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  • #1
  • First Post: Jul 31, 2006 12:28pm Jul 31, 2006 12:28pm
Well I have been studying forex and traded both demo and live account.

This question is for the experts, proffesionals or somebody who know a millionare by trading forex.

My question is:

Can you earn 100 k on month trading forex if you go after the books and learn everything about forex, i mean all the indicators every charts etc???

Im just waiting for relevant reply, in this issue. Nothing about if you do that and do this.
Assume you know everything and has the talent and the goal and are willing to work 20 hours a day just to be millionare in forex.

Can you make millions , yes or no??

Thanx for a great forum
  • #2
  • Jul 31, 2006 12:35pm Jul 31, 2006 12:35pm
If you spend twenty hours a day trying to learn every indicator and reading every book, you will:

a) Go mad.
b) Not have a girlfriend/boyfriend/spouse
c) Have no life
d) Will not make any money because learning every indicator in the world is the reason why most people lose money.
e) Will become a hermit living on cornbread and beans.
Mr. Trend
  • #3
  • Edited Aug 1, 2006 10:23pm Jul 31, 2006 12:47pm | Edited Aug 1, 2006 10:23pm
the short answer is yes, you can make 100k/month. i know 3 or 4 traders who do it, and i have read about many more. but dont expect to do it in a year or two, or even three or four. its hard to grasp the reason that this level of trading takes so long to master, the reasons are complicated and i have a hard time articulating it to people. anyone else want to take a shot?
Relax and be happy.
  • #4
  • Jul 31, 2006 12:50pm Jul 31, 2006 12:50pm
Maybe this is not appropriate?? but why, why, would anyone even want to make $100k a month? Would they have more of "Life" if they did? Making millions in the currency market (and i know two who have personaly) is a long term project. Neither of these multimillionares makes a million a year...but they make, and give away more than they will ever really need. Both are very frugal, drive used cars, have wonderful, wonderful families, and spend several hours out of each day doing what traders do; study, learn, speculate, and trade. . . BUT, and it's a big but, they don't even think about money. I kid you not. They think about living life with their family and friends.

: ) Thom
  • #5
  • Jul 31, 2006 12:51pm Jul 31, 2006 12:51pm
Quoting merlin
anyone else want to take a shot?
You have to become numb to the market and have a big bankroll.
Mr. Trend
  • #6
  • Jul 31, 2006 12:55pm Jul 31, 2006 12:55pm
Quoting accrete
Maybe this is not appropriate?? but why, why, would anyone even want to make $100k a month? Would they have more of "Life" if they did? Making millions in the currency market (and i know two who have personaly) is a long term project. Neither of these multimillionares makes a million a year...but they make, and give away more than they will ever really need. Both are very frugal, drive used cars, have wonderful, wonderful families, and spend several hours out of each day doing what traders do; study, learn, speculate, and trade. . . BUT, and it's a big but, they don't even think about money. I kid you not. They think about living life with their family and friends.

: ) Thom
I can tell you that when I get to that level, I don't want to be spending that much time in front of the computer. God knows a lot less than I do now.

I see myself turning professional in about three years. I won't be making 100K a month, but professional for me would be living at my standard of living currently and not worrying about money and if I feel like going back to working a 9-5, I can, with another source of income. With that said, I want to be golfing a couple times a week, checking on my trades on my Treo here and there, and not be a slave to the monitor.

I'm not in this business to, "make some extra cash here and there." I intend on making this my sole source of income (not counting my wive's income) by the time I'm 35.

Otherwise, I might as well stick to my day job.
Mr. Trend
  • #7
  • Jul 31, 2006 1:06pm Jul 31, 2006 1:06pm
Quoting accrete
Maybe this is not appropriate?? but why, why, would anyone even want to make $100k a month? Would they have more of "Life" if they did? Making millions in the currency market (and i know two who have personaly) is a long term project. Neither of these multimillionares makes a million a year...but they make, and give away more than they will ever really need. Both are very frugal, drive used cars, have wonderful, wonderful families, and spend several hours out of each day doing what traders do; study, learn, speculate, and trade. . . BUT, and it's a big but, they don't even think about money. I kid you not. They think about living life with their family and friends.

: ) Thom
The person who said that they dont think about money and money doesent matter if it was here or not... is lying.
  • #8
  • Jul 31, 2006 1:08pm Jul 31, 2006 1:08pm
Quoting accrete
Maybe this is not appropriate?? but why, why, would anyone even want to make $100k a month?
some people have expensive dreams...
Relax and be happy.
  • #9
  • Jul 31, 2006 1:11pm Jul 31, 2006 1:11pm
Quoting merlin
some people have expensive dreams...


Soooooooooo true!
  • #10
  • Jul 31, 2006 1:34pm Jul 31, 2006 1:34pm
Yep Sky's The Limit !<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

but have a life while making the 100k.<o></o>

you don’t have to work yourself into an early grave . . . <o></o>

Find Your Niche - - Perfect your trades - - and let them work for you<o></o>

.<o></o>

Please by all means make the money !<o></o>

but remember friends and family are much more valuable<o></o>

and we never know when they or we will be gone<o></o>

.<o></o>

trade because you love it - - love because you'd never trade it ! ! !<o></o>
  • #11
  • Jul 31, 2006 1:42pm Jul 31, 2006 1:42pm
Quoting merlin
the short answer is yes, you can make 100k/month. i know 3 or 4 traders who do it, and i have read about many more. but dont expect to do it in a year or two, or even three or four. its hard to grasp the reason that this level of trading takes so long to master, the reasons are complicated and i have a hard time articulating it to people. anyone else want to take a shot?
Merlin,

Your post per day ratio has been low lately. So you "owe" us a good one. I know I miss the long, well thought out posts you used to give. You know, the ones with all the wisdom in them?

Perhaps the answer is hard to articulate, but I'd sure like to see you give it your best shot. I know it would be better than any answer I could give.

I'll send you a yellow yo-yo for free if you do!

Dial
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  • #12
  • Jul 31, 2006 1:50pm Jul 31, 2006 1:50pm
Quoting merlin
the short answer is yes, you can make 100k/month. i know 3 or 4 traders who do it
Merlin ol' buddy,

Please don't reveal any names.

I like my privacy.

Dial
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  • #13
  • Jul 31, 2006 2:01pm Jul 31, 2006 2:01pm
Quoting diallist
Merlin ol' buddy,

Please don't reveal any names.

I like my privacy.

Dial
I'm sure he'll probably agree for bargain price of only two weeks profits.
  • #14
  • Jul 31, 2006 2:04pm Jul 31, 2006 2:04pm
my life is engrossed with trading....all markets...all over the world...........
Price is the only indicator.
  • #15
  • Jul 31, 2006 2:06pm Jul 31, 2006 2:06pm
Quoting Bemac
I'm sure he'll probably agree for bargain price of only two weeks profits.
Yeah, that'd be cheap. I drop that much on the ponies every month.
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  • #16
  • Jul 31, 2006 2:06pm Jul 31, 2006 2:06pm
If you can make $10'000 a month you can make 100'000. Just risk ten times as much on the same trades.


But you can only risk like that if you have accumulated your bank slowly, gradually, and not in such a way that 5 or 10 (or15) losses in a row would seriously dent your bank. Because we all (well, just about all of us) have had 5 or 8 or 10 losses in a row.

The important thing is to enjoy trading (as someone here just said), to be safe (i.e. calculated risk, rather than emotional trading), to continually improve and learn more, and balance the faith you have in any one idea.

Good luck becoming a millionaire.
  • #17
  • Jul 31, 2006 2:19pm Jul 31, 2006 2:19pm
Quoting nimakhaki
Can you make millions , yes or no??
Well, my cousin is a futures arbitrager and I know he has 100k months. So yeah, it is very possible. Forex or futures, trading is trading.

Quoting nimakhaki
Can you earn 100 k on month trading forex if you go after the books and learn everything about forex, i mean all the indicators every charts etc???
Having the knowledge is only one prerequisite. If you have all the knowledge but poor discipline/emotional makeup/trading psych, you will most likely fail. If you have decent discipline and knowledge but no Money Management, you will eventually blow up. You need the magic trifecta to succeed:

1. A good system

2. Proper Psychology/Discipline

3. Money Management

None is more important than the others. You need all three, otherwise you'll be like a bar stool with two legs. Don't concentrate on one to the neglect of the others, or you will fail.
  • #18
  • Edited 5:50pm Jul 31, 2006 2:25pm | Edited 5:50pm
Quoting nimakhaki
The person who said that they dont think about money and money doesent matter if it was here or not... is lying.
Well if you knew these two "Pros" and their hearts you would know that "Making Money" is NOT what their life is about...Life to them is People, i guess that's what i was trying to get accross... Might be the language barrier.

Anyway, one of these fellows (multimillionares) you can see just about any day of the week under the eve/overhang of his little A-frame Daffodil sales booth on a local highway near my home town. If you look closely he is reading the Wall Street Journal, has his PDA on his hip, and greets passers-by who happen to put a buck-a-bundle in the coffe can. You'd never know he was worth millions until you got to know him, and realized he also owned a huge chuck of the valley that the highway cuts through... and that acquiered from his trading skills. So while he does "Think" of money, it is not the focus of his life. People are. . . and helping them along the path of life.

======
on a totaly differnt note:

DIAL: YOU ARE TOOOOOO FUNNY !!!
  • #19
  • Jul 31, 2006 3:19pm Jul 31, 2006 3:19pm
Quoting accrete
Maybe this is not appropriate?? but why, why, would anyone even want to make $100k a month? Would they have more of "Life" if they did? Making millions in the currency market (and i know two who have personaly) is a long term project. Neither of these multimillionares makes a million a year...but they make, and give away more than they will ever really need. Both are very frugal, drive used cars, have wonderful, wonderful families, and spend several hours out of each day doing what traders do; study, learn, speculate, and trade. . . BUT, and it's a big but, they don't even think about money. I kid you not. They think about living life with their family and friends.

: ) Thom
Yes, Accrete. I tend to agree with you here. I have read the book "The Millionaire Next Door" and it also speaks similarly to what you have said. Most who are truly, truly, truly successful and have lots of $$, are those who have nothing to prove to anyone. They are down-to-earth, not haughty, millionaires. And some of them shop at the local grocery store too....LOL

I have also read that really good traders don't even focus on the money they make...or will make...they focus on trading to trade well. They have a passion for what they do. They enjoy it. They build their wealth, but they have family at the heart of it all, and spending quality time with them. What good is it to have so much $$, and not be able to enjoy life and share some of it with family and loved ones.

Someone once told me when trading..."if you are losing money, say very little...if you are making money...say even less!..."

I think most of our local millionaires understand this motto.

bernadette
  • #20
  • Jul 31, 2006 3:30pm Jul 31, 2006 3:30pm
Quoting binary
If you can make $10'000 a month you can make 100'000. Just risk ten times as much on the same trades.

Hi Binary,

I read you're whole post, and I think you've generally got the right idea, but if you will permit me, I'd rephrase the quote above to say keep the same risk, but do so on an account that is 10 times larger.

Dial
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