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

  • #241
  • Edited 1:27am Jul 9, 2013 1:00am | Edited 1:27am
Quoting Mingary
Huge, huge misconception and mis-information concerning all the "legends" of the trading world. the biggest: Jesse Livermore, totally inconsistent, extremely lucky then suicide Your favorite guru, any of them (Larry Williams is typical) Some initial success (due to luck) + huge amount of salesmanship. Better marketers and sellers than traders. Get OPM asap while your star is shining. Once you have Millions$$$ under management, you can quit pretending and get easy avg return of 6 % / per year.

I am a huge fan of Jesse Livermore and in my opinion he was simply brilliant.Nothing luck.You don't start at 15yrs old become so succeful that backet shops would not allow him to trade.He earned a nickname "Plunger Boy"
He took sometimes months of reading tape (charts back then) then enter the market at its most opportune time!Calling that a luck is like saying Gary Gasparov arguably greatest chess player in history won his games on luck.Do you realize what you saying?
Please read Reminiscences of a Stock Operator to get an idea.
Humans are fallible and he suffered from depression.These days he would of been treated property.His suicide does not diminish his achievement a all.

To add article should be taken differently.
Aim as high as you can and develop consistency. If you aim 20% but fall short say 8-10% a month then that is beautiful return and certainly on a way to make a living from trading.However if you aim 1-5% then you might not even make any profit.
That is how I approach trading.
After trading 2yrs I learned some important lessons
One must NOT be in the market all the time!Wait for right set up.In surfing analogy not every ripple is surf able.
This is what Jesse said decades ego which is still true.


"There are times when money can be made investing and speculating in stocks, but money cannot consistently be made trading every day or every week during the year. Only the foolhardy will try it. It just is not in the cards and cannot be done."
"The point is not so much to buy as cheap as possible or go short at top price, but to buy or sell at the right time."
In trading, you have to be defensive and aggressive at the same time
  • #242
  • Jul 9, 2013 1:42am Jul 9, 2013 1:42am
Lot of traders took less then 10k into millions.
Here is one of my favorites
Bruce Kovner
He took 3k against his Credit card while driving a cab in Cambridge and became a billionaire!
http://en.wikipedia.org/wiki/Bruce_Kovner

Yes folks be positive and attract like minded people around YOU.Ignore ALL comments from people who are not successful since their opinions are shaped by their shortcomings.
It always surprises me that least successful traders have the strongest opinions.
In trading, you have to be defensive and aggressive at the same time
  • #243
  • Jul 9, 2013 2:31am Jul 9, 2013 2:31am
Quoting Davit
Lot of traders took less then 10k into millions. Here is one of my favorites Bruce Kovner He took 3k against his Credit card while driving a cab in Cambridge and became a billionaire! http://en.wikipedia.org/wiki/Bruce_Kovner Yes folks be positive and attract like minded people around YOU.Ignore ALL comments from people who are not successful since their opinions are shaped by their shortcomings. It always surprises me that least successful traders have the strongest opinions.
And the same goes for the hopeful. You seem to have a strong opinion as well (:
I don't have a problem with that. Every field of human endeavor has its myths and heroes.
  • #244
  • Jul 9, 2013 2:49am Jul 9, 2013 2:49am
Quoting Mingary
{quote} And the same goes for the hopeful. You seem to have a strong opinion as well (: I don't have a problem with that. Every field of human endeavor has its myths and heroes.
I have convictions in me that I can succeed.My opinions are based on my results.I continue to learn and get better every day.For me its not a choice but a mission.
Because of my belief in me I can recognize same qualities in others that may be Jesse Livermore,Richard Donchian,Alan Andrews,Bob Kovner etc.
Question ultimately is how much do you want succeed and how much one is willing to learn and go through what is necessary..
In trading, you have to be defensive and aggressive at the same time
  • #245
  • Sep 25, 2013 11:54pm Sep 25, 2013 11:54pm
Quoting Mingary
{quote} Actually you are mincing words, please kindly explain this math thingy. Good luck with the 5 pips out 100 - long term that is Potato farmers make more money than traders in the long term.
Mingary & Motion tanxs upon yours for such brilliant mines, math, & minced potatoes n pips, I'd more likely grown potatoes on some property not mine before discovering such blessed banter from 2012 under the past 18 mnths since I began attending Forex Factory. Faith within such an exhibit of words & heart's worth the spread while that scriptings worth a million potatoes perhaps. M&M thank you. b.
  • #246
  • Oct 16, 2013 11:36pm Oct 16, 2013 11:36pm
i agree it is possible to do. as long as you have a system that gives you a very good entry meaning the price will always go in your direction after the entry all that needs doing is some analysis on exits and you will always make a profit.

always wait for the correct setup of your system even if it means waiting a week never jump in to try and catch the missed entry.

and as you compound the trades at the same time reduce the risk % of the account capital this way if their was a loosing trade which their should not be if you have a really good entry and exit at the right time it wont effect your account capital as much.

also i would not look as far as 45 month etc i would concentrate on the next compounding lot target which may be about 1 month in.

its all down to the system and patience and a bit of analysis as the trade is in progress
  • #247
  • Dec 4, 2013 10:06am Dec 4, 2013 10:06am
I am a complete noob, but here's my two cents.

I began to read about forex back in october. I read and studied and read for two weeks on investopedia and other places. What stuck out to me most (aside from consistent rules, trading discipline, trading psychology and coming up with a trading schedule) was the concept of money management. Before I ever made one trade I was determined to adhere to strict money management before I knew how to even do it.

I began to trade on a $10,000 demo account on November 1. (The argument could be made that no one starts a live acct with $10000, but the point is to stress money management). Since then I still studied alot: forex options, candlestick chart reading, babypips, supply and demand, etc..

I only risk less than 1% per trade. Sometimes even much less. Then I started to splurge and trade larger lots.

In regard to strategy, I was not even consistent on that. I've switched from reading price action, to Ichimoku clouds to breakouts and now currently use moving averages and Bollinger bands. I never risked more than 2% per day. That only actually happened once. Because I was inconsistent, I had bad trades. After a string of bad trades, I studied even more and switched to moving averages. At this point, my acct was at about $8,800.

Since switching to moving averages, I was able to raise my account back up to $9,700 dollars as of this morning. For the purposes of telling why I'm a believer in the original post of this thread. In my 3rd week of trading (I'm an engineer and had never traded even stocks until last summer on a demo account), starting with my 37th forex trade, I personally made $500 in 90minutes (multiple trades). Four days later I had open trades and watched them swell to $1400, but because I am a noob and have just proven to myself today that I am starting to exit properly, I did not get the $1400 dollars. I only got $700.... in 15 minutes.

This morning I decided to trade the open of the London session and profited $250 in two hours. I don't even know what I am doing, I have a full time job, I am so new to this that I still press the buy button when I want to sell, I've made bad trades that make me kick myself and I still have $900 in the past three weeks in less than 6hours per week on my 105th trade ever. I am not even the most patient or disciplined person and I was able to do this. Although, I spend more time reading and watching videos than I do on metatrader, I still know more than I can actually effectively execute on metatrader. I still have to learn more, but I believe there is lots of hope for me.

Why is it so hard for some to believe that with proper money management, very selective rules ( I only trade sharp reversals), patience and vigor one cannot turn a small amount of money into a large amount of money?

It is possible.
  • #248
  • Dec 16, 2013 4:09am Dec 16, 2013 4:09am
I believe this is possible, I'm following the same plan. My goal is 20 pips every day, 10:1 leverage. This is 2% a day, about 5000% a year. This is doable until you have too much money that the market can't give you the liquidity you need. But 20 pips every day wouldn't happen from today! I have trading forex/futures for 3 years, I still can't reach the goal 20 pips every day, but I'm more and more close to it, this WILL happen one day in future. You may need 10 years (5 years to be 20pips every and another 5 years to run 20pips every day) to be a million.
Also please welcome to see my trade explorer http://www.forexfactory.com/wzero/12 it's 200 pips this month (2 weeks, 20 pips every day) by 150 trades.
  • #249
  • Aug 9, 2014 2:14am Aug 9, 2014 2:14am
Quoting Davit
{quote} I am a huge fan of Jesse Livermore and in my opinion he was simply brilliant.Nothing luck.You don't start at 15yrs old become so succeful that backet shops would not allow him to trade.He earned a nickname "Plunger Boy" He took sometimes months of reading tape (charts back then) then enter the market at its most opportune time!Calling that a luck is like saying Gary Gasparov arguably greatest chess player in history won his games on luck.Do you realize what you saying? Please read Reminiscences...
My comment about the bold part: It's logically true if one uses longer time frames (D1, W1, MN) but scalpers can find good setups every day.

Just my humble opinion. I'm a newbie though.
  • #250
  • Aug 9, 2014 1:24pm Aug 9, 2014 1:24pm
Email I received by commercial company, they claim to have turned 3426 to 1 MILLION in a forex broker account in 1 week.
Attached Image (click to enlarge)
Click to Enlarge Name: Forex-1Mil-account.jpg Size: 116 KB
  • #251
  • Aug 10, 2014 12:37am Aug 10, 2014 12:37am
Quoting nw24x
Email I received by commercial company, they claim to have turned 3426 to 1 MILLION in a forex broker account in 1 week. {image}
Two Three possibilities that i can think of ;
a) just "Luck"
b) scam
c) or both ...

Anyway, Trade Safe ...
I see it all in between ...
  • #252
  • Aug 11, 2014 9:24am Aug 11, 2014 9:24am
Most likely it's a scam. I hope you didn't click on any links they provided.
  • #253
  • Edited 10:42am Aug 11, 2014 10:30am | Edited 10:42am
Quoting nw24x
Email I received by commercial company, they claim to have turned 3426 to 1 MILLION in a forex broker account in 1 week. {image}
Holy grail dreams again
if it sounds to good to be true - it always is
and if you could make so much, you definitely would n't sell it

interesting video - hes a bit of a wally, but obviously knows what hes doing? (afterall he is a self bought lord)
Inserted Video

watch from 10mins if cant be bothered to watch all
(its not about destroying the banks - its about how to make 25 mill)
  • #254
  • Aug 11, 2014 12:56pm Aug 11, 2014 12:56pm
Quoting victoriajen
Most likely it's a scam. I hope you didn't click on any links they provided.
This company is called Expert4x. They offer several trading strategies and ebooks, EAs for sale. I bought an ebook from them in 2012, so I have been receiving
regular emails from hem since. You can find them on FF commercial forums.
  • #255
  • Aug 11, 2014 1:59pm Aug 11, 2014 1:59pm
yes sir it is doable http://www.forex21.com/forex-compounding-calculator
  • #256
  • Aug 12, 2014 2:50am Aug 12, 2014 2:50am
Quoting nw24x
{quote} This company is called Expert4x. They offer several trading strategies and ebooks, EAs for sale. I bought an ebook from them in 2012, so I have been receiving regular emails from hem since. You can find them on FF commercial forums.
I stand corrected then. My apologies.
  • #257
  • Aug 13, 2014 6:22am Aug 13, 2014 6:22am
I don't believe in money management when trading strategy is build purely on it. You can't calculate profitable and negative trades, sometimes you'll get a row of negative and positive trades. Once I tried to lauch MM build trading automated system in My Hotforex demo account - as a result I had 10000$ lost for the month of its operation. After this I startef to use technical analysis to shift the odds in m favor
  • #258
  • Dec 29, 2014 1:37pm Dec 29, 2014 1:37pm
Quoting Quickdraw
Did you know that you can take $300 and make $1 million in your trading in only 45 months by doing something that is actually "doable"? This can be done by averaging 20% per month. So, you think 20% per month is unrealistic? You think earning $1 million in 45 months on a starting trading account of $300 is unrealistic? Well, read on! Below is an article I came across about 5 years ago of which I printed out and put into my trading folder. I have actually condensed it for this post, otherwise it would be longer than it is here. I want to first admit...

hi Quickdraw,
value of pip 10 $, but value/risk of stop loss per trade 2,50 $ !
how did you calculate it ?

value of pip (10$) / risk of stop loss per trade ( 25 pip ) : 0,4 cent

am I wrong ?
  • #259
  • Dec 7, 2015 9:32pm Dec 7, 2015 9:32pm
I find the goal of reaching one million really interesting so I thought Id give it ago. My account balance is $1342 I hope to make 2% a day. I have no idea how long it will take to reach a million. My leverage is 25:1. My SL is 10 pips.
  • #260
  • Dec 8, 2015 4:24am Dec 8, 2015 4:24am
Quoting revival_fx
I am a complete noob, but here's my two cents. I began to read about forex back in october. I read and studied and read for two weeks on investopedia and other places. What stuck out to me most (aside from consistent rules, trading discipline, trading psychology and coming up with a trading schedule) was the concept of money management. Before I ever made one trade I was determined to adhere to strict money management before I knew how to even do it. I began to trade on a $10,000 demo account on November 1. (The argument could be made that no one...
You are talking about demo account, right?
Almost got it or far far away. Result is the same - you didn't get it!
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