$500 to $18m in 5 years...fact or fiction? - page 4

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Porche:
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

This calculator is wonderful, and I agree to this simple yet powerful strategy as posted on the first msg. In fact, we're all "very good" traders, just that most of us are blind by "greed and lust".. we know how to use indicators, all the tools we have and what have we done?!? I blew my first live account 2,000 USD and it was real painful. I've been in this forum for the past month and doing demo now. I will be back next year first quarter and aiming for this phenomenal strategy.

Frankly, 20 pips a day is not a problem for most of us. The difference? NO DISCIPLINE AND GREED. Simple yet true. Why would you want to stop making 20 pips when you see the screen jumping 30 pips in less than an hour? It's time to look at the bigger (much bigger) picture now.

 

To recap:

$500 to $18m in 5 years...fact or fiction?

My answer:

FACT if you have the discipline, patience and risk management to do it consistently for the next bloody 5 years (about 1,250 trading days).

FICTION if you're still here searching threads for the "non-existent holy grail".

So..

I chose the first be my answer! "Oorah!"

 

did well say Maria

 
 

Interesting

I agree that if one could make 100 pips per month, you would be rich. However, that's a BIG IF. On the same topic, if you could GUARANTEE a single pip per month (after spread), and I mean guarantee, you could also be rich in a few years. That's the issue though isn't it? Forex, and all investing, is wrought with risk. Anyone who ever makes a guarantee like that, or thinks they can consistently make 100 pips per month, is either crazy or the owner of one hell of a good strategy.

By the way, if you're the owner of that strategy, PM me

Doug

PS. I have really enjoyed this thread. I don't mean to make light of it, just that there is still some pieces of the puzzle missing to reach our date with early retirement

 

Skeptic

I can see a real technical impossibility to carry out the whole process after 50trading lots simply by two reasons:

Firstly, when trading 500 lots your broker will switch the Instant Execution off and a trader will have to wait minites for the price given which would obviously not the price he/she has expected when entering position.

Secondly and most importantly, is that a trader will be stripped off any leverage and have to trade on 1:1 basis because no third party insurer would agree to cover marketmaker's possible losses.

 

This thread started by "kevmcfoster" is a waste of time and space,

should be banned.

 
european:
This thread started by "kevmcfoster" is a waste of time and space, should be banned.

That sounds a bit rude european...

And if you really do think that this thread is a waste and should be banned...then answer these questions first...

1) The Title of this thread is FACT OR FICTION....if you can comprehend english well, you would understand that thou its possible to acheive this, it is yet a fiction. Nevertheless, it is a possibility you cannot deny. But this thread is meant to actually discuss the possibilty of this being true or not.

2) Are you telling me there is no one in this world who owns a system that could make 5 pips a day consistently for 5 years??? Not even Institutional Investors or Multinational Banks?

If your answer is no, then I would like to bring up the name of W.D.Gann. If you have heard bout him and his method of trading, wouldn't you agree that if he was alive as of today, wouldn't he able to make 5 pips a day (maybe more) consistenly for 5 years. So if he could do it, then why not you and me?

Anyways this is a money management technique, and not a trading system. So to discuss bout making 5 pips is a different story. Coz this MM technique is only valid for you if you already have a trading system tht makes 5 pips a day consistenly. This technique is to manage your pips, it doesnt teach you how to make pips (like many people have mis-intrepreted)

3) This is a public forum, we all have the freedom of speech and expression. Who gave you the right to decide which thread should be banned and which should stay on? I don't see how this thread has broken any rules of the forum that it should be banned. It's not that I'm advertising anything, it is just a technique.

4) MOST IMPORTANTLY, the most important thing in trading is attitude. If your attitude is so stuck to fixed ideas or principles, and you cannot possibily open your mind to possibilities, then I guess you should re-consider your attitude towards trading.

Regards,

Kevin

 
alp:
I can see a real technical impossibility to carry out the whole process after 50trading lots simply by two reasons:

Firstly, when trading 500 lots your broker will switch the Instant Execution off and a trader will have to wait minites for the price given which would obviously not the price he/she has expected when entering position.

Secondly and most importantly, is that a trader will be stripped off any leverage and have to trade on 1:1 basis because no third party insurer would agree to cover marketmaker's possible losses.

Best Regards

This is not correct my friend, soon a trader reach a certain level he would open an account direct with a bank and like a fellow trader already said 50 lots are pocket money for some traders.

 
Angel:
This is not correct my friend, soon a trader reach a certain level he would open an account direct with a bank and like a fellow trader already said 50 lots are pocket money for some traders.

Certainly I was mistaken. Its 500 lots (50 Mio on 1:100 basis)

However 5 pips when trading 5mio (which is a standard lot among banks) on 1:1 is not so spectacular though not bad.

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