One Million in 1 year or 2 years

[navlani]

Originally Posted by 7thSignalTrader

I started as a challenge put to me by a friend with $800.00. My first million took exactly 5.61 months to capture with a 10% per trade withdrawal rate and 90% reinvestment rate with a trade being executed every 24 hours. That’s 93.75% trading accuracy over a total of 112 trades with the target trade number being 105 – which results in 7 failed trades for the total 112 executed. I failed to reach the target goal in 105 trades because the trading application that I’ve developed is NOT 100% accurate…………yet. I’m still working on that.

$800 into 1 million with 93.75% ACCURACY in 5.61 months.
Whoa...!!!! what is that?

ASTROLOGY....?????
NEURAL NETWORK...

Any insights for the newbies...

[MickMason]

I love this place, it's a nice escape from reality

[mwbro]

this is a very nice thread just the things i need to hear

i too like many of us aspire to be a great trader and though ive lost some i never give up but strive to learn from the falls

im a bit wiser (just a bit ) from when i first started trading aug 05 thanks to the many forums like this one

thank you

[junglee_99]

Use standard lot ($100,000 lot)
Margin required = 1k approx. per pair per lot

One Million = $20,000 per week approx.

20k/wk = 4k/day

4k/day = 400 pips/day @ $10/pip

Use 3-pairs to trade, eg, Cable, Euro and Swissy?
All these three moves in tandem (relatively)

400 pips/day = 135 pips/pair/day approx.

trade 3 lots per/pair/day = $10,000 in margin ( = $3700 total margin for 3 lots each at .com)

135 pips/day/pair = 45 pips per lot per pair per day

Is this doable ?

sure it is

There are 3 sessions of profitable forex trade potential

Asian (Japanese), European (London) and US

Try to make approx 15 pips per session during 1st 2 to 3 hours of opening of each of the three sessions.

Market Reversals seems to occur around 9:30 and 11 am and 1:30 pm EST.

During important US news announcements, market moves quite a lot around 8:30, so try to trade after 9 am, you could probably pick up more than 23 pips.....

If you get more than 15 pips, take them (allocate those extra pips towards your possible losses that can also aoccur).

One can start out with just one standard lot and trade the 3 majors for a month, once enough profit is made, move to 2 lots and so on....

Any of this makes any sense ?

If it does, and you have cracked the davinci code to this plan.........please email me the method you have used.....

junglee_astro@yahoo.com

[Chris Hood]

Originally Posted by jm73

I am pretty sure there are some or many (who knows?) and I am pretty sure the chance of them being here in this forum is nil.

I have read pretty much all threads in this forum and I can see there are only few real traders.

I would say 90% of memeber is novice like me and 5% is rep from bunch of market makers like FXCM, CMC, or ...

90% of remaning 5% are real traders but not profitable.

90% of remaining from just above are traders with profit but scalpers or pickers.

and remaining could be the traders with consistent profit but I doubt.

agree?

Agreed. You're ahead of most newbies because you recognize that virtually all you read here either is promotional material for fx bucketshops (or other peddlers) or the uninformed guesswork of inexperienced wannabes.

[forex@canmex.ca]

I am browsing this forum once in a while and I thought to drop off a few lines.fficeffice" />>>
I did some stock trading without success and have been doing research on Forex since more than one year. I read a lot about Forex and also took mentoring. I am searching for new ideas and a system that fits my personality.>>
I figured out that knowledge does not bring you money in trading. Creativity makes you lose money in trading quickly. Have the knowledge about a system that works and follow that system with impeccable discipline. >>
>>
That alone makes you money.>>
>>
I failed so many times by bending the set of rules trying to be better than everybody else or just to let me enjoy my “work”. >>
>>
There is a saying: If you have to chop down a big tree and only got 8 hours time, where do you spend the most time on?>>
Prepare yourself and sharp tools for six hours. Then chop the tree in the remaining two!>>
This means to me if there is the possibility to achieve the goal to make two million Dollars in trading I have to find out how that exactly should be done.>>
>>
The whole thing about two million Dollars is basically a pure mathematical question. As soon as we grasp the dimension of the answer in numbers we should develop a plan to start breaking down the things into smaller steps. That’s it. After we get the idea we have to work on our discipline and discipline and discipline to do what ever it takes to execute the plan. Be persistent, disciplined, and have a money management in place.>>
What do I mean by that.>>
>>
First of all, I got an Excel table from somebody I very much respect since he makes money in trading. I filled out that table and it blew my mind since it tells me a lot of new things about trading. I also found a system that makes so far 62% wins. It incurs a 40 pips loss or a 50 pip win by doing roughly 4-5 trades week. If I put this into the table with random numbers created by Excel it spits out a success curve in numbers. >>
>>
Second of this, after 500 trades with a system like this it generates a accumulated profit between 400,000 and 4.7 million Dollars IF you put 2000 Dollars to work in the beginning.>>
Every Sunday evening, 1700 hours Mountain Time you put up your trades and that’s it: consistently, precise and then don’t touch them anymore!!>>
>>
Thirdly, I wrote a little excel table to determine the lot size to increase the lot size according to the money in the trading account.>>
When you see the 12% risk it actually means the lot size you want to choose. 12% is a good number in lot size since the losses are not determined by the lot size but by the price tag of the currency pair and the pip number you chose to stop out losses. I have 40 pips constantly and in the USDJPY it makes a 3.36% risk of total withdrawal if the trade goes totally wrong. In the EURUSD pair it would be a 4% withdrawal. This is a low risk number!>>
>>
Fourthly, if you take a look at table number one it shows you that there are only 2000 Dollars in the account to start with. You start with 2 mini lots to trade until you made a balance of 2400 Dollars then you step up to 3 mini lots. You might even start with as low as 1000 $ but below that it is easier to gather money from friends than trading yourself up to that level, I think. The second table generates the lot size according to a few personal parameters like losses in percent of balance and percentage of lot size and account balance.>>
>>
Fifthly, if you follow that system for 500 trades you might have reached your goal in 23 months! This is not much at all.>>
>>
Sixthly, I also figured out that a system that produces more trades per weeks but less wins is producing often a much better result than a better system with fewer trades per week. I compared a system with 4-5 trades per week with 62% wins versus a system with 97% accuracy and 1-2 trades per week. The later came out with 50% less than the first one. In the end it needs to fit YOUR expectations. So make up your mind and find out.>>
>>
Seventhly, since I am still working full time and have to feed my family the release of signals is very important to me. I would love to trade news but I can’t since I have to leave for work at that time. I cannot trade the NY session since I am at work and neither the London main session since I am at sleep. I live in Calgary, Alberta. >>
If I had a system that’s scalping pips it wouldn’t be for me due to the short time frame it is using. If I had to be at home all the time to profit from in coming signals that wouldn’t be good either. I also cannot sit in front of the box all day long. So it is important to ask when do people release signals? It is also important to determine the timeframe you want to trade in. I trade in the daily charts and hourly charts and I find all the same pattern to trade as if I did 15-minute charts.>>
>>
Conclusion:>>
Browse around and find a system that does enough trades per week and has a success rate of 60 to 40 or better, wins to Losses. More trades per weeks are better. >>
If you do not have the discipline to stick to a system then ask someone with portfolio to provide signals to you for money.>>
Ask the system provider how many pips per win and how many pips per loss he does in average. How many trades per week. Then throw everything into the table and then you kwon IF THAT SPECIFIC SYSTEM IS GOOD BAD OR WORSE. I found a system with 97% success rate but only 1-2 trades per week. That system is much slower to achieve the goal than a system that has 4-5 trades per week and only a success rate of 62%! So make the math!>>
>>
I will deal with a broker in Switzerland since they do not deduct any taxes like in North America. Then I will put some money together with someone else since I don’t have the risk capital at the moment but with two or even tree guys we have. If one puts up 1000 and a second 500 Dollars as well as the third then share the profit 50:25:25 after one year or two or after 500 trades. Write a contract with those people to provide security.>>
>>
If you can set this up I am pretty sure you will succeed.>>
To your success,>>
>>
Andrew>>
>>

Table 1

>Table 2>
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[sunabeach]

Old joke goes something like "Hell, Am I working on making my first million. No way, I decided to just skip over that and I am trying for that second million."

Mick - You got it right about this place being an escape from reality.



P.S. Oh but that is being so negative. Well ya know, life is a slap in the face sometimes. The forex market does far worse to one's ego if they are caught dreaming of the big score.

[forex@canmex.ca]

Originally Posted by sunabeach

Old joke goes something like "Hell, Am I working on making my first million. No way, I decided to just skip over that and I am trying for that second million."

Mick - You got it right about this place being an escape from reality.



P.S. Oh but that is being so negative. Well ya know, life is a slap in the face sometimes. The forex market does far worse to one's ego if they are caught dreaming of the big score.

Well Buddy Joe,
I didn't want to hurt you. I know that life can be tough and dificil especially if you spent your time dreaming or writing 197 post on MoneyTec. That can suck. But you know yourself that everybody is exactly there in his life where he wants to be. It is a matter of choise.

I also feel very sorry if you didn't get it. I have to admit that it was very complicated what I wrote and it seems not to be suitable for youger audience. Anyways, I only said that I was unsuccessful so far in Forex not in my life or other investments and I am almost quite there at the first million mark, anyways. No matter if you like it or not.
If you have the money you can take a look at two of our projects for sale at:
http://canmex.ca/resort.html


Servus,

Andrew