With the right mindset and a proven trading strategy, would it be possible?

[Phill Twist]

With the right mindset and a proven trading strategy, would it be possible to turn $500,000 into 8-9 million USD within one year by day-trading in Forex?

Stable currencies often tend to move around 50-70 pips per day, so since we are talking (on average) about $30-000-32,000 per day by using a leverage of 1:20 and 1:10, so wouldn't it be plausible to catch around 30 pips per day by using a trend following strategy?

 

[loyek590]

or you could scalp for 2 pips 15 times a day

 

[carrer]

It's possible to make 30 pips a day. The question is can you make them consistently?

Also it depends on your risk-reward ratio and win rate.

Don't count on how many pips you could make, instead count on how many percentage of your equity you could make in a day.

 

[Zr1Trader]

Possible? Sure, so is winning the lotto.
Likely? Not at all.

Take a look at this trading contest championship that has been going on for years ,go to the "standings" tab.

The leaderboards give you an idea of what is possible at the upper end of trading talent. But again, what you propose is not at all likely even for the best.

You are probably not at the upper end of trading talent so bring your expectations way way down.


http://www.robbinstrading.com/world_cup_championship/

 

[loyek590]

Possible? Sure, so is winning the lotto.
Likely? Not at all.

Take a look at this trading contest championship that has been going on for years ,go to the "standings" tab.

The leaderboards give you an idea of what is possible at the upper end of trading talent. But again, what you propose is not at all likely even for the best.

You are probably not at the upper end of trading talent so bring your expectations way way down.


http://www.robbinstrading.com/world_cup_championship/

did you check out the prizes? 120% and you get a free online trading course

 

[Zr1Trader]

did you check out the prizes? 120% and you get a free online trading course

Lol wow, I see that, Is this robbins company a sham? I've heard some talk before about how something with larry williams and a group of educators benefit from the site ect but never really looked into it. Neverthe less it seems the participants use real money $10k and the results appear to be validated.

 

[ras72]

Sure. In principle.
A factor of 18 in one year is x1.071 increase per week for 42 weeks (incl. time off)

Ain't gonna happen like you envision. Pocketing half the daily range like you say is unrealistic; you'll catch a lot less than that and so you'd need leverage. And a "trend following" method isn't going to cut it.

 

[d08]

did you check out the prizes? 120% and you get a free online trading course

I found that hilarious as well, kept searching for a real prize in between the lines but there was nothing.

 

[classiccharts17]

Yes it is possible if you make 1% daily on your capital. you will turn 500k to 5 million in a year. Can you do that everyday? that is the big question. Note that there will be losing days and others square. Not to mention the big sudden moves that make or break you!!