My Journey Into Forex - Part 3 of 3 (The $1 MM Challenge)
Many traders come into the Trading Game thinking they can become rich overnight. However, over 90% of traders lose money because they don’t treat trading like a business, lack a trading plan, don’t have discipline and have poor risk management rules.
Trading isn’t a sprint, but a marathon. Trading is a choice, but it’s also a sacrifice. I have not tracked the miles I logged thus far, but I dare say, I have put in 10,000 hours in total over my trading career to learn this craft, which includes tons of early mornings and late Saturday nights. I have missed many family moments because I was sitting in my office staring at charts.
NOTE: I try not to miss those family moments anymore.
Sometimes I even questioned whether the sacrifice was/going to be worth it. But then I realized, trading is my simple pleasure, my oasis from life, my “lemonade at the beach.” Trading requires a lot of discipline, patience and perseverance and is psychological warfare…this is why I love it so much.
Anybody can be successful at trading if they really want to be. I’m not special, not even a successful trader yet, but I’m starting to see some light at the end of the tunnel based on those 10,000 hours of blood, sweat and tears.
Thus, I accepted a challenge from myself last week. Myself challenged me to turn $2000 into $1 million dollars in 30 years trading just Forex (equivalent to a 24% annual ROI). Myself said I can’t risk more 2% on any one trade account with the goal of finding 5 to 10 set-ups each week.
NOTE: The rest of 2018, I need to make $280 or 2% each month the rest of the year.
Myself also told me that this would be a great opportunity to show new traders the possibilities of trading and that this business doesn’t require a lot of capital to get started. Myself has requested that I share my trade set-ups and share my account balance each month… win, lose or draw.
Upvoted ($0.16) and resteemed by @investorsclub
Join the Investors Club if you are interested in investing.
You'll make it if you work hard enough!
Thanks for the words of encouragement.
Correct me if I’m wrong but it seems like u forgot about the taxes in your calculation. Or maybe u live in Dubai or elsewhere but in Germany it’s like 25%
But nice that u think u will have the discipline. A lot won’t start or stick to the risk management at the beginning because it is demotivating to work so much and gain so less in the beginning
Great observation, I didn't include taxes or commission, so this will have to be either gross profits or I need to make more than $1MM to cover taxes and commissions.
Great to lay out the goals on a table as it seems more achievable. At first, you can think that 24% a year is tough but you can make that much on one trade! Look forward to continue following your journey!
Thanks, if you break down 24%/yr, it's just 2% / month, so I think very achievable and you right about that can be made on 1 trade....just look at the EUR/USD in recent weeks....wow. Yeah the journey should be fun and I'm going to love sharing with you all that journey as well.
@rollandthomas
Like the @investorsclub wrote. Sports betting and trading do have lots of similarities.
In both disciplines, discipline, learning and making the right calls is important. We win one, but will also loose some.
Very interested in this challenge! No doubt that you will make it a success.
Will follow it closely.
Cheers,
Peter
I have to agree, the successful sports betting people I'm sure follow a set of rules and criteria and thanks for the encouraging words as I start my $1MM challenge journey.
PS - so is trading gambling in your opinion?
Always supporting and your support has been greatly appreciated..good post!
Successful people in trading are people who use the science of trading not speculation, because the speculation is the same as gambling
I love it, so are you saying trading isn't gambling and if so, why isn't it gambling in your opinion?
I think TRADING is business and not GAMLING which can be done by guessing and relying on the luck factor. Trading has analytical instruments that can be learned so that it can make a profit, and the profit is not only once but continuously.
Excellent way of putting it.
Pedagang adalah salah satu cara agar ekspor impor negara zaman kuno
Visit my blog 🙏
Step 1: LEARN -> Step 2: PRACTICE -> Loop n times
Good luck trading, best for you_rollandthomas