aside. In the end it is just a percentage game although the bigger the physical numbers, the more the psychology will play part! As my mentor always states, plan your trade and then STICK TO YOUR PLAN!
  • #32
  • Sep 13, 2010 1:57am Sep 13, 2010 1:57am
Quoting kostas1
This was the most difficult part for me so far: Focus on getting the 30pips but ignore the amount of money that big lots represent (as long as I stay withing my daily 3% win or loose). I am getting better though! Fighting stress is also important.
Trading should NOT be stressful. You only make it as stressful as YOU want it to be.
  • #33
  • Sep 15, 2010 9:20pm Sep 15, 2010 9:20pm
Good strategy, but some things must keep in mind.

Assume the first 2 days u r a winner, then the 3rd day u lose, means 40 pips u had won became 20pips, and the subsequent 2 days u won each 20 pips, the total is 60 pips. Rather than 100pips per week

What im trying to say is a lost for a day will double ur loses if ur target is 100pips per week(20 pip per day each), what if there are 2 days u lost in those 5 days?

But the good side is if the probability is gud, u are stil profitable for the week. =)

Cheers! Happy trading..
  • #34
  • Sep 15, 2010 10:25pm Sep 15, 2010 10:25pm
If you want to know how many trades per week or per month etc that you need to take to hit your target then you can use:

(% return wanted)/(%risked*E) where E is the expected value of your system.

You can substitute dollars for the % and that will work also.

EXAMPLE:
assumptions:
1. 70% winrate
2. Ave Win = win/risk 40 pips/20 pips = 2 (or X dollars or X %)
3. Ave Loss = loss/risk 20 pips/20 pips = 1
4. Risk 2% per trade
5. Want 20% per month

so E = (AWin*winrate) - ( ALoss*loserate) = (.7*2)-(.3*1) = 1.1

Trades needed = 20%/(2% * 1.1) = 9.1 (round up to 10)

So with a 70% winrate and a risk of 2% per trade where your E is 1.1 you will need 10 trades a month to hit your goal of 20%. This is about 2 trades a week so no need to overtrade.
  • #35
  • Sep 15, 2010 10:36pm Sep 15, 2010 10:36pm
i like this subject .. and i can see it is possible to gain 20pips every day
  • #36
  • Sep 16, 2010 12:43am Sep 16, 2010 12:43am
Quoting flyer415
If you want to know how many trades per week or per month etc that you need to take to hit your target then you can use:

(% return wanted)/(%risked*E)...
I am not sure if this applies to me, but my winning% is around 72%, average win is 10-20pips, risk about the same, average loss 10 pips, risk 3% per DAY (not per trade, so with 3-5 trades daily that would be 0.5-1% per trade), want 3% per day.
  • #37
  • Sep 17, 2010 8:32pm Sep 17, 2010 8:32pm
I started this thread some time ago and I just wanted to add to it..

I do not like to force myself to trade nor have a specific goal that I have to obtain. Even though I say we should have a goal in mind to keep us on schedule, we should not PUSH ourselves to put on another trade just to meet the daily goal (Leads to a misguided trade and mostly a Loss).

Two weeks ago, i made only 100 pips, and a 10% gain.
The market closed 5 hours ago and I am at 228.4 pips and at a 19% gain.
----------------------September 6,2010
Daily Pip gain- 15.2
Daily Pip gain- 36.5
Daily Pip gain- 8.8
Daily Pip gain- 22.3
Daily Pip gain- 58.5
Daily Pip gain- -8.4
Daily Pip gain- 53.2
Daily Pip gain- 25.1
Daily Pip gain- 11.9
Daily Pip gain- 5.3
---------------------
I normally stick to the specific lot size, but a few trades were less than the normal. Overall, I am on track with this one account.

After looking back at the results, there is consistency, but some days I have more time to trade and while other days, I do not feel like trading. We can not force ourselves to trade, but only watch the market to give us motivation to put that trade on when the opportunity is right..

I am trading with little market exposure, Fast Scalps, and a decent lot size.
If I can keep this moderate pace, my goals will be in reach.
  • #38
  • Sep 19, 2010 9:57am Sep 19, 2010 9:57am
My opinion is that money in the forex account is money at risk. The trading philosophy posted here is exactly what I was doing back in 08. I built my account up to crazy numbers within a short period of time. The crash of 08 ignored all my stops and took all my capital over night. We currently have a hindenburg omen going off right now predicting another crash soon.

Forex can make for some crazy returns - more than any other market I've seen. I take mine out as soon as I get them and put them in a safer vehicle.

If some crash happens, if a plane goes through a building, etc... I have money set aside to refund any accounts that may have been damaged.
  • #39
  • Sep 19, 2010 1:55pm Sep 19, 2010 1:55pm
Quoting kcravey
The trading philosophy posted here is exactly what I was doing back in 08. I built my account up to crazy numbers within a short period of time. The crash of 08 ignored all my stops and took all my capital over night.
Now let me get this straight:
1. It is encouraging to me that you could actually built a big account using this kind of philosophy
2. You mean I could be in a position with 30pips SL, then a plane crashes on an important building and my account gets wiped out? Hard to believe, which broker did you use at the time?
3. Same scenario but my trade is on the right side of the explosive move. My SL is ignored and my account grows instantly to millions???
  • #40
  • Sep 20, 2010 11:10am Sep 20, 2010 11:10am
Hi all
im a newie to the forum tlk so take it easy on me?lol...
I am currently in the process of opening a 5k account,and my monthly expectation will be 15%.
Pairs i plan to trade for the moment will be 1eur/usd 2usd/jpy 3gbp/usd 4usd/chf 5usd/cad(this may be tuned down to 4 pairs)
I plan on using Daily and 4hr charts to help me find my entry,using technical lines on these charts for my entries.
I have had an account in the past in the u.s stock market which took a small lose before i closed it out and began educating myself again.
I would appricate some advice from traders who have taken losses and are now consistent profitable traders with realised monthly goals,.Also any advice for risk management would b of great interest to me.
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