Do You Want To Turn $1,000 Into $1m Trading In 2010?
Can you turn $1,000 into $1 million in 2010 trading
? You will start with only $1,000 and grow it into one million dollars in just one year. You are not going to add any money to your account during this one year. Can you do it? I think anyone can if he or she understand the principles of risk control and has the right approach and the trading strategy.
You must have heard or read a lot about George Soros. George Soros is famous for breaking the Bank of England in the early 1990s when he successful speculated on the devaluation of British Pound and make a nice $1 Billion in a few days. But have you ever heard about Bruce Kovner? Bruce Kovner started trading the forex and the futures market in 1977. He did not have money. So, he used his credit card to fund $3,000 into his trading account. Over the years, he became of the richest man in the world. His net worth is around $11 Billion now.
My purpose of narrating this story was that you don't need to have a lot of money to make it big in the game of trading. What you need is just a few thousand dollars and the right approach and the trading strategy. What you need to learn is to make more winning trades as compared to losing trades. This brings us to the subject of risk and money management in trading. Something that gets ignored by most new traders who learn it the hard way by burning their fingers and losing a big amount. After that they never lose sight of the risk control system that comes first in trading and only than profits come. With good risk controls in place, you will emerge a long term winner in the game of trading.
Learning the art of long term survival is the esence of trading. Don' tbet everything on one single big trade. Learn to trade another day. Once you learn how to make more winners than losers, you are on your way to growing your account. Suppose, you learn how to grow your account every month by 50%. This means if you start the year 2010 with just $1,000 in your trading account and grow it by 50% every month,by the end of 2010, you would have made something like $130,000. Do the maths yourself. I just give you one hint. Use the compounding formula that you had learned in your high school. Forgotten it. Just google it and you will find it. This just shows that your trading account actually grows with compounding. Every month,you just make a steady ROI and leave the rest to the power of compounding.
Now 50% ROI is not bad. But what about 100%. Can you di it? I know people, who can achieve 1000% ROI. So suppose, you make 100% ROI. In that case, within 1 year you will have grown your $1,000 into $1 million. Not bad, huh! But, it will only come if you know risk management.
This is exactly one Hoosain Harneker from South Africa did! He had no money, not even $1,000! So he kept on practicing on his demo account while working to make $1,000. In a few months, he consistently doubled his demo account three times in a row. Now, he had the money too. He started trading live and became a millionaire in one year. You too can do it with the right approach and the right method in the forex market!
by: Ahmad Hassam
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