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Who has become rich trading forex?

  • #281
  • Feb 13, 2014 2:40am Feb 13, 2014 2:40am
I do
Based on a system i made, trading cant be easier.
  • #282
  • Feb 13, 2014 5:52am Feb 13, 2014 5:52am
Quoting I-Robo
Like every business even in Forex if some body wants to become rich he needs substantial amount of money to invest. investing 100 dollar note and dreaming about private jet planes is not possible... yeah some body can be lucky but its not the way. {image}
Well said! Better off taking that $100 to Vegas and lay it on Red!
  • #283
  • Feb 13, 2014 11:46am Feb 13, 2014 11:46am
Who has become rich trading forex?

Me. But I'm not talking about money here.

I get to have breakfast with my daughter each morning and take her to and from school. I take her to after school activities if her father isn't around. I put proper dinners on the table each night. I don't have to suffer overcrowded public transport. I don't get stressed out. I don't have to give notice to an employer if I want to go on holiday and I can stay wherever as long as I like. Nobody tells me what to do. I don't wake up to an alarm clock. And, last but not least, I can have a sleep pretty much whenever I like .... lol

If I had to work a full-time job, none of the above would be possible.
Nothing worth having is easy.
  • #284
  • Feb 13, 2014 12:27pm Feb 13, 2014 12:27pm
Quoting Patience
Who has become rich trading forex? Me. But I'm not talking about money here. I get to have breakfast with my daughter each morning and take her to and from school. I take her to after school activities if her father isn't around. I put proper dinners on the table each night. I don't have to suffer overcrowded public transport. I don't get stressed out. I don't have to give notice to an employer if I want to go on holiday and I can stay wherever as long as I like. Nobody tells me what to do. I don't wake up to an alarm clock. And, last but not least,...
Now, that's real wealth

People seem to forget money is but a means to an end.
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #285
  • Feb 13, 2014 2:16pm Feb 13, 2014 2:16pm
Quoting Patience
Who has become rich trading forex? Me. But I'm not talking about money here. I get to have breakfast with my daughter each morning and take her to and from school. I take her to after school activities if her father isn't around. I put proper dinners on the table each night. I don't have to suffer overcrowded public transport. I don't get stressed out. I don't have to give notice to an employer if I want to go on holiday and I can stay wherever as long as I like. Nobody tells me what to do. I don't wake up to an alarm clock. And, last but not least,...

now this sounds like life I wanna live. It's not about money, it's about family and freedom.
Some time ago I understood that you won't get rich by working for somebody. You need to work for yourself
I still work full time, but when I see people happy that their payslip is 200 quid over their normal salary because they did some overtimes I feel sorry for them. They sold their time for money, they'll spend the money in some silly way anyway - that's not life, that's just modern slavery. I keep marching towards financial independence. Took me 3 years, 3 years of loses, 3 years of education, 3 years of being upset, mad at myself, 3 years of trying and failing, falling and standing up just to get stronger. now I am close but still far. I lowered my expectations, my target used to be 3% and 3% were not enough after I was getting it, and I wanted more. Now my daily target is 1%. I need only 15 pips to get it. after I get my daily target I close fx. But I got to this point only because I am fed up with watching silly charts, I hate trading. It's not exciting. It is boring like any other job or any other business. it may be fun on the beginning and after some time things start pissing you off. So it is a job, it is a business, but my business, where I don't have to lick other asses and 2-3 hours a day at most is enough to get what I want. and I BELIEVE SOME DAY I WILL BE FINANCIALLY INDEPENDENT
On my way to financial independence - if others can do it - I can do it
  • #286
  • Feb 14, 2014 4:52am Feb 14, 2014 4:52am
Quoting Eur Usd
I still work full time, but when I see people happy that their payslip is 200 quid over their normal salary because they did some overtimes I feel sorry for them. They sold their time for money, they'll spend the money in some silly way anyway - that's not life, that's just modern slavery.
Hey, I'm not saying that I didn't work hard to get to this point because I did. And sometimes you have to do things that you don't enjoy to reap the benefits in other ways.

As I say to my daughter "Life can't be one big party".
Nothing worth having is easy.
  • #287
  • Feb 14, 2014 5:06am Feb 14, 2014 5:06am
Quoting Patience
{quote} Hey, I'm not saying that I didn't work hard to get to this point because I did. And sometimes you have to do things that you don't enjoy to reap the benefits in other ways. As I say to my daughter "Life can't be one big party".
Excellent post Do you read "Rich dad poor dad" book? The writer calls all this activity "rat race"...
  • #288
  • Feb 14, 2014 5:18am Feb 14, 2014 5:18am
Quoting Naokia980
{quote} Excellent post Do you read "Rich dad poor dad" book? The writer calls all this activity "rat race"...
No, I haven't. Think I'll throw my eye over it though. Thanks for the recommendation.
Nothing worth having is easy.
  • #289
  • Feb 14, 2014 8:39am Feb 14, 2014 8:39am
Quoting Patience
{quote} Hey, I'm not saying that I didn't work hard to get to this point because I did. And sometimes you have to do things that you don't enjoy to reap the benefits in other ways. As I say to my daughter "Life can't be one big party".

That's what I do now. I work hard, I take those bloody overtimes, but I know I have to. I am not braging around about 200 quid more on my payslip as I know it is shit now money. it helps me at the moment but I want to get to point where I have enough to live better life and by better life I mean mortgage free house, some savings, etc. I don;t dream about big expensive cars, big celebrity style houses - it suxxx. Normal life with safety is fine for me
On my way to financial independence - if others can do it - I can do it
  • #290
  • Feb 14, 2014 8:39am Feb 14, 2014 8:39am
Quoting Patience
{quote} No, I haven't. Think I'll throw my eye over it though. Thanks for the recommendation.
great book that opens eyes.
On my way to financial independence - if others can do it - I can do it
  • #291
  • Feb 14, 2014 4:57pm Feb 14, 2014 4:57pm
start with F..k the TREND it is NOT your friend! Taken me a loooooooooooooooooooooooooooooooooooooooooooong time to realise this.
  • #292
  • Feb 15, 2014 1:43am Feb 15, 2014 1:43am
Quoting iak
start with F..k the TREND it is NOT your friend! Taken me a loooooooooooooooooooooooooooooooooooooooooooong time to realise this.
Hi Iak
I am pathological counter trader.Always been and part of me knows that most times I would of made more money if instead of fighting the trend going with the trend.
Its something I need to work on.To me Trend is none issue if you are trading 1min to 15min chart but longer then that it starts becoming noticeable.
I just like you to elaborate why you said what you said.I like contrarian views so feel free.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #293
  • Feb 15, 2014 2:30am Feb 15, 2014 2:30am
Quoting Patience
Who has become rich trading forex? Me. But I'm not talking about money here. I get to have breakfast with my daughter each morning and take her to and from school. I take her to after school activities if her father isn't around. I put proper dinners on the table each night. I don't have to suffer overcrowded public transport. I don't get stressed out. I don't have to give notice to an employer if I want to go on holiday and I can stay wherever as long as I like. Nobody tells me what to do. I don't wake up to an alarm clock. And, last but not least,...
Yeah, that's pretty much what I'm aimin' for
Come with me if you want to live....
  • #294
  • Feb 17, 2014 3:06pm Feb 17, 2014 3:06pm
I wouldnt say "rich" as such, but "very profitable" yes
  • #295
  • Feb 17, 2014 3:21pm Feb 17, 2014 3:21pm
I have done well the past 5 years from my trading and I usually make 4 to 5 times my yearly expenses & cost of living. I am not making a killing but I trade very low leverage and tend to follow trends (makes trading so much easier). This is the year I decided to start ramping up my trading efforts, and I am also adding automated systems to the mix this year. My goal this year is to make 10 to 11 times my yearly cost of living and I have increased my trade systems position sizing to meet that goal.

I am based in the US so it makes sense to me to find a way to trade in a different country with higher leverage. I can trade the exact same profitable systems I use but trade higher position size in relation to accounts sizing. I could make 4 to 5 times what I currently make with the exact same amount of effort and time spent. As I feel more comfortable with my newer auto systems, my next step to accelerate revenue growth is by going outside the US.
  • #296
  • Feb 18, 2014 2:37am Feb 18, 2014 2:37am
Quoting COGnizant
I have done well the past 5 years from my trading and I usually make 4 to 5 times my yearly expenses & cost of living. I am not making a killing but I trade very low leverage and tend to follow trends (makes trading so much easier). This is the year I decided to start ramping up my trading efforts, and I am also adding automated systems to the mix this year. My goal this year is to make 10 to 11 times my yearly cost of living and I have increased my trade systems position sizing to meet that goal. I am based in the US so it makes sense to me to...
Nice teasing to start getting Clients in future. That's how lots of people started here. Telling their great stories and one day, they start a thread in the commercial section.

Remember, 99.6% of people lose money in FOREX. That's a FACT based on Objective and Irrefutable numbers provided by the RETAIL FOREX BROKERS to the GOV. Don't tell me you are part of the 0.4%.

BE HONEST, people. Is it something that hard to do?
The Black Swan: The Impact of the Highly Improbable
  • #297
  • Feb 18, 2014 3:03am Feb 18, 2014 3:03am
Quoting MapleLeaf
{quote} Nice teasing to start getting Clients in future. That's how lots of people started here. Telling their great stories and one day, they start a thread in the commercial section. Remember, 99.6% of people lose money in FOREX. That's a FACT based on Objective and Irrefutable numbers provided by the RETAIL FOREX BROKERS to the GOV. Don't tell me you are part of the 0.4%. BE HONEST, people. Is it something that hard to do?
http://forexmagnates.com/exclusive-q...y-report-ib-1/

It looks like it's "only" 70% losers. In your opinion what's the trick here?
  • #298
  • Feb 18, 2014 3:17am Feb 18, 2014 3:17am
Quoting Vitez
{quote} http://forexmagnates.com/exclusive-q...y-report-ib-1/ It looks like it's "only" 70% losers. In your opinion what's the trick here?

that is not profitability.

profitability is when you make on average at least 2x than what you would be if working to compensate for risk.

and when going to these levels 99.6% losers seems about right.
  • #299
  • Feb 18, 2014 4:30am Feb 18, 2014 4:30am
Quoting MapleLeaf
{quote} Nice teasing to start getting Clients in future. That's how lots of people started here. Telling their great stories and one day, they start a thread in the commercial section. Remember, 99.6% of people lose money in FOREX. That's a FACT based on Objective and Irrefutable numbers provided by the RETAIL FOREX BROKERS to the GOV. Don't tell me you are part of the 0.4%. BE HONEST, people. Is it something that hard to do?
I did not earn any yearly returns my first three years in Forex so I earned my dues. According to 2 brokers I know personally, they have about 15% to 20% of their clients make money each year. For accounts with under $10,000 the numbers are in the 8% to 10% range and those numbers are probably similar at the big firms.

Remember, if your not making money trading Forex you can leave the scene at anytime. All traders know this so they all trade at their own risk... fair enough in my opinion.
  • #300
  • Feb 18, 2014 7:28am Feb 18, 2014 7:28am
Quoting COGnizant
{quote} I did not earn any yearly returns my first three years in Forex so I earned my dues. According to 2 brokers I know personally, they have about 15% to 20% of their clients make money each year. For accounts with under $10,000 the numbers are in the 8% to 10% range and those numbers are probably similar at the big firms. Remember, if your not making money trading Forex you can leave the scene at anytime. All traders know this so they all trade at their own risk... fair enough in my opinion.
Good Job And yes I am sure that as broker aggregate account size increases, profitability in the higher account size correlates along with it. I think those trading with a larger account size ARE the profitable ones making a living and practicing sound money management versus a lot of the smaller accounts trying to double up each day which is much riskier.

And the 99.6% number is total BS....But I'm not going down that rat hole again!
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