Hello,
My name is Chase and I've been trading currency for about 3 years. I want to try something seemingly impossible but very possible to achieve; turning $1000 into $1,000,000 in 2 years. I have been trying this type of return for the past 3 months and it's been working out really well. I really believe that I can keep it up for two years so that's why I want to open this thread to document my journey, just in case I really succeeded.
I'm doing this because I'm bored sitting in front of my computer all day. It's also because I want to find out if it's really possible. I think it's awesome if this works out. In this thread I will keep track of most of the trades that I will be making live. I will also be posting screenshots of the coresponding statement daily as hard proof.
How is it possible?
Risk/Reward Ratio: 1 (or about 1)
Risk on each trade: 1% to 3% (of newly compounded daily balance)
Win Ratio: 60% (3 out of 5)
As you can see, if a system with a rr ratio of 1, meaning risk and reward are about the same, all I need is to win three out of every five trades or 60% daily, then I would gain about 1% to 3% each day.
A starting capital of $1000 with 1.4% net gain daily compounding daily for 500 trading days (two years) = $1,043,666.09
Risk of ruin (risk of blowing up my account) = miminal as long as I don't incur a string of too many consecutive losses in a row, which hasn't happened yet. Keep in mind that the maximum risk on each trade is only 3% so there will be no large drawdowns or big losses.
The plan:
For 500 trading days in 2 year, $1000 X 1.4% compounding daily = $1,043,666.09
The system:
Technicals:
I use most of the very basic indicators such as the 50ema, 100sma, 5sma, fibonacci, trendlines, pivots, daily/weekly/monthly S/R
Fundamentals:
I do analyze only the major news such as interest rates announcement, retail sales, GDP, and especially the speeches of high ranked officials. I combine both technicals and fundamentals in making my trade decision.
Note: Compounding daily is incredibly aggressive. I do not recommend trying this unless you know what you're getting into. Also I am only risking $1000 through all this. If I blew up the account at anytime, I would still only lose about $1000.
My name is Chase and I've been trading currency for about 3 years. I want to try something seemingly impossible but very possible to achieve; turning $1000 into $1,000,000 in 2 years. I have been trying this type of return for the past 3 months and it's been working out really well. I really believe that I can keep it up for two years so that's why I want to open this thread to document my journey, just in case I really succeeded.
I'm doing this because I'm bored sitting in front of my computer all day. It's also because I want to find out if it's really possible. I think it's awesome if this works out. In this thread I will keep track of most of the trades that I will be making live. I will also be posting screenshots of the coresponding statement daily as hard proof.
How is it possible?
Risk/Reward Ratio: 1 (or about 1)
Risk on each trade: 1% to 3% (of newly compounded daily balance)
Win Ratio: 60% (3 out of 5)
As you can see, if a system with a rr ratio of 1, meaning risk and reward are about the same, all I need is to win three out of every five trades or 60% daily, then I would gain about 1% to 3% each day.
A starting capital of $1000 with 1.4% net gain daily compounding daily for 500 trading days (two years) = $1,043,666.09
Risk of ruin (risk of blowing up my account) = miminal as long as I don't incur a string of too many consecutive losses in a row, which hasn't happened yet. Keep in mind that the maximum risk on each trade is only 3% so there will be no large drawdowns or big losses.
The plan:
For 500 trading days in 2 year, $1000 X 1.4% compounding daily = $1,043,666.09
The system:
Technicals:
I use most of the very basic indicators such as the 50ema, 100sma, 5sma, fibonacci, trendlines, pivots, daily/weekly/monthly S/R
Fundamentals:
I do analyze only the major news such as interest rates announcement, retail sales, GDP, and especially the speeches of high ranked officials. I combine both technicals and fundamentals in making my trade decision.
Note: Compounding daily is incredibly aggressive. I do not recommend trying this unless you know what you're getting into. Also I am only risking $1000 through all this. If I blew up the account at anytime, I would still only lose about $1000.