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so you got rich, what now?

  • #61
  • Oct 26, 2013 2:05pm Oct 26, 2013 2:05pm
Quoting Dopey
{quote} 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....

this is a proof that without dreams there are no goals. I wish you all the best
On my way to financial independence - if others can do it - I can do it
  • #62
  • Edited 3:22pm Oct 26, 2013 3:06pm | Edited 3:22pm
Hi!
First of all, I should state my opinion on the topic. The thread starter did not fully defined the idea of "rich". For some people it might be $10k, for some $1 billion. As for me, the journey dose not end at a fixed value. You trade the markets as long as you are efficient (aka profitable). I do not think that there will come a day when I will say: that's it, close my trader platform, and never hit the buy/sell button.
I consider that in the life of an efficient trader, the next (and maybe the last) step is building his own Hedge Fund and start trading other people's money(fingers crossed )). Of course the best practice is building something real with said profit: a coffee shop, a night-club, baker shop, whatever. Something that you "can touch".But, real traders will trade, it's in our blood

Now a bit of off-topic
@deltatrade, you wrote:

"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."

Your derogatory comments gave me a deja-vu feeling. I think I read some of your comments on an article @ BussinesInsider. Same thing there as well, just empty statements... you know, life's too short to write you a reply.

@Rag2RichesFX,

I have read your thread about very high leveraged trades, and I found it refreshing. 'God' gave as leverage to take full advantage of it. Fortunately, the fx gives us a bunch of currencies that are traded by a lot of algorithms -> the price moves in a very technical way (check XAUUSD, E/U sometimes )) and with a trained eye one can really milk the markets.
I gave that "2% risk" philosophy a try and realized that with no serious money the trader finds himself trading with 0.01 lots and at the end of 10h of trading he can barely afford a restaurant meal. AND that is disappointing and demoralizing. In the end I figured I have 2 cases:
1. have a big account (tens of thousand, maybe hundreds) and trade safe: 2% risk, limited number of trades, but with longer life (weekly, montly)
2. small account (50-100$/eur/whatever) with a very technical/aggressive type of trading. Milk the market for 5-10 pips but each pip with a value of 2-5% of the account. A very good read on this way of trading is forexcube's MAT-Multiple Account Trading thread. Amazing things are happening there

Now back to charts, those millions are out there
  • #63
  • Edited 11:35pm Oct 26, 2013 9:47pm | Edited 11:35pm
I'm pretty sure all Patience means is that in the absence of appropriate action, dreams will stay just that... Dreams, as Dopey clearly demonstrated


Watch your thoughts, they become words.
Watch your words, they become actions.

Watch your actions, they become habits.

Watch your habits, they become character.

Watch your character, it becomes your destiny.


Lao Tzu



Personally I think I found my doppelgänger in this guy =p
Howlin' at the Moon on the Roof
  • #64
  • Edited Oct 27, 2013 12:09am Oct 26, 2013 10:44pm | Edited Oct 27, 2013 12:09am
Quoting Eur Usd
{quote} 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...
that does sound much better. i am the same way. id rather go to my grave as a failure than a quitter. but i will go as neither.

soon you will lower that expectation to 1% a day or 5% a week. over 3-5 years this will make you rich even if you only start with $1000 in your account.

here is what i recommend to people with low start up capital.... when they ask my opinion on the matter:
of course they can do the Rag2Riches MM as well, but that high leverage type of trading isn't for everyone.. some people cant do it.
so what i recommend them is:

  1. 4% a day from $1000 to $10000
  2. 2% a day from $10k to $100k (reduce leverage by half)
  3. 1% a day from $100k to $1mil. (reduce leverage by half)

"rich" to me is $1million.. everyone defines it differently.

hell $1million isn't even considered rich to a lot of people.

1 out of 80 citizens in Switzerland is a millionaire. 1 out of 100 in USA. its not that impressive to have 1 million dollars.

1 out of 350 of the entire worlds population has at least $1million.

but of course... 50% of world population has less than $100... and of those 50%, i bet only 1% knows forex even exists.

Be hopeful in a winning position, and fearful in a losing position.
  • #65
  • Edited 11:35pm Oct 26, 2013 11:09pm | Edited 11:35pm
Quoting Rag2RichesFX
{quote} that does sound much better. i am the same way. id rather go to my grave as a failure than a quitter. .
I guess you're not a smoker then
Howlin' at the Moon on the Roof
  • #66
  • Oct 26, 2013 11:13pm Oct 26, 2013 11:13pm
Quoting Rag2RichesFX
{quote} that does sound much better. i am the same way. id rather go to my grave as a failure than a quitter. but i will go as neither. soon you will lower that expectation to 1% a day or 5% a week. over 3-5 years this will make you rich even if you only start with $1000 in your account. here is what i recommend to people with low start up capital.... when they ask my opinion on the matter: of course they can do the Rag2Riches MM as well, but that high leverage type of trading isn't for everyone.. some people cant do it. so what i recommend them...
I am going to write a very well thought post here that will end suffering of traders still struggling. You will be able to make a plan for yourself how and when you are going to make your $1 million right from this market despite all those stop huntings, spikes, weeks of consolidations, fake breakouts, etc.

I rarely make a serious and no bullshit post. This is going to be a remarkable post that many will refer to in the future.

I have no intention of hijacking this thread. Since explaining this process will require answering several questions posters here may have, I need permission of this thread starter. Until I get this permission, will wait.
The Thief of Wall Street
  • #67
  • Oct 26, 2013 11:31pm Oct 26, 2013 11:31pm
Quoting Chicky
{quote} This is going to be a remarkable post that many will refer to in the future.t.
Well you can only go down from there, Chicky lol.. But a Wolf be waiting =)
Howlin' at the Moon on the Roof
  • #68
  • Oct 26, 2013 11:43pm Oct 26, 2013 11:43pm
Quoting Wolf_Wicked
{quote} Well you can only go down from there, Chicky lol.. But a Wolf be waiting =)
Until we get this permission, I would request you to take snap shots of as many historical trades you can see on your chart using 5M, 15M, 1H, 4H and Daily Timeframe. We will need these charts as a base line.
The Thief of Wall Street
  • #69
  • Oct 27, 2013 2:06am Oct 27, 2013 2:06am
Quoting Dopey
{quote} 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....
You go man. Shake off all those naysayers and live your life. In the end, success or not, it's your life, not theirs. Hopefully your story will be an inspiration to others.
Those who say it cannot be done should not interrupt those who are doing it
  • #70
  • Oct 27, 2013 2:31am Oct 27, 2013 2:31am
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...
Always nice to think about big ones. But before you reaching your first 5 mln, you should definitely be making your first 10K, 20K .. 100K and so on. Think about what will you be doing with your first 10K for now.

Once you reach your 10K then allow yourself to think about the next milestone.

usasa
Weigh well output the loss and gain And proper action ascertain
  • #71
  • Oct 27, 2013 3:45am Oct 27, 2013 3:45am
Quoting vox dei
{quote} 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?
Thanks for the great insight. All that time I thought what they have in common is: BSD

http://www.urbandictionary.com/defin...winging%20dick

All jokes aside.
There is no edge or "different edges". That's another myth.
  • #72
  • Oct 27, 2013 4:02am Oct 27, 2013 4:02am
How can you earn 5m from "forex trading"(brakets have their obvious place) when brokers wouldn`t let you
withdraw 2-300 USD without all the fuss for months and after that you would be banned because"activities not
in conformity with TOS?"Stop dreaming and save all the Money for you and your family.

Trade demos, and learn about currencies and finance and economy as a hobby.You will be in the center of
attention at coffe breaks and lunches. And that is quite rewarding,chicks are really interested in money management.

If you`re not an institutional trader trading 1:1`you are NOT a`trader but a VICTIM of the GREATEST HOAX in
history. Why greatest?Because it is LEAGAL! Thats the`beauty of it !

Take your money and run the only way to be rich in Forex!
  • #73
  • Oct 27, 2013 4:03am Oct 27, 2013 4:03am
Quoting Chicky
{quote} , I need permission of this thread starter. Until I get this permission, will wait.
you have my permission as long as you won't insult others
On my way to financial independence - if others can do it - I can do it
  • #74
  • Oct 27, 2013 4:06am Oct 27, 2013 4:06am
Quoting webcom
How can you earn 5m from \"forex trading\"(brakets have their obvious place) when brokers wouldn`t let you withdraw 2-300 USD without all the fuss for months and after that you would be banned because\"activities not in conformity with TOS?\"Stop dreaming and save all the Money for you and your family. Trade demos, and learn about currencies and finance and economy as a hobby.You will be in the center of attention at coffe breaks and lunches. And that is quite rewarding,chicks are really interested in money management. If you`re not an institutional...
that's why you need to choose proper broker not some mickey mouse "broker" run from garage
as about seeking attention between lasses with my knowledge - I don't need it, I am married and I work only with guys ;-)
On my way to financial independence - if others can do it - I can do it
  • #75
  • Oct 27, 2013 5:11am Oct 27, 2013 5:11am
Quoting Dopey
I achieved exactly what I wanted...by dreaming and working.
Very nice Dopey. I love positive stories.

I'm not sure why I don't like the word dream. Must have met too many dreamers in my life that didn't go anywhere or do anything. I'm gonna have to think about that. But to me you had a goal and you worked towards it. You call it a dream, I call it a goal. An achievable and realistic goal.

But this thread isn't about achieving realistic goals. It's about making $5 million from forex most probably from a $500 account. Now that's what I call a dream!
Nothing worth having is easy.
  • #76
  • Oct 27, 2013 5:11am Oct 27, 2013 5:11am
5 mil, buy a nice house in the uk, 1 say north spain/south france, ,1 maybe new zealand, out fit all 3 pretty much the same, big tv's, tablets, computers, mountain bikes, climbing kit, cars or 2 at each place, the fly between the 3 as i see fit, doing what ever i want.

that's 1 mil gone, don't need to big houses or fancy on the cars.

pilots license and small plane, for fun and travelling from uk to spain, maybe another in NZ to get around, thats another mil gone.

pay off all mates debts, fund them to give them a boost, funds for the kids, noh mil gone.

live off the 2mil, 50k + interest per year, last 40 years of chilling and hookers.


stay single, don't want some woman ruining your life, your rich!

easy, someone give me 5 mil please.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #77
  • Oct 27, 2013 5:17am Oct 27, 2013 5:17am
Quoting Wolf_Wicked
I'm pretty sure all Patience means is that in the absence of appropriate action, dreams will stay just that... Dreams, as Dopey clearly demonstrated
Yo Wolf! Have you been reading my mind again?

Well I've John Gotti a bit of a headache this morning. That Jagermeister can be a killer so I'm going to go back to bed and dream of making $5 million in five years from my $500 account. Or how about $50 million from my $200 account? Wish me luck!
Nothing worth having is easy.
  • #78
  • Oct 27, 2013 5:18am Oct 27, 2013 5:18am
Quoting Patience
{quote} .... It's about making $5 million from forex most probably from a $500 account. Now that's what I call a dream!
everything is possible ;-)
and you don't like word dream as you pretend to be hard person. you can call it goal, but it is often same thing, or goes from same thoughts. when you set a goal - you think about it first, you don't get idea/goal straight into your head out of nowhere do you? you don't just click your fingers without thinking at all and say: my goal for today is..... - don't deny - you dream as well before you set goal - face it, it doesn't hurt
On my way to financial independence - if others can do it - I can do it
  • #79
  • Oct 27, 2013 5:21am Oct 27, 2013 5:21am
Quoting Eur Usd
and you don't like word dream as you pretend to be hard person.
I don't pretend to be anything. I like to think I'm realistic though
Nothing worth having is easy.
  • #80
  • Oct 27, 2013 5:25am Oct 27, 2013 5:25am
Quoting Patience
{quote} I don't pretend to be anything. I like to think I'm realistic though
I bet you dream of killing me now for revealing the truth - hopefully you're not setting a goal
On my way to financial independence - if others can do it - I can do it
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