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A "doable" way to take a $300 account to $1 million in 45 months

  • #81
  • Jun 17, 2012 7:33am Jun 17, 2012 7:33am
Quoting Custos
good post. Obviously money will not make you happy by itself. But money can help you fulfill most of your dreams or can make you achieve even more. You can either buy businesses which you like and take an active role in them, or you could help people out who are in poverty. Or you can use your money to research topics. In any case, the most important function of having money is that you can do whatever you want and nobody can dictate what you should do (except your wife maybe). Other than that having money is having true freedom (within the constraints...
Well, no one is bound by chains when they don't have money, you are free to do whatever you want anyway. The only reason you don't feel free is because you want things that you need money to buy. If you could be happy without money you would be free already...
  • #82
  • Jun 17, 2012 7:38am Jun 17, 2012 7:38am
As you build your account in methodical manner, you become more a custom to using higher amounts per lot.

Traders look at the amounts they trade as just numbers. It helps stop the effect of emotions become involved.

Every professional trader that is worth his salt has knows what areas are of interest to him, sets his stop loss and tp or number of tp areas. he may even scale into the market. But most important its mechanical and his/hers trade is full set.

Money is all relative.

The average person does not have the thought process too deal with monies at said levels. Traders are groomed from their training to deal with these growing larger amounts.

Why do many lottery winners, end up with crash and burn lifestyles. Their mind is not accustomed to it, it becomes emotional not logical.

There is a monetary amount we get to, dealing with money, in any area of our lives not just trading. Where emotional thoughts take over logical or mechanical.

eg.

1)Do you place a trade and then walk away, to let it play out ?

2) do you sit there and sweat over every up and down move ?

3)If you have overnight or trades lasting days, do you sleep well ?

Chances are if it is 2 or 3 you are way over you logical ceiling and are running a trade in emotional state. This is bad.

If you chose 1, it takes the emotional state out and replaces with mechanical

Very good traders monitor or maintain there position, how can they do this ?

They are unconsciously competent, they can see the price movement process play out. This level of confidence and analysis will aloow you to move your stop accordingly and also add to your position.

Do you have the mind of a trader or the mind of a gambler. This will effect the outcome.
I need to finish something i started
  • #83
  • Jun 17, 2012 7:49am Jun 17, 2012 7:49am
Quoting espen
Well, no one is bound by chains when they don't have money, you are free to do whatever you want anyway. The only reason you don't feel free is because you want things that you need money to buy. If you could be happy without money you would be free already...
well, now that is a bit too philosophical and not practical. You have certain basic needs, like food, water, sleeping. In a normal city you need money to rent an apartment, buy food and water to survive. You need clothes to not freeze to death in winter. Then when you get sick you need medicine or a doctor, and when you are old you need somebody to take care of you. These are just basic needs that everybody has. And in our world everything stated here costs money.
Of course if you live on a tropical island then most of this is irrelevant, but hey, we live in the real world and most don't live on a tropical island, so you are bound to make money just that your basic needs are satisfied, thus you are in chains, until you have enough money to live on and satisfy all that.
  • #84
  • Jun 17, 2012 7:53am Jun 17, 2012 7:53am
Quoting Custos
well, now that is a bit too philosophical and not practical. You have certain basic needs, like food, water, sleeping. In a normal city you need money to rent an apartment, buy food and water to survive. You need clothes to not freeze to death in winter. Then when you get sick you need medicine or a doctor, and when you are old you need somebody to take care of you. These are just basic needs that everybody has. And in our world everything stated here costs money.
Of course if you live on a tropical island then most of this is irrelevant, but hey,...
Okay, it might have been a bit philosophical, but I still stand by what I said. No one is forcing you to have a career, it's just society expects of you. Just wait until you got a couple of millions and you will see, looking back you were still the person you are now, just with bigger numbers in your bank account.
  • #85
  • Jun 17, 2012 7:55am Jun 17, 2012 7:55am
The answers what we all seek in trading are everywhere, including here on FF. Multiple times they are repeated on many different threads. The quest is for you to see the wood for the trees. But the only holy grail is within you. Truth is many do not fight the market, they fight themselves.

Question is can you feel it, when you do everything changes.

So my final post on this thread is.

Yes, it is doable, you can even smash the target!

W
I need to finish something i started
  • #86
  • Jun 17, 2012 9:24am Jun 17, 2012 9:24am
Great!. Money Management is the key. But just by simulating 'controlled-greed', one cannot go on making profit forever. The more important thing is to keep banking your profits from time to time. That way, if a strategy has given you 1000% profit over a year and you have withdrawn all of it except the capital and if the market becomes unsuitable for your strategy, you would only lost your capital and you still have 9 times the investment you made during the start of the year to make you relax and research a new method.

So, for me, banking is important. If you make money, would you feed it to the banks or feed it to your greed is all upto you...
  • #87
  • Jun 17, 2012 11:06am Jun 17, 2012 11:06am
Quoting Custos
it's not about that. But just making these cloud castles is not gonna help anybody. Research a pattern, make a system around it and then trade it. Some days you won't get any pips, some days more. In the end you should come out ahead. Trying to make a daily target is in my opinion ridiculous. Markets are not the same every day. And what happens if you fall behind the target, you are then risking 10%?

Targets are a bad idea, as is projecting income over the next couple of months to years. You just have no way of knowing how the markets will behave....
Great advice. That's what I'm working on now. Researching a pattern, (long term), then making a system around it, before trading it. After researching the monthly on the E/U, I noticed that price is at the high or the low every 23 months. So, I'm going from there with making a system around it, since I'm only a part-time trader, with a full-time job.
Time turns trend. - W.D. Gann
  • #88
  • Jun 17, 2012 11:47am Jun 17, 2012 11:47am
Quoting balanced2012
So have you done this your self ?? do you have a 1 milion dollar account now ??

please reply !!!!
Go to the the very first post of this thread and read the 2nd paragraph, and, also, go to post #60 and read the 1st paragraph. Those 2 posts will explain my situation.
"Trading is a mental sport." - Ziad Masri
  • #89
  • Jun 17, 2012 11:52am Jun 17, 2012 11:52am
It is doable to make 21 millions out of two pounds within 24h so I bought lotto ticket. And yes some people done it but I didn't. But enjoy my post.
  • #90
  • Jun 17, 2012 11:54am Jun 17, 2012 11:54am
Quoting JoeSF
The Trading strategies have to change as the money grow. What works for $300 will not work for $100,000

But it is doable!
Other than some brokers may not let us make trades with an extreme amount of money, why would someone's trading strategy have to change at any point? Averaging 5 pips a day is averaging 5 pips a day, risking 5% per trade is risking 5% per trade, and having a 25 pip SL is having a 25 pip SL. Why would any of that need to change?
"Trading is a mental sport." - Ziad Masri
  • #91
  • Jun 17, 2012 11:56am Jun 17, 2012 11:56am
Quoting Quickdraw
Other than some brokers may not let us make trades with an extreme amount of money, why would someone's trading strategy have to change at any point? Averaging 5 pips a day is averaging 5 pips a day, risking 5% per trade is risking 5% per trade, and having a 25 pip SL is having a 25 pip SL. Why would any of that need to change?
ask the billion dollar hedge funds why certain strategies don't work with massive amounts of money. However, I agree with 100.000$ there is not yet a liquidity issue.
  • #92
  • Jun 17, 2012 11:58am Jun 17, 2012 11:58am
Quoting Quickdraw
Other than some brokers may not let us make trades with an extreme amount of money, why would someone's trading strategy have to change at any point? Averaging 5 pips a day is averaging 5 pips a day, risking 5% per trade is risking 5% per trade, and having a 25 pip SL is having a 25 pip SL. Why would any of that need to change?
IMHO:

The stricter the strategy's rules, the less likely the strategy works in every market.
The looser the strategy's rules, the more discretion you need.

Either case, you have to change your strategy. The former, the entire strategy; the latter, how the strategy appears to be at that time.
  • #93
  • Jun 17, 2012 11:58am Jun 17, 2012 11:58am
Quoting CindyXXXX
Dooable,,,??

pfft... you haven't even turned $300 into a mill yet>? omg What's wrong with these people

P.S: I actually did it in 45 hours.... Then my tester refused to let me trade anymore.
Good post Although, as i said earlier in this thread - there is man who maybe did it. For those who are curious: you need go through Choros thread - first page and then 502 (in the middle). Somewhere inside that thread is also info that he started i guess with cca 800 Eur and turn it into gigantic success, only after 2 years approximately. I dont often visit FF but this is the only public information i found here in FF (maybe in FF are others like him ? i dont know...), besides others "opinions, belief etc..". So the only question is: is that information real ?
  • #94
  • Jun 17, 2012 12:10pm Jun 17, 2012 12:10pm
Quoting espen
The scariest thing about forex or any other trading, at least for me, is that one day you will reach your goal of let's say $10M, or maybe $100M, but then what? You can buy almost whatever you want, but do you really think that would make you happy?
I'd much rather be a sad sob in a mansion overlooking a bay with clear waters and white sands, surrounded with those tropical coconut palm trees with a large lawn, with indoor amenities that they do 4 page reviews about in magazines and have the ability to pursue any endeavor I want
...
than be a sad sob in a 1 bedroom average apartment in the the average part of town with smog in the air and noise from trucks, buses and have to always look out for sales at the supermarket and not even have enough spare change to even give that bum on the corner.
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  • #95
  • Jun 17, 2012 12:49pm Jun 17, 2012 12:49pm
Quoting jeanlouie
I'd much rather be a sad sob in a mansion overlooking a bay with clear waters and white sands, surrounded with those tropical coconut palm trees with a large lawn, with indoor amenities that they do 4 page reviews about in magazines and have the ability to pursue any endeavor I want
...
than be a sad sob in a 1 bedroom average apartment in the the average part of town with smog in the air and noise from trucks, buses and have to always look out for sales at the supermarket and not even have enough spare change to even give that bum on the corner....
Just by posting this I can tell you don't have the former lifestyle, so you wouldn't know. If you ever get to experience both, you will see what I mean. Lucky for me, I can pick my own life style
  • #96
  • Jun 17, 2012 12:53pm Jun 17, 2012 12:53pm
Quoting Custos
Research a pattern, make a system around it and then trade it. Some days you won't get any pips, some days more. In the end you should come out ahead. Trying to make a daily target is in my opinion ridiculous. Markets are not the same every day. And what happens if you fall behind the target, you are then risking 10%?

Targets are a bad idea, as is projecting income over the next couple of months to years. You just have no way of knowing how the markets will behave. If your system is good for those markets or not.
I went back to my orignal post and edited in the below information. This will clear up some misconceptions about the "5 pips per day" of which the article talks about. I have copied and pasted that edit below:

It may not have been made clear enough in the article that the "5 pips a day" is only an AVERAGE. You DO NOT have to actually make 5 pips EVERY day. You can make 25 pips on one day and not have to trade for the rest of the week (using a 25 pip SL and 5% risk per trade). Or, you can make 100 pips on one day and not have to trade the rest of the month. There are a number of ways to get your 100 total pips per month without having to make those pips each individual day. As the author says in the article: "With a 25-pip stop loss, it will always take 100 pips to earn a 20% return. It's not dependent on time, just when you earn those 100 pips". Remember, the author's bottom line goal is to make it workable for you to make 20% per month and to compound your money.
"Trading is a mental sport." - Ziad Masri
  • #97
  • Jun 17, 2012 1:06pm Jun 17, 2012 1:06pm
Quoting bigwal
Anything is possible, not just in trading either.

If you limit yourself in you thoughts, you already have a limit on your physical ceiling.

It is just a case of Risk Vs Reward X Time.

You havent even got to be a high % winner, just manage your 2:1, 3:1,5:1

....or more ratio.


W
I get your point, and I agree with the main point you are making about laziness. People are lazy in general.
Another thing to consider - if anyone has actually done this with forex, do you really think they would advertise it? Yes we all like to brag, but if you just won the lottery would you walk down the street telling everyone you were rich? I don't think so. How come all the big traders don't have accounts on MyFxBook?

Generally I sum up my belief as this -

  1. Reality is much more creative than our creative minds - therefore there have been traders who made it big time with a method similar to this.
  2. Once we have way too much money we will not advertise it (most people)
  3. If we were to have a great skill such as trading we would not flaunt it, maybe because we are sick of people asking us to teach them or trade for them, or some other reason.
    If we were to have this great skill, do you really think you would share it freely with the rest of the world?


There are a huge amount of people trading forex - so where are they, how come they are not on FF? MyFxBook?

Tipster Trendlines - Trade from the chart
  • #98
  • Jun 17, 2012 1:09pm Jun 17, 2012 1:09pm
I think there's a deep disconnect whenever someone says x pips a day and the reasonable expectation of x pips on average, those last two words make all the difference, it is what shifts the "you're dreaming if you think you can make 1pip day in day out" to "oh very good you have a reasonable positive expectancy system".

I remember some threads that spoke of trying to achieve such small gains 'every' day, and the OPs were just ridiculed, but every time a tiny profitability positive expectancy system 'on average' was referred to everything was fine and dandy.
  • #99
  • Jun 17, 2012 1:09pm Jun 17, 2012 1:09pm
Quoting espen
Just by posting this I can tell you don't have the former lifestyle, so you wouldn't know. If you ever get to experience both, you will see what I mean. Lucky for me, I can pick my own life style
Agree. You have to associate with wealthy people / smart people / successful people to know how they act and think. They are hard workers and generally don't sit by the pool all day everyday.
Tipster Trendlines - Trade from the chart
  • #100
  • Jun 17, 2012 1:11pm Jun 17, 2012 1:11pm
Quoting Quickdraw
I went back to my orignal post and edited in the below information. This will clear up some misconceptions about the "5 pips per day" of which the article talks about. I have copied and pasted that edit below:

It may not have been made clear enough in the article that the "5 pips a day" is only an AVERAGE. You DO NOT have to actually make 5 pips EVERY day. You can make 25 pips on one day and not have to trade for the rest of the week (using a 25 pip SL and 5% risk per trade). Or, you can make 100 pips on one day and not have to trade the rest...
okay, same story there. What do you do if one month you don't make 20%. You double up the risk on the next month? or you try the last week of the month to make it by excessive risk?
Same story, having targets is always a bad idea. Some months are dull and some have amazing volatility. The return will vary depending on the market conditions.
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