You think I’d tell you if I knew! But the up-side to tracking traders is that you eventually come across some who are very successful, and today I had the pleasure of seeing how 1 reasonably ordinary guy could turn a small account into a large account in a very short space of time. I can also say that there is no way in the world that this guy will ever manage money for others as he breaks every rule in the funds management handbook. The good news for him is that he probably will never want to; most of the really good traders make so much trading for themselves that they have no interest in managing other people’s money. Anyway, the story evolved something like this;
- He chopped around for a few months using relatively small leverage and making no major losses;
- He got on a roll with 3 separate trades and increased leverage quite sharply (getting lucky a few times) until his account was up to over $50k. He withdrew his original starting sum.
- He used absolutely ridiculous levels of leverage trading multiple pairs across relatively short time frames.
- If trades went against him he added and added again until they went back into profit.
- He took relatively small profits after facing big losses and moved onto the next trade, his only criteria seeming to be that each trade be somehow profitable and he never seemed willing to ‘give up’ on trades.
- The amount of leverage was at times quite mad but he was lucky and on a ‘hot’ run and got away with it.
The good news is that it’s doable. The bad news is that less than 1% have what it takes. Not a very fair game.
As FXWW888 just said to me, he feels like he could easily turn $1mio into $20k 🙂 I’m in same boat 🙂