[im7i4z]

Hi everyone,
this would be my first (edit) thread here and just wanted to seek some advice regarding success as a commodity trader.

This is a soup question, (ref: Finding Forrester), How did you manage your windfall?

I'm pretty much sure that FF got some of the traders who were not born with a silver spoon and made it, finally. The question is how did you handle your success?

Learning to drive, the nervousness turns to excitement to reckless driving, a crash survived with few broken ribs then cautious driving and finally boring every day ride to work. I think you know what I'm talking about.

But now you have made it and those of you can afford that Aston Martin if you like.

Unless one is born into a traditionally rich environment, where wealth is taken for granted and passed to next generation, handling wealth is rather difficult, I guess. People changes with sudden windfalls and attitude changes, behavior, eating habits and social class everything changes. Most of such windfalls ends up either on lavish spending or I don't know, waste!

So this post is directed to those of you who made it as a trader from modest background. Please share how you handled your success.

(No I'm not guessing that you turned your $5k into million and thats why I didn't post it to the Beginner's forum.)

This is a soup question because after blowing few accounts when it started to feel odd that my 3rd account lasted over 6 months, and after the first year the odd feeling now really starts to scare me a lot. Specially after I started catching myself about to press that self-sabotage market order, the ROI scares me of sudden changes.

Did you feel afraid of change? If then how did you handle it?

[hilmy83]

Originally Posted by im7i4z

Hi everyone,
this would be my first post here and just wanted to seek some advice regarding success as a commodity trader.

This is a soup question, (ref: Finding Forrester), How did you manage your windfall?

I'm pretty much sure that FF got some of the traders who were not born with a silver spoon and made it, finally. The question is how did you handle your success?

Learning to drive, the nervousness turns to excitement to reckless driving, a crash survived with few broken ribs then cautious driving and finally boring every day ride to work. I think you know what I'm talking about.

But now you have made it and those of you can afford that Aston Martin if you like.

Unless one is born into a traditionally rich environment, where wealth is taken for granted and passed to next generation, handling wealth is rather difficult, I guess. People changes with sudden windfalls and attitude changes, behavior, eating habits and social class everything changes. Most of such windfalls ends up either on lavish spending or I don't know, waste!

So this post is directed to those of you who made it as a trader from modest background. Please share how you handled your success.

(No I'm not guessing that you turned your $5k into million and thats why I didn't post it to the Beginner's forum.)

This is a soup question because after blowing few accounts when it started to feel odd that my 3rd account lasted over 6 months, and after the first year the odd feeling now really starts to scare me a lot. Specially after I started catching myself about to press that self-sabotage market order, the ROI scares me of sudden changes.

Did you feel afraid of change? If then how did you handle it?

You should read "Millionaire Traders" by Kathy and Boris. A lot of stories of people who started with minimal amoutns of money and hardships. But hard work and moral support does pay off.

Me, I'm still getting there

[im7i4z]

Originally Posted by hilmy83

You should read "Millionaire Traders" by Kathy and Boris. A lot of stories of people who started with minimal amoutns of money and hardships. But hard work and moral support does pay off.

Me, I'm still getting there

Thanks for suggesting the book Hilmy, I'm ordering it :-)

Me too, still getting there and once it clicked that I'll actually be there and finally moving, it's scary.

[im7i4z]

Originally Posted by merlin

i pretend that it pains me to spend the money, regardless of how insignificant i feel it is.

Merlin, some how, I exactly know what you mean by "pretend." Or I'm not getting it at all :-)

Initially whenever my weekly target use to reached by Tuesday London session I would have calculated how much "valueless/insignificant" house money I've on the account to "try" out things. This habit still hunts me down. But the real problem is once you actually withdraw that "valueless" house money isn't it?

You start to "try" out things in real life (not just impulsive market orders with house money this time) that you wouldn't have ever done if it came from a bonus on your day job which contradicts with your whole value psyche. Once your brain is hardwired to calculate geometrically it is really hard to give any material value to any amount of money. All you start to think is "Time is money" and "Money lost, time lost."

Its like choosing mountain climbing as profession while you know you got vertigo and you can't look down for a single second or its all over.

On the contrary, when I thought that if I give value to that "house money" it is actually hard to put another trade with it.

"I can so I am" kicks in.

I think I'm just going through some trading puberty thing that all traders must confront at some point and we must confront individually. This is what actually separates the winners from the chokers, IMO.

Just trying to take it easy but damn the wealthy people have some natural "market barriers" its hard to join them (when you know your mom didn't teach you which side of the plate the wine glass should be because dinner served with cold water).

[blueruby]

I guess I've heard it all now.

[mrgreen]

I was just looking at a 'Towel Warmer' - and serously considering it - Only cause it's on sale and it is darn cold outside.

Edwin LeFevre in ROASO states the following. I think there may be a lot of truth in this statement:

As a rule a man adapts himself to conditions so quickly that he loses the perspective. He does not feel the difference much—that is, he does not vividly remember how it felt not to be a millionaire. He only remembers that there were things he could not do that he can do now. It does not take a reasonably young and normal man very long to lose the habit of being poor. It requires a little longer to forget that he used to be rich. I suppose that is because money creates needs or encourages their multiplication. I mean that after a man makes money in the stock market he very quickly loses the habit of not spending. But after he loses his money it takes him a long time to lose the habit of spending.

PS - -I am not there yet either - but travelling steadily.
PSS: MuddBudda' signiture probably states it the best " I spent 90% of my money on woman and drink. The other 10% I wasted."

[tdion]

This thread is comical to me.

It's chicken before the egg.

Why worry about exclusive wealth before it happens? IF you are fortunate enough to obtain it, then sit down with a certified Financial Advisor at your bank.

[mrgreen]

Having a plan takes the worry away - all you need to do is execute.
"Plan, Believe, Begin, Continue, Finish"
Basic tenants

Tdion - With all due respect - You need one of those renaloctomy surgeries - You know the one where they severe the nerve between your ass and your eyes. It'll remove that shitty outlook on life.

Originally Posted by tdion

This thread is comical to me.

It's chicken before the egg.

Why worry about exclusive wealth before it happens? IF you are fortunate enough to obtain it, then sit down with a certified Financial Advisor at your bank.

[tdion]

What's wrong with a little pragmatism?

I see a lot of BS but no pictures of people in their yachts. You know, the type the "windfall" lets you buy?

Let me put 2 + 2 together for you..... there is a lot of "dream selling" or "snakeoil" in forex, but not a lot of reality checks.... hence we constantly see threads like

"HEEEELP I BLEW MY ACCOUNT"

[Gwan]

Originally Posted by im7i4z

Hi everyone,
...

Did you feel afraid of change? If then how did you handle it?

yes, getting out the comfort zone is fearsome, but we can get used to it...
i can't handle it, i just try to get used to it.
adaptation it is,

there is always something that haven't change while the other changed... use it as anchor, just like using one foot while swinging the other foot forward.

[fierceman]

Originally Posted by tdion

What's wrong with a little pragmatism?

I see a lot of BS but no pictures of people in their yachts. You know, the type the "windfall" lets you buy?

Let me put 2 + 2 together for you..... there is a lot of "dream selling" or "snakeoil" in forex, but not a lot of reality checks.... hence we constantly see threads like

"HEEEELP I BLEW MY ACCOUNT"

The ones with the boats maybe don't bother posting anymore - they're enjoying their boats.

Personally, I handled my success by moving to a tropical island. The boat is coming soon, and then you won't be seeing my posts any more .

[tdion]

Well, a few people are bound to beat the system. Maybe you are just one heck of a trader, played your fundamentals and TA right, and caught some lucky breaks.

I guess this thread was about handling the windfall anyway, so I'm sure they'd rather hear you talk about that instead of posting pictures of your tropical home.

[blueruby]

Originally Posted by tdion

What's wrong with a little pragmatism?

I see a lot of BS but no pictures of people in their yachts. You know, the type the "windfall" lets you buy?

Let me put 2 + 2 together for you..... there is a lot of "dream selling" or "snakeoil" in forex, but not a lot of reality checks.... hence we constantly see threads like

"HEEEELP I BLEW MY ACCOUNT"

No bull! At least this one is a new twist --

"HEEELP! I'M RICH, NOW WHAT DO I DO?????"

[highway]

Originally Posted by Gwan

yes, getting out the comfort zone is fearsome, but we can get used to it...
i can't handle it, i just try to get used to it.
adaptation it is,

.

I have not made millions in Forex. But in general, from what I learnt from the older generation - especially those who had gone through the 2nd world war - money is no security. Anything can happen and that can turn your German marks or Japanese Yen into valueless note. Houses? The communist regimes took them over. If you don't give them the titile deeds, they hang you up on your toe !!
Material things you hang onto will only give you more worries. To up keep them , insurrances and etc. You need more and more to live up with it. Just keep your pride low. If you don't you will see the cost of keeping up with it to sustain your pride to live up to the expectations of your neighbours etc. Whether you are rich or poor, put humility as your front and be humble inside. Then you can live in REAL freedom. Whether rich or poor, prepare inside you mentally a life of simplicity. If you mind can live with living almost with nothing phsically and vis-a-vis with those around you, you have that which will give you all the peace and happiness in live. Many who have not arrive at this first, had gone on to borrowing to keep up the facade and had gone to ruins. Sort of maringale in life.
It's my opinion. I am probably not the right person to give you the answer now. I have triple $ digits loses right now on some of my stocks. Don't worry. It is 1 to 1 leverage. It is still a long way to get the $ms to zero. LOL

[mrgreen]

I only suggested the surgery cause I had it done several years go and it has improved my life considerably. BTW: I don't see you as a pragmatist.

According to the down-to-earth pragmatist, bickering metaphysicians should get in the habit of posing the following question: “What concrete practical difference would it make if my theory were true and its rival(s) false?” Where there is no such difference, there is no genuine (that is, non-verbal) disagreement, and hence no genuine problem.
Source - http://www.iep.utm.edu/p/pragmati.htm

Another cliche - but very true: "Fail to plan, and you plan to fail" - I guess that is why we have and always will have the HELP MEEEEEEEEEE, I FAILED... threads. - In reality they executed their plan perfectly....

Originally Posted by tdion

What's wrong with a little pragmatism?

I see a lot of BS but no pictures of people in their yachts. You know, the type the "windfall" lets you buy?

Let me put 2 + 2 together for you..... there is a lot of "dream selling" or "snakeoil" in forex, but not a lot of reality checks.... hence we constantly see threads like

"HEEEELP I BLEW MY ACCOUNT"