Anyone here made >$1 million trading?

[dal_22]

Its very hard to know if anyone here has made a million but if you think about it yourself someone starting off with 20k who is an extreme risk taker could take it their within two trades with two 7to 1 trades if they wait for a perfect setup however someone trading like that would not hold onto their winnings for too long.

That was a bit of a bonkers example but if someones starting with 100k and is an extremly disciplined and successful trader making 20% month or even 10% a month that make a milly in 2 years.

All in all I'd say there probably are a few in here who have made a million but what you really should be asking is what returns are people making as its not to hard to make a million from 900 grand.

 

[montmorencyt2w]

Its very hard to know if anyone here has made a million but if you think about it yourself someone starting off with 20k who is an extreme risk taker could take it their within two trades with two 7to 1 trades if they wait for a perfect setup however someone trading like that would not hold onto their winnings for too long.

That was a bit of a bonkers example but if someones starting with 100k and is an extremly disciplined and successful trader making 20% month or even 10% a month that make a milly in 2 years.

All in all I'd say there probably are a few in here who have made a million but what you really should be asking is what returns are people making as its not to hard to make a million from 900 grand.

Please give me 900 grand, and I'll prove you wrong

 

[littlemog]

hoping in late but all in all, one might as well as that there're many who won't earn that amount too in work, business and so on. it all depends on what you want to achieve for yourself. money's just waiting to move (maybe to your pockets, maybe to someone else)

 

[metaron]

Hi guys just my 2 cents,

My first 18 months trading was a complete disaster and almost drove me to suicide. I lost 80% of my capital on my third day trading but the strange thing was I knew at that moment that I could of made 80% and I had a confidence that I would eventually make it. I started of with stocks moved to the indexes and now I only seem to do forex.

I only become consistently profitable after reading Mark Douglas's book "Trading in the zone". Something that really stuck out for me was:

"Your level of market knowledge IS NOT the problem YOU ARE the problem. You can use old fashioned some would say mediocre techniques and still make money providing you are asolutely consistent".

I dwelled on this and realised he was bang on, everytime I had a losing streak I would stop trading and read some more books blaming my lack of market knowledge for my results. Then I would go back trading have a winning streak then losing streak and repeat the process all over again.

So if I was the problem NOT my lack of market knowledge what did I do about it.

First I picked some simple set ups which were breakouts, breakdowns and trendline breaks very, very simple stuff. I trade 5 min charts and I always stick to this even if I have 20 losers in a row(most I've had in a row is 5).

Second I would adjust my position sizing so that I would never lose more than 2% of my money.

Exits are discretionary.

That's it that's all I done and trust me if I can do it anyone can do it. Pick some simple setups, trade small and stick to it, your money will soon grow.

Trust me I not only beleive I KNOW it is posible to turn just a few k into a million in several years.

 

[dal_22]

Please give me 900 grand, and I'll prove you wrong

You should practise saying give me 900 grand and i'll make you a million say this to enough people and you'll have your own hedge fund.

Neway if i was trying to turn 900 grand into 1 mil an option could be to leave it in the bank for a few years.

 

[Dawso]

The harder we work, the luckier we get )

 

[trader_dante]

I've seen a couple of people go from a zero balance account to over tens of millions. And keep it.

Using, yes, you guessed it: support and resistance.

Don't believe anyone that tells you it cannot be done.

 

[gamma]

I've seen a couple of people go from a zero balance account to over tens of millions. And keep it.

Using, yes, you guessed it: support and resistance.

Don't believe anyone that tells you it cannot be done.

Now T.D,
I have the greatest respect for you and am a great admirer of yours,
But honestly no one not even you, can go from a zero balance to whatever.

 

[BSD]

I've seen a couple of people go from a zero balance account to over tens of millions. And keep it.

Using, yes, you guessed it: support and resistance.

Don't believe anyone that tells you it cannot be done.

Now T.D,
I have the greatest respect for you and am a great admirer of yours,
But honestly no one not even you, can go from a zero balance to whatever.

Suspect what TD means are those who started with prop firm money, ie that put up zero of their own starting out.

 

[gamma]

Suspect what TD means are those who started with prop firm money, ie that put up zero of their own starting out.

Duh!
How stupid am I?

Thanks! BSD

 

[BSD]

I'm the guy here who gets the blonde days otherwise often enough

 

[trader_dante]

lol yes sorry I didn't clarify that. I mean people that have started at zero but are using company margin to trade with. So for example, if you had an account balance at zero but I gave you the margin to trade up to 10 lots (£70 per pip in the Euro).

But you don't have a ridiculous amount of money behind you like you do in investment banks. These are people that made tens of millions - some of them without ever going a penny into the red. Others may have gone down a little first.

 

[gamma]

I was also being a bit frivilous and trying to inject some humour, now that Depth Trade has been shut up.
Hopefully he will come up with some more crap to amuse us and stop us from overtrading

 

[JTrader]

I've seen a couple of people go from a zero balance account to over tens of millions. And keep it.

Using, yes, you guessed it: support and resistance.

Don't believe anyone that tells you it cannot be done.

Yes S/R is king!

On any timeframe.

 

[trader_dante]

Whenever I have met a trader that has made hundreds of thousands or even millions in the market (and this is just me personally and I have met several) the conversation will usually come round to "How you do it?" and guess what? The answer has never been: "I just purchased The Illimunious Holy Grail Pip Hunting Profit Maker"

It's usually something along the lines of: "I look for areas of value (support and resistance) and see how the price reacts".

I sometimes wish I could change the world and the way people think. That new traders would see this and stop p*ssing away cash on sh*t systems they just found on the web but I can't and I guess I have to be thankful...after all...they put some of the money into the market that I take out of it.

 

[JTrader]

Whenever I have met a trader that has made hundreds of thousands or even millions in the market (and this is just me personally and I have met several) the conversation will usually come round to "How you do it?" and guess what? The answer has never been: "I just purchased The Illimunious Holy Grail Pip Hunting Profit Maker"

It's usually something along the lines of: "I look for areas of value (support and resistance) and see how the price reacts".

I sometimes wish I could change the world and the way people think. That new traders would see this and stop p*ssing away cash on sh*t systems they just found on the web but I can't and I guess I have to be thankful...after all...they put some of the money into the market that I take out of it.

Amen bro!

at least they can't say we didn't tell them!

 

[Jaydee]

I sometimes wish I could change the world and the way people think. That new traders would see this and stop p*ssing away cash on sh*t systems they just found on the web but I can't and I guess I have to be thankful...after all...they put some of the money into the market that I take out of it.

I never bought a system but I did waste many hours (months in fact) trying to find a magic indicator or a combination of them rather than trying to understand the underlying mechanics and rhythms of the price movement. It was years back now but it still bothers me how I wasted so much time doing that.

I'm with you TD, changing the way people think is paramount but the problem lies in the vast amount of misinformation out there peddled by the buggers getting rich off the wannabe rich.

 

[JTrader]

I never bought a system but I did waste many hours (months in fact) trying to find a magic indicator or a combination of them rather than trying to understand the underlying mechanics and rhythms of the price movement. It was years back now but it still bothers me on how I wasted so much time doing that.

I'm with you TD, changing the way people think is paramount but the problem lies in the vast amount of misinformation out there peddled by the buggers getting rich off the wannabe rich.

Absolutely agree & ditto!

 

[socomrider]

But you don't have a ridiculous amount of money behind you like you do in investment banks. These are people that made tens of millions - some of them without ever going a penny into the red. Others may have gone down a little first.

Hope this is me :-D I'm now 120% up on my £0 account using the SB's free starting money. I had a go at my first forex trade today and made the 20% just using charts, trends etc.

The thing I have found though with taking the route I am, is that because my capital is so small compared to others who use their own money it is almost impossible to risk small money because of the spreads. For example the thing I read alot on money management is don't risk more than 2% which for me is like £4 and by putting my stop loss at £4 would probably wipe me out everytime

 

[UKtradergirl]

Hope this is me :-D I'm now 120% up on my £0 account using the SB's free starting money. I had a go at my first forex trade today and made the 20% just using charts, trends etc.

The thing I have found though with taking the route I am, is that because my capital is so small compared to others who use their own money it is almost impossible to risk small money because of the spreads. For example the thing I read alot on money management is don't risk more than 2% which for me is like £4 and by putting my stop loss at £4 would probably wipe me out everytime

Hiya,

I specialise in small accounts. I've never been fortunate to have a lot of capital to play around with, and when i do make gains the money is often needed. However, i have managed to build up my capital- just very slowly.

You are right in not putting impossibly tight stops on just because you don't want to risk more than 2%. These rules just don't work with an account below about £1000. Saying that, you don't want to have large stops either as a few losses will wipe you out. I find that having a smaller account makes you more disciplined because you have to make every trade count and will not enter a trade unless you are very sure you are right. I'm not saying that things don't go wrong- they often do.

On small accounts i find breakouts a good way to trade. You can maintain a tight stop on breakouts, whilst at the same time maximising potential returns. e.g. you might be able to place a stop at 5 to 10 points, yet the return could be around 60 points or more. (i usually aim for 30, then close out half the position- some SB companies allow you to close part positions so you are holding less than the minimum bet... eg. minimum bet is £1/point... close £0.50p/point and you now only have £0.50 a point bet. You pay more money in spreads doing this so be careful).

Even though i have more trading capital available to me elsewhere, i tend to keep fairly small balances in my SB accounts even now because it just makes me take better decisions. Saying that, there has been a couple of occasions where a brilliant setup has come along and i saw huge profit coming yet was unable to take a large position due to lack of immediate funds.

Not sure what i'm writing here -think it's a load of drivel. So excuse me if it doesn't make sense. I'll stop now.