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  • #21
  • Jul 31, 2006 5:00pm Jul 31, 2006 5:00pm
Quoting Far From Average

1. A good system

2. Proper Psychology/Discipline

3. Money Management
The Holy Grail of trading. All traders better follow this because this is the path to becoming a successful trader. This list of 3 things is what trading comes down to and is so very important.
  • #22
  • Jul 31, 2006 7:07pm Jul 31, 2006 7:07pm
Quoting Far From Average
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.
Absolutely agreed.
  • #23
  • Jul 31, 2006 8:45pm Jul 31, 2006 8:45pm
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?
Yes I know a few and hope to get to that leveal one day too.
  • #24
  • Aug 1, 2006 10:23am Aug 1, 2006 10:23am
Quoting accrete
Well if you knew these two "Pros" and their hearts you would know that "Making Money" is NOT what their life is about...

Hello Accrete,

This would obviously be a wonderful position to be in. However, if you are neck deep in debt and money is your biggest worry in life, it is difficult to imagine having this type of laid back approach.

The question is, how can you achieve that mind set, without having inherited a fortune in the first place?

Neil.
  • #25
  • Aug 1, 2006 11:18am Aug 1, 2006 11:18am
Quoting Neilg36
Hello Accrete,

This would obviously be a wonderful position to be in. However, if you are neck deep in debt and money is your biggest worry in life, it is difficult to imagine having this type of laid back approach.

The question is, how can you achieve that mind set, without having inherited a fortune in the first place?

Neil.
Neil,

It's usually many of those in America we refer to as the "lower and middle classes" who love money and feel they can't live without it that end up quite miserable and deep in debt.

For example, using credit to maintain an "image" that one can't really afford, trying to impress family, friend and enemies. How many people do you know who are defined by their externalities such as occupation, the right address, the right club, the proper schooling, yachts, cars, clolthes, etc. etc.?? Actually that's low self-esteem seeking approval and acceptance through possessions.

There is a more excellent way.

An internal peace comes on you when you know yourself and trust yourself enough to pursue and do that which you truly love in life. When you do that, the money will follow you. Even if you accept meaningless, low-paying jobs or work for a blithering idiot on your way to your ultimate goal, that's okay because moving toward that love of yours is part of the process.

Conversely, the love of money is the root of all evil; there is nothing inherently wrong (or right) in having money. But loving money, putting money in front of eveything and everyone else almost always leads to correspondingly high degrees of dissatisfaction.

Don't get me wrong, I like the things money can buy just as much as the next guy. Just keep it in perspective, maintain balance in your life and live from the inside out.
  • #26
  • Aug 1, 2006 11:23am Aug 1, 2006 11:23am
Quoting MoneyMa$ter
Neil,

It's usually many of those in America we refer to as the "lower and middle classes" who love money and feel they can't live without it that end up quite miserable and deep in debt.

For example, using credit to maintain an "image" that one can't really afford, trying to impress family, friend and enemies. How many people do you know who are defined by their externalities such as occupation, the right address, the right club, the proper schooling, yachts, cars, clolthes, etc. etc.?? Actually that's low self-esteem seeking approval and acceptance through possessions.

There is a more excellent way.

An internal peace comes on you when you know yourself and trust yourself enough to pursue and do that which you truly love in life. When you do that, the money will follow you. Even if you accept meaningless, low-paying jobs or work for a blithering idiot on your way to your ultimate goal, that's okay because moving toward that love of yours is part of the process.

Conversely, the love of money is the root of all evil; there is nothing inherently wrong (or right) in having money. But loving money, putting money in front of eveything and everyone else almost always leads to correspondingly high degrees of dissatisfaction.

Don't get me wrong, I like the things money can buy just as much as the next guy. Just keep it in perspective, maintain balance in your life and live from the inside out.
Here!! Here!!
  • #27
  • Aug 1, 2006 11:33am Aug 1, 2006 11:33am
Quoting MoneyMa$ter
Neil,

There is a more excellent way.

An internal peace comes on you when you know yourself and trust yourself enough to pursue and do that which you truly love in life. When you do that, the money will follow you.
Yep..sounds easy enough.......


Neil.
  • #28
  • Aug 1, 2006 11:55am Aug 1, 2006 11:55am
Yes, I know people who make more than 100k per month. One person in particular achieved this in less than two years. You would never know it by looking at him or by visiting his home. He currently spends about 15 minutes trading each day.

The short answer is yes. It can be done.
  • #29
  • Aug 1, 2006 12:12pm Aug 1, 2006 12:12pm
Quoting MoneyMa$ter
There is a more excellent way.

An internal peace comes on you when you know yourself and trust yourself enough to pursue and do that which you truly love in life. When you do that, the money will follow you. Even if you accept meaningless, low-paying jobs or work for a blithering idiot on your way to your ultimate goal, that's okay because moving toward that love of yours is part of the process.

Conversely, the love of money is the root of all evil; there is nothing inherently wrong (or right) in having money. But loving money, putting money in front of eveything and everyone else almost always leads to correspondingly high degrees of dissatisfaction.

Don't get me wrong, I like the things money can buy just as much as the next guy. Just keep it in perspective, maintain balance in your life and live from the inside out.
Absolutely agree. And it's only when you truly know that you are already worth millions, which you are, that your bank balance and the rest of the world can acknowledge the fact and come into line with your internal knowing. Trouble is with so many of us, we are chasing something on the outside that's already inside us. It's the universal theme of just about every spiritual teaching since time began. Trading is a wonderful, very graphic and immediate way to find that out!
The framework is there; we just have to work on our frame of mind.
  • #30
  • Aug 1, 2006 12:15pm Aug 1, 2006 12:15pm
Well many good answers .

My opinion is that every person who has worked his way up and in the end is getiing rich has deserved it. So people are thinking of money, more or less...thats nothing bad about it. You have to have a goal in life and money gives you the opportunity, its like a key to many doors.

So i would do everything to get rich and earn 100 k a month or 1 mill in a month. I just want to get rich doing what i like to do. I want to buy many houses and many cars and go on travelling, have my Enzo and the S 500.

Thats what my goal is , and I know Im going to achieve my goal in the future. Only I can decide what I wanna do, like you can only decide what you wanna do.
  • #31
  • Edited 9:09pm Aug 1, 2006 12:19pm | Edited 9:09pm

Well ,let me explain something first .


In the spot market ( what normal people call Forex market ) has 2 parts :

- the retail market
- interbank market .

Retail market is about 20 % of the huge spot market .And the interbank market is the 80 % .
Interbank market is about huge contracts -in hundreds of milllions of $ exchanged between huge banks , intercontinental companies , and financial institutions . And retail market is the OTC ( over the counter ) market over the world where retailers exchange currencies ( retailers - Like us - ) .

Some times , retailers analysis ,Technical and Fundamental anlaysis can be broken by one huge contract between huge banks .I have to notice that some banks are paid to protect huge Option contracts as it happened in November 2004 ( for the people who know about options and know some spot market history ) .

Today , all US data were acceptable - as i think . Despite , USD weakened unexpectedly .
So hours of study and work doesn't always mean profits and 100 K of $ .


Sincerly < RAKAN
Lebtrader 1
  • #32
  • Aug 1, 2006 12:25pm Aug 1, 2006 12:25pm
nicely said MM.

i live in the middle east and you wouldnt believe the level of debt people get into here.

why?

cos everyone in the world, including the arabs themselves, have this image of all arabs being rich n loaded, when in fact the opposite is alot closer to the truth.

due to this need of living up to the image, you see 17yr old kids rolling in porsche cayennes, which their civil servant dads will be paying for for the next 10 years. then the kids themselves get into the habit cos you absolutely cant be seen in a toyota after the porsche! ( not even a lexus )

and so the cycle goes on.

you might have heard of this countrys ruler giving out $700 to the citizens of this country ( saddly i'm just a foreigner ). well thats not party go wild cash, thats money to help with their loans.

ever see a guy in a porsche only fill up a couple of bucks at the gas station? lol i laugh when i see that , and no gas here isnt THAT cheap,...youd need atleast USD20 to fill that beast up.



also neil i dont know that its such a great idea to be trading with a shitload of debt. your head needs to be clear, and i doubt debt would be helpfull in being able to take a large hit, as everyone will do once in a while.

NB: the biggest guy i know on the local equities market here is worth upwards of $300 mill, and he drives a honda MRV,... ok so his driver drives it, but still ....
  • #33
  • Aug 1, 2006 12:30pm Aug 1, 2006 12:30pm
Unfortunately or fortunately... everything is a commodity that includes literally everything! now if you can wrap your noodles around that premise your a millionaire

later...
  • #34
  • Aug 1, 2006 1:20pm Aug 1, 2006 1:20pm
Mr Trend,

I like your answer. It's realistic. Two thumbs up for your.

Al


Quoting Mr Trend
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.
  • #35
  • Aug 1, 2006 1:29pm Aug 1, 2006 1:29pm
Quoting sknk

also neil i dont know that its such a great idea to be trading with a shitload of debt. your head needs to be clear, and i doubt debt would be helpfull in being able to take a large hit, as everyone will do once in a while.
Good point...maybe it's better to wait 25 years until the mortgage is paid.

Neil.
  • #36
  • Aug 1, 2006 5:17pm Aug 1, 2006 5:17pm
Quoting nimakhaki
My question is:

Can you earn 100 k on month trading forex....

Assume you know everything...

Can you make millions , yes or no??

Thanx for a great forum
Nimakhaki

Your focus should be on minimizing your Risk at all times and not on how much you can make. Focus on the money and you will pay a very high tution fee.
The beautiful thing about trading is that we can always do a better job. Knowing everything,means that one assumes there is nothing to learn!?!. [loads of traders find themselves in this state just before they get wiped OUT for good]

Happy Trading

MM
The greatest achievements are those that benefit others....
  • #37
  • Aug 1, 2006 8:55pm Aug 1, 2006 8:55pm
[QUOTE=This question is for the experts, proffesionals or somebody who know a millionare by trading forex.

One: I am no Forex expert: no forex professional and no forex millionaire.

[QUOTE=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???

Two: Let's put the 100K/month as the goal. Read all the books and include in marketing and personal relationship ones too. Knowing all the Indicators ? Great ! ! Your etc includes Fibs, Resistance, support and others, I suppose. Everything that you are going to learn will never be wasted. Your goal is making money with Forex. On your way to your 100K, anything can happen. With your knowledge from learning Forex you might branch off to other businesses related to forex. Let's say you arrive to being able to make 5k or 10k per month or even less. As long as you can make some stable profits, that is enough. Your pesonality and relationship comes into play. Able to convince others to trust you is even more important. Then meeting the right people. Maybe trading for them to increase your income? Next, if heaven has promised your ancester to bless you, open a brokerage firm in some "specific" countries. It means meeting the right people in the right places. ( If heaven wants to give you, you can even choose whether you want or not. Just to give you an example. About 1996 the Iranian Government gave permission to 3 people to import PC components into the country. The nephew of one of them contacted me. He wanted nothing special. Just 386 and 486 mainboards. The first order would have been USD 800'000.00. Payment LC through bank. I declined the order partially because-I was in the middle of the PC boom locally at home. I had hardly any time after providing for local Universities and schools. )
You can choose forex as the vehicule.

[QUOTE= 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.

Three: First use DEMO. Shorten the the 20 hours. Get at least the minimum sleep. Give yourself a time frame to arrive to a profitable stage;or else a final decision has to be made. Lastly I assume your are still young and not married.
If you go through this period, you will never regret it. Whether you will make the 100k/per month, I don't know. If you have the personality and have a natural art of attracting people, friends won't be a problem. You will always find new good ones.

[QUOTE=Can you make millions , yes or no??

Four: Millions can be made. Only time length cannot be decided.

Some thoughts:

The ancesters of Jews and Arabs were given the promise that their future generations will be well taken care of. The Buddhist and Hindus also believe that one should do good things to accumulate blessing for their future generations. Today's new religion believe in " I " . It's the will power.
I believe all are called to work and each one is chosen for each particular position. I think one cannot be a millionare if one is not called and neither can one have enough will to throw away everything to become a beggar. Happiness is accepting our position and enjoying it. Whether we are entrusted with much or little,enjoy it. Just don't fix eyes and heart on it ( Not an easy task ) Someone mentioned not having the money but driving a porsche and a millionaire driving used second hand cars. If the are doing it just for the people around them, they are both not different. Whether one has a private plane or drive expensive sport cars is not the point. If you earn your money legally, and your action is not harming anyone, what is wrong enjoying the fruit of your hard work. Wouldn't it be ridiculous to expect everyone to live on the street just because there are so many homeless on the street in India? If one just stack up cash, one ain't helping anyonone. If one spend it on a car, one will be creating jobs. then taxes ....government aids to other countries....and indirectly and finally to them.

1 st August is national day here.
Thus time permitted to post my thoughts.
Thanks
  • #38
  • Aug 1, 2006 9:18pm Aug 1, 2006 9:18pm
Money Master I agree 100% that people use material things and titles to make themselves feel valuable. Looking rich and being rich are one thing but feeling rich is what is what is most important.

Wealth is having and doing what you want with your life . If you have what you want and do what you want then you are rich - if not you are poor - there is no dollar figure that makes a person feel wealthy.

Money should be a means to an end - you want money so you can have the life you want. Making money is not the end.
  • #39
  • Aug 1, 2006 10:05pm Aug 1, 2006 10:05pm
Quoting Enroth
Money Master I agree 100% that people use material things and titles to make themselves feel valuable. Looking rich and being rich are one thing but feeling rich is what is what is most important.

Wealth is having and doing what you want with your life . If you have what you want and do what you want then you are rich - if not you are poor - there is no dollar figure that makes a person feel wealthy.

Money should be a means to an end - you want money so you can have the life you want. Making money is not the end.
That is wisdom ! !
100% in agreement with you
Highway
  • #40
  • Aug 1, 2006 10:24pm Aug 1, 2006 10:24pm
Quoting diallist
Merlin ol' buddy,

Please don't reveal any names.

I like my privacy.

Dial
your secret is safe with me!
Relax and be happy.
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