20 trades to become millionare - is it possible?
Jan 05, 2020 at 15:27
MEFXBK posted:
While some comments are negative I can understand the thought process behind them but while I have have achieved this in the last 3 weeks of December I am about to do it again in the first 2 weeks of Jan.
However I really wanted to highlight a different aspect to this question, it not about can you get 20 trades in a row it is more discipline. Look for one quality, high probability trade per day, have a plan in place with your risk appetite accounted for. For me to achieve my goal I only require 20 pips a day for month but for the next two weeks I want 100 pips a day and with the assets I trade that is easy I can have those 100 pips within 5 mins or it could take me hours to get there but once I have 50% of my daily target I take a break even position then at 75% I take a 40% profit then if my 100 pips it at a key level I take my profit and enjoy my day. If the 100 pips shows more momentum I will let it run and jump my SL and everything above the 100 is a bonus.
But honestly it is not about number of trades it is the quality and the discipline.
Keep us updated please :-)
Mitglied seit Jan 17, 2019
7 Posts
Jan 05, 2020 at 18:28
Gambler mindset.Get a job, save up some money and have proper risk management. What is your strike rate? With 70% strike rate, there's a 31.8% that you'll have 4 consecutive losers.
eduard
Mitglied seit Jan 17, 2019
7 Posts
Jan 05, 2020 at 18:29
I'd doubt you have that. But even if you had it, those 4 consecutive losers will destroy your account without a proper risk management. Trade Smart, Be Smart. I wish you the best.
eduard
Jan 06, 2020 at 00:32
That makes me laugh but let me point out something that I factor in.
My real account that I trade for growth etc I risk up to 0.75% per trade including multiple positions of that trade so in reality my risk is like 0.005% however for the above discussion that is a seperate account that has a different structure and purpose to it just like my News account is only used for trading news releases.
So while I appreciate your save and get a job statement maybe be a little more respectful before you assume and think that maybe trading is my job and I generate 6 figures a month from my standard account
My real account that I trade for growth etc I risk up to 0.75% per trade including multiple positions of that trade so in reality my risk is like 0.005% however for the above discussion that is a seperate account that has a different structure and purpose to it just like my News account is only used for trading news releases.
So while I appreciate your save and get a job statement maybe be a little more respectful before you assume and think that maybe trading is my job and I generate 6 figures a month from my standard account
Jan 09, 2020 at 16:27
(bearbeitet Jan 09, 2020 at 16:27)
Just a gentle note to all new traders who may be looking at this thread for their own research.
Please do not listen to MEFXBK, or attempt this strategy with real money. Please by all means DO attempt it with a demo account, and then come back to show fellow New Traders what it looks like!
Martingale is dangerous for all but the very largest bank balances. You cannot simply turn $1,000 into $1m in 20 trades. Think about it, if making a million dollars was REALLY that simple, why would this forum be filled with thousands of people trying to even just make 20% a year.
Be vigilant, and always apply the most logical of common senses to all 'ideas' and 'strategies'. If it's too good to be true, then it unfortunately is.
Please do not listen to MEFXBK, or attempt this strategy with real money. Please by all means DO attempt it with a demo account, and then come back to show fellow New Traders what it looks like!
Martingale is dangerous for all but the very largest bank balances. You cannot simply turn $1,000 into $1m in 20 trades. Think about it, if making a million dollars was REALLY that simple, why would this forum be filled with thousands of people trying to even just make 20% a year.
Be vigilant, and always apply the most logical of common senses to all 'ideas' and 'strategies'. If it's too good to be true, then it unfortunately is.
Money doesn’t do much when it’s standing still. It’s when it’s moving around that it really works - Terry Pratchett
Mitglied seit Apr 06, 2018
254 Posts
Jan 09, 2020 at 16:58
Please shows your millionaire account.
The market will trade through it’s path of least resistance .
Mitglied seit Dec 19, 2019
69 Posts
Jan 09, 2020 at 19:40
It's possible if you find the right trades and got a reasonable starting point.
It's going to have to be another asset apart from FX unless there is some major news event like Brexit or unpegging
Crash type events can be golden opportunity.
It's going to have to be another asset apart from FX unless there is some major news event like Brexit or unpegging
Crash type events can be golden opportunity.
Strength and honor.
Mitglied seit Feb 22, 2011
4862 Posts
Jan 10, 2020 at 08:00
MEFXBK posted:
That makes me laugh but let me point out something that I factor in.
My real account that I trade for growth etc I risk up to 0.75% per trade including multiple positions of that trade so in reality my risk is like 0.005% however for the above discussion that is a seperate account that has a different structure and purpose to it just like my News account is only used for trading news releases.
So while I appreciate your save and get a job statement maybe be a little more respectful before you assume and think that maybe trading is my job and I generate 6 figures a month from my standard account
If you had made $1,000,000 you would have different interest than here on MFB.
If you have such account post it here on MFB.
But you can't because you dont have any
Howgh
Jan 10, 2020 at 09:20
OK, I quickly made a spreadsheet to just hopefully visualise the basic mechanics of this flawed system.
Take profit +20 pips, stop loss -50 pips:
https://prnt.sc/qlpptm
Take profit +20 pips, stop loss -20 pips:
https://prnt.sc/qlpqld
One other thing I would point out is that this is not truthfully Martingale, as Martingale doubles upon a loss, NOT upon a win, so it means your eventual winners are double your previous losses. THIS idea means your eventual loss is double your previous wins lol
Take profit +20 pips, stop loss -50 pips:
https://prnt.sc/qlpptm
Take profit +20 pips, stop loss -20 pips:
https://prnt.sc/qlpqld
One other thing I would point out is that this is not truthfully Martingale, as Martingale doubles upon a loss, NOT upon a win, so it means your eventual winners are double your previous losses. THIS idea means your eventual loss is double your previous wins lol
Money doesn’t do much when it’s standing still. It’s when it’s moving around that it really works - Terry Pratchett
Jan 14, 2020 at 01:11
@vontogr I do have other interests and the reason I am on here is because I look for talented traders to join my hedge fund so sorry to disappoint you but maybe you need to consider the overall objectives. As for @joshua Moreton I agree with your statement of dont follow me however I do not martingale but I have a very specific money management strategy
Jan 14, 2020 at 10:11
@MEFXBK glad you agree, strategies of this nature can often mislead new traders and help fuel the high failure rate in this industry. If your comment about a hedge fund is truthful, drop me a message. I am currently evaluating the options of founding my own vs joining another. Would be keen to speak.
Money doesn’t do much when it’s standing still. It’s when it’s moving around that it really works - Terry Pratchett
Mitglied seit Feb 22, 2011
4862 Posts
Apr 14, 2020 at 14:28
MEFXBK posted:
@vontogr I do have other interests and the reason I am on here is because I look for talented traders to join my hedge fund so sorry to disappoint you but maybe you need to consider the overall objectives. As for @joshua Moreton I agree with your statement of dont follow me however I do not martingale but I have a very specific money management strategy
I believe your statement are worthless as you do not have any trading account.
May 12, 2020 at 15:17
I don't even know... Sounds kind of unlikely. As a minimum. If you've thought about it, I doubt that only you've alone ever had a strategy like this and nobody else. But since we haven't heard of anyone succeeding with a similar strategy, I doubt it's even possible.
May 13, 2020 at 10:28
Wildbill posted:
Go for it. Place a single trade of $10,000 on a pair where a pip equals $10,000 and has an ATR of 100 pips. You can make your million without making a single additional trade. Let us know how it turns out.😲
If a few people try it then 1 might actually pull it off. This person will claim it is all skill and they have the next big idea. But it is just luck. Just like many a 'pro' trader. They are running a lucky wave. It will crash against the rocks eventually
May 13, 2020 at 15:29
one day i was trying to blow the demo, i had 10k in it.
i made it to 190k with 5 trades within 1 hour
i was just trading to the direction i would normally trade but with the max possible available lots
none of the trades went against me even for a pip
but this is the exception to the rule
i suppose it can happen but it is just luck in the end
i made it to 190k with 5 trades within 1 hour
i was just trading to the direction i would normally trade but with the max possible available lots
none of the trades went against me even for a pip
but this is the exception to the rule
i suppose it can happen but it is just luck in the end
May 13, 2020 at 17:27
I don't think many people appreciate my humor or sarcasm.
The theoretical 'One Trade for a Million' is possible. If you pick a quality analytical trade on a pair that statistically goes 100 pips ATR from close to close of one trading day, the odds are better than posting a big bet on a casino game like red or black since the leverage (return) is better in fX. And you don't have to make 20 winning trades in a row.
If you trade at 60% or better wins and have faith in your analysis, just put a 1000 pip SL and let it ride to the end of your goal--or your margin account, eh?. In fact, your trade can go against you for many hours, and still get to the statistical probability of the ATR. What a ride, eh?
all you need is lots of margin reserves and {nerves?) of steel to stay with the plan.
I hope no one thinks I'm seriously advising such a play. 😈 But there all sorts of traders (gamblers) with big ideas. As we say in Texas, some are like fake cowboys who are 'all hat and no cattle.' 😁
The theoretical 'One Trade for a Million' is possible. If you pick a quality analytical trade on a pair that statistically goes 100 pips ATR from close to close of one trading day, the odds are better than posting a big bet on a casino game like red or black since the leverage (return) is better in fX. And you don't have to make 20 winning trades in a row.
If you trade at 60% or better wins and have faith in your analysis, just put a 1000 pip SL and let it ride to the end of your goal--or your margin account, eh?. In fact, your trade can go against you for many hours, and still get to the statistical probability of the ATR. What a ride, eh?
all you need is lots of margin reserves and {nerves?) of steel to stay with the plan.
I hope no one thinks I'm seriously advising such a play. 😈 But there all sorts of traders (gamblers) with big ideas. As we say in Texas, some are like fake cowboys who are 'all hat and no cattle.' 😁
