What Would It Take: $3,000 to $40 Million in FX | Page 3 | Forex Factory

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What Would It Take: $3,000 to $40 Million in FX

  • #41
  • Feb 19, 2020 6:15pm Feb 19, 2020 6:15pm
How will you get large orders filled?
  • #42
  • Feb 19, 2020 6:23pm Feb 19, 2020 6:23pm
Quoting theunkown
I would also like to quote go to his website you will see another address...
https://www.investopedia.com/articles/personal-finance/100715/top-10-caribbean-tax-havens.asp

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I'm not his ForexFactory Defense Attorney, but clearly, they've got their legal entity stuff together. Unfortunately, highly successful Traders do have to consider other jurisdictions outside of the country where they currently hold a passport. It is simply a matter of retaining wealth. Certain jurisdictions are in the habit of stealing individual wealth using the weapon of excessive taxation. Other jurisdictions are less hostile to entrepreneurs and wealth creationists.

There's an old saying: Take your money to where you are best treated.

That simply means, taking your capital to where it won't be taxed into oblivion. Increasingly, more jurisdictions are becoming more hostile to wealth creator and the capital they need to produce more wealth. The question of how much taxation is enough will always be with us and especially in Western Societies. Pro-Wealth jurisdictions will always be with us just as well. Learning how to grow capital as a Trader is one thing (and it is hard enough). Learning how to protect the capital you grow is quite another.

As the owner of any business, one has a fiduciary responsibility and duty to that business to maximize profits and maximum retained capital. This means organizing the business entity in such a way that minimizes attacks on revenue and retained capital. Those attacks can potentially come from many different sources.

The typical American Citizen in the US and Canada, will work from January through May to August for the Government. The rest of that work year is for them. That's a form of Economic Slavery. As Citizens, we need to address this matter with our respective Governments around the world. We need to be asking ourselves, how did we get to a point where we are paying 40 to 60 percent of our earned wealth to the Government every year in the form of Taxes, Fees, etc.. Whether individual tax rates or corporate tax rates, we all need to be asking these questions.

So, I'm not defending anything or anyone. I'm simply saying that if those trading returns are real, then he needs an entity structuring strategy that helps to preserve capital and wealth. Any successful Trader would at least be thinking about these things and would either have a plan already in place or be seeking to put a plan in place to preserve and protect real wealth.

Just trying to keep it real.
  • #43
  • Feb 19, 2020 6:43pm Feb 19, 2020 6:43pm
Quoting timoportojr
Been trading 31 years. What you are proposing is impossible!!
Outstanding! Then you should be the Number #1 Viewer of that which is impossible, so that you can be the first to say: "See! I told you so. Its impossible" when it all fails. If I had a dime for every naysayer who took to a forum to say the words: That's impossible! I could fill up the Grand Canyon with enough dimes to spare to turn around and fill up both the Atlantic and the Pacific oceans.

Of course, its impossible - because, if it were possible, then you would have already done it by now in 31 years of Trading. That's why it is impossible.

I once mentored someone who had 25 years of trading experience under his belt. His attitude was that nothing was impossible. That's why he convinced me to mentor him many years ago. He was relentless in his pursuit of that which IS possible. He's well developed 8 figure trader today in his own right. Very quietly and methodically working his way toward that which he sees as possible in his life.

Of course, that's the mindset of a real Trader. You just gave yourself away. No real Trader thinks like you do. Not one. Ever. Successful Traders wake up every solitary morning thinking about what IS possible that day.

Been "Trading" for 31 years? At 31 years into this business, you should know full well that nothing is impossible and everything is dependent on how bad you want it and how wiling you are to go out and get it. If you have been waiting for 31 years for it to simply fall from the heavens like manna, then I'm not surprised that you think a lousy $40 million is "impossible."

Stay tuned. You have a lot to learn...... still
  • #44
  • Feb 19, 2020 6:52pm Feb 19, 2020 6:52pm
Quoting moodybot
How many traders have you signed up so far?...asking for a friend!!

Basically, they just have to show up and watch. I'll post the link to the channel in this thread once I'm done setting things up on my end. I need to get the streaming bit rate optimized as best I can using my current gear, or I need to go out and buy some more gear that's more capable and then dedicate it to just processing the live stream. Its more of a CPU/GPU issue than anything else as my upload speeds are outstanding.

I'm also running MT4 on four (4) virtual machines housed on an ESXi Vmware Linux based server. So, I'm making sure there are no problems there as well. I'm still trying to figure out whether I can or should run OBS inside one of the virtual machines running an MT4 instance, or whether OBS need to be or can be run run from my local machine, which by definition is not inside the ESXi virtual machine network. Just a few hardware/software/network details that I'll need to work out. I'm testing out different configurations now.

Anyone else here trade from a T1 Bare Metal Hypervisor? Just curious from a tech standpoint.
  • #45
  • Edited 7:17pm Feb 19, 2020 7:05pm | Edited 7:17pm
Quoting heispark
Keep dreaming. Only newbies would buy this....
What is there to buy?

You would be watching, not buying. Its plain English.

Watch. Spelled: W-a-t-c-h
Buy. Spelled: B-u-y

There is no buy in watch. And, there is no buy on a free non-monitized YouTube channel. That leaves one thing the Nubie can do and one thing only: Watch. Simple.

You are watching, not participating. If you prefer not to watch, there are plenty of other YouTube channels that will gladly sell and market DVDs, Chat Rooms (for just $1 dollar), Trading Boot Camps, Trading Universities, Trade Mentoring Services, Signal Services, Books, Trading Theories and all manner of Clothing having nothing to do with actual Trading. You are free to tune into those channels and pig out on "buying" stuff.

When you are done "buying" stuff about trading, you can tune into my channel and simply Watch Trading. How refreshing.

All are welcome including the Naysayers and the Haters. There is no way on earth I would discount them or somehow try to shut them out or ban them. Nobody gets banned from my channel. Nobody.

And, finally, yes. Oh, gawd. Are you kidding me! Keep dreaming? Of course, I will. Are you nuts! That's precisely how I got to the point where I never had to make another trade in my entire life, if I don't want to. Dreaming! Hell, yes. I'll keep doing that because that's what inspired People do! They dream and then they go WORK on their dreams to make them their reality.

  • #46
  • Feb 19, 2020 7:07pm Feb 19, 2020 7:07pm
Quoting JetTrader
Of course, that's the mindset of a real Trader. You just gave yourself away. No real Trader thinks like you do. Not one. Ever. Successful Traders wake up every solitary morning thinking about what IS possible that day.
That's how to spot the fake from real, losers from winners.
Know what you trade
  • #47
  • Feb 19, 2020 7:09pm Feb 19, 2020 7:09pm
Quoting milicentfx
How will you get large orders filled?
With an Agency Only Intermediary (when the time comes), staged orders and entry/exit strategies to match. In the early stages, as one of my posts already covers, I won't need to worry about this problem. As the account grows, I'll have several other options available to cover the liquidity "problem." I put problem in quotes because at this level, there should not be too much of an issue, if I use the right FX Broker from the start. Later, however, even that broker will have issues - even if I'm seen as "A" book to them.

There will simply come a time when "retail" FX Market Maker trading will become more of a liability than a "solution." I'm starting with $3,000 not because I have to, but because I want to. That forces me into the realm of Retail FX here in the United States, at the start of the challenge. Things will change later.
  • #48
  • Feb 19, 2020 7:30pm Feb 19, 2020 7:30pm
Quoting BWilliam
{quote} That's how to spot the fake from real, losers from winners.

I mean, really. It is not rocket science.

Just imagine your favorite NFL Football Team. The work their butts off Monday through Friday. They relax and review strategy and films on Saturday. They then hit the field on Sunday Morning with the attitude "Winning today is absolutely impossible."

You are right. No real winner holds that in their heart. That is a person who lives in fear of stretching themselves and their world And, by doing so, they have already capped their potential. But, that's life. A lot of people live in fear of their own potential.

So, how does one eat the Elephant. Answer: One bite at a time.

What someone like that needs to do is tune into the channel, so they can see what a progressive and consistent approach to trading actually looks like live. There won't be any acrobatic trades being taken. There will be no handing from chandelier type trades that emote drama. There will be nothing but straight forward simple trades taken. The only time drama will occur is when I make a mistake and either enter the wrong trade by accident (human error). But, upon any failed trade, I'll simply resume course by doing the opposite of what caused the error in the first place without drama. His 31 years should have already taught him this.
  • #49
  • Feb 19, 2020 7:48pm Feb 19, 2020 7:48pm
Man a lot of people here are saying its impossible. Improbable? Yes. Very much yes. Impossible? No. You have to dream big to win big. If you're cool turning out 20% a year in this business, i guess that's cool. Might as well just throw it in an index fund and use your spare time for something else. Obviously this shouldn't be attempted by a newbie or intermediate trader. You'll burn that money learning very little, potentially causing some emotional scars. But for an expert, its a good way to push yourself to the next level, or at least figure out where your current gaps are at so you can work on them. Most of us as no idea how good of a trader you are. Maybe you're the Jordan of trading, who knows? We should all just wait for the first cast and see instead of casting judgement. Maybe you'll learn something. At least you have the balls to be willing to publicly attempt something with a high likelihood of failure. gl
RIP RTM - long live Nonsense Trading
  • #50
  • Feb 19, 2020 8:17pm Feb 19, 2020 8:17pm
A long, long career in the NFL... Military test pilot....and one of the most successful traders in the world...

What's next after the 40 million is my question.! (Well besides a billion of course)

Perhaps a NY Times bestseller on high performance ? Your own Market Wizards story I assume.

This is why I love FF.. we have such incredible members!

You truly personify my favorite saying
"When you know ..you know"

Cheers
Blue
Markets are Mirrors,,Mastery of craft is mastery of self
  • #51
  • Feb 19, 2020 10:44pm Feb 19, 2020 10:44pm
Quoting JetTrader
{quote} I was thinking Oanda. What do you think? During my evaluation of Oanda, I noticed having a hard time getting people to answer the phone. Maybe it was the time of day. Maybe they were just busy. Or, maybe it was just the luck of the draw.
go with Oanda. It is one of the biggest brokers for now. Or any other brokers recommended on this site here under the brokers section. They are all legit and reviewed by ForexFactory themselves.
  • #52
  • Feb 19, 2020 11:28pm Feb 19, 2020 11:28pm
Quoting JetTrader
{quote} I was thinking Oanda. What do you think? During my evaluation of Oanda, I noticed having a hard time getting people to answer the phone. Maybe it was the time of day. Maybe they were just busy. Or, maybe it was just the luck of the draw.
Im a US trader that switched brokers I don’t know how many times at this point. None are “great”. From my research and experience.

1. Oanda is a bit expensive, they seems to have been bought out a few years ago and people claim their service has gone down since. Opened an acct but never actually used them. People came big price spikes to take out stops during news and off hours, something to verify.

2. Forex.com is the other big one. I used GAIN capital, which got bought out by them. Used them for a bit before switching. Again expensive. Don’t remeber having any issues with them, but never withdrew any significant amount of money.

3. Ameritrade. Majors are decent, spreads get high quickly after that. Must use their thinkorswim platform. Which is decent, but you might prefer mt4. There were a handful of times where I entered a trade during normal hours, and didn’t get filled for several seconds, which is quite odd. They have seperate accounts for forex and other trading. I think they bought out a forex company and run them as a seperate entity, only doing minimum integration to their accounts and platform.

4. IG. New huge forex player in the US. Spreads similar to ameritrade. Decent for majors, gets high after that. I ran into fill problems with them ALOT. Requote error, they’d reject my order. Costed me some good trades, got tired of trying to troubleshoot it. Don’t use them anymore. They seem like a fishy MM.

5. FXChoice. Belize regulated offshore that takes US customers. They have a good reputation. Majors will be a bit more expensive (because they have commission), more or less similar to other US brokers after that. But their swaps are pricey, which might be a problem if you trade tight zones over long periods of time. No issues with execution though.

6. The5ers. Just adding this for completeness for others. Not a broker but a prop shop. Good spreads relative to other US brokers. Good reputation, coincidently started by someone who’s trading style I followed (rtm). Won’t work for you because they limit exposure pretty heavily, but they don’t limit you to how to trade (can hold through news and weekends). Very fair compensation and growth plans, it’s obviously designed to protect their risk while trying to find that 5% of consistently profitable traders.

7. Futures. As a US trader this might be your best route if you mostly trade majors. Spreads will be similar to US based forex brokers. And you get a huge tax break.
RIP RTM - long live Nonsense Trading
  • #53
  • Feb 20, 2020 3:30am Feb 20, 2020 3:30am
In this thread:
https://www.forexfactory.com/showthread.php?t=849587

...the teacher and some students, do double in a day on good days. Mostly risking less than 10%.
Nala is an awesome trader. They trade divergences on the GBPUSD 5 min. day in day out, and they are not sitting in front of the screen all day either.


I learned a ton from these guys.

Then there is this fellow, kidrock, makes ridiculous sums, every week.

One hurdle after the first million is probably execution and position size. Kidrock splits it up with many brokers.
Though profitable, not my problem yet.
  • #54
  • Feb 20, 2020 3:36am Feb 20, 2020 3:36am
Quoting JetTrader
Is this even worth discussing, or is it just pie in the sky dream weaving with no basis in reality, whatsoever? What would it take to push $3,000 to upwards of $40 million trading Forex? Hmmmmm. Were gonna find out in the not so distant future. In my 'coming soon' live stream YouTube channel, I'm going to attempt something that has never been approached by anyone in FX (as far as I know) publicly. I'm going to attempt to drive $3,000 to $40 million. But, that's not the real challenge. Oh, no. I've got something else up my sleeve. What's up my sleeve...
Hola, Argentino correcto?
Que no se enteren los "chikos de la Kampora" , timba financiera, te confiskan todo, se compran Lacoste y se van a Punta con tu $...
Sorry guys for the Spanish, Jet will understand my joke...
  • #55
  • Feb 20, 2020 3:51am Feb 20, 2020 3:51am
Hey Jet
please don´t waste time with negative posts.
I end up reading the BS too.
Life is too precious, and short.
If people don´t like it, they should move on.
Personally, I think, at the least, the idea is total fun, and shooting my account to the skies IS MY TRADING PLAN.
  • #56
  • Feb 20, 2020 4:52am Feb 20, 2020 4:52am
this is a ridiculous target. even working on weekly charts there is no strategy to achieve such result. At best you can invest 1000 US $ in ETF of oil or coffee or raw materials and keep it till it goes up to the max of previous years but no one has the nerve to wait that much and risk losing all the profit when drawdown comes. not a serious post
  • #57
  • Feb 20, 2020 6:40am Feb 20, 2020 6:40am
Quoting JetTrader
{quote} https://www.investopedia.com/articles/personal-finance/100715/top-10-caribbean-tax-havens.asp {image} I'm not his ForexFactory Defense Attorney, Just trying to keep it real.
Well the guy makes 17k% returns in his YouTube videos, flipping accounts from 2k to 400k on an "educational" account on the broker HE owns in 2 months

Yes I agree he does not want to be taxed on his unregulated broker income and shit course selling income.

Just keeping it real too, so many scams out there and this guy is one of them, all over YouTube.
?
  • #58
  • Feb 20, 2020 11:13am Feb 20, 2020 11:13am
Quoting HRTrading
{quote} Well the guy makes 17k% returns in his YouTube videos, flipping accounts from 2k to 400k on an "educational" account on the broker HE owns in 2 months Yes I agree he does not want to be taxed on his unregulated broker income and shit course selling income. Just keeping it real too, so many scams out there and this guy is one of them, all over YouTube.

Thats why he stopped streaming live
  • #59
  • Feb 20, 2020 2:24pm Feb 20, 2020 2:24pm
Quoting ahdat
At least you have the balls to be willing to publicly attempt something with a high likelihood of failure. gl
I love doing the "impossible," Ahdat. When you do it, the Naysayers can only wonder how you did it. And, there will always be plenty of Hating Trolls to watch you burn. Make it all the more.... interesting.
  • #60
  • Feb 20, 2020 2:40pm Feb 20, 2020 2:40pm
Quoting bluesteele
A long, long career in the NFL... Military test pilot....and one of the most successful traders in the world... What's next after the 40 million is my question.! (Well besides a billion of course) Perhaps a NY Times bestseller on high performance ? Your own Market Wizards story I assume. This is why I love FF.. we have such incredible members! You truly personify my favorite saying "When you know ..you know" Cheers Blue

Four careers later, a PhD, a 32 year successful marriage, two daughters each with their own PhD, four (4) PhDs in the immediate family total (including the Wife's PhD), Test Pilot and designer of two successful Trading Systems. You left a 'few' things out of your unauthorized attempt to Bio.

There's one more thing you left out of that Bio that matters the most: Failure Is Not An Option. That's always been my mindset. As opposed, failure is always what I expect for myself. The mindset of far too many calling themselves, "Traders." As I've said before, either one takes the time to Master their Craft, or they open themselves up for never getting to the next level in anything they endeavor to do.

It doesn't take guts to try pushing $3,000 to $40 million. It takes guts look yourself in the mirror, fix your damn flaws, accept Personal Responsibility for your own actions in life and then move to become a better version of yourself. If you can do that, if you can live the Examined Life, then you are Successful already. You are not becoming successful, you are the very embodiment of Success.

But, when you sit on your rear, throwing stones, you throw them at hour own House - without understanding how or why you do it. In other words, the Un-Examined Life, lives everyday from a state of total unconsciousness about who they are and what they are doing on a daily basis. That's simply not a life worth living. Therefore, I chose to live life from Cause, not Effect. Most people who accomplish things in life, do so from Causation. They are out there everyday making it happen and taking Personal Responsibility for their own actions.

In life, if it happens - that's because you made it happen. If it did not happen - that's because you failed to make it happen. There is no middle ground in life. You either make it happen, or you fail to make it happen. I was taught that lesson by an old Football Coach at the ripe age of 9. A lesson I have never forgotten and never intend to forget.

You should have had the same Football Coach!
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