Once you can trade profitably are you rich?

it depends. if you keep compunding, and never take money out, obviously u're gonna make money quicker. except no-one really does this. people need to live and eat etc...

You can live with austerity, spending the less possible and reinvesting the 90% of your profits like Warren Buffet do, and if you invest smartly maybe some day you will be the richest man on Earth... You have to choose: invest now to win more in the future or renounce to the supposed gains of the future and spend now.

Doh! So do I does that mean I have to stand in line now with my mouth open

Just between you and me - it is very likely a better solution to what most are doing ... <grin>

It's one thing to be profitable, and another to sustain it over a career. It's easy to make a mistake, and it's not a forgiving business.

i want to be rich..
can some1 point me to the right direction?

where can i start? im new at this trading stuff..
because i got an email about trading method,
it kinda move me to learn..

anyone know tick-action?
is it good?

i like to attend a trading workshop, im in australia now..

I disagree. Casinos do exist but no one can be successful by playing constantly in them. They just exist for the excitement they have to offer, it's not a question of gains or losses, success or failure.

I think there are still a few professional gamblers with winning gambling systems around but like forex the majority pay for the minority.

Why do losers keep returning? Either they enjoy the entertainment/excitement, or more likely they live in hope that this time they'll make it! Who knows, maybe they will!

Hello!

Surprised nobody has asked! Why are you writing YOUR book...lol!

More importantly.....when might it be available? Thanks for your time.

Most professional gamblers enjoy the longevity because like professional traders they dont risk there entire bankroll on a 50/50, they know when to cut out (leave the casino) and they know how to make the most of a streak.

Casinos exist in the same manner that forex exists. There are justs as many incompetent morons that go to a casino thinking they will walk out rich as there are new traders who load up a 400:1 leverage account with $500 (or less) thinking by the end of the week they will be drinking alongside Buffet and Soros. The casino holds the edge over time. That does not mean that the casino on every spin makes money, it means that over time with the shear number of punters that the house will win. If you can come into the game with the correct outlook, that is not getting rich in a hurry (although it does happen time to time) then you may be around for that win streak that pushes you to a new equity high.

That is my opinion, I am also up in casinos by a small margin just the same as forex. Is it pretty and can I retire this week, hell no but its is better than drinking on the sidelines.

Razor

living within/below your means
wealth is a paradigm, a state of mind.


first time i've heard this.
Thanks Sir Mike!

http://www.google.com.ph/#hl=tl&sour...9576d1790dea03


u may have a point here.
but altruism does exist, depending on your perspective &/or experience.

sans this, i disagree entirely with your post.
to be succinct, your post sound inhuman & inhumane.
u may have some unpleasant life experiences leading u to have such a life perspective.

that is unrealistic.
u did not take into account daily living expenses, among many other factors.

Sir james16 says this business is the most difficult easy money in the world.
& I agree.


Learning is the right direction.
u can start by reading threads here in FF.
workshops are UNnecessary.

Guys,

One thing I am very well versed on is casinos. There is no corrolation to a forex broker. Or very little anyway. I used to be a blackjack dealer there in the 80's. The house can almost never lose. There are only 2 ways it can lose-One, it cant get enough business to overcome the fairly large overhead of payroll, rent and other monthly expenses which are much larger than people realize. The second way is if someone cheats so well they cant catch them. That is one in a million. And by the way, If you keep winning, they will eventually bounce you regardless whether you are counting cards, cheating or just getting lucky. You have no recourse.

Now lets look at forex brokers and banks. They get a cut of every transaction. They have no risk. Look at all the forex brokers popping up now. You cannot even keep track of them. However.....some of the smaller ones will go under. Why? Not from losses. They cant lose. But because they cant keep up with the competition and cant get enough business to make it worthwhile. But lose they never will do. I also see a day when competition forces all of them to give us a fair shake. Like actually having every pair with under 1 pip spreads. It has to happen soon. There is too much competition.

I remember being a stock broker in the 90's and we all thought that when you got a client in for a "steeny', meaning a 1/16 spread, you got him a great deal. That equates to only a 6.25 cent commision per share. Seemed like nothing on a 20 dollar stock. Now that stocks have moved to decimalization, if there is even a 3 cent spread let alone 6, any savvy trader woukld never touch it! Why? Its unfair to the buyer or seller. I think people are waking up, especially frequesnt traders like scalpers and day traders. They are finding out that if they could even last 2 months before blowing out their account, all the money went to the broker/dealer in spreads. Check this out. You buy a currency pair and pay a 3 pip spread. Your target is 30 pips. You hit your target and get out. You pay another 3 pips. So, in total you have paid 6 pips, a total of 20% of your profit to the forex banks. How long before they have all of your money? Now if you are a scalper who holds for 10 pips or less, you are giving away at least 33% of your profit each time. Its impossible to win over time that way.

Now, lets get back to the casino analogy. The only game where a forex dealer is like a casino is poker. In poker the casino takes 10% of whatever is in the pot for themselves. But even they are not greed enough to not cap it at 5 bucks per pot! Let me tell you all a secret as one who has been on both sides of the poker table as both a poker shark, squeezing out a living from tourists in Las Vegas in low limit 7 card stud and hold em games and as a poker dealer...at the end of the night, out of all 8 players, there will be 2 winners. Me, because I play so tight I am only giving them their cut maybe once per hour because I am in very few hands. I win on average one pot per hour. The other winner is the house. Almost all of the players money is in the box right underneath that little slot none of the palyers see. So in one 10 hour sitting, the house gets 90% of all the players money, I get about 5%, and the rest the players keep as they cash out. And many have rebought back in several times thru the night! (the equivalent of blowing up your trading account) So, the house has no risk as their only expense is paying me a tiny salary to deal the cards. So if the house gets 90% of all the money in one 10 hour shift, imagine what they make in a year?(email me, I can give you almost the exact number).What do you think a forex dealer makes in a year? Where does it come from? Only the losers? B.S.! I bet money that at the end of a traders carer, if he tallied up what he gave the house(forex broker), he would be sick to his stomach, even if he made millions of dollars in profit.

You may say, oh, I am a swing trader, I hold a position for a 1-3 weeks at a time. The house will still take a fortune from you over time. And by the way , one way they do it is not just the spread you pay, but the more money taken out of the total "pool" of money affects you and every professional trader drastically. I will not reveal how on a public board, but if I get to know you well, at some point I will shiow you stats that will make your jaw drop.

About me: I am a day trader of equities who never ever will pay more than 2 cents spread on a stock I get in. I get out in 15 minutes if I hit my target really quick, but my style is one in which I am trying to hold the stock all day long. Secret: 90% of good daytraders would make way more than they do now if they held their position until 5 min before mkt close instead of getting out because they hit a target or broke below a certain moving average. You can verify this by checking all your previous trades this year. I just gave you information people in stock daytrading would pay me millions for. Now as someone who is fairly new to forex trading, I will be checking to see if this is true in forex as well. At least for my style of trading. I anticipate being able to go completely professional with my equities background within 18 months. Wish me luck. I love forex because I dont have to stay glued to my monitor all day long. So I feel my longevity as a trader will be much longer in forex than in equities/stocks. By the way, my main teacher Oliver Velez just mentioned to me yesterday that he read in the book called Blink by Malcom Gladwell, that it takes 10,000 hours to master something. That means if you watch your screen 6 hours a day, 5 days a week, it will be almost a 5 year journey. And most of us cant last that long. I just gave away another million dollar secret. Most people fail in trading because they dont realize they have to allow 5 years of doing it day in and day out. I catch a few people who are trying to do it part time, but they are an anomoly. Remind me to talk about what I think about people who write trading books as 3 dog night was talking about in another post. You guys have been very civil and polite on this board. I really enjoy Forex Factory message boards. BTW....how long till they make you a regular member?

Daytrader50

BTW, you pay half the spread twice, not 2X the spread. Current price is bid + offer /2.

As a side note, if you ever want to become a full member, you might want to tone down the "million dollar secret" talk. The advertorial style of your post won't win you many fans around here.

Luck be with you

Yes darkstar, in theory I agree. you pay half the spread twice. But yet, we really do not know if cutting the spread in the middle is the correct price and what games the banks and mm's are playing behind the scenes. And when I talk about million dollar secrets I am not selling anything so it shouldnt be taken the wrong way. I just know my trading mentors have paid that much and more for their knowledge. By the way, how does one get to be a full member here?

daytrader, you say you were a broker? I doubt that was in the USA, as far as I know your English has to be flawless, yours has multiple grammar mistakes and is accentuated towards Eastern-European. First you tell us you were playing blackjack as card dealer, then suddenly you became a stock broker. For some reason you also want to become a "full member" , do you want to sell something?

This last point I agree and disagree. Too broad a brush.

There is a lot of garbage here in FF (certainly not all) and workshops from the right trader can be very intuitive. And sometimes even free.

Before I answer your question, may I ask your age and also where are my "multiple grammer mistakes" you speak of. BTW... many people who look like they are writing poorly merely have a bad keyboard or they just do not type well. So I am guessing you are DEFINITELY way under age 30 to make the remarks you just made. I do not want to argue here but I am 51 years old and thought I would get a little respect here. Maybe on another thread. Anyway, I politely await your proof. Then I will give you my resume. (As you think because I was both a card player and dealer in Vegas as well as a stock broker that that should be my total career in 51 years is amazing to me.)
Lets be friends and clear this up. There is a lesson in everything.

Edit your profile details.

Hi Everybody this is my first post here a.

Oke the question i have is i am now demo trading for like 3 years and i am the last year or the last 8 months become profitable.

But the question is i really like fxpro as a broker but i have only got 1000dollars to invest for real account (money i can lose).
But the problem with fxpro is they dont have mini or micro accounts you guys think it is also reasonble to start a account there but with a levarage of 1.1 or 1.2 1.5 or1.10 which 1 you guys advice my maximal lotsize will be 0.20 when trading they ofer that kind o lots so thats nice.
So what levarage would you guys advice or tottaly dont do it?

Oke i hope somebody can help me with it thanks anyway

Usually on a MT4 platform you can split large lots into mini's by trading entering 0.1 as the lot size?

If you cant there there is no way you should consider using full lots on a 1000 dollar account, you really need a micro account for flexabillity and to be able to use proper money management techniques