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

Many people consider trading to be too risky. Without any doubt. But for those who do not know about risk control in trading. You see, winning and losing is part of life. Whatever you do in life, you will face success and failure. Look at the soccer world cup, the last time the winner rarely wins the next time. The same applies 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 busting the Bank of England in the early 1990s when he successfully speculated on the devaluation of the British Pound and made a billion dollars in a few days. But have you ever heard of Bruce Kovner? Bruce Kovner started trading the forex and 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 the richest man 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 a lot of money. What you need is the right approach and the right trading strategy that gives you more winners than losers. What do I mean by the right approach? What I mean is that you have to give the utmost importance to risk and money management in your business. Without proper risk control, you cannot make consistent money.

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 make more winners than losers, you are well on your way to growing your account. Let’s say you learn how 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 approximately $130,000. Do the math yourself. I’m just giving you a hint. Use the compounding formula you learned in high school. I forgot it. Just Google and you’ll find it. This just goes to show that your trading account really grows with compounding. Each month, you just make a consistent ROI and leave the rest to the power of compounding.

That’s not bad! Try to get 100% ROI every month and do the math. You will definitely make $1 million in 12 months with this ROI from just $1000. This brings us to the second part: trading strategy that can give you 100% ROI 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 South Africa’s Hoosain Harneker did! I had no money, not even $1,000! So he continued to practice on his demo account while working to earn $1000. Within a few months, he consistently 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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