If you look closely at the biographies of Hall Of Fame traders, you'll find that many of them have one thing in common:
They got a big break.
Many super-successful traders, using methods they have since discarded, made a huge amount of money early in their career.
And it was this huge influx of cash that started their ascent.
That's really the hardest part of trading for a living--getting that initial huge chunk of cash.
If you have $10,000 in your trading account and your monthly bills are $2000, to trade for a living you would need to make 20% per month. That's 240% per year. Every year. For the rest of your life.
I'm not sure that's a good business plan.
But if you have $1,000,000 in your trading account and need to make $2,000 per month, that's only 0.2% per month, or 2.4% per year. At that point, you don't even have to trade. You could invest in Treasury bonds or open an interest-bearing checking account or even buy an Index Fund if you're feeling really saucy.
Or you could put the most conservative, boring settings possible on a trading robot and take luxurious baths in all the surplus cash you make each month.
In other words, if you have a big number in your trading account, you can do almost anything and trade for a living.
What if you haven't gotten your big break, though, and don't have a truckload of cash? What then?
You could keep working and add your working income to your $10k-generated income, and keep doing this until you can gradually cut back on your working hours.
Or you could try to turbo-charge your account and go for that big windfall.
How could you do that?
We talked about one way to do it a few posts ago. That way involved day-trading.
Another way to do it would be to think longer-term and go for big wins and small losses.
Which, of course, is what the Turtles used to do. Those famous traders used time-tested strategies to make big sums of money.
So let's take a look at a Robot that trades in such a way.
Here are the stats for the EURUSD robot (based on the Turtles). If you used just this one robot and you traded this methodology, here's what would have happened.
Starting in December, 2000, $10,000 would have turned into $142,740 by September, 2010. A small amount of money definitely would've turned into a big amount of money.
It hasn't turned into a million this time, though. Does that mean it's a failure?
Maybe. But consider the situation.
This robot uses a trend-following methodology that has been exhaustively studied by the academic world and has been validated by research going back over 1,000 years.
It's nice to have that in your pocket.
And it only trades about four times a year. Four times a year! That is some no-stress trading! Most of your year could be spent on your yacht, only checking your charts for a few seconds a day. Heck, maybe only a few seconds a week!
It's the most fundamentally reliable trading system ever invented, backed by extensive research, easy to understand, and easier to implement. And, by the way, it turns $10k into a much bigger stake in ten years.
It's a way to make your own break and get a six-figure nest egg from a small outlay of money.
But I get it. It's still not a million. Well, here's the catch.
Unlike the daytrading system (which maxes out the trade size), this style of trading never takes you close to your margin limit.
What does that mean? It means we could add another currency pair quite easily. What does that mean? We could make a whole lot more money.
On this week's Thursday webinar, we'll add another robot and see how fast our $10k grows. Hint: it grows a lot faster!
To see the recording of that Thursday webinar, go here.