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Author Topic: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.  (Read 17478 times)

Offline Vinny

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #30 on: February 25, 2011, 03:48:22 PM »
I'd be happy to see an official verification from the broker. I don't want to see statements as they may reveal the strategy, but an officially verified track record from the broker stating that this person has been making x% per month with x% max drawdown will do the job for me :)

As the broker has already verified the identity of the person - track record verification would be perfect :)
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Offline rbndnn

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #31 on: February 25, 2011, 04:53:31 PM »
If you have the strategy.. but you don't want to revele (which is fine), what is the point of the discussion? Are you looking for some type of validation? Why manage an account without a proven track record.. why manage an account for strangers anyway if you won't need to in 2-3 years anyway.
Make the $1 mill or $10 million and come back in 2 years.
But then why would you need to do that.. sell the strategy?
What's the point here ??? :-\

Just sayin. I applaud your enthusiasm.. and I agree to some extent it's all possible, certainly not in 2 years. Slow , steady compounding... patience and alot of work.
Just my 2 cents. 8)
« Last Edit: February 25, 2011, 04:58:35 PM by rbndnn »

Offline mjfunk

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #32 on: March 01, 2011, 11:38:15 PM »
What is hedging exactly?  I heard it was kind of like insurance for your losses, but it didn't always work and actually could be financially dangerous...
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Online donnaforex

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #33 on: March 02, 2011, 07:42:18 AM »
What is hedging exactly?  I heard it was kind of like insurance for your losses, but it didn't always work and actually could be financially dangerous...

In it's simplest form, a hedge is just an opposite trade.

So, for instance if i am buying 1 lot of EURUSD and i want to make sure i don't incur any loss (haha) then i'd just sell 1 lot of EURUSD too.

In reality of course, you lose the cost of the spread/commissions here. In my example too, it's pretty pointless as what you have created is just the same as having no trade at all.. whichever direction the market moves in you have the same result - a loss of the spread but no more and no less.

Sometimes, people build hedges into a strategy by allowing their trade to go negative for lets say 50 pips, then entering the hedge and allowing the market to carry on against them, so they effectively 'lock in' the 50 pip loss so it cannot get any worse. Then, they remove the hedge when the market comes back in their favour and they allow the trade to continue to profit. Looks good on paper. In practise this is very hard to get right though and can be disastrous. The biggest problem is knowing when to take off the hedge again... what happen if your trade goes to -50, you place the hedge, ride the hedge down to -100, or even -1000 or more, price comes back up to the original -50 point, you remove the hedge, price rises to -40, then sinks back to -50, do you place another hedge? And do you keep placing more hedges if price is swinging around such that you are in and out of hedges in this way? It will soon suck all your profits in the confusion if you are not certain about what you are doing, and more than that, the cost of the hedge really starts adding up as you are losing the spread/commission each time.

So, hedges need to be carefully planned.

There are some more complex forms of hedging which you can do between the spot and currency futures markets, but i don't actually know of anyone here on this forum who is trading currency futures - indeed a lot reading this may not have even heard of them or know that it is possible to trade futures with currency (or indeed what a 'future' is). That's a whole other topic ;).
Interestingly, hedging is an old old practise from the times when farmers would hedge the prices of their grain in the market while waiting for their crop to mature/sell - they'd use hedging to protect themselves against a drop in grain prices at the time when their crop is ready to sell. This is still used today by businesses the world over, not just farms -manufacturers may hedge the currency exchange for instance if they are selling car parts from Japan to the USA the Japanese parts manufacturer may want to hedge against a loss in the value of the dollar if he gets paid in USD for his export but knows he won't get payment for another 6 months.
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Offline bearnakedbull

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #34 on: March 09, 2015, 07:12:00 AM »
I thought I would revive this dead topic with a nice chart of my newest account. I don't think getting 100%/month is very realistic but I do believe 25% is quite doable. I have set this account up for about 25% according to my best guess and so far it is exceeding that but some of the ea's are do for a hit. I think worst case scenario, also a guess, is 40% DD.
I don't intend on sharing specifics any time soon about what exactly I am doing but did at least want to inspire others to keep trying. I will say it is a real money account with only ea's running on it. Some are old long forgotten ones but I have found ways to keep them performing.

« Last Edit: March 09, 2015, 07:14:02 AM by bearnakedbull »
Regards, bnb

Offline indicator

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #35 on: March 12, 2015, 04:20:21 AM »
Doubling $100 to $200 in one month is very possible but doubling an amount of $102,000 in one month is one hell of a job if you are thinking that it would be too easy to do.

zanzistor

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #36 on: March 12, 2015, 04:36:53 AM »
I thought I would revive this dead topic with a nice chart of my newest account. I don't think getting 100%/month is very realistic but I do believe 25% is quite doable. I have set this account up for about 25% according to my best guess and so far it is exceeding that but some of the ea's are do for a hit. I think worst case scenario, also a guess, is 40% DD.
I don't intend on sharing specifics any time soon about what exactly I am doing but did at least want to inspire others to keep trying. I will say it is a real money account with only ea's running on it. Some are old long forgotten ones but I have found ways to keep them performing.
Thanks for sharing,
BTW, if you really wants to help someone maybe some more tips about some old Ea you are using would be appreciate by the community... BTW, good job till now.

Offline indicator

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #37 on: April 11, 2015, 06:05:00 AM »
It is very much possible to become a millionaire by trading in forex market but you will need a lot of time to become expert in trading before you start you journey of earning from trading.

Offline equityfx

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #38 on: April 18, 2015, 10:42:35 PM »
Quote from: indicator link=msg=335151 date=1426134021

Doubling $100 to $200 in one month is very possible but doubling an amount of $102,000 in one month is one hell of a job if you are thinking that it would be too easy to do.


Its really not realistic if ones have expectation just starting with $100 then dreaming to get high amount mor that $100,000 in less than 2 years . though its possible but  its really not recommended for every ones . keep in mind that we do the risk business and good businessman are people who decide the goal in rational amount . such as 10% or not more than 50% of available capital .

Offline indicator

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #39 on: May 11, 2015, 06:31:17 AM »
Quote from: equityfx link=msg=338235 date=1429393355

Quote from: indicator link=msg=335151 date=1426134021

Doubling $100 to $200 in one month is very possible but doubling an amount of $102,000 in one month is one hell of a job if you are thinking that it would be too easy to do.


Its really not realistic if ones have expectation just starting with $100 then dreaming to get high amount mor that $100,000 in less than 2 years . though its possible but  its really not recommended for every ones . keep in mind that we do the risk business and good businessman are people who decide the goal in rational amount . such as 10% or not more than 50% of available capital .


If a trader starts with $100 and keep a steady growth, obviously he can take it to a very high amount, but that will take a lot of time and its not possible in only 2 years.

Offline tau

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #40 on: May 20, 2015, 01:42:45 PM »
i am really satisfied with "brite007
avatar_brite007
**.......as  high  risk  results in high income ..

thank you

Offline indicator

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #41 on: June 04, 2015, 05:30:19 AM »
Quote from: tau link=msg=340225 date=1432125765

i am really satisfied with "brite007
avatar_brite007
**.......as  high  risk  results in high income ..

thank you


But high risks don't lead to high income every time. This will make trading a gambling business where you cannot survive for long if you gamble.

Offline Kristofer

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #42 on: June 15, 2015, 10:25:30 PM »
It seems to me to ask such specific terms is dangerous. You can start to risk unnecessarily, and not only become a millionaire, but generally lose all of your money.

Offline indicator

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #43 on: July 06, 2015, 02:41:53 PM »
Quote from: Kristofer link=msg=341208 date=1434403530

It seems to me to ask such specific terms is dangerous. You can start to risk unnecessarily, and not only become a millionaire, but generally lose all of your money.


Using bad money management won't make any progress in forex market. You can make some profit and then lose it all by doing one single mistake. So try to maintain a good money management, money will follow such habit.

Offline equityfx

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Re: HOW TO BECOME A MILLIONAIRE IN LESS THAN 2 YEARS.
« Reply #44 on: July 30, 2015, 09:42:30 PM »
Quote from: Kristofer link=msg=341208 date=1434403530

It seems to me to ask such specific terms is dangerous. You can start to risk unnecessarily, and not only become a millionaire, but generally lose all of your money.


Yes i think so , there are two effect in taking risk moreover higher risk in this business , we will be rich man as millionaire from this business and in other side we will get banrupt as easily and quickly . So always take care of risk that will face and will be wise we must manage the risk that available

 

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