I don't want to get rich | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

I don't get how 10 pips a day can make you rich? 71 replies

Want to know how to get rich? 924 replies

Let's all get obscenely rich with... The New Commodity Boom! 27 replies

Cowboyfx live calls for free, get rich or go broke trying 445 replies

Is FX just another bogus "get-rich-quick" scam ?? 1 reply

Attachments: I don't want to get rich
Exit Attachments

I don't want to get rich

  • #1
  • First Post: Apr 2, 2011 11:18pm Apr 2, 2011 11:18pm
I just want to become consistent enough in my trading to live comfortably within my means and get away from my regular manual labor aviation of 18+ yrs. no more getting up for work at 3am, being badgered by my company man type supervisor, free to make my own schedule and do something different with my life. Thats all, anything beyond that is just an added bonus.

whos with me?

*Disclaimer: This could be a midlife crisis and as such following my plan presents a high level of risk, and may not be suitable for all investors. Before deciding to jump ship you should carefully consider your objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your possessions . You should be aware of all the risks associated with following me, and seek advice from an psychiatrist if you have any doubts.
  • #2
  • Apr 2, 2011 11:20pm Apr 2, 2011 11:20pm
yeah...born to be wild
  • #3
  • Apr 2, 2011 11:42pm Apr 2, 2011 11:42pm
If you don't want to get dirty, filthy rich, why bother? In the end it is more work and more stress then going into a 9-5 job everyday. Unless you are making millions, then it's worth the hard work and stress.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #4
  • Apr 3, 2011 12:47am Apr 3, 2011 12:47am
Quoting gimmie3pips
I just want to become consistent enough in my trading to live comfortably within my means and get away from my regular manual labor aviation of 18+ yrs. no more getting up for work at 3am, being badgered by my company man type supervisor, free to make my own schedule and do something different with my life. Thats all, anything beyond that is just an added bonus.

whos with me?

*Disclaimer: [font=Arial, Helvetica, sans-serif][size=2]This could be a midlife crisis and as such following my plan presents a high level of risk, and may not be suitable...


i am totally with you!
i not wan to be filthy rich
i just want to have my time freedom
  • #5
  • Apr 3, 2011 2:28am Apr 3, 2011 2:28am
oh come on guys,

You know you want to have one of these in your bathroom
Attached Image (click to enlarge)
Click to Enlarge Name: MOney as toilet paper.jpg Size: 227 KB
  • #6
  • Apr 3, 2011 2:38am Apr 3, 2011 2:38am
Quoting tim112779
oh come on guys,

You know you want to have one of these in your bathroom

LOL.. u got me there


but after knowing is hard to earn (a lot of) money from trading
i just wan something i can live comfortably, while i have time freedom to do the things i like
  • #7
  • Apr 3, 2011 3:22am Apr 3, 2011 3:22am
Quoting gimmie3pips
I just want to become consistent enough in my trading to live comfortably within my means and get away from my regular manual labor aviation of 18+ yrs. no more getting up for work at 3am, being badgered by my company man type supervisor, free to make my own schedule and do something different with my life. Thats all, anything beyond that is just an added bonus.

whos with me?

*Disclaimer: [font=Arial, Helvetica, sans-serif][size=2]This could be a midlife crisis and as such following my plan presents a high level of risk, and may not be suitable...
Trading is not like your regular pay check. Sometimes you will win lots and most often you will lose.
You have to measure consistency in yearly terms, not in weekly to monthly terms.
One or two really good trades a year will give you all the profits you need. But if you don't have a high amount of capital behind you, you can't live on trading yet. If I were you I would build up my account for the next couple of years, until you have so much that 6 months of losses can still be sustained by you.
  • #8
  • Apr 3, 2011 5:05am Apr 3, 2011 5:05am
Quoting sam1741
LOL.. u got me there


but after knowing is hard to earn (a lot of) money from trading
i just wan something i can live comfortably, while i have time freedom to do the things i like
If you believe the above then you're playing a mind game with yourself.

If you can trade well and consistently enough to make enough to be comfortable (and by that I assume it means for most people the ability to meet all your needs, and not just the basics. Let's say at least 1.5 x the average income for a family of four in the country you live in. That's comfortable), then you can make a lot of money. All you have to do is compound or get your hands on some opm.

I think that people believe that by convincing themselves that they only want a small piece of the pie that getting that piece will be easier. It's not. You're either a successful trader or you're not. Ramping up capital has no effect on whether you can trade or not. Even funds moving billions of dollars are still trading and making money because they know how to do it. Having minimal financial requirements doesn't change anything.

Be very honest with yourself and explore if the idea you have stated makes you feel better in any way. I could be wrong here, but I doubt it.
  • #9
  • Apr 3, 2011 6:59am Apr 3, 2011 6:59am
btw i started the thread as kind of a joke after reading some of the "tell me how to make a million trading fx" threads ...easy...start with 10 million.
  • #10
  • Apr 3, 2011 7:44am Apr 3, 2011 7:44am
Quoting gimmie3pips
I just want to become consistent enough in my trading to live comfortably within my means and get away from my regular manual labor aviation of 18+ yrs. no more getting up for work at 3am, being badgered by my company man type supervisor, free to make my own schedule and do something different with my life. Thats all, anything beyond that is just an added bonus.

.
Yeah I want to be good at trading... But not too good, that would suck
Time hides Nothing
  • #11
  • Apr 3, 2011 9:19am Apr 3, 2011 9:19am
so this means...
there are no small earning vs big earning

it is either we good at trading, or we not good at it.. and not in middle..



Quoting Dopey
If you believe the above then you're playing a mind game with yourself.

If you can trade well and consistently enough to make enough to be comfortable (and by that I assume it means for most people the ability to meet all your needs, and not just the basics....
  • #12
  • Apr 3, 2011 10:30am Apr 3, 2011 10:30am
Quoting sam1741

it is either we good at trading, or we not good at it.. and not in middle..
That's about the shape of it--you can either trade profitably or you cannot. You have to be good at it to earn even a small amount consistently.

I believe Dopey's point is that it is not easier to earn just a little. You still need the same skills that it takes to make a lot. If you are trading for a living, you need to be even more consistent than a large fund which could tolerate months of drawdown. Having to earn a fixed amount each week/month (especially with a small account) creates a tremendous amount of stress and pressure--just the opposite of an easy, carefree existence.

Determine what percentage you'd need to make on a monthly basis from your original stake. Then open a live $500 micro account and try to earn that same percentage on the same schedule you've already laid out. That would put things in perspective.
  • #13
  • Apr 3, 2011 4:06pm Apr 3, 2011 4:06pm
Quoting billflet
That's about the shape of it--you can either trade profitably or you cannot. You have to be good at it to earn even a small amount consistently.

I believe Dopey's point is that it is not easier to earn just a little....
Summed up very nicely.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #14
  • Apr 3, 2011 4:25pm Apr 3, 2011 4:25pm
I agree with Dopey and billflet. Either you have an edge (and the mindset needed to implement it consistently) or you don't. If you don't, then you'll never be profitable.

However, if you do have an edge, then your MM has a big bearing on how much you win. For example, if I risk 2% of my account per trade, instead or 1%, then my return over a given time period will be more than double ("more than" is due to the effect of compounding). Of course my risk per trade will be doubled, also, and the risk of ruin somewhat more than doubled. And so on.

Of course you don't need to compound. If you don't want to get rich, you could simply risk a small fixed amount per trade.

But if you have an edge, then why not use it to its maximum effect (while still maintaining sensible MM, of course)? I don't know anybody who can't find a use for extra money, LOL. If you're a philanthropist, there are plenty of charities and millions of needy folk that could benefit from your generosity.
  • #15
  • Apr 3, 2011 6:44pm Apr 3, 2011 6:44pm
I probably should have picked a better thread title but really whole point was just to say too many people are focused on looking for some kind of magic get rich quick scheme. I'm focused on just becoming consistently profitable to where I could possibly maintain my current lifestyle by trading for a living.

dont get me wrong, i'd love to be sitting on a nice pile of cash but that would be an added bonus. I'm sure I could find a use for the extra cash
  • #16
  • Apr 3, 2011 8:51pm Apr 3, 2011 8:51pm
Trading for a living is not for the faint of heart. Nothing in this society prepares you for a career in trading. Our educational system is nothing more than a training ground for future workers. Trading for a living is completely opposite of taking in a paycheck every week. Even the guys on wallstreet and the various analysts know not to take on trading for a living. Imagine the baseball player who has a 0.300 batting average......but still gets paid millions of dollars. Conversely, a trader who has a 0.300 winning percentage could go broke very easily if they don't have excellent money management and the proper psychology to endure such a low winning percentage. As a trader, you have no health benefits and no life insurance. Are you still sure you wanna go that route? It takes a very long time to get the psychology of trading mastered...unfortunately....people outside the world of trading think that all they need is a winning system and all their problems are solved.......think again!!
  • #17
  • Apr 4, 2011 2:48am Apr 4, 2011 2:48am
Quoting gimmie3pips
I probably should have picked a better thread title but really whole point was just to say too many people are focused on looking for some kind of magic get rich quick scheme. I'm focused on just becoming consistently profitable to where I could possibly maintain my current lifestyle by trading for a living.

dont get me wrong, i'd love to be sitting on a nice pile of cash but that would be an added bonus. I'm sure I could find a use for the extra cash
I think thats what I thought to a certain degree, but I was looking on a two year period - I've been at it for nearly a year now and I'm nowhere near the psychological requirement to become consistent so I am yet to speak as an successful experienced trader.

Jas
Trading Journal
  • #18
  • Apr 8, 2011 7:48am Apr 8, 2011 7:48am
Anyone could say that, they failed and met stressed . So they think they doesn't have enough abilities to win and be success with this kind of market. So they start hold their dream down and think they could live happily with a NORMAL income, why we have to pull that back when it's just a dream and our plan? Try on, believe that you could do it
  • #19
  • Last Post: Apr 11, 2011 4:00am Apr 11, 2011 4:00am
Quoting siziono
Anyone could say that, they failed and met stressed . So they think they doesn't have enough abilities to win and be success with this kind of market. So they start hold their dream down and think they could live happily with a NORMAL income, why we have to pull that back when it's just a dream and our plan? Try on, believe that you could do it
I certainly intend to
0 traders viewing now