Million dollar forex trading system. Here and there, I'll take a shot at top picking, bottom picking, and just taking the occasional blind flyer (“Why don't we sell Usd/Nok today, just for fun?”). Trying to make a million dollars in 18 months necessarily means taking some risks. However, I will (hopefully) stick with the basic trading strategy I have in.

Million dollar forex trading system


Million dollar forex trading system. Fuller, who has been trading since , ended the Million Dollar Trader Competition with an impressive % return on investment. Participants .. Your winning this top prize has shown, beyond a shadow of doubt, the effectiveness of the price action forex trading strategies which you espouse. Reply.

Million dollar forex trading system

What do you mean, I said. I knew I was going to like this guy but he had a wicked sense of humor. At the time, I remember coming out from the thinking that I had cracked it.

I was already planning on the car I was going to buy and what sort of massive house I was going to live in. The course finished on a Friday and by Tuesday I was set up with a broker and ready to make my fortune. He knew if he went along this path of trading, he would not make money trading forex so for the next 6 months he read everything he could about forex and testing different ideas. He was obsessed with it. Mark realized a few month later that this forex trading course which he paid a lot of money for was totally useless.

At the time, I lived in a beautiful village in the heart of Perthshire called Blairgowrie. Just as a side note here. If you ever go to Scotland, make a point of heading up to Perthshire. Everyone goes to Edinburgh or Glasgow but trust me, the farther North you go in Scotland the more beautiful it gets and the people are much friendlier too. So, picture the scene. I had eventually got my act together. I was making money trading, not a lot but enough to cover my living expenses and it was in the heady days before I had children so there always seemed to be time for things.

I would get up at around 5 am, make myself a big cup of black coffee, put on some Beethoven or Enya and settle in for the morning. My favorite technique was to try to catch a move on the London opening and be finished by midday. The 5 minute charts just seemed easier to trade in those days. This left me time for my second passion of going to the movies. Both my wife and I used to be devoted moviegoers. I mean, we would watch every single new release and even the arty foreign ones too.

About a week before this story started, Mark asked Peter is he had a copy of the manuscript of WD Gann that he was after. Peter gives him a call a week later and tells Mark that a guy called Fred has just taken his forex trading course and is struggling a bit with it and asks Mark if he could spend a day with him to try to help him understand. Somehow he Peter had managed to get his hands on the manuscript I was after.

He wanted to make a deal. He would FedEx it down to me the same day if I would spend some time with Fred. He got me with the one thing he knew I would bite at. About two days before I was due to collect Fred, he calls me. So how much money are you making? Ow, this guy was to the point. I wondered if I had made a good decision agreeing to spend the day with him. Monday morning comes and into the arrival lounge steps Fred.

Big tall guy, over six foot tall. His hair was just starting to turn grey and he was dressed in baggy jeans and a T-shirt. I placed him about years old. We made some general chit chat on the way back to Blairgowrie and eventually we got in front of the screen where I started to explain how I trade.

So Mark get to work explaining and teaching Fred about forex. Fred just sat there looking at his with is face resting on his hand while his elbow on the table which made has face all scrunched up like a cabbage patch doll. Suddenly, Fred pretended to let his elbow fall off the table. Just show me the good stuff, you know, the thing that makes the money. Plus, at the rate you make money, I might be 60 before I make any decent money. I had to laugh, Fred was an entirely different animal from me.

We spent the rest of the day talking about trading and life in general. I laughed the whole day. This guy only knew how to do things one way and that was with both barrels blazing. Fred eventually went home and things returned to normal. A few days later I get one of many calls that were to come from Fred. I just listened dumb stuck. You could and still do get incredible leverage with Forex. In those days there were no such things as mini contracts.

I had just started trading with two contracts and here was Fred on his first trade, jumping right in there with ten contracts. How big is your stop I asked him. You can sit up there in the Highlands and watch the grass grow while I make the real money down here. I was going to short the Pound so I went short 30 contracts and went out for a coffee.

Anyway, when I get back you will never guess what happened. Over the course of the next few weeks Fred made about six trades and was increasing his leverage as he went. He was now regularly trading 30 contracts plus. The pip dollar value is not the same for all the currency pairs because it varies depending on which currency pair you trade.

Fred forex trading strategy was a really simple system and here it is:. Fred was on the ground for a few hours and Mark Got a call: Forget it I said. You need to take a break and spend some time with the family. Silence on the other end of the phone. A few hours later he calls again.

He wanted to trade without a dealing station and no access to charts. Send me a 5 minute of the Yen and I will keep it to ten contracts. I knew that regardless of what I said he would find a way to trade. Obviously going over his 10 contract limit he promised me. Fred really had an incredible run. Fred was using his forex leverage to the maximum and he was succeeding…or so it seemed. He kept pushing it, trading huge contracts and still using his forex leverage to the maximum.

Now if you trade currencies, you know that nothing much happens on a Sunday night. Asia opens but generally there are no big moves. The phone rings about 1 am and wakes me from my sleep. I lay in bed for about ten minutes thinking about what Fred had said and then curiosity got the better of me, I had to go see for myself. I knew as soon as I saw the chart what was worrying Fred. For some reason the Swiss had gone up over pips on a Sunday night. Fred must be short the Swiss I reasoned.

I decided to call him. What do you think I should do? Whatever you decide put a stop in to be on the safe side. I remember watching that 5 minute chart of the Swiss all night long and about eight am London time the Swiss began to rise again. It had moved another 80 odd pips up. I thought that as it had already moved so much it must be ready for a pullback so I shorted it again.

There is something else Mark but I am too embarrassed to tell you. I never did find out exactly how bad his situation was that day but I could guess. Not only had he shorted the pair again he had added contracts. Nothing really worked out for Fred after that disastrous trade. If you are close to that level, the broker can call you to put more money into your trading account to cover your position or if not they can close your trade when it reaches that level.

I still consider Fred a close personal friend and we have remained friends throughout all the years. It took some time but Fred to recover but he did eventual make quite a bit of money in the property game. When I got to a million I immediately thought, why not ten million me old matey. There was a time during all this when I would have believed he could have done it. I also wrote this post titled: And the main idea of that article is to show how easy it is to make a million dollars if you have a lot of initial forex trading capital to start with.

Fred failed to cut his trading losses fast and that led to blowing up his forex trading account. Sometimes your string of forex trading success runs makes you think you are invincible. Its only a matter of time before the market will humble you. Mark McRae, a forex trader is the one that is telling this story.


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