Chris Wheeler – Forex Millionaire in Just Two Months

Chris Wheeler – Forex Millionaire in Just Two Months

Many people are skeptical that it is feasible to make millions through Forex. A story of Forex trader Chris Wheeler entrepreneur points out that it is doable to amass a fortune in the foreign exchange market – in as little as 2 months. But who is Chriss Wheeler? Here is the full story on his success in the forex market.

In September 2011, in a transaction believed to be one of the largest of its kind anywhere, a Forex broker paid $1million to a client, making him a Forex millionaire. Chris Wheeler is an experienced trader in a currency market. He deposited $25,000 in July 2011. After that, he was paid $1 million on 13th September 2011. The millionaire proudly recommends Trading Point, which “smoothly and swiftly” processed the large transaction to him.

Chris Wheeler Citadel Hedge Fund LLC and CJW Capital Management

Chris Wheeler was one of the long-serving staff in Citadel Hedge Fund LLC, led by George Soros. A deal fell apart in March 2018, according to people familiar with the matter.

Chris Wheeler left hedge-fund Citadel and millions for compensation in 2018 to start the CJW Capital Management. The launch was based on the firmness of an agreement Wheeler had with investor George Soros’s office.

According to the agreement, Soros’ firm would have invested hundreds of millions at the fund’s start. And would also have owned a piece of CJW Capital Management. The deal had been ratified by Mr. Soros’s investment chief, Dawn Fitzpatrick.

Before the launch, Chris Wheeler hired a team and signed on other investors, including billionaire hedge-fund manager Alan Howard.

Trading tips from Chris Wheeler – How to turn $10,000 into $1 million in forex

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Many people start trading Forex, stocks, commodities, or other instruments in hopes of building capital with reasonable risk. Sometimes, very soon, they are disappointed with the results and wonder why they fail to become profitable Forex traders. However, it can be done if you do your homework to create an effective plan and, most importantly, follow it. It can put the odds in your favor, but requires patience and strong nerves above all else. According to Chris Wheeler what you need is to create a plan to turn $10,000 into $1 million. Here is what it consists of:

The essentials of money management

It is very essential to take a reasonable risk according to Chris Wheeler. It is generally advisable to use the risk management method of risking a percentage of your total capital per trade. This is mainly to protect yourself against the risk of ruining your account.

However, the very aggressive growth of your account may require more aggressive monetary risk management as well, as will your overall risk management strategy, such as risking a fixed amount per trade regardless of your account’s recent equity performance.

At periodic intervals, when the account has grown significantly, the calculation can be repeated to increase the level of risk. This can make it easier to recover from a series of losses if they have not been disastrous.

It is important to understand that your currency risk management must adjust to your trading strategy, in particular its method of determining when to take profits.

Excellent trading strategies

algorithmic trading

The second rule of Chris Wheeler is the importance of using very robust trading strategies that can produce excellent results. Take a long-term view, and don’t worry about inevitable losses along the way. What you need most is a combination that produces small but proven profits, with something that produces the occasional big profit.

This gives you a way to take advantage of opportunities for profit jumps while maintaining your capital curve to avoid a significant drop. The best way is to have a trend-following strategy and also an interval trading strategy.

If you are a good trader and manage to do it by following your decisions, do not hesitate. Keep in mind that to build wealth, you need to use methods that aren’t too difficult and that consistency is important. Pure candlestick-based trading may be inadequate.

However, it is clear that most traders, especially new traders, will be better served by using a mechanical trading system or systems. They will also need to use judgment. This is to bypass entry points that meet the criteria but appear to be bad ideas at the moment or to decide when to reap the profits.

Inputs to a trend following strategy

The third Chris Wheeler rule is a trend-following type element that is essential for relatively easy but “bundled” profits. The best way to determine which currency pairs will go up and which will go down is to determine which were higher or lower than their price 1 month ago and 3 months ago.

In recent years, the USD, and to a lesser extent the Euro, has had a clearer and more solid trend than most currencies. It may be related to fundamentals or that global reserve currencies tend to trend more stable.

Trading in the direction of the fluctuation of the last 3 months gives a definite advantage. Entries in such strategies work best not as breakouts or pullbacks but on already committed pullbacks that have started to pull back strongly in the direction of the trend. Don’t try to buy low or exactly at a high price. It’s fine if the price trend is moving in the same direction on all hourly charts and up.

For example, a strategy that would go long on a crossover of a fast exponential moving average past a slower simple moving average, while the price is above the long-term simple moving averages, all filtered by price action above its 1-month and 3-month prior levels will produce an advantage over all major USD pairs on the market.

Take-profit and exit methods in a trend following strategy

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The last Chris Wheeler rule encompasses take profit and exit methods. Gradually build up stop-losses and let profitable trades touch them over time. Support and resistance levels should be used judiciously, or the high/low of the last X days, for example. This can help sustain profitable positions without exiting them prematurely.

Move your stop-loss to break even at a certain point. This can protect you from unnecessary losses. But it should be used with extreme caution, as moving your stop-loss to breakeven too quickly will lock you into winning positions just before their big move.

It is very common to retest an entry area before taking off. If you move your stop-loss to break even, it is better to do so after a fixed period of time (less than 48 hours) or after reaching a certain level of floating profit.

Fixed profit targets, by multiples of risk, usually have a horizontal evolution. For example, if you know that historically, the positive expectation of a trending strategy only starts at 3 units, you may decide to take a partial take profit, followed by another at 5, 10, or whatever.

Time-based outputs can work in surprising ways, typically scaling horizontally. For example, take part of the profits 1 month after entry, 3 months, 6 months, etc. It can also help reduce losses when the price is below the entry-level after 48 hours but has not yet reached the stop-loss.