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so you got rich, what now?

  • #21
  • Oct 25, 2013 2:42pm Oct 25, 2013 2:42pm
Quoting Eur Usd
{quote} so let's say you buy a nice house, with nice garden, garage etc. and then you refurbish it - let's say you do new kitchen - you will do it the way you want it - you want it so you were dreaming/thinking about kitchen like that, about blue one for example, not grey. you bought the house because you were dreaming about nice place to live in, then you did set a goal. If it wasn't dream of improving your life, you'd be living in some old shed. the world is run by dreams, some people just dream, others set goals - chase their dreams I don't believe...
I'm getting the feeling that you are probably a little more emotional than me. But I don't mean that in a negative way. People are just different which is a good thing. It would be a boring world if we were all the same.

I didn't set a goal of having a house. I set a goal of travelling around the world so I worked out I needed XX amount of $$$ by a certain date and I worked towards it. When I got to my goal, my boss said to me "why don't you put a deposit on a house with that money you've got". That was the last thing on my mind but he convinced me that it was a good investment. So I put a deposit on a house and had to start all over again to save up to go travelling. Took me another 3 years but that was only because I wasn't willing to sacrifice my social life at the same time. So some things don't go to plan as such.

Anyway, I went travelling in some pretty rough places. Made me appreciate even the most basic things in life that I hadn't appreciated before. A bed, a shower and a toilet. Just add a stereo to that and I'm good to go. I don't dream of nice kitchens. Believe me.
Nothing worth having is easy.
  • #22
  • Oct 25, 2013 2:51pm Oct 25, 2013 2:51pm
Quoting Patience
{quote} I'm getting the feeling that you are probably a little more emotional than me. But I don't mean that in a negative way. People are just different which is a good thing. It would be a boring world if we were all the same. I didn't set a goal of having a house. I set a goal of travelling around the world so I worked out I needed XX amount of $$$ by a certain date and I worked towards it. When I got to my goal, my boss said to me \"why don't you put a deposit on a house with that money you've got\". That was the last thing on my mind but he...
so you had a dream to travel - that's how I see it.

and when I say dream I don't mean that somebody imagines something with smallest details, with silly face and pisses his pants to his fantasies, but people keep thinking "how it would be" "what would I do" "how would I look" and so on
On my way to financial independence - if others can do it - I can do it
  • #23
  • Oct 25, 2013 2:55pm Oct 25, 2013 2:55pm
personally, i work too hard, i would stop working if i got rich, would probable mantain the same living standards, i get paid well but i am in it to stop working!
Raw Income FREE EA on the MQL5 market
  • #24
  • Oct 25, 2013 2:57pm Oct 25, 2013 2:57pm
Quoting Eur Usd
{quote} so you had a dream to travel - that's how I see it. and when I say dream I don't mean that somebody imagines something with smallest details, with silly face and pisses his pants to his fantasies, but people keep thinking \"how it would be\" \"what would I do\" \"how would I look\" and so on
Let's just say that I don't like the word dream. Now go and write down your goals and how you are going to set about achieving them. Right now!
Nothing worth having is easy.
  • #25
  • Oct 25, 2013 4:19pm Oct 25, 2013 4:19pm
Quoting Patience
{quote} Let's just say that I don't like the word dream. Now go and write down your goals and how you are going to set about achieving them. Right now!
right now I am off to bed - good night ;-)
On my way to financial independence - if others can do it - I can do it
  • #26
  • Oct 25, 2013 5:56pm Oct 25, 2013 5:56pm
Quoting Forexgogo
{quote}you may be thrown in jail if you cheat, or fined a huge amount of adjusted additional taxes -- remember you pay taxes a year after (for capital gains).
Forex gains do not get capital gain treatment. You must hold a security for at least a full year to be classified as long term capital gain and therefore pay at a lower rate. Most traders are governed by IRS Code Section 988 which classifies income and losses as ordinary. You can claim a mark to market election and claim floating losses but even that will be ordinary, not capital gain or loss.
  • #27
  • Oct 25, 2013 10:21pm Oct 25, 2013 10:21pm
Quoting Eur Usd
let's say you got rich with forex, let's say you got 5 mln $ -
i think there are less then 1000 people in the world who did that trading forex. you will have a much better chance than that being a ministry of something in the countries around the world.
  • #28
  • Oct 26, 2013 1:50am Oct 26, 2013 1:50am
Quoting deltatrade
{quote} i think there are less then 1000 people in the world who did that trading forex. you will have a much better chance than that being a ministry of something in the countries around the world.
have you got any proofs for that except the fact that "you think"?
On my way to financial independence - if others can do it - I can do it
  • #29
  • Oct 26, 2013 2:26am Oct 26, 2013 2:26am
Quoting Eur Usd
{quote} have you got any proofs for that except the fact that \"you think\"?
In the whole history of forex no RETAIL trader has ever come forward with the proof that he / she made 5 million trading the forex.
If such people existed don't you think that at least 1 of them would be prancing around yelling his /her success story from the roof top ?
  • #30
  • Oct 26, 2013 2:52am Oct 26, 2013 2:52am
Quoting Forexgogo
{quote} If that happens, you need to hire a good accountant/lawyer. Even though it's quite unlikely that you make $5mil with retail brokers, if you do so, then you are on black lists of IRS and local tax offices. In the worst case, you may be thrown in jail if you cheat, or fined a huge amount of adjusted additional taxes -- remember you pay taxes a year after (for capital gains). After you resolve all the tax problems, then, you could think about spending the money you have left in your pocket. Even so, you still have to worry about next year's...
Forexgogo the first mistake is to hire a lawyer / accountant; those two will rip you off all the money possible from you. To be send to jail only if you don't pay your taxes properly. If tax was that bad all rich people or would be in jail by now or would be poor.
There are a lot of options to invest money without being ripoff from IRS. Anyway I haven't got there yet but when it happens I will limit my gains just below to the tax threshold and if I need more money just do the same using my family accounts. No one can do anything about it unless they change the law. So the IRS or the ATO can kiss where the sun doesn't shine and will not get my hard working invested money.
  • #31
  • Oct 26, 2013 3:00am Oct 26, 2013 3:00am
The first thing I am doing is this

Inserted Video


Enter Signature
  • #32
  • Oct 26, 2013 3:45am Oct 26, 2013 3:45am
Quoting Eur Usd
{quote} have you got any proofs for that except the fact that \"you think\"?
evidence? 1 look at long term results of the trade explorer. study their evolution. i haven't found 1 consistent winner in the whole list. 2 look at myfxbook and actively search for long term winners 1+years. it will be a very hard task. 3 recent data that i read from a blog states that out of 8500 accounts only 300 are quater after quater profitable. the 30% winners which come from brokers is true but it is not long term. 3 dukascopy organised trader of the month contest for 2-3 years. average winner was over 100% monthly and the biggest was 1000%. nice results. fantastic results. if the monthly results are like that what about the yearly? well i did not see that at first but the winner of the year in .... was at a remarkable 100%. guess what happened to the other monthly succes stories over time... hint> look at trade explorers 4 there are of course stories of winners but they are few. long term results are at 1% of the population. long term results are not followed by big gains. they could be between 5-10% monthly . the big ones would have to do much better than that. total accounts in the us are 100000. i'm quessing that the whole world should be about 1 milion. the single succes like that which is public is tymothy sykes and he did on the stock market.
  • #33
  • Oct 26, 2013 3:52am Oct 26, 2013 3:52am
Quoting Mingary
{quote} In the whole history of forex no RETAIL trader has ever come forward with the proof that he / she made 5 million trading the forex. If such people existed don't you think that at least 1 of them would be prancing around yelling his /her success story from the roof top ?
I'd keep it to myself - I bet there are few rich fx people on this forum, but they won't show off with it, they won't have dozens of vouches for spamming, they sit quiet, and don't show off.
I know only one, not sure how much he has now, maybe not 5mln but lives of fx now.
On my way to financial independence - if others can do it - I can do it
  • #34
  • Oct 26, 2013 3:56am Oct 26, 2013 3:56am
Quoting deltatrade
{quote} evidence? 1 look at long term results of the trade explorer. study their evolution. i haven't found 1 consistent winner in the whole list. 2 look at myfxbook and actively search for long term winners 1+years. it will be a very hard task. 3 recent data that i read from a blog states that out of 8500 accounts only 300 are quater after quater profitable. the 30% winners which come from brokers is true but it is not long term. 3 dukascopy organised trader of the month contest for 2-3 years. average winner was over 100% monthly and the biggest...
successful traders don't need explorers - they avoid it as they don't trust third parties.
and you mention about 1% traders - I will be among them in few years - just a matter of time and experience
On my way to financial independence - if others can do it - I can do it
  • #35
  • Edited 4:27am Oct 26, 2013 4:14am | Edited 4:27am
Quoting Eur Usd
{quote} I'd keep it to myself - I bet there are few rich fx people on this forum, but they won't show off with it, they won't have dozens of vouches for spamming, they sit quiet, and don't show off. I know only one, not sure how much he has now, maybe not 5mln but lives of fx now.

Indeed, it's always someone who knows someone who has a cousin who heard that his neighbor is "making a killing" in the forex.
In order to keep the forex dream machine running there must be a certain amount of "mythology" to believe in. If not, how is the aspiring forex millionaire ever going to open his / her first account at the friendly-neighborhood-bucket-shop ?

As they attempt to succeed, the train of thought becomes: "Reassured in my belief that somewhere, someone is making millions from RETAIL forex I can put on my next trade, I am sure that this one will be a winner and I can at least recover all the money lost."

There are no RETAIL traders making a living from FOREX. It's a myth.
To be more precise, there are retail traders making a living from forex.. until all the money is lost and they have to get a real job.
  • #36
  • Oct 26, 2013 4:33am Oct 26, 2013 4:33am
Quoting Mingary
There are no RETAIL traders making a living from FOREX. It's a myth. To be more precise, there are retail traders making a living from forex.. until all the money is lost and they have to get a real job.
I know one who lives of fx and started from small amount
besides - what are you doing on this forum?
and FX will bring me nice profits in the future - I don;t care what you think about it, I live my life for me, not for you
THE FACT THAT YOU CAN'T DO SOMETHING DOESN'T MEAN OTHERS CAN'T
On my way to financial independence - if others can do it - I can do it
  • #37
  • Oct 26, 2013 5:32am Oct 26, 2013 5:32am
Quoting Eur Usd
{quote} I know one who lives of fx and started from small amount besides - what are you doing on this forum? and FX will bring me nice profits in the future - I don;t care what you think about it, I live my life for me, not for you THE FACT THAT YOU CAN'T DO SOMETHING DOESN'T MEAN OTHERS CAN'T
yeah . of course you will. people at forexfactory go in go out . dream in - dream out.
the best case scenario for you would be 4 months of profit . your friend has a better chance but luck can still play a role in his succes. if he is not aware of it then the next year will be tough.
no system at forexfactory works. i have read them all because i thought that idiots make money. actually idiots lie to themselves and idiots lie to others. it's one thing to be optimistic but it's not ok to say that because you had 3 months profitability you are a profitable trader. better yet -- they had 3 weeks of forward testing and they concluded that they are phenomenal traders. they assume that if somehow you get 1 week of results doing something in forex is just like doing other no brainer job in the world and you will get the same results next week. actually it is not.
  • #38
  • Oct 26, 2013 5:45am Oct 26, 2013 5:45am
Quoting deltatrade
{quote} yeah . of course you will. people at forexfactory go in go out . dream in - dream out. the best case scenario for you would be 4 months of profit . your friend has a better chance but luck can still play a role in his succes. if he is not aware of it then the next year will be tough. no system at forexfactory works. i have read them all because i thought that idiots make money. actually idiots lie to themselves and idiots lie to others. it's one thing to be optimistic but it's not ok to say that because you had 3 months profitability you...
the success is in proper mm - I constantly gain knowledge and every time I fail I upgrade my method. And I don't give myself 1-2 years I give myself 5-15 years of constant trading to get financial independence.
You may say I will never make it - I'll say I don't care what you think, so no point talking about it anymore
On my way to financial independence - if others can do it - I can do it
  • #39
  • Oct 26, 2013 5:51am Oct 26, 2013 5:51am
Quoting Eur Usd
{quote} the success is in proper mm
no it is not. succes is in the edge .
but it can be an interesting point in applying the kelly criterion. if someone is interested in a gambling like atitude kelly criterion might be usefull. you risk 1 account to get the 20x the results. you keep on doing this until you win. i think it is much better than lottery.
  • #40
  • Oct 26, 2013 6:06am Oct 26, 2013 6:06am
Quoting Eur Usd
let's say you got rich with forex, let's say you got 5 mln $ - what would you do with it? I would buy a nice detached 3-4 bed house with garage and a nice small car, help my and my wife's siblings to start their lives and parents to retire earlier. rest I would invest towards my son's education and our retirement. I would run normal life, would work, enjoy life, go for holiday's twice a year, nothing unusual, but life would be much safer what would you do? do you dream about just casual financial problems free life? or do you dream of something...

Why would you do that with $5m when you wouldn't do it with $4.9M?

Funny how people without money always think that "getting rich" is some line to cross and when you cross it things suddenly change.

Successful people never think that way, they always just focus on the next goal. One day they may look back and realise they became rich somewhere along the way, but where? Where is that line? Who knows, only people stuck at the bottom can see it. That's why they are stuck there.
si hoc legere scis nimium eruditionis habes
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