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$1,000,000 challenge

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LazyProg

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Hello,
probably, every person after meeting with FOREX, imagined that he would soon become a millionaire. I admit, I'm no exception. 8)

Obviously becoming a millionaire in forex is easy ... If you are a billionaire. But I'll leave test of this hypothesis until better times ;)

Let's try to calculate what needs to be done to make a million on forex.

Let's say I'm not ready to sell my kidney to cover losses in trading. Therefore let's say my starting capital is $100.

To date, eurusd ADR about 85 points. And if we buy from the bottom every day and sell from above (this is my dream), then we will earn 85 points each day.

In our case, 1 point is equal to 10 cents (0.01 lot).
So every day we will earn 8.5 dollars. That's 8.5%. It's a good start.

I propose to increase the lot by 0.01 for every $ 100 of profit. Those. When our balance reaches 200, we will open a volume of 0.02 and so on.

I made simple calculations in Excel(in attached). And the result showed that with such productivity we will get the first million in 121 working days.
It's strange, but the first feeling that I had is that it's too long to wait.  :'(

In any case, the task has become a little simpler. Now it is enough to find an algorithm that makes it possible to catch 85 points a day. ;)

Linkback: https://www.forex.zone/general-forex-discussion/1/dollar1-000-000-challenge/7/
#1 - May 15, 2018, 10:08:34 PM
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« Last Edit: May 19, 2018, 09:16:18 PM by Admin »

LazyProg

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Hi.
Since in the previous post we received specific figures to achieve the main goal, now is the time to consider the next steps.

Obviously, catching 100% of the movement of a currency pair is more than a naive desire. :'(
It would be more reasonable to take 9 points on 10 currency pairs or 22 points on 4 or something like that.
Therefore, we need to choose or create a certain trading algorithm that will potentially bring us several points of profit per day.

I'll be grateful to you for your ideas, favorite indicators or strategies. ;)

So. First, let's try some standard indicators. I attached a few indicators to the price chart, and that's what I got.
$1,000,000 challenge in General Forex Discussion_eurusd-h1-pepperstone-group-limited

 :o It seems too much for manual testing and optimization ... 

 Most likely it is necessary to create an EA... Yes, it will be much easier for us to analyze the indicators using the EA. Great! I'll do it in the next post. 8)
#2 - May 17, 2018, 09:03:35 PM
« Last Edit: May 17, 2018, 09:06:40 PM by CrazyProg »

Master4x

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Quote from: CrazyProg on May 17, 2018, 09:03:35 PM
Most likely it is necessary to create an EA... Yes, it will be much easier for us to analyze the indicators using the EA. Great! I'll do it in the next post. 8)

Looking forward to seeing your EA  :)
#3 - May 17, 2018, 09:18:14 PM

LazyProg

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If the CP said that he will do this, then he will8). And do not remind him about it every six months;)

Hello everybody!

If guided by textbooks on mathematics from elementary school, then I could become a millionaire three times, at least for last year:o.

So I decided not to make money wait for me. I have done some research and amassed some developments and now I’ll show everything here.
#4 - June 14, 2019, 08:35:49 PM

LazyProg

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For a start, I think it makes sense to check the truth that "everything ingenious is simple."

Therefore, first of all, I checked the standard MT4 EA that works with only one MA.
Here is what you can get from this EA.

$1,000,000 challenge in General Forex Discussion_proxy

I like it.
But I added another MA to close the orders + changed the MM algorithm and added SL and TP.

$1,000,000 challenge in General Forex Discussion_index

It seems to me now it is more effective -> about 20,000%! Although a million not yet:).

Conclusion:
Standard indicators have potential. Efficiency is increased with the use of money management and risk management. Therefore, it makes sense to check each indicator for potential.
#5 - June 15, 2019, 10:51:27 PM
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« Last Edit: June 15, 2019, 10:56:11 PM by CrazyProg »

LazyProg

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Quote from: iim on September 11, 2019, 02:03:20 PM
it feels like this challenge doesn't need to be done


Why? :)
#6 - September 12, 2019, 11:34:07 PM

Lauran

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This challenge is not easily achieved in my opinion without us having the capability.
#7 - October 09, 2019, 07:53:15 AM

pamela g

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interesting $1,000,000 challenge but is it still valid?
#8 - August 12, 2022, 01:17:20 AM

Dana D

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Quote from: Lauran on October 09, 2019, 07:53:15 AM
This challenge is not easily achieved in my opinion without us having the capability.
Achieving that much money is of course not easy and definitely takes a long time
#9 - September 10, 2022, 08:36:17 AM

Kardel Sharpeye

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To aim for a million in forex trading, it's important to understand that it requires a strategic and disciplined approach. While I cannot provide specific numerical calculations, here are some general considerations:

1. Set Realistic Expectations: Making a million in forex trading is a significant goal that requires time and consistent profits. Set realistic expectations and understand that it won't happen overnight. Avoid get-rich-quick mentality and focus on long-term success.

2. Develop a Trading Plan: Create a well-defined trading plan that outlines your strategies, risk tolerance, and money management principles. Stick to your plan and avoid impulsive decisions driven by emotions or short-term fluctuations.

3. Educate Yourself: Invest in your forex trading education. Learn about technical and fundamental analysis, risk management, and trading psychology. Continuously improve your skills and stay updated with market trends and developments.

4. Risk Management: Implement effective risk management techniques. Determine the maximum amount you are willing to risk per trade and ensure it aligns with your overall financial goals. Use stop-loss orders to limit potential losses and protect your capital.

5. Consistent Profitability: Focus on achieving consistent profits over time rather than aiming for large, risky trades. Aim for a favorable risk-to-reward ratio and maintain discipline in following your trading strategies.

6. Diversify Your Portfolio: Avoid relying solely on forex trading. Consider diversifying your investments across different asset classes to mitigate risk. Explore other investment opportunities such as stocks, bonds, or real estate.

7. Patience and Persistence: Forex trading requires patience and persistence. Be prepared for ups and downs along the way. Stay committed to your goals, learn from your mistakes, and continuously adapt your strategies.

8. Seek Guidance: Consider seeking guidance from experienced traders or mentors who can provide valuable insights and guidance. Engage with the trading community, participate in forums, and learn from the experiences of others.

Remember, making a million in forex trading involves multiple factors, and success is not guaranteed. It requires a combination of skill, knowledge, discipline, and a bit of luck. Stay focused, manage your risks effectively, and strive for consistent profitability rather than focusing solely on the monetary goal.
#10 - June 01, 2023, 02:33:24 PM
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