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Million dollars dream - starting from $1000

  • #21
  • Mar 7, 2015 6:54am Mar 7, 2015 6:54am
Quoting nonor
Hello Trading with excelMarket on swiss franc at the event of snb mean you have a bad star in your sky, I think it will be difficult to you to reach 1M$, you must choose carefuly your broker before starting your travel.... Are you a full time trader ?
I use this star for my trading and it has worked wonders....thanks Crucialpoint for this amazing star...Now, I know why I am profitable.
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Make everything as simple as possible, but not simpler.
  • #22
  • Mar 7, 2015 7:05am Mar 7, 2015 7:05am
Quoting EarnPipsNow
{quote} No Sam, making 3% a day is almost impossible. Even the best traders and hedge fund managers cannot make 3% per month consistently and with a reasonable maximum drawdown (under 25% of capital), let alone per week or per day! At first glance 3% a day does not seem much for most traders but it is like multiplying your capital almost 370 times over each and every year (roughly 200 trading days). .
you should start thinking Positive way
and not what is impossible
  • #23
  • Mar 7, 2015 7:21am Mar 7, 2015 7:21am
A man in S.Korea started equity stock options trading (kospi) in early year 2000 with 500000 dollars and made it 200 million dollars in 5 years. He mainly used composite position (strangle). Not easy but not impossible either.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #24
  • Mar 7, 2015 7:37am Mar 7, 2015 7:37am
For those who are interested, pls see this link for this Japanese trader who started with $10,000 and made 16 billion yen.http://www.bloomberg.com/news/articl...million-trades
Make everything as simple as possible, but not simpler.
  • #25
  • Mar 7, 2015 9:08am Mar 7, 2015 9:08am
BNF and CIS are both very famous within the Japanese equities trading world (at least within the retails) But keep in mind that they both started out trading stocks of smaller companies that big traders don't care about. That gave stock traders an edge. Traders, big and small, around the world pay attention to exchange rates 24H a day. Whatever edge you may have is probably being exploited by many others around the world. Why do so many people struggle to make consistent profits in the currency market? It's because it is too efficient. At the end of the day, what we traders really do is exploiting efficiencies in the marketplace. Your odds of trying to be a professional poker player will be higher than trying to make money off the pros in the currency market. However, I still wish you good luck.
  • #26
  • Mar 7, 2015 9:43am Mar 7, 2015 9:43am
Quoting pletokyo
..Your odds of trying to be a professional poker player will be higher than trying to make money off the pros in the currency market. However, I still wish you good luck.
Just my guess against yours but being a professional poker player you will over time face the best and only one can win. Like in a fight, there you actually might have a draw as well. While in trading..you just join the winning side and you don't compete with them. Competion would be only in trading tournaments. That to me is an advantage.
Markets wispers, just tune in.
  • #27
  • Mar 7, 2015 10:16am Mar 7, 2015 10:16am
Quoting EarnPipsNow
{quote} No Sam, making 3% a day is almost impossible.
Are you certain? I mean if we know for certain that 3% is almost impossible, then what exact % is possible I wonder.
  • #28
  • Mar 7, 2015 10:31am Mar 7, 2015 10:31am
Quoting plukin
{quote} Just my guess against yours but being a professional poker player you will over time face the best and only one can win. Like in a fight, there you actually might have a draw as well. While in trading..you just join the winning side and you don't compete with them. Competion would be only in trading tournaments. That to me is an advantage.
Hi, I think you are right in saying that in currency trading there can be multiple winners at any given time. However, when I refer to chance of succeeding using the example of that of a professional poker player, I meant to say the rate at which the OP wishes to compounding his capital. Yes, making money is not impossible. But trying to turn small sums of money into a million in that kind of short time horizon is near impossible in the currency market.
  • #29
  • Mar 7, 2015 10:33am Mar 7, 2015 10:33am
I believe you can do it, and actually huge gains are fairly possible with currency markets. Finding a good setup, say a 400 pip move over even a few weeks and adding to your position with profit made, that will produce huge returns.

Unfortunately, I'd never have the balls to do it..
  • #30
  • Mar 7, 2015 10:55am Mar 7, 2015 10:55am
Quoting pletokyo
..But trying to turn small sums of money into a million in that kind of short time horizon is near impossible in the currency market.
I see it as a matter of focus and ability to concentrate on the outcome while being able to maintain balance.

Like walking a rope across the grand canyon. Impossible? Not anymore, there are people who did that. Extremely difficult/challenging/or just something doable? Depends on one's definition. It certainly requires preparation and good training including the mental one.

What I like about this thread is that it inspired me again to do the 1 million challenge, just the horizon extends under 2 years as 1 year from where I am now seems too pushy. I also like to break the "that's not possible/next to impossible" story withing me.
Also since I have accumulated some experience with challenges & trading I am evaluating how to actually do it the way it works for me. I know I can double my account in 14 days, so double a month isn't such a big deal. The challenge was not doing anything stupid in between = keeping the focus & feeling the market. That's the challenging part - trusting I can do it, thus having a high confidence in my ability to make it yet staying humble always aware that anything can happen so I gotta remain open/receptive to what's happening/emerging without jumping into "yeah, I know how this one plays out" where the market can get me into "surprise!" mode.

So I let this idea take on it's own life and let's see what comes up.
Markets wispers, just tune in.
  • #31
  • Mar 7, 2015 12:54pm Mar 7, 2015 12:54pm
if you don't reach this kind or targets before !
i don't think you will do it in this thread !!
  • #32
  • Edited 8:15pm Mar 7, 2015 1:08pm | Edited 8:15pm
Quoting Beerock
{quote} Are you certain? I mean if we know for certain that 3% is almost impossible, then what exact % is possible I wonder.
Well, if you can make "just" 2% a month on average (about 27% a year), consistently, while still maintaining your drawdown under 25%, consider yourself a very, very good trader already, trust me on this one.
Each losing trade is an opportunity to learn
  • #33
  • Mar 7, 2015 2:01pm Mar 7, 2015 2:01pm
Subscribed.
  • #34
  • Edited 9:55pm Mar 7, 2015 6:18pm | Edited 9:55pm
Quoting adriann
you should start thinking Positive way and not what is impossible
Adriann, maintaining a positive attitude is a good thing, but staying in touch with reality is even more important, as far as trading is concerned.

Any trader who believes that making 3% a day (or even 3% a week for that matter) year after year is easy and doable without any significant drawdown is clearly living in a fantasy world.

According to broker's statistics, at least 85% of Forex traders are in the red after only 6 months of trading, if not sooner.

Still not convinced? Here are the cold hard-facts: http://www.forexfactory.com/showthre...41#post8100141
(as you can see, on average more than 70% of Forex traders lose money in any given quarter).
Each losing trade is an opportunity to learn
  • #35
  • Edited 10:06pm Mar 7, 2015 9:37pm | Edited 10:06pm
Quoting EarnPipsNow
{quote} Adriann, maintaining a positive attitude is a good thing, but staying in touch with reality is even more important, as far as trading is concerned. Any trader who believes that making 3% a day (or even 3% a week for that matter) year after year is easy and doable without any significant drawdown is clearly living in a fantasy world. According to broker's statistics, at least 85% of Forex traders are in the red after only 6 months of trading, if not sooner. Still not convinced? Here are the hard cold facts: http://www.forexfactory.com/showthre...41#post8100141...
Tell that to BNF and CIS, and other successful traders who break the code and achieve incredible returns. Yes, there are statistics to state that such returns are impossible/unrealistic/unachievable. But this stats simply reflect that most traders don't get it or simply do not know how to trade successfully. And that is a good thing for me, as many do not know or have any edge. If your belief is such, then why are you still trading?

I am not here to start an argument about what can be achieved or not. It is just my trade journal for all to see, plain and simple. If I don't make it, i will just be part of that statistics. When I make it, I will be legend, esp here in FF. Many are just self-serving gurus with no live statement (not even one) to justify their 'guru' status. They just simply sell some bs story and there are followers who just simply buy into their story. Just look at the Trading Systems and see what I mean. In this aspect, I am more real than many of them.

When we see these cold-hard facts, our reaction reflects our philosophy in life. I see it as an opportunity as many cannot make it. I see it as an opportunity as not many have an edge. I see it as an opportunity that there is an edge in the market place as very few are trading successfully. Now, it is my job to find out that edge, and it will put me in the other realm of successful trader. That's all I have to say.


Edit: I will try to limit my time in this thread. My intro is sufficient to explain the focus of this thread. Feel free to respond or debate or whatever. My energy will be expended in trading and refining my ea. My one-year of manual trading and the recent experience with news trading have added new dimension in understanding the market. I have since refined my ea further, esp my shocking episode with SNB rate cut. I have also reduced the pairs that I am trading to enhance my focus. I will be enhancing my dashboard so that I do not have to monitor so many pairs, just one screen will do the trick. My ea has withstood the tests of many high impact news and NFPs, and still working fine. My win rate is nothing to crow about (~40%), but I do not really care as I am still experimenting and so far it does not affect my results adversely. I have no desire to be FF guru or whatever here. I am simply using this trading journal to enhance my focus, since my explorer is out in the open. It sharpens my focus, and reminds me to keep my fingers off the keyboard during high impact news. The other intention is to socialise with like-minded traders as well and to bounce off ideas.

My trading style and philosophy is an amalgamation of the people whom I have subscribed to. They are the best so far, IMHO. I have spent countless days/nights to understand their ideas and practising in the market. This explorer is the brainchild of my intensive study. In fact, after a while, trading becomes really boring as you are just simply executing the same thing over and over again. The only thing you need to guard yourself is that you cannot decide the trade outcome. It will either be a positive or negative (95% of the time). Market never changes.

Finally, when there are some interesting ideas being discussed, I will chip in and give my 2 pips worth. Else, I will rather spend time with my toddler. Remember we have a real life outside of this forum. Sign out.
Make everything as simple as possible, but not simpler.
  • #36
  • Edited Mar 8, 2015 12:56am Mar 7, 2015 10:04pm | Edited Mar 8, 2015 12:56am
Quoting hunting pips
{quote} Tell that to BNF and CIS, and other successful traders who break the code and achieve incredible returns
Your comment is the exact equivalent of saying "Hey, look at all these Lotto Jackpot winners, they "broke" the "code" and achieved "incredible" returns!"

Of course B.S. mainstream media (and Lottery officials as well) will never show you the number of people/gamblers/traders who did lost their money in the meantime.

Personally, I do not trust the media at all, it's all BS in most cases. Those "mysterious" young traders (from Japan, Korea, France or whatever) who supposedly made tons of money trading from their basement or bedroom, in their pajama, that's all Hollywood circus to me.

If one (1) lucky trader makes 10 million dollars in the FX market in 24 hours it will be all over the press. Of course what the press is not telling you is that, collectively, FX traders lost 1 BILLION dollars during that same period of time, just in commissions, spread and slippage alone.

In my opinion, these "articles" are put on the web just to entice newbies to trade (and generate commissions for the brokers...), that's all.

Is it still possible to make tons of money trading in the Forex market? Of course.

Can we get say 100% or 50% average annual return for the next 50 years trading the FX market? Highly unlikely.

So far Buffet and Soros have been unable to obtain that kind of return.

Including Gordon Gekko (yours truly) for that matter.
Each losing trade is an opportunity to learn
  • #37
  • Mar 7, 2015 10:26pm Mar 7, 2015 10:26pm
Hi Hunting Pips,

I just wanted to wish you a terrific journey on your way towards $1 million. Go for it!
I am NOT an expert. I post to learn from others.
  • #38
  • Mar 8, 2015 12:18am Mar 8, 2015 12:18am
Quoting EarnPipsNow
{quote} Those "mysterious" young traders (from Japan, Korea, France or whatever) who supposedly made tons of money trading from their basement or bedroom, in their pajama, that's all Hollywood circus to me.
Classic lol..

I'm feeling a lot of hostility towards senior members of this forum. A lot of testosterone flowing around. I personally being a senior member.. Not a Guru.. I have nothing to prove to anyone. People come and go from FF some stay.. some get burned out. I love all the new energy, its really awesome. People are very pumped and eager and its awesome. Its good feelings, but at the same time for those who "have" things to prove it always ends the same way, peer pressure becomes to real, and avoidance kicks in to try and not lend flat on the facial area which creates a self fulling prophecy and that exact result occurs by trying to prevent it. Then those said people exit into obscurity.. This is not from being a Guru but just being around in general lol.. Like a ghost roaming the hallways.

So that's my 2 cents.. I'll continue roaming.
There are those who know, and there are those who don't know.
  • #39
  • Mar 8, 2015 1:11am Mar 8, 2015 1:11am
Quoting palabara
I'm feeling a lot of hostility towards senior members of this forum.
Palabara, I am not sure if your comment concerns me but I can assure you that I have no intention of hurting anyone's feeling in this forum.

We are just here to exchange trading ideas, that's all.

Cordially.
Each losing trade is an opportunity to learn
  • #40
  • Mar 8, 2015 4:41am Mar 8, 2015 4:41am
Quoting hunting pips
Hi, let's see whether I could reach one million dollars in a year's time ...
This is a wrong approach ... stipulate a certain amount of gains in a certain time.

Then $1000 to 1 Million is Impossible ... but even if you had the capacity to achieve that goal at a certain point "some forces" would not let you continue.

And about those mysterious traders ... not believe everything you read.

PS: Smells me ... something will going to happen in here (another EA seller or signals or ...) ... be alert
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