Success Stories--Those without Harvard Education, Aweso Mentors, or Genius Intellect. | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Success stories 166 replies

success stories 3 replies

Forex success, are there any stories? 3 replies

for Those who found success in forex>> 32 replies

Success Stories--Those without Harvard Education, Aweso Mentors, or Genius Intellect.

  • #1
  • First Post: Edited Jul 31, 2007 12:12am Jul 30, 2007 9:13pm | Edited Jul 31, 2007 12:12am
Alright, So you find yourself looking through “Market Wizards” for encouragement and to get confidence that being a successful full time trader is a possible goal, but then…

You realize when you begin to do research on each of these Market Wizards, that they all have either an awesome intelligence, been to Harvard or other reputable colleges, sat under marvelous mentors, or have some other obvious edge.

Now I realize that these are the top .01 percent traders! They trade and make billions of dollars. So of course they are going to have some special edge or be a genius.

What the general beginning trader is looking for and will be greatly helped and encouraged by, is success stories which sound kind of like this…

“I did not have much to go on, no wonderful education, mom and dad with tons of money, a genius intellect, or a special mentor. What I did have was common sense that there was money to be made and that if I was very industrious I could come out ahead as a Forex Trader. I studied hard night and day and looked to all the mentors I could afford with my day job. After so many years I can say that I am now able to trade full time being able to take out at least $2000/month to live on. Im not rich, but I am able to live off of forex and If things continue in the direction they are now going, it wont be long before I have a substantial net worth…”

If this is close to your personal story, It would be a wonderful contribution and I am sure we would all receive encouragement if you would post your own brief personal success story including the following:

1. Short backround. Education, upbringing, past employment, etc.
2. How you got into Forex Trading.
3. What your initial investment was.
4. How the road in-between beginner and professional trader was traveled.
5. Your greatest lows and greatest highs on this road.
6. How long before you were able to trade full time and when you knew it was time.
7. How long you have been full time and a profitable trader.
8. Anything else you think might be helpful to encourage us beginners.

I hope this can be a great thread of encouragement for the little guys. Please do post if you feel you should. You yourself needed encouragement along the way to success and now you have a chance to be apart of a wonderful encouraging thread that many can look back on for years for encouragement and strength.


Thank you all!


Sincerely,

Mike Lewthwaite aka Pip Ventures


P.S. There may be those on this board who are making substantially more then is here suggested. Please don’t feel the need to include these numbers. Just tell us how you got to the point where you were making consistent profits and able to support yourself and family off being a full time trader.

P.SS. If you feel you have a story but wish to remain anonymous maybe you can forward your story to a friend on board who can post it anonymously. At least we will still be able to benefit.
  • #2
  • Jul 30, 2007 11:19pm Jul 30, 2007 11:19pm
Taken from a thread on FF by JACKO

Who am I ??

I started trading Forex about a year ago. Have traded futures for much longer (15+ years?).

Started a trading journal at DailyFX in Feb 2006.(ONLY FOR PEOPLE IN LIVE TRADES-Jacko's Pleasure and Pain conversations).

http://www.learncurrencytrading.com/...ead.php?t=2373

Lost interest there when a lot of young aggressive newbies came in.

This seems a more rational forum.

On that Forum I traded live time for about six months and, as was seen by all who followed those trades, was very successful in my trading. If you have read that journal, you will know that it was "live time trading" and there was no possibility of any B.S. because I (and others) were all posting as we traded. If we had tried to B.S. then everyone would have jumped on us. Initially, I started with very small numbers of standard lots, but as I started to make very serious money, I stepped up my trading volumes and eventually found my ideal comfort level. I am still trading those large lot numbers.

I trade a little differently now than in my original trading pattern. I trade longer term, and trade on average only about twice a week. Less stressful, more profitable.

I am an American who now resides in Asia. I am amazed and angry at how stupid our Government and businesses has been.
I watch, almost on a daily basis, the growth of the Asian economies and realised some time ago that ole George and his recent predecessors have squandered the enormous wealth of America on foolish follies.

China will overtake the US as a world manufacturing economic power sooner than everyone expects.
__________________
Jacko

Just trying to help...
  • #3
  • Jul 31, 2007 9:25am Jul 31, 2007 9:25am
Just saw this thread.

Are you saying that I am one of those without Harvard Education, Awesome Mentors, or Genius Intellect.




  • #4
  • Jul 31, 2007 10:02am Jul 31, 2007 10:02am
Quoting jacko
Just saw this thread.

Are you saying that I am one of those without

Harvard Education, Awesome Mentors, or Genius Intellect.
Jacko,

Im really sorry about that. I just kinda asumed that any of those who did have Harvard Educations and Genius Intellects were not to be found at Forex Factory. But you know, thats when people get in trouble, when they assume (or thats when they get rich, making the right assumptions on Forex .

So, all assumptions aside, maybee you could tell us just a little about your true backround and how you got into the market and what you think it is that made you successful.

This would be a great first success story.


Thanks Jacko,


Sincerely,

Mike Lewthwaite aka Pip Ventures
  • #5
  • Jul 31, 2007 10:07am Jul 31, 2007 10:07am
Resided in China or other Asian countries?

If in China, aha, welcome my friend take u a tour and we can talking forex trading while having beers ,watching beautiful girls. LOL
Trading is a business
  • #6
  • Jul 31, 2007 10:41am Jul 31, 2007 10:41am
I turned down a position at the JFK school, does that count?
  • #7
  • Aug 3, 2007 7:16pm Aug 3, 2007 7:16pm
Trade full time and it would be great to hear their story!

Eddie0618
WHTenn
Magicfx
Milkcake
Carlos
SmJones
Turin0107
Captain Piptastic
CTGuy

Thanks to anyone who feels this is a worthy thread.

Sincerely,

Mike Lewthwaite


  • #8
  • Edited Aug 4, 2007 5:21pm Aug 3, 2007 7:29pm | Edited Aug 4, 2007 5:21pm
Quoting Pip Ventures
Trade full time and it would be great to hear their story!

Eddie0618
WHTenn
Magicfx
Milkcake
Carlos
SmJones
Turin0107
Captain Piptastic
CTGuy

Thanks to anyone who feels this is a worthy thread.

Sincerely,

Mike Lewthwaite

Actually I have a degree, sorry to have been educated... Does that disqualify me?

I just learned as I went along... Read everything I could get my hands on. Spent some time with my uncle. He was a stock broker. I have never traded for anyone else. In fact I own another unrelated business as well. You see I am old..
And I am nowhere near as good of a trader as several people on this forum.. I do it full time and am comfortable with it, but there are some real solid pro traders here... With quite the backgrounds.

As far as Forex goes, the thing that helped me the best to understand this strange market was the Private Forum... Without a doubt
  • #9
  • Aug 3, 2007 11:03pm Aug 3, 2007 11:03pm
Kathy Lien is writing a book about successful small traders or maybe those that were not profiled in the Jack D. Schwager's Market Wizards. While waiting for Kathy Lien's book, this thread will be an interesting one to read and learn from
  • #10
  • Aug 4, 2007 12:02pm Aug 4, 2007 12:02pm
Thanks alot Scott. Sounds like you fit the script. As far as your statment...

Quoting smjones
Actually I have a degree, sorry to have been educated... Does that disqualify me?
What I said and meant in the post was those who attended "harvard" or were considered the "elite" intellectually need not post. Going to college is something many average people do. Getting scholarships to Harvard is for the few and far between.

What I want this thread to consist of is stories such as yourself. If we want to know about the success of the elite any of us can get a copy of "market wizards" and read and be encouraged.

The story you gave was simple, beautiful and gave many hope.

thank you again, I hope to see many more.


Sincerely,
Michael Lewthwaite


P.S. For anyone else questioning whether they fit the script. If you dont know whether you are of the elite (education, upbringing, intelligence) then no hard feelings, but you probably are not. We would love to hear from you on this thread because you show us what can become of the average person if they put their heart into it.
  • #11
  • Edited 1:29pm Aug 4, 2007 1:10pm | Edited 1:29pm
LOL, I did not say where my degree was from and in what subject and where I graduated in my class... I really do not consider myself as average in any way.

My trading style is satisfactory to me. I do not enter contests and I find it painful to handle other people's money, so I do not... I do best when I only have to look out for myself.

Also, success is a fleeting thing. Success is something that constantly has to be renewed... Once someone thinks they are successful, they are headed for a fall. The world is constantly changing. The only thing one can truely be successful at without changing and adapting is to fail.

Besides, what the hell difference does it make what anyone says about their experience trading? The only thing that is important is if you want to be a trader... How does the fact that there are profitable traders change an individual's ability to trade?

If you want to be a good trader, trade, learn, trade, screwup, learn, trade, don't quit.
I suppose, at the end of the day what is the defining factor is those who "succeeded" did not quit.
  • #12
  • Aug 4, 2007 6:52pm Aug 4, 2007 6:52pm
Quoting smjones
LOL, I did not say where my degree was from and in what subject and where I graduated in my class... I really do not consider myself as average in any way.

You may be of the elite then. Still appreciate your input.

My trading style is satisfactory to me. I do not enter contests and I find it painful to handle other people's money, so I do not... I do best when I only have to look out for myself.

Also, success is a fleeting thing. Success is something that constantly has to be renewed... Once someone thinks they are successful, they are headed for a fall. The world is constantly changing. The only thing one can truely be successful at without changing and adapting is to fail.

Is this something you have been found to be true in Forex? If it is fleeting too often then I would not call the successful times successful times, but lucky times. But Im assuming you have been able to consistently succeed with the fleeting moments rare enough as to not do you much damage.

Besides, what the hell difference does it make what anyone says about their experience trading? The only thing that is important is if you want to be a trader... How does the fact that there are profitable traders change an individual's ability to trade?

If you want to be a good trader, trade, learn, trade, screwup, learn, trade, don't quit.
I suppose, at the end of the day what is the defining factor is those who "succeeded" did not quit.

See here you are assuming that someone wants to be a trader. I am assuming that in order to "want to be a trader" you have to believe that your goals of being a successful trader are achievable.

This is the reason for this post. Many think they want to be a trader but are not sure if it is a worthy endeavor with achievable goals. If there are success stories from the average person it will show that making it in forex is a possibility, not a farfetched ideal, and therefore a worthy pursuit.

Mike Lewthwaite
  • #13
  • Edited 10:35pm Aug 4, 2007 10:15pm | Edited 10:35pm
Quoting jacko
Just saw this thread.

Are you saying that I am one of those without Harvard Education, Awesome Mentors, or Genius Intellect.




I'll have to agree to this one.
If you are successful on forex:
- you either traded for years and forex is no better than any well-paid job to you (high or highest level managers get quite a lot of money).
- you are a genius! Thats my case
Why do I think so? Have you ever heard people whining that they didn't find a single successful EA? They never looked! I wrote a random-trader EA. At 8:30 GMT it takes 10 random numbers (from 0 to 32000+), adds them up and divides by 2. If the sum is higher than half of max, it opens a buy, otherwise it opens a sell.
Its successful
Flip a coin and you have a 50/50 chance of winning. Trade forex like most people do and you have a 95% chance of joining the crowd.

If you want to be successful on forex you either need a genius intellect or 10-20 years of hard work. No need to write a success story for me - I've been trading for around 6 years, 5 years since I went live. Now I have several successful systems I made myself for myself and those willing to invest money into them (ps: I don't trade randomly, nor do I use that EA, it was just to prove that even random can be successful). I have economic education so I kind of understand the way of economy. My university (Kyiv National Economic University in Ukraine, Kyiv) gave me enough knowledge about politics (not the program, the teachers did) and about the way this world lives. Don't have illusions and don't jump to conclusions and you might see the big picture eventually.

As for me the Big picture means trading this very moment, this very day. Even if the deal is going to last for 2 weeks. I know that markets won't survive next 20 years as they are and its impossible to say when the big change starts and when it ends so you only have the current moment to trade. If you take too long waiting for the perfect trade you'll be left out in the cold. If you trade in the wrong direction - you'll be left out in the cold. Just follow the crowd - they may not know where they are headed but they are certainly going there! Even uncertain movement can be profitable

I guess I wrote too much... Thanks for reading!

Encouragement for beginners!
If you are a beginner in forex and still unsure if you want to stay here, RUN! Run as far from it as you can. The market will eat you and all your money no matter how much you invest - $200 or $200 000 000. If you don't know what you are doing, you already lost. "Winners first win and then go to look for a fight while losers first get into a fight and then try to win", remember? Don't invest real money into forex unless you have a winning strategy that proved itself working on last 8 years on majors or at least this year. Don't invest until you get at least a month of demo-trading with that system. Don't invest if you are not certain you will have profit.
Build up some confidence before you trade! It won't make you a successful trader but at least you won't be a total loser that blames the whole world instead of one's self. Oh and when I was a beginner on forex, I, too, lost quite a lot of money (ALL I had, even money my father gave me to start my small business) but now, after 2 years (since that horrible month when I lost everything and a little bit more than $4 000 I invested) I'm in profit xD There is nothing stopping you from being successful except your laziness and lack of knowledge.
Oh, the next thing I did after losing $4,0k+ was get as many books on forex as I could and read it up. I still get good books from time to time (expensive ones) but overall my loss made me a winning trader. Don't repeat my mistake - start learning before you invest all you have!
  • #14
  • Aug 5, 2007 12:51am Aug 5, 2007 12:51am
Quoting Shinigami
If you want to be successful on forex you either need a genius intellect or 10-20 years of hard work.
This is what we are trying to figure out. Dont assume things before the stories are posted. Give the thread some room before making judgments.


It's statements like these that would cause new hopefulls to give up in a heartbeat. If you have to take 10-20 years from your family before being successful, then your family will already be gone when you arrive.

Too all those who do have a true success story not involving 10-20 years on the platform, or a genius intellect, please do post. Without your posts the above statement will undoubtedly be taken as the thoughts of the majority, unless this is truly the case?


Thanks all again,

Mike Lewthwaite
  • #15
  • Aug 5, 2007 1:02am Aug 5, 2007 1:02am
Quoting BillGates
Kathy Lien is writing a book about successful small traders or maybe those that were not profiled in the Jack D. Schwager's Market Wizards. While waiting for Kathy Lien's book, this thread will be an interesting one to read and learn from
This looks like it will be a great read. Thanks for notifying us!

Here is the link. It looks as though it will be available to ship Sept 07

http://www.amazon.com/Millionaire-Tr...6293462&sr=8-2


Mike Lewthwaite
  • #16
  • Aug 5, 2007 1:09am Aug 5, 2007 1:09am
Do you really need to be a genius to win?

According to my monthly and weekly charts, you really need to be an idiot to lose.
Pip my ride.
  • #17
  • Aug 5, 2007 6:29am Aug 5, 2007 6:29am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Here's my story so far.

left school at 16, had a few basic qualifications, just enough to get me on an appretiship as a carpenter (really didn't like school, you'll notice the spelling issues from time to time). spent six years learning the trade and got good at it, why because I liked it.

Was made redundant on 1994 twice due to the eco climate in the uk. so joined the fire service (still in it). but started my own carpentry company in 2000 (never really left the game as i enjoyed it, but needed a steady inome), expanded that into small building works. due to issues with pore sub contractors etc i reduced the company down to only supplying staircases and built my own family a house.

once again got annouyed with the UK economy and went on hoiliday to australia, wow loved it so applied and was granted a perminant visa, should be out there for 2008.

so last year (2006) i started looking at ways to move my money from the uk to Aus and discoverd Forex. no way, i can make money without bad suppliers or annoying customers that delay payments and really mess up my financies.

I have been looking for that type of opertunity for years and had tried all the normal things like euphony. but still everyone of them relied on someones else to do there job correctly.

opened a demo account Oct 2006, went live Jan 2007. my worst month so far was a 25% increase on my account. my best month 100% increase.

My plan was simple, how much did i have in the bank that i was prepaired to lose. lets have a go.

I am still learning and this site has been one of the greatest places to find information and I love it.

why am i good at this, because I enjoy it, so i feel this is not education but more like driving a car, everyone wants to learn what they enjoy.

hated school, love forex. no i don't expect to be famous at this, my brain has not the capacity, but I do expect to sit by a lake with my fishing rod and laptop and make a future for me and my family in Aus.


smile when you win, Smile when you lose, because when you lose, you learn to win again, so keep smiling .

regards

Jason
MPP
  • #18
  • Aug 5, 2007 9:54am Aug 5, 2007 9:54am
I would highly recommend you read this section in detail.


Chapter 9. The News Junkie. Roland Campbell.

But im not biased



Quoting Pip Ventures
This looks like it will be a great read. Thanks for notifying us!

Here is the link. It looks as though it will be available to ship Sept 07

http://www.amazon.com/Millionaire-Tr...6293462&sr=8-2


Mike Lewthwaite
  • #19
  • Aug 6, 2007 12:55pm Aug 6, 2007 12:55pm
MPP
I can easily increase the account by 4 times using 50% or more risk. If you use 100% risk (or nearly) then 25% and 100% per month are no more than numbers.
If you apply money management rules, your profit will become 2,5% - 10% per month. That is 10% risk. Hard-core traders (old traders, experienced trades, large funds traders, conservative traders, you get the idea...) recommend using no more than 1% risk.
MPP if you really use 100% risk, with standard money management you would have 1% profit in good months

Oh and yeah, you have to be an idiot to lose money trading (strictly following) a successful strategy on D1 or W1 with 5% risk per trade having no more than 2 trades.


But when it comes to reality - 95% who come to forex aren't made for forex. Its not a "make me rich and fast" place. That is why it takes years or even tens of years to learn trading forex and having constant profit. But hey! New generation is far smarter than the old generation! Some can learn forex in 2 or 3 years! (if you think you are smart enough to trade manually with your first deposit after less than a year of trading experience and get 100% profit with 10% risk, show me the statement )

As for following strategies - its always better to write one for yourself. But only if you know you can write a successful one - if you can't, leave it to professionals.

As for 10 years - that is about enough time for an average human to get good enough doing their job to get a "feeling" (intuition?) when to enter, when to exit and so on. Some are especially good at it, guessing far more often than average but don't think you are one of them - you'll just kill your deposit when you have a bad luck.


As a matter of fact
I would love to see that many people can win at forex trading.
As a matter of fact
Most fail.

If you have talent, you'll be successful even after a year of trading, if you are not made for currency trading, don't push yourself.

If you want a success story, look at mine.
I am 22 years old, just finished University and already made several successful trading strategies. The oldest system I made was dates back to the end of 2006 and works fine with same settings even now, backtest since 01.01.2006 to now shows more than 1000% profit - daily pivot points rule the world. My newest system trades 23 currencies and made me 8%+ in less than 2 weeks with small risk.
It took me $5000 and almost 6 years to become successful. Currently I'm looking for investors for my systems. I do not sell my systems.

I totally agree with MPP.

To be successful on forex you have to love forex.

If you want more success stories, write one yourself! Its not hard to be successful.

PS: If you are just learning, there is an awesome resource (I hope mods don't see this as advertising - the resource is totally free and does not require registration). Its www babypips com. I'm still learning there myself - too much info to grasp in one try.
  • #20
  • Aug 6, 2007 11:57pm Aug 6, 2007 11:57pm
Quoting MPP
Here's my story so far.

left school at 16, had a few basic qualifications, just enough to get me on an appretiship as a carpenter (really didn't like school, you'll notice the spelling issues from time to time). spent six years learning the trade and got good at it, why because I liked it.

Was made redundant on 1994 twice due to the eco climate in the uk. so joined the fire service (still in it). but started my own carpentry company in 2000 (never really left the game as i enjoyed it, but needed a steady inome), expanded that into small building works. due to issues with pore sub contractors etc i reduced the company down to only supplying staircases and built my own family a house.

once again got annouyed with the UK economy and went on hoiliday to australia, wow loved it so applied and was granted a perminant visa, should be out there for 2008.

so last year (2006) i started looking at ways to move my money from the uk to Aus and discoverd Forex. no way, i can make money without bad suppliers or annoying customers that delay payments and really mess up my financies.

I have been looking for that type of opertunity for years and had tried all the normal things like euphony. but still everyone of them relied on someones else to do there job correctly.

opened a demo account Oct 2006, went live Jan 2007. my worst month so far was a 25% increase on my account. my best month 100% increase.

My plan was simple, how much did i have in the bank that i was prepaired to lose. lets have a go.

I am still learning and this site has been one of the greatest places to find information and I love it.

why am i good at this, because I enjoy it, so i feel this is not education but more like driving a car, everyone wants to learn what they enjoy.

hated school, love forex. no i don't expect to be famous at this, my brain has not the capacity, but I do expect to sit by a lake with my fishing rod and laptop and make a future for me and my family in Aus.


smile when you win, Smile when you lose, because when you lose, you learn to win again, so keep smiling .

regards

Jason
MPP
Jason,

Thank you very much for your story.

I too own a business and it is my hopes that Forex will be a great place to invest and increase profits from that business.

Sincerely,

Mike Lewthwaite
0 traders viewing now