50-100% monthly returns

So I met a trader who is a friend of a friend and he told me that he has consistently produced min 50% each month for the past few years.

I didn't believe him until he logged onto his live fx trading account (I know it was real because the account statement showed withdrawal amounts)...plus he drives a really nice Ferrari.

Where does this trader stand in terms of the trading food chain? Top 1%?

He also mentioned that he does this with no more than 20x leverage which he says is the reason he rarely gets emotional but more importantly, has never suffered BIG losses which he kept telling me is the real sign of a great trader.

Anyone else with these kind of stats?

I would love to hear your thoughts on reasons attributable to your success.

 

I think if you compound out 50% monthly for about 3 or 4 years one would literally have all the money in the world.

 

If I told you I drove a Toyota, would you believe I do 5%?
.

 

I did the math....

If you started 2006 with $1000 and compounded that monthly at 50% (the minimum) you would now have ~$425 billion dollars. He makes withdrawals so he probably is a little below that.

If he hadn't withdrawn anything and can continue his performance for the remainder of this year he would have $36 trillion.

5yr

 

I, too, am suspicious but he showed me actual statements. Apparently, he withdraws all monthly profits and only keeps $50K for trading capital since it is the amount eligible for broker insolvency insurance he said

Anyway, the other thing I was wondering is wouldn't his broker "make" sure that he loses all his profits after a certain amount of time has passed?

After all, it is the broker's money that he has banked???

He trades with FXCM by the way.

 

Anyone making the claim that they are making 50%/mo CONSISTENTLY is lying, or not able to compute their earnings.

 

I wasn't able to compute his monthly returns just by having a quick look at his online statement but he does take out $20K+ very frequently. It even looked like he withdrew that amount as an average every month.

I don't know the guy. He's my friend's friend so I can't speak to his honesty but he was honest enough to say that his track record is only recent (1.5 - 2 years I think).

But if you think about the profit potential in forex, 50% every month should not be that hard.

It is only 12% profit every week.

If you can't do that, you suck as trader

 

OMG. I'm so at a loss for words.....

 

So you're saying that unless you can consistently make 12%/wk profit, you can't trade?

You sir, are a moron.

 

Almost hilarious.