Forex Trading Myth

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Somebody asked me...

STRANGER: Can I actually replace my full-time job with income from Forex trading?

ME: Yes. How much is your job salary?

STRANGER: $50,000 a year. Can you show me how?

ME: Your freedom depends on how much you are willing to invest. How much you are planning to invest for your initial fund?

STRANGER: $200 only. It's too risky.

ME: Ok. But it will take you 11years or more to earn $50K per year with that kind of investment, if and only if you can consistently earn 5% a month. That's on compounded . (Boom)

The Myth 

Many traders have been dreaming that they can really achieve their dream life with just a $200 of investment. They think that it's a magical get-rich-quick scheme that will give them unlimited income with a few dollars.

The Reality 

This kind of mentality makes them trade with large lotsizes with a very small fund on a live account. They usually ended up disappointed. To achieve the freedom that you've been dreaming of, you have to plan for it. Learn Forex trading at least how to earn safely and conservatively if you have a job. It is possible to earn 50% a month or more (believe me, I have friends who earn this much trading Forex fulltime) but you have to invest a lot of time and money before you can come up with the best trading plan that you have longed for. Since you are having a 9-5 job, you have to be realistic on your plan. Aim for at least 5% a month safely (very doable).

If you want to replace your job income with trading income, do the math. If you earn 5% a month with Forex trading, you need to have at least $85K fund to earn $4,250 a month, or $51K a year.

If you are only willing to invest $200 for this, you need a good consistent system that can make you earn 5% a month to make $85K money in 11 years.

So how much you are willing to invest?

PS It will take you more than 11 years to earn the dream fund if you will withdraw some profit along the way.

How To Update Backtest Historical Data To Have 90% Data Modelling Quality For Free

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I just want to share to you how to update your MT4 Historical Data within MT4. No need to buy any plugin or downloading data file from other websites to achieve a 90% data modelling quality. You can achieve it within MT4.

Let's start...

Step 1) Run your MT4. From the menu, click Tools>History Center, or simply press F2 key. The History Center window will appear.

Click the image below to see larger image of the History Center window.

Step 2) At the left pane of the History Center window, choose the pair (e.g AUDUSD) that you want to update and double click. The timeframes under the pair will appear. Choose M1 timeframe. As seen in the image below.

Step 3) At the lower left corner of the window, click "Download" button. A warning message will appear as seen in the image below. Click "Ok" button.


Step 4)  MT4 will download your M1 data from Metaquotes as seen in the image below.

Step 5)  Once M1 data is downloaded, it's time to update the other timeframes with just a few clicks only. Choose M5. Click "Download" button. The same warning message mentioned above will appear again. Click "Ok" button. Another message will appear. See the image below. It says there's no more data to be downloaded and ask you instead to update and synchronize other timeframes. Click "Yes" to update all timeframes of the pair.

Step 6)  The warning message mentioned above will appear again stating that it will change data of other timeframes. Click "Ok". It will start synchronizing the data of all timeframes.

That's it. You can now use the pair for your backtesting.