$500 to $18m in 5 years...fact or fiction? - page 3
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hi
elihayun you wanted my email right?
so here it is :
currencyshmuck@gmail.com
Thank you guys for your replies..if i should open an account with a bank do any of you know the names of these banks and do they have the same leverage like 1:200 and what are the minimum account to open with them also do they or do they not have a maximum number of lots, and if they exist why do most of the people open with those market makers?
i know that these are alot of questions but i'll appreciate if any body could help me answer them..thanks in advance
Thank you guys for your replies..if i should open an account with a bank do any of you know the names of these banks and do they have the same leverage like 1:200 and what are the minimum account to open with them also do they or do they not have a maximum number of lots, and if they exist why do most of the people open with those market makers? i know that these are alot of questions but i'll appreciate if any body could help me answer them..thanks in advance
brick by brick... don't worry about this until you're at the point to where it needs to be done.
Kev
Kev,
Why don't you trade it then come back in 5 years and tell us? Isn't that what you really wanted? I've noticed threads tend to hold the author accountable for their strategies (eg catfx50 thread) sometimes for months on end. Do you take up my challenge to live your own plan?
Steve
Kev,
Why don't you trade it then come back in 5 years and tell us? Isn't that what you really wanted? I've noticed threads tend to hold the author accountable for their strategies (eg catfx50 thread) sometimes for months on end. Do you take up my challenge to live your own plan?
SteveHello Steve,
I do plan to start using this strategy somewhere in the 1st quarter of next year. As for the time frame of 5 years, this isn't limited to a time frame, coz the month you don't reach your target of have a loss, you have go to back to scratch. It's like a snakes and ladder's game, the only diff is that when you are bitten, you go back to the start line and start all over again. Maybe it would be impossible to reach the 60th month, but if you follow this strategy, you can be sure that your account will not be wiped out by over trading (most newbies lose their account in less than 3 months)
Since, using this strategy, you can lose a max of 200$ (40% of your starting balance), it's safer than just diving in blindly.
I know many people aren't satisfied by this strategy, but my main aim isn't to post it here and prove that I'm the next Einstien, but instead it's main aim is to help people realise the importance of using a trading plan and the importance of building a base and to avoid over trading your account.
Even thou I've recd. much critism for this strategy, I will yet continue to insist that it is safer to use this strategy than no strategy at all. Afterall, this forum was started to help people, and I'm just trying to play my part.
Regards,
kevin
good info thank you
Noticed this thread today...I don't know why people would criticize, math is math. If they can't handle that, then too bad for them. I don't know that I would really call this a complete strategy or even a plan, but it does highlight something very important. Don't overtrade! We have tremendous leverage available in retail forex, so it really doesn't take a lot of money to make a lot of money. I realized this last spring, and ever since then I've been profitable. (I also have a detailed trading plan, that I'm continually fleshing out--maybe more clarity is more power). I don't know why most people trading fx don't seem to realize that even a consistent 20%/year return is phenomenal. If you could duplicate that year after year, you would be beating 99% of the big hedge-funds out there. Personally, my goal is 6-10% per month, and it has to be scalable.
As the original post showed, when you get down to it it's really not that complicated. Find something that works, trade it religiously, and let the math take care of you:) Then go get a hobby!
Good post Mr McFoster and to Quantem for the useful excel compounding spreadsheet. Cheers.
Porche,
You don't really have to take on as much risk as you think...it really depends on several variables. It depends on Risk/Reward of your trades, frequency of trades, and position sizing. You can manipulate these variables within the parameters of the strategy(ies) available to you to reach your goal.
BW
Thanks kevMcFoster for starting this thread.
I personally believe that is the best way to trade Forex, The only thing that concerns me is that you will use 20% of your balance every trade I find that too risky, 100 pips a month means on average 5 pips a day, I'd prefer to use 10% and try for 10 pips a day on average. Please guys let me know what you think of this.
I'm attaching two excel sheets that I found on other forum, I just translated them to English, so the credit goes to whoever created them, they calculate profit, one of them is calculate profits over 5 years and the other to calculate the profit for a single year, the leverage assumed is 1:100 and the minimum starting balance is $1000 if the risk is set to 10%. Hope you find them useful.
Just want to clarify that the risk column in the sheets refers to the amount of money used to enter a trade as percentage of the balance not a risk reward ratio, apologies for any misunderstanding
Best Regards