The Million Dollar Challenge

I recently stumbled upon a trader's website where he embarked on a Million Dollar Challenge to trade a $2,000 account into a Million in 2 years.

Based on the power of compounding, he will be able to do that if he netts 15pip a day. This is done with a max risk of 5% on his account each time and he closes for the day if he loses twice. You can read more about it, or even follow him (he provides email subscription) at his website.

What's interesting for me is that I (and many people I believe) has forgotten that we don't really need huge gains to be successful. Slow and steady is one way to build up your account. Of course, this depends on your strategy.... many longer-term trend followers will happily accept losses due to whipsaws to catch that one nice huge trend. If you can't tolerate long string of losses that trend-followers accept, then perhaps you can build up your portfolio slowly.... 15pips at a time.