How I will grow $187.91 to $1M in 5 years

[fx turtle]

This is just a dream, but everything starts from a dream.

The $187.91 is original amount deposited, but I add funds intended for smoking that I did not use during the month. I added $135.16 on February 1, 2014. The other small deposits you will see in the history are rebates from the broker after the end of the month.

Lovers and haters are welcome, just maintain civility.

Trading style is based on:

Indicators
Price action
Support & Resistance

Risk management:

Never lose more than 50% of each month's beginning capital. This will decrease in time as the equity grows.

Let my winners run and cut my loses short.

I will update this thread every end of the week.

The performance is shown in myfxbook signature.
Note. Myfxbook middle table not showing correct numbers for February, look at the bottom graph.

Cheers,
FxTurtle

 

[Pondlifedregsbutler]

Alright turts, with the title of the thread I was expecting you to run through how you turned peanuts into nuggets

 

[fx turtle]

My apologies, the title should be:

How I will grow $187.91 to $1M in 5 years.

I like the way you called me "Turts".

There is no secret recipe in my trading strategy. The only ingredients are:

1. Patience
2. Risk management
3. Make sure that on average, my winners are bigger than my losers. Let my winners run.
4. Do not practice hold, hope & pray strategy. Cut the losers right away.
5. Discipline
6. Consistency
7. Decisiveness
8. More patience
9. Sound mind (Do not trade when drunk or having a fight with the wife, or when angry)
10. Common sense

Cheers,
FxTurtle

 

[Pondlifedregsbutler]

These threads never seem to last very long but good luck all the same.

 

[fx turtle]

Dear fxturtle, Having examined your myfxbook record, I'm going to respectfully suggest you increase your position size to > 10 cents in order to meet your stated goal of $1 million dollars.

Yep, I am aware of compounding, having read this book: http://www.amazon.co.uk/Trading-For...392579881&sr=8-1&keywords=trading+for+dummies but your records do not show any compounding. They do however show a lack of risk management as I outlined here: http://www.trade2win.com/boards/forex/182314-fx-day-trading-16.html

Does this make me a hater?

The position size will increase gradually as equity grows. There is absolutely no need to increase at the moment. The next increase is when it breaks and stays above $600, the lot size will be 2 micro lots. If it falls below $600, then back to 1 micro lot. After $600, the next increase to 3 micro lots is when it breaks and stays above $850.

I have a plan in place where my lot size increasing will be. Thanks for the feedback.

You're not a hater and never will be. You love peace like me.

I will try to reply during trading days, but most likely, I can only reply during weekends as I am busy trading during weekdays.

Cheers,
FxTurtle

 

[Forexmospherian]

I have just noticed your leverage is 400 and your win ratio on 40% - could be a recipe for a disaster with the risk control you are proposing within your money management.

Furthermore 30 -60% per annum is commercial land result rubbish - OK - great for the multi millions dollar capital accounts - but under $150 -200k - you should be looking at retail trading results - ie 100%pa - to even 500%pa if you know what you are doing

You even show a 72% increase in one month - but as we know that was not really from trading ( broker rebates etc) - but really it should have been on account under $500

Sorry to be so negative - but this is all a worry if you are also a vendor elsewhere - simply because newbies will follow your results - and so far they just do not show the real scenario.

Saying that having worked in the business world for over 25 yrs and having originally trained as an accountant - all figures can be lets say "recalculated" - "adjusted" - ie fiddled etc - so to me they are all a waste of time - as a multitude of sins can be outside the calculations.

Before you -yourself - and the other members exposed what was actually happening - I thought your headline figures looked fairly good ( except the drawdown which is wrong anyway )- but as always - "the devil is in the detail" - shame

 

[Pondlifedregsbutler]

Furthermore 30 -60% per annum is commercial land result rubbish - OK - great for the multi millions dollar capital accounts - but under $150 -200k - you should be looking at retail trading results - ie 100%pa - to even 500%pa if you know what you are doing

You tell him mopho.

Can't wait for your 200 kin large to 1 mil in a year coz I'm not rubbish n know what I'm doing thread to show us how it's done
:|:cheesy::innocent::clap::idea::clover::!::-0

 

[timsk]

My apologies, the title should be:
How I will grow $187.91 to $1M in 5 years.

Edited accordingly.
Tim.

 

[William]

This is great - checked out your account and looks good. I will keep an eye on it.

 

[Forexmospherian]

You tell him mopho.

Can't wait for your 200 kin large to 1 mil in a year coz I'm not rubbish n know what I'm doing thread to show us how it's done
:|:cheesy::innocent::clap::idea::clover::!::-0

HI PLDB

I would have a real problem taking 200K up to £1 million in a year - simply because my "nut" just cannot stand taking trades over 25 full lots a pip and see loses of say $2- $5k per trade and even the possibility of a $10k drop in the account in just a session ........... especially using my own money ........ kinell bud!!

Now taking $200 up to a $1000 is not even a months work - because under 10 lots trades I just don't get palpitations ( I am an old g*t ) - sweaty hands and knocking knees - even using my own money ;-)

$2k to 10K - similar - $20k to 100k - getting mentally tough now - and 200k to to a million - you need someone else's money - OR - a "tough nut" if you are using your own smackers / spondulix / lucre

Nowbody ever tells retail traders about this - all and sundry think compounding is easy - piece of cake etc etc - well it is until you hit your "mental cash wall" -

OK PLDB - I know I am a pansee - I need some help off Doomy - as I know he does not bother with extra noughts - he just goes with his gut - and it must be a big one - and lifting his skirt up - we would know what we would find

So its always a shame that most traders will never ever grow above 50 or 100 k and if they are really good they might make a quarter of a mill

To get to a million plus - you already need to be a millionaire - so that you can stand seeing $20k - 50K wiped off your account on some bad days.

If you can handle - more than likely - you will just lose it anyway

Most traders - me included value our cash to highly -

Moral of the story - keep banking your gains when you start hitting your "walls"

Regards

F

 

[piggybridges]

My daddy daytraded an account from about 6k to a few hundred K. True story.

His mate made a million pounds (and then lost the lot). And not day trading, either.

 

[neil]

HI PLDB

I would have a real problem taking 200K up to £1 million in a year - simply because my "nut" just cannot stand taking trades over 25 full lots a pip and see loses of say $2- $5k per trade and even the possibility of a $10k drop in the account in just a session ........... especially using my own money ........ kinell bud!!

Now taking $200 up to a $1000 is not even a months work - because under 10 lots trades I just don't get palpitations ( I am an old g*t ) - sweaty hands and knocking knees - even using my own money ;-)

$2k to 10K - similar - $20k to 100k - getting mentally tough now - and 200k to to a million - you need someone else's money - OR - a "tough nut" if you are using your own smackers / spondulix / lucre

Nowbody ever tells retail traders about this - all and sundry think compounding is easy - piece of cake etc etc - well it is until you hit your "mental cash wall" -

OK PLDB - I know I am a pansee - I need some help off Doomy - as I know he does not bother with extra noughts - he just goes with his gut - and it must be a big one - and lifting his skirt up - we would know what we would find

So its always a shame that most traders will never ever grow above 50 or 100 k and if they are really good they might make a quarter of a mill

To get to a million plus - you already need to be a millionaire - so that you can stand seeing $20k - 50K wiped off your account on some bad days.

If you can handle - more than likely - you will just lose it anyway

Most traders - me included value our cash to highly -

Moral of the story - keep banking your gains when you start hitting your "walls"

Regards

F

People are ignorant about the "wall" until they move from their demo account to a real one.

 

[sonofcablemonster]

the lambo is on order.

 

[fx turtle]

I have just noticed your leverage is 400 and your win ratio on 40% - could be a recipe for a disaster with the risk control you are proposing within your money management.

The leverage of 400 was the default. I never change it as I do not see it relevant. I never had traded in all open positions using more than 50:1 leverage.

40% win rate. That is correct. My strategy is to let my winners run when it can. Although my win ratio is just 40%, my average win is almost twice as my average loss. I do not need to win most of the time, I only need to win some of the time.

You even show a 72% increase in one month - but as we know that was not really from trading ( broker rebates etc) - but really it should have been on account under $500

Filter my performance for the month that I gained 72.53% in November. The gain in dollar amount was $178.44 and the rebate I received on that month was $2.50. How can you say the result was from rebate? Please enlighten me.

If you do not know how to find the amount above. Click history and filter by deposits, you will see $2.50 deposited on 11/7/2013. Then at the bottom graph, click the tab 2013 and filter by profit and you will see I gained $178.44.

Cheers,
FxTurtle

 

[fx turtle]

People are ignorant about the "wall" until they move from their demo account to a real one.

Turning this account to $1M in 5 years is just a dream for me. However, it doesn't mean I won't try. I will never know where my "Wall" is if I don't try.

Cheers,
FxTurtle

 

[Forexmospherian]

Turning this account to $1M in 5 years is just a dream for me. However, it doesn't mean I won't try. I will never know where my "Wall" is if I don't try.

Cheers,
FxTurtle

Yes - agree - if you never try - you will never know

Thank you for your other answers as well . I know many in the commercial world have this investment idea that it does not matter if your win ratio is low - ie under 50% - as long as you let your win runs and obtain over RR's of 2 or 3 no problem

Personally - I find that theory totally "inefficient" - very much like investing - and also for retail traders - psychologically draining

With your method of only in theory 4 out of 10 wins - if you make a minimum RR of 2 then you end up as - wins 4 x 2 x 2% ( as an example ) = 16%
Losses 6 x 1 x 2% ( 2% being stake size example ) = 12%

16 - 12% = 4% gain - but the gain over a theoretical 10 trades - might take you 7 - 20 days to achieve a next 4% gain - giving you an average 4% to max 8% / 10% per month - which is great on $1m or 10 million - but on under say $10k - pretty poor

I say $10k simply because your first year or more you might not get anywhere near $10k - even with compounding from under $500 - as your performance curve will have many down blips in it due to the low win ratio

I suppose in theory for me I ought to be pleased you are encouraging traders into this way of trading - as it will leave more money on the table for intraday scalpers - but even if 1000 new traders copying you will not really make any difference and so it becomes irrelevant.

Finally - I must just keep telling any new traders that commercial trading and retail trading is just chalk and cheese - the commercial lot just mislead and obviously don't want any retailers doing really well and spreading the proper trading word - and its just not this way unfortunately

Regards

F

 

[Giovan]

not gonna bash you, but wish you all the best.I have seen one guy successfully do a similar thing in one of these platforms. see ya in 5 yrs

 

[Splitlink]

I'm not going to bash you, either, but I am going to say that what forex wrote is, pretty well, what the position is. With your claim of 4 in 10 wins, with the capital that you are starting with, I would say that you have to do much better than that.

I consider myself to be fairly successful, as a trader, but one thing will never make me rich. I remove money for birthdays, holidays etc. because I am a pensioner and, at my age, I like to spread what I make around the family, when I can. I remember, a couple of years ago , taking money out for Christmas and, in January, I had an appalling run of losers---just could not get it right--- so money had to be put back in, again.

I mention this because having a small account is nothing new to me and I know what you have ahead.

Just make an interesting thread to read, that's all I ask and

Good Trading!

 

[fx turtle]

DowJones,

You stated this in the other thread:

"My point (as I've said numerous times here and on your thread) is that your lack of risk control is a big factor in the returns you advertise. If you disagree, I suggest you trade your current system with 5 full sized lots and see how the draw-down feels then. You may hesitate in increasing your size 10-fold to make back the losses."

1. Please point out the lack of risk management
2. Why would I trade 5 full lot size with the equity I have? That would be total disregard of what i believed is the most important aspect, which is RESPECT of risk.

Even in my conservative and moderate account, which have $5K and $2K respectively, I will never trade the lot size you are suggesting. When the equity grows, lot size will grow gradually, not jumping to big lot size right away.

Cheers,
FxTurtle

 

[fx turtle]

February performance update:

The month of February ended with a modest gain, but well below my target. The first two weeks saw gain over +600 pips only to be erased during the last two weeks and reduced it to only +300 pips at the end of February.

Total deposit from my own money deposited in this trading account is $443.34. The additional deposits of $135.16 and $125 are my savings from smoking and coffee from the previous month.

Plan for the month of March starting March 9th:

Pairs to trade:
GBPJPY
GBPAUD
EURAUD

Risk per trade:
Max of 2%, but a minimum of 2 micro lots

Cheers,
Fxturtle