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so you got rich, what now?

  • #41
  • Oct 26, 2013 6:11am Oct 26, 2013 6:11am
Quoting numbnuts
{quote} 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.
why would you pick on the amount? I could write any value, I wrote 5mln as an example, if it satisfies you for you it can be 4.9mln , or even 4mln (or 3.9mln if you don;t like round numbers) - feeling better now?
On my way to financial independence - if others can do it - I can do it
  • #42
  • Oct 26, 2013 6:51am Oct 26, 2013 6:51am
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...

before even trading we should consider our goals and how much we want to make.

but more importantly, what we will use that money for.


if you don't know the WHY behind your end goal for trading,
making money for the point of simply making money just isn't passionate enough to survive.

i don't know many people who want to have wealth for the simple reason of having it. usually they want to do something with it.


i want to open multiple businesses.
i want to own a decent amount of farmland.
i want to own more silver.
i dont want to have to worry about money when i start a family.
traveling is great of course

those are my main reasons for trading paper markets.
Be hopeful in a winning position, and fearful in a losing position.
  • #43
  • Edited 7:34am Oct 26, 2013 7:16am | Edited 7:34am
Quoting Mingary
{quote} 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,...
Man, are you serious with this bullshit?

Lost an account or two?

I know half a dozen people who make over $100k a year consistently.

Is that not making a living?


I'm laughing so hard right now at people saying RETAIL trading is any different than INSTITUTIONAL.
Please, enlighten me.

The only way you can't make millions is by trading with a BUCKET SHOP (your account was never real, you ask for money they dont pay) --

DD (trades against clients, and if starts losing to the client, they will dump the client, so you can never make more than say $50k profits, they will pay you but just close your account so you cant ever make the big bucks)

NDD/ECN brokers - make a profit from spread commission. liquidity is never provided by the broker. trades are always sent interbank to be matched with other traders or even the banks proprietary orders. but typically to have your order matched with the banks, you have to be on the wrong side of the market

they will pay you your money. why? because they aren't horrible brokers who LOSE THEIR OWN MONEY against a client and refuse to pay.
the profits you make ARE NOT their losses. they are the losses of dozens or even 100s of other traders.



LIQUIDITY was never the issue with making millions. Honestly. Any retail trader could have piled on to the yen short carry and made $250,000-$1million.

Do you guys actually think the market would have said "look, this retail trader is long 20 lots!!" If he catches the trade too, he will make $500,000!!


Hedgies, Soros, Banks, THE WHOLE WORLD, lets NOT SHORT THE YEN, and lets go LONG to piss this retail guy off! Muahaha!!

Man I'm just dying of laughter right now.



I mean honestly guys, do you realize 20 lots can't even move a market by 0.1 pips?

Trust me, find the good long term trades (1000s of pips), PILE ON HUGE, and you can make $100k easily. Probably a lot more.

I know someone who is floating $30k+ profits in less than 2 weeks.. without EVER having a draw down on the trade.

Is that not "making a living?"
Be hopeful in a winning position, and fearful in a losing position.
  • #44
  • Oct 26, 2013 7:58am Oct 26, 2013 7:58am
Quoting Rag2RichesFX
{quote} I know half a dozen people who make over $100k a year consistently.
i almost believed you and then you say something like...
Quoting Rag2RichesFX
{quote}
Any retail trader could have piled on to the yen short carry and made $250,000-$1million.
https://www.national-lottery.co.uk/player/p/results.ftl . i think this is were your intelligence comes from.
look idiot. there is a big difference between courage and stupidity. do you know who says that? parkour guys. they know that your life is important . in finance is important to know how to take risks. there is a difference between crossing the atlantic on a amazonean sail boat and on a ship build by europeans.
  • #45
  • Oct 26, 2013 8:03am Oct 26, 2013 8:03am
Quoting Rag2RichesFX
{quote} Man, are you serious with this bullshit? Lost an account or two? I know half a dozen people who make over $100k a year consistently. Is that not making a living? I'm laughing so hard right now at people saying RETAIL trading is any different than INSTITUTIONAL. Please, enlighten me. The only way you can't make millions is by trading with a BUCKET SHOP (your account was never real, you ask for money they dont pay) -- DD (trades against clients, and if starts losing to the client, they will dump the client, so you can never make more than...
sounds REASONABLE, I'd vouch for you.
as about me - why would I give up because some guy I don't know says so?
in some 50 years I'll be dieing and will say either I tried and I succeed or It didn't work but I tried hard - both sound better than: I gave up because some guy told me I won't succeed
I know I can do it. It needs years but I will make it. after each mistake I learn something new (like recently I lowered down leverage from 50:1 to 20:1 - and it will work better, I lowered my expectation from 3 to 2% a trading day), and all I need to learn is to learn how to lose without worrying - it is last element of puzzle

good luck all
On my way to financial independence - if others can do it - I can do it
  • #46
  • Oct 26, 2013 8:04am Oct 26, 2013 8:04am
Quoting deltatrade
{quote} i almost believed you and then you say something like... {quote} https://www.national-lottery.co.uk/player/p/results.ftl . i think this is were your intelligence comes from. look idiot. there is a big difference between courage and stupidity. do you know who says that? parkour guys. they know that your life is important . in finance is important to know how to take risks. there is a difference between crossing the atlantic on a amazonean sail boat and on a ship build by europeans.
deltatrade wrote: "i almost believed you and then you say something like... {quote} https://www.national-lottery.co.uk/player/p/results.ftl . i think this is were your intelligence comes from. look idiot. there is a big difference between courage and stupidity. do you know who says that? parkour guys. they know that your life is important . in finance is important to know how to take risks. there is a difference between crossing the atlantic on a amazonean sail boat and on a ship build by europeans"

insulting is not an argument in conversation
good bye
On my way to financial independence - if others can do it - I can do it
  • #47
  • Oct 26, 2013 8:43am Oct 26, 2013 8:43am
ROFL, I was actually subscribed to deltatrade, can't imagine why He put you now on ignore list ROFL. I just can't believe rags2riches takes time to explain things and deltatrade comes back with an insult. I guess some people have to much time, maybe if they would invest this time in studying charts...
  • #48
  • Oct 26, 2013 8:52am Oct 26, 2013 8:52am
Quoting Mingary
{quote} 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,...
Mingary, you need to balance your attitude. Otherwise, it will get you nowhere. It is possible, although improbable, for retail traders to make a living from forex. I know for a fact there are a few.

Now, can you tell what do these select few successful retailers have in common?
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #49
  • Oct 26, 2013 9:22am Oct 26, 2013 9:22am
Quoting IndigoPingvi
ROFL,... He put you now on ignore list ROFL......
he broke my heart then
On my way to financial independence - if others can do it - I can do it
  • #50
  • Edited 10:19am Oct 26, 2013 9:51am | Edited 10:19am
Quoting mmforexinfo
{quote} Forexgogo the first mistake is to hire a lawyer / accountant; those two will rip you off all the money possible from you.
That can be true, but you still need them. Say, when you run a 5mil business, you don't want to do it without second opinions from experts/professionals. From my business experience, I learned the biggest obstacles are taxes. You never know what's coming. One day, you receive a letter from IRS, then, boon! you gotta pay hefty penalty. Often it is too late to hire lawyers at that point. (I've been there).

So, choose good professionals wisely. It's a sort of insurance that you definitely need to protect your business/asset.

No offense, but I say;
Ignorance can be compensated quite easily by getting help, but stupidity cannot.
  • #51
  • Oct 26, 2013 10:33am Oct 26, 2013 10:33am
Quoting sloanman
{quote} 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.
Thanks for the info. It's new to me. Do you mean "long term capital gain" as IRA? I never mix forex and IRA before -- don't know much about it.

Usually I just follow my CPA's filing -- forex is a part of capital gain. I'll ask him about Code 988.

Best,
  • #52
  • Oct 26, 2013 10:35am Oct 26, 2013 10:35am
Quoting Rag2RichesFX
{quote}

Man, are you serious with this bullshit?
==> yes - what you are saying is bullshit -your word not mine (:
I know half a dozen people who make over $100k a year consistently. I know someone who is floating $30k+ profits in less than 2 weeks.
==> Stating something does not make it true. i.e. I know someone who knows someone ...
I mean honestly guys, do you realize 20 lots can't even move a market by 0.1 pips?
==> Retail forex liquidity is very thin
No need to go any further, your reply sounds like some infomercial for some training course in forex...
  • #53
  • Oct 26, 2013 10:45am Oct 26, 2013 10:45am
This conversation went far away from it's original; subject - the question was - what would you do with 5mln won in forex (or 4.9mln for some of you )
On my way to financial independence - if others can do it - I can do it
  • #54
  • Oct 26, 2013 10:54am Oct 26, 2013 10:54am
You give back man
Howlin' at the Moon on the Roof
  • #55
  • Oct 26, 2013 10:56am Oct 26, 2013 10:56am
You should trade more to get 'richer' and hopefully become 'richest' trader in the world
Lets make some green pips
  • #56
  • Oct 26, 2013 11:04am Oct 26, 2013 11:04am
Quoting vox dei
{quote} Now, can you tell what do these select few successful retailers have in common?
I don't know. please tell me?
  • #57
  • Oct 26, 2013 11:35am Oct 26, 2013 11:35am
no more kissing ass .....no more getting humped? no more fear of getting laid off,or jumping the hoops that never end?
I would just love to relax and soak in this freedom ....but there's the hedonistic treadmill ...nothing is enough
.....and fancy p*ssy lots of it!
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #58
  • Oct 26, 2013 12:45pm Oct 26, 2013 12:45pm
Quoting Mingary
{quote} I don't know. please tell me?
It's not the edge. They use different edges. There's more than one way to take money from the market. Do you see what it is that they have in common now?
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #59
  • Oct 26, 2013 1:20pm Oct 26, 2013 1:20pm
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!
In 1984 I decided to go to East Germany for a 6 week intensive language course in East Berlin over the summer. The plan was to spend 1.5 weeks on each end of the school stay traveling around Europe. By my 3rd day in the UK, I thought, what am I crazy, I'm not going to spend 6 weeks in spartan conditions, boring classes, and being followed by the Stasi. Instead I hitched from England to the Greek Islands and back. I stopped in Belgium for two weeks, which you can read about here, http://www.worldheritagesite.org/sites/brugge.html.

During the trip I decided that I wanted to spend the rest of my life traveling and living in other countries. It became my dream, one that possessed me and occupied so much thought. It wasn't until my first wife and I sold everything and bought one way tickets to Turkey in 1988 that I figured out how to do it. So, for 4 years I dreamed. Once I realized I could teach English and live overseas I knew I had found my way to fulfill my dreams. After 2 years of living in Turkey, Israel, Turkey, we went home after the Kuwait invasion. I knew I needed grad school to get the good jobs, so I started grad school in 1993 and finished in 1998 (I had to take some time off for a divorce and family deaths), but I never lost my dream. I spent countless hours dreaming, and working towards the goal of spending my life seeing the world.

I left the US in 1998 and have spent a total of 11 weeks there since then, including a 6 year absence. I've been to at least 65 countries. I learned to dive in the Andaman Sea and became a Rescue Diver. I spent two weeks trekking through the Himalayas in the winter. I went swimming with dolphins off South Island (in the winter...that was incredibly stupid, but spectacular) then left there and went to Angor Wat, then 3 weeks on the beaches of Phuket. I love Thailand and I've been there 18 times over the last 15 years, many times on my way or coming back from somewhere else in Asia. All of it fueled by my never ending dream to see and do more.

I achieved exactly what I wanted...by dreaming and working. YOU may not think dreams are important, and for you they seemingly aren't. But for others they are. It's your insistence that your way of doing things is correct which prompted me to write this. I learned after I went to Turkey, and had met fierce resistance from everyone I knew that it was a bad idea (except my mother), that what others think about my dreams had zero effect on my life. I've never forgot that lesson and it got me through two wives who wanted me to live their dreams while abandoning my mine. I finally found the 3rd who shared my dream, and we're still living it.

Dream On.
  • #60
  • Oct 26, 2013 1:44pm Oct 26, 2013 1:44pm
Quoting Eur Usd
{quote} why would you pick on the amount? I could write any value, I wrote 5mln as an example, if it satisfies you for you it can be 4.9mln , or even 4mln (or 3.9mln if you don;t like round numbers) - feeling better now?

No, the amount doesn't matter. What matters is that you, along with most people here, view "getting rich" as a tangible, finite destination which will herald your sudden arrival and cause immediate changes in your behavior and outlook. My view is that "getting rich" is a barely noticeable by-product of setting and achieving an endless series of goals. One of those views is almost universally held by people without money, the other is almost universally held by people with money.
si hoc legere scis nimium eruditionis habes
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