I can fully support Platypus comments.
After I did blow my first Trading Account 20 years ago and the only thing left, was a huge amount of debt, because a high percentage of the loss was borrowed money, I decided to first work hard in my job, to pay back the money and then try to get it back by investing and trading on a slow and steady way.
So the next 8 years I worked hard and whenever possible - I studied the market basics and tried to figure out, how I could make some profits without gambling too much...and wasting money... its so hard to gain and so easy to lose...
Since a couple of years I'm able to make some profits each year and my trading account this year is still up 22%. This number sounds not that overwhelming, but becomes more impressive, if you take into consideration, that I'm adding a certain amount of money each month to the trading account, which accounts this month for not less then 13.5% of the total account size. So you can imagine how hard it is, to keep the momentum in terms of percentage performance.
Beside the trading, I'm on more than 65% cash in investing....
Why I'm telling you this ?
Because I did post my trades on my own website from the beginning and since this is my only reporting and no daytrading since almost 2 years anymore, the number of active members on my board has gone almost to ZERO. Thats a great example and proof at the sametime for the arguments, which Platypus put on the table here.
I'm not going to post a link as I'm not dealing with FX or commodities, but only with German and US stocks. So this is not related to the ForexFactory. And Xaron knows my website anyway. (and its in german)
So - I fully agree with Platypus and I believe that the major mistake, all "young guns" making is, to do all in a hurry and try to reach the lifetime goal within a year with a 1000 bucks account. And that is in my eyes the perfect way to just never ever becoming able to accumulate a significant amount of money. Still 95% of all traders are losing and I wouldn't be surprised if the percentage in FX and Commodities is even higher.
Although I'm making some profits each year, I'm not feeling like having found the holy grail. And I'm still working hard on my job, because this is my real growth machine - making a good income and investing a good bit of it for additional gains. But to do this, my belief is, that you have to take big efforts in making a good income first, then live a modest life and save money. Spend a lot of time to learn and study the market and look for opportunities and then take your time to make decisions. And even then it's not a guarantee to make profits over the long haul.
But thats only my opinion and after reading the very interesting comments from Platypus I couldn't help, but making these comments myself.
Have fun guys ! I enjoy reading Xarons posts from time to time.
After I did blow my first Trading Account 20 years ago and the only thing left, was a huge amount of debt, because a high percentage of the loss was borrowed money, I decided to first work hard in my job, to pay back the money and then try to get it back by investing and trading on a slow and steady way.
So the next 8 years I worked hard and whenever possible - I studied the market basics and tried to figure out, how I could make some profits without gambling too much...and wasting money... its so hard to gain and so easy to lose...
Since a couple of years I'm able to make some profits each year and my trading account this year is still up 22%. This number sounds not that overwhelming, but becomes more impressive, if you take into consideration, that I'm adding a certain amount of money each month to the trading account, which accounts this month for not less then 13.5% of the total account size. So you can imagine how hard it is, to keep the momentum in terms of percentage performance.
Beside the trading, I'm on more than 65% cash in investing....
Why I'm telling you this ?
Because I did post my trades on my own website from the beginning and since this is my only reporting and no daytrading since almost 2 years anymore, the number of active members on my board has gone almost to ZERO. Thats a great example and proof at the sametime for the arguments, which Platypus put on the table here.
I'm not going to post a link as I'm not dealing with FX or commodities, but only with German and US stocks. So this is not related to the ForexFactory. And Xaron knows my website anyway. (and its in german)
So - I fully agree with Platypus and I believe that the major mistake, all "young guns" making is, to do all in a hurry and try to reach the lifetime goal within a year with a 1000 bucks account. And that is in my eyes the perfect way to just never ever becoming able to accumulate a significant amount of money. Still 95% of all traders are losing and I wouldn't be surprised if the percentage in FX and Commodities is even higher.
Although I'm making some profits each year, I'm not feeling like having found the holy grail. And I'm still working hard on my job, because this is my real growth machine - making a good income and investing a good bit of it for additional gains. But to do this, my belief is, that you have to take big efforts in making a good income first, then live a modest life and save money. Spend a lot of time to learn and study the market and look for opportunities and then take your time to make decisions. And even then it's not a guarantee to make profits over the long haul.
But thats only my opinion and after reading the very interesting comments from Platypus I couldn't help, but making these comments myself.
Have fun guys ! I enjoy reading Xarons posts from time to time.
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what clients?