how does this trader make money? | Forex Factory

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how does this trader make money?

  • #1
  • First Post: Mar 30, 2007 8:15pm Mar 30, 2007 8:15pm
I know this guy whose in his early twenties who started trading forex little over 2 years ago and now has his own company, drives a ferrari and has a £800k house.

How does he do it?
  • #2
  • Mar 30, 2007 8:21pm Mar 30, 2007 8:21pm
Shouldn't you be asking him?
  • #3
  • Mar 30, 2007 8:31pm Mar 30, 2007 8:31pm
Sounds like BS to me.
How you act is more important than how you feel.
  • #4
  • Mar 30, 2007 8:33pm Mar 30, 2007 8:33pm
Start with $10,000 and add a cumilative one percent per day for two years and see what number you come up with. I make it around 10 million.

He could also have mortgaged himself to the gills
  • #5
  • Mar 30, 2007 8:39pm Mar 30, 2007 8:39pm
Quoting SunTrader
Shouldn't you be asking him?
Obviously I wouldn't be asking here if he had told me.
  • #6
  • Mar 30, 2007 8:39pm Mar 30, 2007 8:39pm
Quoting Warmagus
Sounds like BS to me.
Its not man.
  • #7
  • Mar 30, 2007 8:46pm Mar 30, 2007 8:46pm
Quoting FxBabe
Its not man.
well make him tell you how he does it and then come tell us!
  • #8
  • Mar 30, 2007 9:01pm Mar 30, 2007 9:01pm
Back before the Nasdaq tech bubble burst I was trading from an office where there was a young kid who daytraded the techies (AOL, AMD, INTC, DELL etc). He made easily $1000 on a typical trading day. He had no secret. Watched the tape, bid/ask changes and rapidfire order entries like playing a video game. I left to resume trading from home and never found out if he was able to maintain it.

Some things about the markets stay the same but it is also neccessary to evolve a little bit. I love it when someone says it is easy - just make x% every month. Believe it or not even the great Soros does not do that all the time. As a matter of fact I think I read recently that '06 and so far this year could have been better for him. The great traders like him do it over the long haul and don't concern themselves with big bank accounts and the toys that brings.
  • #9
  • Mar 30, 2007 11:17pm Mar 30, 2007 11:17pm
Compounding, trading more than one currency pair, trades full time and has a good system.
  • #10
  • Mar 31, 2007 7:04am Mar 31, 2007 7:04am
Quoting WHTenn
Compounding, trading more than one currency pair, trades full time and has a good system.
when u have some spare time do email back.
  • #11
  • Mar 31, 2007 7:41am Mar 31, 2007 7:41am
Quoting FxBabe
when u have some spare time do email back.
If you are good, you can make half his amount and in less than half the time.

Get a wedding ring and try your luck.

good luck
If you have no idea, take a course. It's cheaper than a trading course.
  • #12
  • Apr 1, 2007 12:46pm Apr 1, 2007 12:46pm
Quoting FxBabe
I know this guy whose in his early twenties who started trading forex little over 2 years ago and now has his own company, drives a ferrari and has a £800k house.

How does he do it?
You didn't say if he achieved that with his Forex trading. For all we know he bought it on credit and will soon be bankrupt.
  • #13
  • Apr 1, 2007 10:23pm Apr 1, 2007 10:23pm
Quote
I know this guy whose in his early twenties who started trading forex little over 2 years ago and now has his own company, drives a ferrari and has a £800k house.

How does he do it?
Perhaps he got rich from the business his company is running ?
  • #14
  • Apr 1, 2007 11:57pm Apr 1, 2007 11:57pm
Quoting luqmanz
Perhaps he got rich from the business his company is running ?
yes, i agree indeed .
the question is a trap .
remember that most broker need us to state that the money we put to play are not afecting our lifestyle.
  • #15
  • Apr 2, 2007 4:22am Apr 2, 2007 4:22am
Perhaps he made money from selling his trading system as well as trading!

I personally know someone who has done this, he made a great deal of money selling a complete training course, whilst trading for himself also. BTW he has only been trading 2 years, and could be considered very wealthy!

there is no secret - all of the above mentioned facts - a system with an edge, leverage, compounding, full time trading and trading a range of markets will all allow you to achieve what you are asking, sometihng else that is very important is adequate capitalisation. You are never (shouldn't say never as in theory it is possible, however also unlikely) going to make $1000000 starting with $1000, it is easier to make $1000000 if you start with $1000000 (ok maybe $100000). When I say easier, I don't mean easy, you still have to fill all of the above criteria and be a good trader to boot.

Good luck.
  • #16
  • Apr 2, 2007 5:38am Apr 2, 2007 5:38am
I love the "skeptics" on this forum. If someone is reported as actually making it in Forex Trading, must be a hoax. Can't be ture. Can't be done.

Well, I like to believe, it can be done and IS being done. Soon to be my turn as well.
  • #17
  • Apr 2, 2007 5:41am Apr 2, 2007 5:41am
Quoting mtcdavs
I love the "skeptics" on this forum. If someone is reported as actually making it in Forex Trading, must be a hoax. Can't be ture. Can't be done.

Well, I like to believe, it can be done and IS being done. Soon to be my turn as well.
Well said.....
  • #18
  • Apr 2, 2007 6:30am Apr 2, 2007 6:30am
Hate to open this can of worms, but even if you are doing well in forex, you still have to find a credible broker.

I have struggled with this a lot lately. Is an ECN the only way to not be cheated? Are any brokers out there not making money when we lose? Thanks.
  • #19
  • Apr 2, 2007 6:52am Apr 2, 2007 6:52am
I would find out what drugs he's dealing !!!!!! LOL
  • #20
  • Apr 2, 2007 8:14am Apr 2, 2007 8:14am
Quoting Snuffleupagus
You didn't say if he achieved that with his Forex trading. For all we know he bought it on credit and will soon be bankrupt.
He acheived it with forex trading.
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