In fact, can you EVER make a million dollars trading forex, even with all the rest of your life left to do so?
Let’s make a million dollars trading forex. Easy, you say: just start out with 10 million and trade your way down to 1!
Jokes aside, is this just a pipe dream, or can it really be achieved by the average retail forex trader?
I won’t pretend it’s an easy or a short road to riches trading anything. Even forex, which I consider to be a fairer marketplace than stocks, for example.
But at least in theory, with a strategy or suite of strategies that has proved itself to be consistently profitable, you should be able to do it over the longer term. Of course, patience and discipline will still come into it, but such character traits are required for success to be achieved in anything.
I’ve made a short video showing how I think it is possible to make a million dollars trading forex. It’s based on compounding your profits year over year, starting out with a very low initial account, and building up to the magic million slowly.With a suite of consistently profitable strategies, you should be able to make a million dollars over the long term.Click To Tweet
I’ve also attached an Excel file for you to download and play around with, that shows how the account will build given different beginning account sizes, yearly profit etc.
So, how do we start on our first million dollars?
In the following video, I show what results I have been getting with some of the automated trading strategies I’ve been developing. They are a mixed bag, but if you took the top five or ten, and traded them as a suite of strategies, the results look interesting.
For example, if we take the top 10 performing strategies over the past eight months, and add their results together, we get a profit of roughly 40%. Even if we take the top five performing strategies over the past eight months, we get a result of almost 30%. Now, that’s not perhaps the stratospheric results some of you might be wishing for. However, given the fact that most fund managers are ecstatic with 20% per annum, our figures aren’t too shabby.
Here’s what the little Excel utility shows for trading a suite of strategies that gets 40% & 30% per annum:
|GAIN P.A.||START||YRS||RESULT||GAIN P.A.||START||YRS||RESULT|
You can download this utility here:
Take a look at the video posted below and see what you think. More importantly, TELL ME WHAT YOU THINK in the comments section below. Am I being too optimistic, or am I missing some really important details? I’m fascinated by the possibilities of this, but I’d truly appreciate your feedback!
Take Care & Trade Well,