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so you got rich, what now?

  • #81
  • Oct 27, 2013 5:30am Oct 27, 2013 5:30am
Quoting Eur Usd
{quote} I bet you dream of killing me now for revealing the truth - hopefully you're not setting a goal
Dream on bro. I told you already, a million times, that I like to set realistic goals ...... lmao
Nothing worth having is easy.
  • #82
  • Oct 27, 2013 5:30am Oct 27, 2013 5:30am
Quoting Patience
{quote} 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!
Woal down there cowgirl, how about $1000 from a $500 account, then $5000 from a $1000 account, then $20,000 from a $5,000 etc. etc.

Baby steps..

Or how about training on a peanut account until you have inherited or even earned enough for a 50 - 100K account so when that time comes you will know what to do with it.
Or then again you could just hit dancingphil up for a few K and he will show you how to turn $200 into 50M in 5 posts!

Or or or.... [insert your poison]

Howwelll.. Enjoy your kip

p.s... sometimes I like to pretend I'm a Wolf Makes me believe I'm cooler than I actually am
Howlin' at the Moon on the Roof
  • #83
  • Oct 27, 2013 5:31am Oct 27, 2013 5:31am
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...
Oh please!!!
Obviously you've lost money in this business. That's totally understandable. Every industry has its scammers and hoaxers, but to lump all retail brokers in the same pile is rather naive.

Just stay away from brokers who offer deposit bonuses and fixed spreads... sure sign that they are likely a bucket shop.
Stick to high profile brokers who have variable market spreads, no dealing desk (or if they have one, at least offer NDD trading). Make sure they are regulated or at least supervised, and if you suspect any funny business, report them immediately.

With your logic, one would keep all their cash under the mattress, never sign a contract with a building developer that requires a down payment, never pay for a flight until after arrival at destination and never get married to a person who is less financially endowed.
Those who say it cannot be done should not interrupt those who are doing it
  • #84
  • Oct 27, 2013 5:36am Oct 27, 2013 5:36am
Quoting Turveyd
.... stay single, don't want some woman ruining your life, your rich! easy...
there are good women on this world as well, maybe you just don't know where to look for them
On my way to financial independence - if others can do it - I can do it
  • #85
  • Oct 27, 2013 5:37am Oct 27, 2013 5:37am
Quoting Wolf_Wicked
{quote} Woal down there cowgirl, how about $1000 from a $500 account, then $5000 from a $1000 account, then $20,000 from a $5,000 etc. etc. Baby steps..
Errrr, I think I may have covered that already Wolf.

Quoting Patience
Dreams are for dreamers. You set goals and/or makes plans. Realistic ones. Take it step-by-step
Hey, next time you see your countryman can you ask him if he'll lend me his guru and members of the Aboriginal Community? He never replied to me. Thanks man.

You are cool. You don't need to pretend.

Regards
The Hard One
Nothing worth having is easy.
  • #86
  • Oct 27, 2013 5:41am Oct 27, 2013 5:41am
Quoting Patience
{quote} 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!
Never say never Patience. There is no universal law that says one cannot turn $500 into $5 Million. Anything is possible.
When you place limits on your goals, you're just depriving yourself of your full potential. Nobody knows their full potential until they have exhausted all means, and that doesn't happen until you die.

As an example, I built a multimillion dollar business in 10 years with an initial investment of $400
Those who say it cannot be done should not interrupt those who are doing it
  • #87
  • Oct 27, 2013 5:57am Oct 27, 2013 5:57am
Quoting PipTrapper
{quote} Never say never Patience. There is no universal law that says one cannot turn $500 into $5 Million. Anything is possible. When you place limits on your goals, you're just depriving yourself of your full potential. Nobody knows their full potential until they have exhausted all means, and that doesn't happen until you die. As an example, I built a multimillion dollar business in 10 years with an initial investment of $400
Thank you PipTrapper. I never do say never. The forex market has taught me that lesson well. Time and time again

However, I don't recall saying that it was impossible in any of my posts.

Was that multimillion dollar business forex by any chance?
Nothing worth having is easy.
  • #88
  • Oct 27, 2013 6:19am Oct 27, 2013 6:19am
Quoting Patience
{quote} Thank you PipTrapper. I never do say never. The forex market has taught me that lesson well. Time and time again However, I don't recall saying that it was impossible in any of my posts. Was that multimillion dollar business forex by any chance?
No it wasn't Forex... It was IT. However, the same principles apply... the most important of which are a burning desire to do your best and to never limit your potential.

Those same principles are working very well in my Forex trading. Admittedly this year has not been great, but it hasn't discouraged me one bit. I know that my lack of performance in 2013 is my fault and not the broker or the market at large. If I were to blame anyone other than myself, then I guess it would be the Fed... although I think the Fed should take some responsibility and I am sure I don't stand alone when I say that.
Those who say it cannot be done should not interrupt those who are doing it
  • #89
  • Oct 27, 2013 6:25am Oct 27, 2013 6:25am
Quoting Eur Usd
{quote} there are good women on this world as well, maybe you just don't know where to look for them

Yes I agree, but stick to paying them by the hour, any other way, they will try to ruin your life / fun.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #90
  • Oct 27, 2013 6:40am Oct 27, 2013 6:40am
Quoting seaman2
{quote} i pray you never get rich. it is going to kill you.
Too late.
  • #91
  • Oct 27, 2013 7:18am Oct 27, 2013 7:18am
Quoting PipTrapper
{quote} Oh please!!! Obviously you've lost money in this business. That's totally understandable. Every industry has its scammers and hoaxers, but to lump all retail brokers in the same pile is rather naive. Just stay away from brokers who offer deposit bonuses and fixed spreads... sure sign that they are likely a bucket shop. Stick to high profile brokers who have variable market spreads, no dealing desk (or if they have one, at least offer NDD trading). Make sure they are regulated or at least supervised, and if you suspect any funny business,...
Fortunatelly enough I did not loose any Money in Forex but I wake up , took my Money and ran!It took me only six month,valuable time
and a lot of energy lost to withdraw my initial deposit and some 170 USD winnings.And it was one of the most "valued" brokers in the bussiness.
All that after an ignored SL which would have let the account at a 2900 USD Equity.It took me a while to understand that is common
practice from Cyprus bucket shops to the most "reputable" and "regulated" brokers in USA, UK Australia or NZ. to wipe you out when "too" profitable.

Instead of dreaming analyze the Retail Forex bussines model and see that is not such a thing as leverage trading excepting gambling
industry .NDD ,STP is only BS it does not help you much because you take NOTHING from the market and the broker is sitting with the beard
in the postbox if you win. In the long run if you are a profitable trader you are not the kind of customer a broker ,any broker, will do bussines with.
And, ha, ha, -5 mil is way to far to go for a broker`s balance sheet.
  • #92
  • Oct 27, 2013 7:31am Oct 27, 2013 7:31am
Quoting PipTrapper
{quote} No it wasn't Forex... It was IT. However, the same principles apply... the most important of which are a burning desire to do your best and to never limit your potential. Those same principles are working very well in my Forex trading. Admittedly this year has not been great, but it hasn't discouraged me one bit. I know that my lack of performance in 2013 is my fault and not the broker or the market at large. If I were to blame anyone other than myself, then I guess it would be the Fed... although I think the Fed should take some responsibility...
Thank you for answering. This year is also shaping up to be my worst year in 4 years if that makes you feel any better. Probably not, but they say it helps to share the pain However, I have no-one to blame but myself. Haven't put the time in.

Good trading to you for the rest of the year.
Nothing worth having is easy.
  • #93
  • Oct 27, 2013 7:41am Oct 27, 2013 7:41am
Quoting webcom
{quote} Fortunatelly enough I did not loose any Money in Forex but I wake up , took my Money and ran!It took me only six month,valuable time and a lot of energy lost to withdraw my initial deposit and some 170 USD winnings.And it was one of the most \"valued\" brokers in the bussiness. All that after an ignored SL which would have let the account at a 2900 USD Equity.It took me a while to understand that is common practice from Cyprus bucket shops to the most \"reputable\" and \"regulated\" brokers in USA, UK Australia or NZ. to wipe you out when...
Fact is that you are generalizing. Okay you didn't lose money, but you had a bad experience... and from that bad experience you decide that the entire retail forex industry is a scam/hoax. Therefore you have proven the point I made in my previous post.
Anyway, don't feel bad. Forex isn't for everyone. Best of luck with your hobby / being the forex expert at lunch / picking up girls with your money mgmt skills.
Those who say it cannot be done should not interrupt those who are doing it
  • #94
  • Oct 27, 2013 7:42am Oct 27, 2013 7:42am
Quoting Patience
{quote} Thank you for answering. This year is also shaping up to be my worst year in 4 years if that makes you feel any better. Probably not, but they say it helps to share the pain However, I have no-one to blame but myself. Haven't put the time in. Good trading to you for the rest of the year.
Cheers Patience. Enjoy the rest of the weekend and best of luck next week... and beyond.
Those who say it cannot be done should not interrupt those who are doing it
  • #95
  • Oct 27, 2013 8:52am Oct 27, 2013 8:52am
Quoting Mingary
{quote} 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.
You've just called me a liar, and that hurts my feelings Skepticism is good. Denial not good. Again, watch for the unproductive attitude.

The possibility of an edge in forex is real. Actually, there is more than one edge working in forex, and more than one effective way of exploiting an edge. There are moments where enough variables with predictive value becomes available, allowing for trading with above chance positive expectancy. Take news trading as an edge example. There is more than one profitable way of trading the news.

Anyway, the few traders who live from forex all have at least one edge. That's the obvious thing they have in common. Other not so obvious thing they have in common is the amount of capital they use to trade, their capital base. Unlike most retailers they are not using pocket change to trade. They trade a considerable amount of capital. Think about it. Most retailers think edge + pocket change via compounding = make a living in few months, own the world in a year. Not these guys, they know even if you have an edge making profits highly probable, profit distribution is unknown whereas bills to pay distribution is a given. They may do some compounding of their accounts over time, but that not what their main focus is about. Summing it up, these people have common sense.
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #96
  • Oct 27, 2013 9:12am Oct 27, 2013 9:12am
Quoting vox dei
{quote} Think about it. Most retailers think edge + pocket change via compounding = make a living in few months, own the world in a year. Not these guys, they know even if you have an edge making profits highly probable, profit distribution is unknown whereas bills to pay distribution is a given. They may do some compounding of their accounts over time, but that not what their main focus is about. Summing it up, these people have common sense.
Those who say it cannot be done should not interrupt those who are doing it
  • #97
  • Oct 27, 2013 9:38am Oct 27, 2013 9:38am
Quoting vox dei
{quote} You've just called me a liar, and that hurts my feelings Skepticism is good. Denial not good. Again, watch for the unproductive attitude. The possibility of an edge in forex is real. Actually, there is more than one edge working in forex, and more than one effective way of exploiting an edge. There are moments where enough variables with predictive value becomes available, allowing for trading with above chance positive expectancy. Take news trading as an edge example. There is more than one profitable way of trading the news. Anyway,...
They don't have that magical and ever so elusive edge
Whatever edge that can be found (if ever) is only temporary
Those people that you claim have more common sense just manage risk better than most for a while (until they crash)
  • #98
  • Oct 27, 2013 9:46am Oct 27, 2013 9:46am
Quoting Mingary
{quote} They don't have that magical and ever so elusive edge Whatever edge that can be found (if ever) is only temporary Those people that you claim have more common sense just manage risk better than most for a while (until they crash)
If I ever crash, I'll buy you a beer from what's left over.
Just because you cannot find an edge, doesn't mean that nobody has one.
Perhaps trading is not for you... just like brain surgery is not for me.
Those who say it cannot be done should not interrupt those who are doing it
  • #99
  • Oct 27, 2013 9:52am Oct 27, 2013 9:52am
I can't understand people that spend their time on this forum, and don't believe one can earn well on forex. why are you here guys? There are better ways of spending spare time - read books, go for a walk, go to gym, go get drunk, watch tv, have sex all day long, and many more activities would be better than wasting time to troll people who have more faith and hope to succeed some day
On my way to financial independence - if others can do it - I can do it
  • #100
  • Oct 27, 2013 10:00am Oct 27, 2013 10:00am
Quoting Mingary
{quote} They don't have that magical and ever so elusive edge... they just manage risk better than most for a while (until they crash)
By Odin's beard and all the gods... you have this unshakable fixation that the markets move 100% random. That's plain and simple, false. Markets are not like the lottery. In the market there are things one can control that improve the odds.

My 2 pips take it or leave it. Keep the assumption that MM in by itself is not an edge, cause that's true. Discard the assumption that the markets and lottery are just the same thing, cause it's false.
"To hold, you must first open your hand. Let go." - Lao Tzu
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