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Forex - trade your way to millions

  • #1
  • First Post: Jul 1, 2014 7:41am Jul 1, 2014 7:41am
Is there anyone who has made millions or more by trading forex market ? I mean retailers, not banks, institutions or brokers. Do you think it is possible or it is just a dream ? I think it could be possible but most traders broke their account, when they have to trade a lot of lots; they just can't control their emotions and don't know when to stop and take a break for their brains.

Regards, pretorian1
Aggressive, High Risk, High Gain, High Accuracy
  • #2
  • Jul 1, 2014 10:08am Jul 1, 2014 10:08am
Ofcourse there are traders who made millions. It is possible to become a millionaire with the most simple strategy. The key is moneymanagement, always stick to your strategy and like you said 'control your emotions'.
Why are you focussing to make millions? It's a better idea to focus on a few % profit a month.
If you succeed making a few % a month you will be millionaire in a 10 years.
  • #3
  • Jul 1, 2014 10:43am Jul 1, 2014 10:43am
Quoting xtractalpha
Ofcourse there are traders who made millions. It is possible to become a millionaire with the most simple strategy. The key is moneymanagement, always stick to your strategy and like you said 'control your emotions'. Why are you focussing to make millions? It's a better idea to focus on a few % profit a month. If you succeed making a few % a month you will be millionaire in a 10 years.
A lot of people are withdrawing all the money they earned, so this is the next reason why they can't make millions. They are trading all the time with the same initial deposit and withdraw all their gains, so they are not re-invested.
You need to withdraw only necessary part of your earnings, that you need for your life and the rest should stay on your account and keep growing.

Regards, pretorian1
Aggressive, High Risk, High Gain, High Accuracy
  • #4
  • Jul 1, 2014 10:57am Jul 1, 2014 10:57am
HI pretorian1 and xtractalpha

what do you think are the most monthly % and monthly DD recommended in a given manual system or EA?

thanks
  • #5
  • Jul 1, 2014 12:08pm Jul 1, 2014 12:08pm
Quoting fxjorr
HI pretorian1 and xtractalpha what do you think are the most monthly % and monthly DD recommended in a given manual system or EA? thanks
Manual system has no limits in %, it depends on your skills, precise entry an your target. And the less DD the better.
With EA it is bigger problem. It is hard to create an EA with high gains and low DD. I'm testing some EAs but i didn't find any that generates a lot of % with low DD yet.
Aggressive, High Risk, High Gain, High Accuracy
  • #6
  • Jul 1, 2014 12:14pm Jul 1, 2014 12:14pm
Quoting pretorian1
{quote} Manual system has no limits in %, it depends on your skills, precise entry an your target. And the less DD the better. With EA it is bigger problem. It is hard to create an EA with high gains and low DD. I'm testing some EAs but i didn't find any that generates a lot of % with low DD yet.
sorry but you are telling me nothing, I am talking about numbers in averages. for instance a guy given the service of copy signals in mt4 is doing like 5% monthly with a 20% DD in average, I wonder wich good average could be ideal for manual and EAs also.
  • #7
  • Jul 1, 2014 3:12pm Jul 1, 2014 3:12pm
Quoting xtractalpha
It is possible to become a millionaire with the most simple strategy. The key is moneymanagement, always stick to your strategy and like you said 'control your emotions'.
An EA meets all of your requirements. It can easily be coded to trade simple rules, maintain strict MM, it will stick to the strategy with perfect consistency, and is always in full control of its 'emotions'.

Why doesn't EVERY EA make millions?

If strategy is unimportant, why don't banks and institutions save themselves millions in salaries by dismissing all of their highly paid analysts, economists, veteran traders, IT gurus and other experts, and simply replace them with such an EA?
  • #8
  • Jul 1, 2014 3:28pm Jul 1, 2014 3:28pm
Quoting fxjorr
{quote} sorry but you are telling me nothing, I am talking about numbers in averages. for instance a guy given the service of copy signals in mt4 is doing like 5% monthly with a 20% DD in average, I wonder wich good average could be ideal for manual and EAs also.
My monthly goal is 100% of WHOLE my money (it doesn't mean i gain 100% of my ACCOUNT, i usually trade more, but i put on forex account just portion of my money). My DD is arround 10-20% (according to my stop losses with higher risk).

Quoting hanover
{quote} An EA meets all of your requirements. It can easily be coded to trade simple rules, maintain strict MM, it will stick to the strategy with perfect consistency, and is always in full control of its 'emotions'. Why doesn't EVERY EA make millions? If strategy is unimportant, why don't banks and institutions save themselves millions in salaries by dismissing all of their highly paid analysts, economists, veteran traders, IT gurus and other experts, and simply replace them with such an EA?
It depends on how much money monthly you want to gain. What is your monthly target with EA ?

Regards, pretorian1
Aggressive, High Risk, High Gain, High Accuracy
  • #9
  • Jul 1, 2014 9:35pm Jul 1, 2014 9:35pm
Quoting pretorian1
What is your monthly target with EA ?
I no longer write MT4 EAs.
  • #10
  • Jul 2, 2014 3:56am Jul 2, 2014 3:56am
Quoting pretorian1
Is there anyone who has made millions or more by trading forex market ? I mean retailers, not banks, institutions or brokers. Do you think it is possible or it is just a dream ? I think it could be possible but most traders broke their account, when they have to trade a lot of lots; they just can't control their emotions and don't know when to stop and take a break for their brains. Regards, pretorian1
Well let's put it this way: I would bet a large size of money that you will NOT make millions or more by trading the forex market.

Don't get me wrong: I'm not a negative thinking Person. It's just that it will not work for pure mathematical reasons.
Forex is a losers game.
  • #11
  • Jul 2, 2014 3:59am Jul 2, 2014 3:59am
Quoting hanover
{quote} I no longer write MT4 EAs.
No offence mate, but i my opinion you wasted too much time in things that don't work.
Forex is a losers game.
  • #12
  • Jul 2, 2014 4:43am Jul 2, 2014 4:43am
Quoting trader121
{quote} No offence mate, but i my opinion you wasted too much time in things that don't work.
I'd be interested to read your views on what works, and what doesn't work, and why.
  • #13
  • Jul 2, 2014 5:14am Jul 2, 2014 5:14am
Quoting hanover
{quote} I no longer write MT4 EAs.
I'm not requesting about writing new EA, maybe you have already written the one that works. I don't ask you to share it, just wonder if it is working or not and what is your monthly goal.

Quoting trader121
{quote} Well let's put it this way: I would bet a large size of money that you will NOT make millions or more by trading the forex market. Don't get me wrong: I'm not a negative thinking Person. It's just that it will not work for pure mathematical reasons.
What pure mathematical reason ? Are you talking about problems with liquidity, trading bigger values of lots ?

Regards, pretorian1
Aggressive, High Risk, High Gain, High Accuracy
  • #14
  • Jul 2, 2014 5:56am Jul 2, 2014 5:56am
Quoting hanover
{quote} An EA meets all of your requirements. It can easily be coded to trade simple rules, maintain strict MM, it will stick to the strategy with perfect consistency, and is always in full control of its 'emotions'. Why doesn't EVERY EA make millions? If strategy is unimportant, why don't banks and institutions save themselves millions in salaries by dismissing all of their highly paid analysts, economists, veteran traders, IT gurus and other experts, and simply replace them with such an EA?
Hey Hanover,
You are misunderstanding me, I didn't tell a strategy is unimportant. I said that a profitable strategy doesn't have to be complicated but can also be really simple.

What you said about the banks and institutions is irrelevant for us, because they are trading with a lot more money.
  • #15
  • Jul 2, 2014 6:10am Jul 2, 2014 6:10am
Quoting pretorian1
I'm not requesting about writing new EA, maybe you have already written the one that works. I don't ask you to share it, just wonder if it is working or not and what is your monthly goal.
One EA that I shared publicly is being used by Claudia and the followers of this thread (but not by me). You could ask them questions: which pairs they trade, what settings, what manual overrides are necessary, how profitable they are, etc etc. They are a very friendly group of people and I'm sure they would be happy to answer any questions that you might have.
  • #16
  • Jul 2, 2014 6:23am Jul 2, 2014 6:23am
Quoting hanover
{quote} One EA that I shared publicly is being used by Claudia and the followers of this thread (but not by me). You could ask them questions: which pairs they trade, what settings, what manual overrides are necessary, how profitable they are, etc etc. They are a very friendly group of people and I'm sure they would be happy to answer any questions that you might have.
Okay, thank you, i will remember about this.

Quoting xtractalpha
{quote} Hey Hanover, You are misunderstanding me, I didn't tell a strategy is unimportant. I said that a profitable strategy doesn't have to be complicated but can also be really simple. What you said about the banks and institutions is irrelevant for us, because they are trading with a lot more money.
Usually that's true. The simpler strategy, the better. But as Albert Einstein said: “Everything should be made as simple as possible, but no simpler.”
Aggressive, High Risk, High Gain, High Accuracy
  • #17
  • Jul 2, 2014 12:28pm Jul 2, 2014 12:28pm
Quoting pretorian1
{quote} My monthly goal is 100% of WHOLE my money (it doesn't mean i gain 100% of my ACCOUNT, i usually trade more, but i put on forex account just portion of my money). My DD is arround 10-20% (according to my stop losses with higher risk). {quote} It depends on how much money monthly you want to gain. What is your monthly target with EA ? Regards, pretorian1

thankyou, that is a 100% monthly and with 20% DD, those are amazing statistics, that is pure manual, EA, or mixed?
  • #18
  • Jul 2, 2014 12:46pm Jul 2, 2014 12:46pm
Quoting hanover
{quote} I no longer write MT4 EAs.
Hi hanover, Are you still trading with EAs?
  • #19
  • Jul 2, 2014 2:31pm Jul 2, 2014 2:31pm
Quoting fxjorr
{quote} thankyou, that is a 100% monthly and with 20% DD, those are amazing statistics, that is pure manual, EA, or mixed?
It's manual trading only, and sometimes i'm using EA but the one which set value of TP, SL and BE after trade is opened. I'm still testing a lot of EAs to trade but I didn't find any interesting yet.
Aggressive, High Risk, High Gain, High Accuracy
  • #20
  • Jul 2, 2014 2:38pm Jul 2, 2014 2:38pm
Quoting pretorian1
{quote} It's manual trading only, and sometimes i'm using EA but the one which set value of TP, SL and BE after trade is opened. I'm still testing a lot of EAs to trade but I didn't find any interesting yet.
that's sound intetersting, can you recommend some good trade mannager EA?
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