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How do I make millions trading Forex?

  • #81
  • Jul 22, 2011 11:22am Jul 22, 2011 11:22am
Quoting Mr Breakout
True.

Except that the S&P 500 (the benchmark of every serious fund manager on the planet) produced a compound annual grow rate (CAGR) of less than 9% during the last 23 years, hardly a stellar performance compared to some of the top fund managers.

Especially when you consider that this index experienced a dizzying... 60% drawdown after the year 2000 and beyond!
i'm not sure what to take from this post.

on one hand over the last 23 years there was only a 9% growth, but on the other hand you say there was some gnarly shorting opportunities for these 'experts' to take and make a killing from. so.... someone trading both ways on the index could, and should, have out-performed a fund who is aiming to beat 9% over the last 23 years.

or did i misread this whole example?
Congratulations ScalaFX for coming out of the closet!
  • #82
  • Jul 22, 2011 1:17pm Jul 22, 2011 1:17pm
Quoting nubcake
i'm not sure what to take from this post.

on one hand over the last 23 years there was only a 9% growth, but on the other hand you say there was some gnarly shorting opportunities for these 'experts' to take and make a killing from. so.... someone trading both ways on the index could, and should, have out-performed a fund who is aiming to beat 9% over the last 23 years.

or did i misread this whole example?
Yesterday you wrote and I quote : "have you considered the possibility that a professional trader would never reach a 50% drawdown"

Well I just reminded you that our friend the all mighty S&P 500 (as well as the Nasdaq) experienced MORE than a 50% drawdown the last few years, and more than once. Starting from 2007 for example, buy and hold investors, as a group, lost more than 50% of their money in less than 2 years. And yet nobody fired the S&P 500.

But when a trader (or a money manager) loses 50% of his capital we call him a loser and we fire him immediately, go figure.
  • #83
  • Jul 22, 2011 1:55pm Jul 22, 2011 1:55pm
Quoting Mr Breakout
Yesterday you wrote and I quote : "have you considered the possibility that a professional trader would never reach a 50% drawdown"

Well I just reminded you that our friend the all mighty S&P 500 (as well as the Nasdaq) experienced MORE than a 50% drawdown the last few years, and more than once. Starting from 2007 for example, buy and hold investors, as a group, lost more than 50% of their money in less than 2 years. And yet nobody fired the S&P 500.

But when a trader (or a money manager) loses 50% of his capital we call him a...
wtf are you on about? do you even know?

fire the s&p 500? the 500 is an index comprised of some of the stocks in the market! and the nasdaq is a market, unless you mean the nasdaq composite index... in which case, again, it's a freaking index!

how does one fire an index exactly? that's like saying "fire the eurusd", or "fire the usdjpy"! how does one do this? show us all please.

so while you are reminding me that some INDICES lost over 50% of their value i am reminding you that whoever shorted the indices made some pretty sweet money! your example of the buy and hold having a drawdown of 50% due to the indices losing 50% in value is complete CRAP! a buy and hold INVESTOR is NOT a PROFESSIONAL TRADER!

if it is then everyone in australia is a professional trader according to your example since we are all under the thumb of having to have some of our earned money invested in superannuation on our behalf. that is PRECISELY buy and hold in the market until we reach age and retire at which point we get our hands on whatever happens to be in the fund, good or bad.

so again, show me a professional trader who trades day in and day out and considers a 50% drawdown to be just part of the game, and i'll show you someone who is full of garbage and isn't a professional trader.

i think you are full of garbage. everything you have said so far is nonsense and not even in the realm of this reality. please stop talking to me. please stop talking, period.
Congratulations ScalaFX for coming out of the closet!
  • #84
  • Jul 22, 2011 2:20pm Jul 22, 2011 2:20pm
It's amazing to see that some people (whose idea of argumentation is simply to insult) cannot grasp the true meaning of a few concepts beyond a simple reading in the first degree. Anyway, enough said, we are already way off topic.
  • #85
  • Jul 22, 2011 6:41pm Jul 22, 2011 6:41pm
This has apparently become a re-hash of this recent thread: similar ideas being put forward by many of the same faces.
  • #86
  • Jul 25, 2011 5:46pm Jul 25, 2011 5:46pm
The question was How do I make millions trading forex ? By trading forex ! It is could be done in one year, depends on how much you gonna invest !
I have question too. How many hours a day you trading ? I am trading 15-18 hours a day, but i think it is too much, may be 12 hours is better ?
  • #87
  • Jul 25, 2011 7:16pm Jul 25, 2011 7:16pm
Quoting mavricos
The question was How do I make millions trading forex ? By trading forex ! It is could be done in one year, depends on how much you gonna invest !
I have question too. How many hours a day you trading ? I am trading 15-18 hours a day, but i think it is too much, may be 12 hours is better ?
OMG 12 hours a day is far too long. My average day is around 4 hours. I aim to reach 1% of my capital daily as my target......achieving this most days.You need to have a realistic plan in place and stick to it. A 12 hour day really doesn't make for a good work ethic.
FXsniper Pips This Month: -946
  • #88
  • Edited 7:46pm Jul 25, 2011 7:26pm | Edited 7:46pm
Question is should i trade Japanese or take a rest during this hours? Whos trading Japanese hours on euro, what do you think ? I quit my job year ago, and not willing to work any more
  • #89
  • Jul 25, 2011 7:38pm Jul 25, 2011 7:38pm
Quoting mavricos
How many hours a day do you spend trading ? I am trading 15-18 hours a day, but i think it is too much, maybe 12 hours is better ?
Marvicos, I can assure you that successful trading has absolutely nothing to do with the number of hours you spend in front of your charts.

Most people trade because they do not want to work a regular job anymore, so if you spend more than 2 hours a day in front of your trading station then you are just defeating this purpose.

Personally I look for a very specific price pattern between midnight and 1AM (New York time) and if this pattern shows up I pull the trigger, place my stop and my take profit and I turn off the trading station, my "job" is done, end of story. The currency market can go to hell while I am sleeping I do not care anymore.

Trading is a very, very stressful activity, so try to spend less than 2 hours a day looking for trading opportunities and you will live much, much better.
  • #90
  • Jul 29, 2011 5:34am Jul 29, 2011 5:34am
Quoting paulw
OMG 12 hours a day is far too long. My average day is around 4 hours. I aim to reach 1% of my capital daily as my target......achieving this most days.You need to have a realistic plan in place and stick to it. A 12 hour day really doesn't make for a good work ethic.
12 hours a day doesn't leave much room for a life either!
  • #91
  • Aug 4, 2011 4:28pm Aug 4, 2011 4:28pm
Quoting CapitalismPr
Can it be done within a year???
You betcha!



Let me manage your account for you and I will make you rich in no time.

Trust me.



PM me and I will give the details where you can send me the funds.


























I take 20% of your initial deposit for myself. I get 25% of all profits made. If I blow the account....oh well, shit happens. it is the fact that you tried is what is important.
  • #92
  • Sep 3, 2011 5:25am Sep 3, 2011 5:25am
You can make millions if you start with millions, or if you steadily and slowly increase your account.

Everything else is related to big risk of loosing your money!

Everyone wants something for nothing... This is really destructive attitude
go go go
  • #93
  • Sep 3, 2011 9:47am Sep 3, 2011 9:47am
Quoting CapitalismPr
Can it be done within a year???
You should ask yourself whether you´re able to change your personality within a year. Most Rookies are focused on the money forgetting trading is a process.
  • #94
  • Sep 3, 2011 10:48am Sep 3, 2011 10:48am
Some people can make millions trading forex yes, but the normal every joe? no. I think some people just think because they have become a trader working from home, spending time looking at charts and everything else they are going to become rich. that doesn't happen im afraid, it takes something special in a person to reach that kind of goal. look at it this way,
you start an account off with £1000 and maybe you do 10 trades a week, yet your clever about it and never stake a certain amount of your account, for example i never go over 5% per trade, i know? silly ( but i'd rather live a happy stressfree life then not getting any sleep and potentially loosing all my account over night or int he afternoon whilst your having lunch)

but if you make 5% on a trade? and you do 10 trades in a week and 60% or 6 of those trades are winners. then you still only make 20% as you have lost out on 4 or 40% on trades because you record a loss. so by that you could only make 20% per week from £1000.
and my friend that is going to take along time to make a million or MILLIONS
  • #95
  • Sep 3, 2011 4:59pm Sep 3, 2011 4:59pm
Quoting jwhitby
Some people can make millions trading forex yes, but the normal every joe? no. I think some people just think because they have become a trader working from home, spending time looking at charts and everything else they are going to become rich. that doesn't happen im afraid, it takes something special in a person to reach that kind of goal. look at it this way,
you start an account off with £1000 and maybe you do 10 trades a week, yet your clever about it and never stake a certain amount of your account, for example i never go over 5% per trade,...
Not very long at all - assuming you make 20% each and every week on the starting balance for the week and didn't withdraw any, it would take 38 weeks to get to £1,000,000 from £1,000. Thats the beauty of compounding.

But your maths is wrong above, if you did 6 winning trades at 5% each thats 30%, but then you lost 4 trades at 5% each, thats 20% loss, so actually you would be up 10% on the week.
  • #96
  • Sep 4, 2011 9:03am Sep 4, 2011 9:03am
my bad, yeah you only make 10% so its going to take along time to make you a millionaire.
  • #97
  • Sep 5, 2011 10:57pm Sep 5, 2011 10:57pm
i started a mini account for 250, now i'm aimming to get 1-2% everyday, just for my monthly pocket money.

i'm a student by the way
  • #98
  • Sep 6, 2011 12:12am Sep 6, 2011 12:12am
Quoting jwhitby
my bad, yeah you only make 10% so its going to take along time to make you a millionaire.
Assuming you could do it week after week I don't call 73 weeks a long time to turn it into a million do you?
  • #99
  • Sep 6, 2011 3:47am Sep 6, 2011 3:47am
It seems very ambitious to make a million in a year. My plan would be to start off small and keeping building up.
  • #100
  • Sep 6, 2011 4:30am Sep 6, 2011 4:30am
Quoting Jay Walker
Idiot
Why is he an idiot? If you dont know then ask, Its one of those questions that we (some of us wonders about) its like the question that most newbies ask (can a person really make a living trading?) some say its a myth unless you are selling courses and eas.
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