1 Million Dollars in 200 Days
February 5, 2007 by Trader Rich
Here is a comment posted by a user today:
Hi, Read about some dude trying to get to $1m in 200 days. His start equity is $1k. Do you think its possible?
I said, NO WAY. When I first started looking into Forex, I might have thought this was remotely possible. I now don't even think there is a remote possibility. You need a hell of a lot more capital than $1000 to turn it into $1 million in 200 days. I don't like to be discouraging but this is totally unrealistic. I strongly believe that setting goals high is beneficial to your trading but I'm a realist. You can set your goals high but they should remain within a threshold of what is possible.
Tell me if I'm wrong here….
I'd also like to think that this comment wasn't posted for self-promotion but who know. Check out this confident users blog at http://forex200.blogspot.com/
Popularity: 1%
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I suppose it’s technically possible, given enough leverage.
All you’d have to do is double your equity.
And double again.
And double again.
And double again.
And double again.
And double again.
And double again.
And double again.
And double again.
And double again.
And there you have it, $1,000,000. Piece o’ cake.
It’s certainly not impossible, but like you said it’s not realistic whatsoever. Like Tyro said, you would have to be using high leverage and be very aggressive in terms of risk. Most importantly, you would have to have a lot of discipline to trade in such an aggressive manner.
I mean, hypothetically if a trader were consistently profitable every week, he could just increase his position size to get the necessary return. Of course, I’m inclined to believe that if a trader were to do this, it would drastically affect their discipline since the risks are increased and they may not have the risk tolerance for the trades they’re taking.
At 200:1 leverage, and an exponential increment of 2 to power 10, it is possible. I would want to see how it plays out.
Oledinma
Possible. Yes. Likely. No. It’s like the odds of getting killed by a great white….
Something like this comes up every couple of months, such is the lure of forex. But I’m suprised it’s coming from a ‘full time trader’ this time, I would have thought anybody with a bit of experence would have knowen better…but I guess we will just have to see how it plays out!