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

fx turtle

Junior member
43 7
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
 
Last edited:

fx turtle

Junior member
43 7
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
 
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DowJones

Experienced member
1,236 437
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-Dummies-Michael-Griffis/dp/1118681185/ref=sr_1_1?ie=UTF8&qid=1392579881&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?
 

fx turtle

Junior member
43 7
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-Dummies-Michael-Griffis/dp/1118681185/ref=sr_1_1?ie=UTF8&qid=1392579881&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
 
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Forexmospherian

Legendary member
39,928 3,299
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
 
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Pondlifedregsbutler

Active member
204 147
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
(y):|:cool::cheesy::innocent::clap::devilish::idea::love::clover::!::(:-0
 

William

Newbie
6 0
This is great - checked out your account and looks good. I will keep an eye on it.
 

Forexmospherian

Legendary member
39,928 3,299
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
(y):|:cool::cheesy::innocent::clap::devilish::idea::love::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:LOL:

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
 

neil

Legendary member
5,167 747
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:LOL:

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.
 
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fx turtle

Junior member
43 7
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
 
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