I heard from a pal that the top trader on the Street at one of the major banks in CAnada pulled in more than the CEO last year, close to 20 million... Now, obviously he must have a rich compensation package, but he would have to pull in somewhere along the lines of 100 mill for the bank before getting that sorta cut... Either way, the guy really would only have to work 5 years ex-tax to reach that goal... From what I hear it's not unheard of top traders at banks being worth close to 9 figs, but it's still a rarity
0.1% is not a tenth, it's a thousandth since 0.1/100 = 0.001. Remember % sign equal a division by 100, meaning that 10% = 0.10 So, a $100M is not likely to be realised since we have the wrong calculation from the start. I already told the author, the guy who start this thread, to reduce to an amount that could be more realistic to achieve. I told him that in order to reduce it we need to do in 2 steps. First, remove 1 zero, that's will be from 100 to 10. Second, reduce letter M to B since alphabetically A < B < ... < M < ... < Z. Guess what is the final result after a reduction has been made?
Not a mathematical idiot. Just "waking up" challenged . I understand the math. Just groggy. But no I doubt pips because of the way he makes it as if its a rather simple stroll in the park to turn a <5000 dollar account into a 100MM one (in about 24 months as he says it). You see I am not negative. I am realistic. We shall see if in 24 months pipsgalore has a 100MM account or not. I wish the analogies he provided about turning 50K demo accounts into 1.1MM ones in three hours actually worked in real life. I find the following part amusing: Well pipsgalore looks like you are aiming way too low. I have worked on a spreadsheet where a 1000 dollar start will get you to 1^100 in ONE DAY! So why not close the trade and reopen. The only time anyone may need to hedge a position is maybe if there is some news release which you may wish to avoid or to hedge off exposure over weekends.
The answer to the question from gkishot -- PipsGalore, i am wondering what is that in your mind that makes forex market better than futures? I like the volatility of the market. I also like the predictability that I see when I apply the system I use. The system works 80% or better, even when the market is strongly influenced by fundamental factors. As I write this we had the EURUSD go from 1.1865 to 1.1829. It actually went to 1.1826 and then retraced back to 1.1865 The system told me this would happen around 6 p.m. EST this evening. We are now at 1.1862 at 9:55 p.m. EST. If the price doesn't break thru 1.1865 it will go back to 1.1829 sometime tonight. If it doesn't retrace back down then everything will reset in the morning and I will have new params to look at for the day. Another scenario is that after we see 1.1829 again it will then go to 1.1810 if this was during the day. We probably don't have enough time this evening to see 1.1810, but that is where it is headed when it gets back to 1.1829 IF and only IF we see that price 1.1829 again tonight. Tomorrow will be another day which will reset the system based on current price action at that time. I don't know if you are able to appreciate what I have said here, but basically I have a road map to the price action and all I need to do is read the map to garner pips. This system also works on futures, metals, stocks as well. Its just that my personal preference is the FOREX. I also like the 2 pip spread and no commissions