i lose money for a living
- #4
- Oct 5, 2016 7:31pm Oct 5, 2016 7:31pm
- Joined Jul 2013 | Status: Gone | 1,106 Posts
You cannot be extraordinary by being normal
- #7
- Oct 5, 2016 7:55pm Oct 5, 2016 7:55pm
- Joined Aug 2010 | Status: Stare Into the Lights My Pretties! | 795 Posts
Many people will post jokes and laugh here, despite the fact that your question is VERY relevant.
The reason people laugh is because subconsciously they firmly believe that this kind of return is impossible to achieve in such short period of time. And many believe that is not possible at all
)
But in fact from a technical standpoint, 100 to 1mil. is nothing special.
You just have to double the account 13 -14 times and you have 1 mil.
The whole problem is psychological. Trading is mental game! A game of numbers and nerves! Many people have the knowledge and the skills, but very VERY few have the guts to stand the psychological pressure. This is the main reason why you don't see traders with such high returns. Because 99.9% of people have a strong tendency to break down psychologically when put under extreme mental pressure.
For more on the subject - You should read my thread about the psychology of trading!
http://www.forexfactory.com/showthread.php?t=566056
When you are confronted with such problem, you have to approach it with open mind.
Think scientifically, think logically, and forget the conventional wisdom!!
Define the real problem before solving it!
What is the goal, what are the obstacles, how to overcome the obstacles.
The goal - turn 100 to 1 000 000 within 12 months.
The main obstacle - your mind!
The main solution to the main obstacle - your mind!
The question comes again! How to turn 100 to 1 000 000 within 12 months. Is it even possible? I mean really? How many people in this forum are asking this question? Hmmm....it looks like we are running in circles here.....
Let's break down the problem.
To turn 100 into 1 000 000 you have to double the account a little over 13 times.
To turn 100 into 1 000 000 within 12 months, you have to make around 120% return per month.
120% = 120$
with 50:1 leverage 120$=240pips per month, or 12 pips per day!
HA! Turns out that you are asking the wrong question!
The real question is - How to make 12 pips (on average) per day for a year while trading with 50:1 leverage without blowing the account?
So there you have it! Now we have clear definition of the real problem.
Immediately the first thing that comes to mind is risk management!
Now 9 out of 10 people are asking - How the hell one can manage risk with 50:1 leverage.
The answer is Very, very, VERY carefully!
To point you in the right direction, I can give you 3 words:
Scalping. Patience. Discipline.
The rest of the story - Figure it out by yourself!!
The reason people laugh is because subconsciously they firmly believe that this kind of return is impossible to achieve in such short period of time. And many believe that is not possible at all
)But in fact from a technical standpoint, 100 to 1mil. is nothing special.
You just have to double the account 13 -14 times and you have 1 mil.
The whole problem is psychological. Trading is mental game! A game of numbers and nerves! Many people have the knowledge and the skills, but very VERY few have the guts to stand the psychological pressure. This is the main reason why you don't see traders with such high returns. Because 99.9% of people have a strong tendency to break down psychologically when put under extreme mental pressure.
For more on the subject - You should read my thread about the psychology of trading!
http://www.forexfactory.com/showthread.php?t=566056
When you are confronted with such problem, you have to approach it with open mind.
Think scientifically, think logically, and forget the conventional wisdom!!
Define the real problem before solving it!
What is the goal, what are the obstacles, how to overcome the obstacles.
The goal - turn 100 to 1 000 000 within 12 months.
The main obstacle - your mind!
The main solution to the main obstacle - your mind!
The question comes again! How to turn 100 to 1 000 000 within 12 months. Is it even possible? I mean really? How many people in this forum are asking this question? Hmmm....it looks like we are running in circles here.....
Let's break down the problem.
To turn 100 into 1 000 000 you have to double the account a little over 13 times.
To turn 100 into 1 000 000 within 12 months, you have to make around 120% return per month.
120% = 120$
with 50:1 leverage 120$=240pips per month, or 12 pips per day!
HA! Turns out that you are asking the wrong question!
The real question is - How to make 12 pips (on average) per day for a year while trading with 50:1 leverage without blowing the account?
So there you have it! Now we have clear definition of the real problem.
Immediately the first thing that comes to mind is risk management!
Now 9 out of 10 people are asking - How the hell one can manage risk with 50:1 leverage.
The answer is Very, very, VERY carefully!
To point you in the right direction, I can give you 3 words:
Scalping. Patience. Discipline.
The rest of the story - Figure it out by yourself!!
- #12
- Oct 10, 2016 7:08pm Oct 10, 2016 7:08pm
- Joined Nov 2009 | Status: Trader | 27,245 Posts
Hope dies last!
Many people will post jokes and laugh here, despite the fact that your question is VERY relevant. The reason people laugh is because subconsciously they firmly believe that this kind of return is impossible to achieve in such short period of time. And many believe that is not possible at all
Simplicity is the key to brilliance
- #16
- Oct 10, 2016 10:10pm Oct 10, 2016 10:10pm
- Joined Aug 2010 | Status: Stare Into the Lights My Pretties! | 795 Posts
{quote} That's very true. It is the Trader's mind that makes or breaks the trader. The attachment to the money is the main obstacle. That said, following the plan would require the trader trading with hundreds of lots especially towards the end of 12 months on his way making 1 million. How practical is that? I think there will be liquidity issues. Would it be good idea to place stop orders so all lots fill in at the same exact price? perhaps multiple broker accounts would help to divide the lots evenly.
Major problems will begin to occur when your trade size exceeds 30-50 mil. and at this level scalping becomes very hard.
Here is a snapshot from one of my brokers api (Asian session right now):
As you can see, you can get a fill for 10M in the range of 0.5 pips. And this is just one broker! Of course you can use several brokers, multiple accounts, and manage them simultaneously by using master account and trade copier.
ok, you can di like this and after 1 year you will have millionaire 
depositvol entrypip$ gain
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104.000.022.004.16day2
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depositvol entrypip$ gain
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- #20
- Oct 11, 2016 12:47am Oct 11, 2016 12:47am
- Joined Mar 2011 | Status: I should be on your ignore list | 5,597 Posts
