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Make Your First $100,000 Trading Forex

Before you learn how to make your first $100,000 through the Forex market, you have to learn something very important about the condition that you have to have, if you really want to make money consistently with Forex trading, and you want to stop losing. So, please read this article very carefully before you read the below paragraphs:

  1. Trading Strategies Don’t Work If You Don’t Choose the Right Living Strategy
  2. How a Reliable and Strong Source of Income and Proper Investments Make You Super Rich

Make Your First $100,000 Trading Forex

It is not good to set monetary or pip goals in forex trading. The reason is that when you set a monetary goal, and for example you say, “I must make $1000 per day through forex trading”, you push yourself to trade even when there is no trade setup formed on the charts. Sometimes, it is not possible to make any money for such a long time. Instead, sometimes you make a lot of money every day for several consecutive days, weeks or even months. Forex trading and also many of the other businesses are like that.

The number of the trade setups that form on the charts, has nothing to do with your efforts. You can not make the markets form more trade setups. Trade setups form by the markets, and all you can do is that you take them to enter the markets at the right time.

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Similarly, it is a bad idea to set pip goals, like “I must make 50 pips per day…”. If you hear from a trader that “I make about 800 pips per month…”, you should know that he is not a professional trader and he is lying.

It is impossible to set a pip or monetary goal in forex or stock trading and perform exactly as the goal is set. In forex and stock trading, you have to wait for the trade setups to form. You cannot make them form, and the number of the trade setups that form every day, week and month, can be different from time to time. Even day traders who work with the shorter time-frames like 5min or 15min, cannot set pip or monetary goals. It is a mistake to think that trading the shorter time-frames can make a constant amount of money every day because at least one trade setup forms on these time-frames every day. Trading the shorter time frames is nothing, but wasting of time and money: Long Time Frames and the Patience that Pays Off

Am I saying that a forex trader, either novice or professional, should not set any kinds of goal at all?

We cannot set an exact monetary or pip goal within a special time span, but we can set goals that have no deadline. For example, we can work toward making our first $100,000 or $1,000,000 through forex trading, but it is stupid to set a special deadline (like one year) for it, specially when you are going to make your first $100,000, and so you don’t know how long it takes you to do it.

Having goals like making the first $100,000 profit is not a bad idea, because it can make you keep on working, and not to get disappointed. Disappointment is one of the biggest obstacles in front of the novice forex traders and investors. Many of those who start learning forex, get disappointed and give up, because their failures make them think that they are not able to make money through forex trading; they cannot become a forex trader; God doesn’t want them to make money through forex trading…, or making money through forex trading is a myth and nobody can do it.

Novice traders should encourage themselves to keep on working as long as they have not got the result they expect. They should keep themselves from getting disappointed, and forget about the other things, like the amount of the money they want to make. Let the money that you will make, be determined by the other factors that you have no control on them. The gifts that will be given to you, will be much better than what you think. Just keep on working and let the gifts be sent to you at the right place right time.

This is how you have to set your mind and keep on working:

It is possible to make money through forex trading and I can do it. I will become able to make a lot of money through forex trading. I don’t know when, but it is not too far. I am so close. I am almost there. I keep on practicing and will get there soon. I will become so wealthy, and I will feel the real meaning of financial freedom soon. I have everything I need to get there, and I will get there soon…

Think like this and forget about the rest. Your enthusiasm and efforts will be rewarded sooner than later.

Prevent yourself from getting confused, overwhelmed and overloaded. Making money through forex trading doesn’t come from too much working, and sitting at the computer for long hours every day. When you learn what to do, you just need to check the charts 15 to 30 minutes per day or even less. You can see the strong trade setups at a glance. Then you take your positions, set the stop loss and target orders, and you are done for the day. This is how the best and most professional traders work. A professional trader is not someone who works and trades a lot.

Start from here and let the first $100,000 come by itself when it is the right time:

  1. Are You Still Looking for the Forex Holy Grail?
  2. Do You Think You Are on The Right Track to Become a Profitable Trader?

These articles can also help you a lot. Don’t miss them:

  1. The Importance of Demo Trading and Your Demo Account
  2. Do You Already Have a Live Account?
  3. How Does It Feel to Be a Professional Full Time Forex Trader?
  4. How to Become Multi Millionaire Trading Forex

OK! That was my piece of advice for today. Take it serious even if you already know a lot about trading. You are a “trader” when you make money consistently, otherwise you still have to look for the right way and find and resolve your problems, no matter if you have been practising for several years. You are a “trader” when you make money consistently, not when you trade every day.

There are ten charts related to gold trade setups, and neither I can analyze all of them today, nor you can read ten chart’s analysis in one post, specially because some of the charts include more than one trade setup. Above all, it is weekend and I have already talked a lot in this post. So I analyze only one chart, and will leave the rest to another time.

Chart #1:

The first trade setup is formed by 2007.07.24 candlestick on gold daily chart. It is a Shooting Star with a not too strong upper shadow and Bollinger Upper Band breakout. The previous two candlestick have a relatively stronger Bollinger Upper Band breakout. The Shooting Star is confirmed by the next candlestick (2007.07.25) strongly, however the confirmation candlestick has a relatively long lower shadow that could be known as a negative point.

If you look at the bigger picture (below), you will see that the trade setup is formed below a resistance level on a ranging and sideways market. Therefore, those several bullish candlesticks that are formed before the trade setup, can not be known as a negative point, because the market was a ranging market and was not a strong bullish market.  In general, it is an 85 to 90 trade setup.

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The second trade setup is formed by 2007.08.16 and 2007.08.17 candlesticks. It is formed while the Bollinger Bands were almost horizontal which is good. The candlesticks Bollinger Lower Band breakout is good. The only negative point is the upper shadow and small body of 2007.08.17 candlestick, otherwise it would be a 100 score trade setup. I give it a 90 score.

Note: This article was originally published on this site on Sep 20, 2014.

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"Whether you think you can, or you think you cannot, you are right." - Henry Ford

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40 thoughts on “Make Your First $100,000 Trading Forex
  1. singh says:

    thanks chris for the analysis. One question : why long shadow (upper/lower) of confirmation candle is negative point ? It is because, it shows that bulls/bears are strong ?

  2. Ayobami says:

    Thank you sir for another wonderful article. God bless sir

  3. agyusant says:

    Thank you for your wise advise. I have learnt a lot from you..!!

    I believe the gift will come to us who have been following you here on LuckScout.com

    Thank you.

  4. steve says:

    hi chris…a journey of a thousand miles starts with a single step…mine has started all thanks to you…i can see my financial freedom beckoning…thanks!

  5. jeff says:

    Hi Chris,

    You have the most interesting and spot on explanations of the psychology of trading that I have ever seen, and believe me, I have read mountains of related material over the years. And 90% of it out there regurgitates the same stuff over and over.
    When you explain how most traders are thinking, it’s like you are reading all of my thoughts, lol. And then you proceed to provide the most interesting and useful ways to deal with it, thank you!

    • Chris says:

      Hi Jeff. Thank you too. If you see what I say makes sense to you, it is because I was on the same boat, and I have passed all those stages too.

      Good luck 🙂

  6. Mark says:

    Great post Chris. Thank you.
    Have a nice weekend too.

  7. kaleem says:

    yes sir, i never miss any thing that you post, today’s advice is very value able

    for me because i set a money/day goal for me but now i set a goal for archiving

    a financial freedom when it will be a right time for that to me

  8. Redpants says:

    Chris fantastic information. Would it be possible to start Article section with the 100 set ups featured only please. I only focus on them and still a way to go before I can gauge them all correctly. I can not “run before I learn to walk” but what a great journey as we are all on the right road!

    • Chris says:

      Hi John. Thank you.
      You mean a special section for 100 setups only, or we only analyze and report the 100 setups and forget about the others?
      To learn to differentiate the 100 setups from the others, first we have to analyze all setups and outline their negative and positive points. When we learned to see the negative and positive points, we can easily decide which setup is 100 and which setup is not, because a 100 setup is the one that has strong positive points, and no negative point.

      Please let me know what do you think. Thank you 🙂

  9. Redpants says:

    Chris I am dyslexic so sometimes I do not express correctly!!. The only way we learn is accessing it as ”your eyes ” do but as we progress a section of the 100’s set up which actually ‘ jump of the page” would be beneficial for all the Novices who will follow us . That way we can highlight them on are Face book pages . So to avoid people becoming disappointed as I have rated some at 90 which are 100 and vice versa . Great stuff Chris all part of the discipline which builds inner confidence . Best John

  10. Otto says:

    Thank you for your kind advice! I really like it. I will read it every time I feel a bit disappointed.

  11. Redpants says:

    Chris thanks mate.

  12. Tom says:

    Hi Chris, thank you for articles, I would like to ask you some
    motivating questions.
    How long /in months/years/ was your journey to become a profitable forex trader?
    What was your biggest successful trade in lots and pips 😉
    Thank you

    • Chris says:

      Hi Tom,

      You are welcome. Thank you too.

      I have had great teachers/friends, and at the same time I was too dedicated and disciplined from the first day, maybe because of the previous business related experiences. So I started making money through trading very soon. On the other hand, we are a group of trading friends who are in touch with each other since several years ago. We share the trade setups through group mailing, and so even if I miss a setup, my friends inform me about it. Of course I do the same for my friends too.

      The journey you are talking about can be different from person to person. I was lucky to have a different condition and reach my destination earlier. However, if one follows the right track and spends enough time on learning, from the beginning, it should not take him more than 6 months to become profitable on his demo account. Then he can start live trading the way I have explained in this article today (Sep 23, 2014), and become a professional trader in less than a year (including the 6 months he spends to become a profitable demo trader). This is possible only when he follows the right track, and is dedicated and disciplined from the first day, otherwise it is impossible. I have seen some traders who have been practising, learning and speculating for over 20 years, and are still developing or looking for a new system every other week.

      Although I am a relatively good trader, my account is not too big and it is several years that I have not traded bigger than 50 lots. In most cases I take 10 lots positions. I myself follow what I advise people to follow:
      https://www.luckscout.com/a-great-money-management-strategy-we-have-been-following-for-years/
      https://www.luckscout.com/how-to-become-multi-millionaire-trading-forex-with-a-proper-trading-and-risk-management-method/

      My biggest successful trade in pips, is related to the EUR/USD short positions I took when USA recession was started on July 2008, and then the other short positions I took on November 2009 and June 2011. On 2008 I made about 3000 pips in one of my positions.

  13. barcey says:

    Hello Chris,

    thanks to your lessons I found real Forex Holy Grail !!!
    Please, can you shortly let me know when you leave trade ? (I read that half of position is set to reach profit target… and rest of position? are you waiting to hit stop loss which you slowly mooving? or?)
    Thank you so so much

    • Chris says:

      Hi Barcey,

      Thank you too.

      When there is a strong position, I take two same size positions with the same stop loss. One of them has a 5xSL target, and the other one has no target. When the first one hits the target, I move the SL to breakeven for the second one, and wait for the market to show a reversal signal to close it.

  14. barcey says:

    Chris,

    now it is clear for me. Keep making happy people 🙂

    THANK YOU!

  15. TJ says:

    Thanks again Chris, it makes so much good sense.
    Like in many other discipline, the biggest part to master in trading is psychological preparation.

  16. manuel reguera says:

    Thank you Chris for all! I keep learning really important things every day since I found LuckScout. And its been like 2 months now. We are for ever in debt with you! Keep on the exceptional work!!

  17. Waiman Yau says:

    T for this article it was really useful. I’ve always been told to add timeframe when goal setting and naturally applied it to trading. You article makes so much sense and helps to remove the pressure. I will develop my trading goals but with a timeframe!

    Thanks, keep up the great work.

  18. Charles Booth says:

    Recent post bring back some good memories and rejuvenate my passion for trading. Thanks for quality post time and time again. proud to be a longtime luckscout member!

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