Math Terms That Start With K latest 2023

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How to Turn $1K Into $1M in 2010 Trading

Many people consider trading to be too risky. Without a doubt. But for those unfamiliar with risk control in trading. You see, winning and losing is part of life. Whatever you do in life, you will face both success and failure. Look at the football world cup, the winner of the last time rarely wins the next time. The same is true in trade. You have winning trades and you will have losing trades. What you need is a method that gives you more winners than losers.

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 successfully speculated on the devaluation of the British pound and made a handsome billion dollars in a matter of days. But have you ever heard of Bruce Kovner? Bruce Kovner started trading forex and the futures market in 1977. He had no money. So he used his credit card to fund $3,000 into his trading account. Over the years he became one of the richest men in the world. His net worth is around $11 billion now.

What this story shows is that you don’t need to have tens of thousands of dollars in your trading account to make big money. What you need is the right approach and trading strategy that gives you more winners than losers. What do I mean by the right approach? What I mean is that you should place the utmost importance on risk and money management in your trading. Without proper risk control, you cannot make money consistently.

Learning the art of long-term survival is the essence of trading. Don’t bet everything on one big trade. Learn to trade another day. Once you learn how to have more winners than losers, you are well on your way to growing your account. Suppose you learn to grow your account every month by 50%. This means that if you start 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 math yourself. I’m just giving you a hint. Use the composition formula you learned in high school. Forgot. Just google it and you will find it. It just shows that your trading account actually grows with capitalization. Each month, you simply make a steady return on investment and leave the rest to the power of compounding.

This is not bad! Try to make 100% ROI every month and do the math. You will definitely earn $1 million in 12 months with this ROI from just $1000. This brings us to part two: a trading strategy that can give you 100% return on investment every month. So, combining good risk and money management with a good strategy can make you a millionaire trader in just one year.

That’s exactly what Hoosain Harneker from South Africa did! He had no money, not even $1,000! So he continued to practice on his demo account while working to earn $1,000. Within a few months, he constantly doubled his demo account three times in a row. Now he had the money too. He started live trading and became a millionaire within a year. You too can do it with the right approach and the right method in the forex market!

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