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Why I failed to make a million dollars within 259 days?

To be very honest I tried 4 times. And to be more honest - Ifailed all of them.

The reason is very simple. And that very same reason keepsus away from our one million goal. Maybe not always, but at least 90 percent.

All four times I was starting with 500 USD. I was making anexcel tables in order to keep track of how successful I am and how much I haveleft in order to reach my ultimate goal. But everything is not as simple as itseems. Or is it…?

Main reason lies in human psychology, or in other words in humannature. When you start with 500 USD a daily profit of 1% (which is $5) seem really small amount ofmoney. Hence, instead of closing the trade for today, you think… “…why not makeanother five bucks…” which would take me one day closer to being a millionaire.And there is goes. You can not stop.

Let’s analyze a different scenario. Say you started the day with a 1% loss – lost fivebucks. Normally, if you’re a self disciplined man, you close down your FOREXwindow and let it go until tomorrow. But in 90% of the cases our ego steps inand what happens next is: “…it is just five dollars, I still can make one successfultrade and clean up the loss…” and there it goes again. You can not stop.

So the ultimate answer to an ultimate question “Why is it possible/imposibleto make one million dollars in 259 days trading on FOREX” – the answer is verysimple. Self discipline! 90% of people trying to trade FOREX loose everything –these 90% are the ones whose ego takes control of the mind. And only 10% (Ireally doubt that the number is that grate, I would say it is closer to 2%)make a happy living making enormous profits, and spreading success stories ofhow they actually managed to make their million trading currencies on FOREX.

Comments

2012-01-14 Have learned over the past 5 years how to trade on forex. Have well over 500 positive trades in a row. Going to keep going and see how many I can go.
by Dana

2012-01-10 looks like this post has been changed, the formula has been moved thats why some people dont see how u can make $1mln, u have to see it 1st , i've been telling my friends about it, and nobody believe me, until saw it......
by anna

2012-01-10 already made $50k :) making 3% a day, getting very close, oh i forgot, in not from US so i trade with 1:100 leverage, Mr. t, how do you trade that its hard for you to make even 1%????????? . I will be back in 1 year :) will let you know guys how it was for me
by anna

2011-12-14 You boys don't stand a chance...Save your money and dont trade. Hear it from a pro, You stand no chance. Bhavik: You learned nothing; 20%! Loss in a day? Are you nuts? You stand no chance Mr.T: 1% is not over leveraged, but no one can do this day in day out...no one! Anna: Sweet Anna, You can't make 3% a day it's unrealistic. If you started from 500$ you will never reach 1 million. Keep your job. Jesse: The market will ALWAYS come back and bite you...learn position sizing...it's the most important part of trading. OK I am harsh, but now comes one simple truth: 95% or more of forex traders lose. A GREAT trader turns a 100,000$ into a million dollar account within 3-5 years! And That's a GREAT trader...someone who learned the hard way the ins and outs of this market. Learned the tricks and learned to trade against his human nature. Guys, save your money, really. I know you will trade anyways becuase thats human nature, but do me a favor save this post, and get back to it in a few years. Good Luck.
by David

2011-10-30 Is it worth of taking the chances I've been doing research since 2008 and know I think it time for me to venture as an trader I just want to know is it worth of taking the chances?
by inno

2011-09-18 I HAVE TOO STARTED FROM 420$ AND MADE 2800$ IN JUST 3DAYS BUT MY EMOTIONS CANNOT BE CONTROLLED AND I LOOSED ALL. SEE THE PROOF: ://instaforex.com/pamm_monitoring.php?trader=1063061 I have learnt important things from this loss. 1.Never be over confidence 2. If you haveing more than 20% loss in a day step out and make that 20% slowly,high risk shoud be taken to make high profits but when u fail about 20% of capital step out and make that 20% do not fear to close your loss positions. 3.Always think about spider climbing the wall and fells down still it climbs reaches nearly 90% but still fails and still he tries and finally wins. 4.If i cannot close my lossing position i cant atleast hedge it. ========================================================= 2% can be made within 5-10 minutes during london markets hours anfter 3 hours gap new york hours. And i have made 600% in 3days so so 2%-20% daily is not a difficult task for me i always follows news and make trades AM A PAM TRADERS ANONE CAN INVEST INWEST WITH ME MINMUM 1000$
by BHAVIK

2011-08-21 Daily 3% is very hard even1% I think this over leveraged. Daily 1.5% was achievable but it would be overleveragin yourself
by Mr.t

2011-06-17 you just have to wait, i wollow the strategy, to make 3% and leave for a day, its not much, but at the end you have your money. i just started and so far it works, i learn eveything on my own, reading books, watching videos, i think its very interesting and i think i can make my 1st million in 1 year.
by anna

2009-09-23 You are not far from the truth... I was comfortably making more than a thousand dollar everyday until greed came in and i lost twenty one thousand dollars in less than a week.
by jesse

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