Forex Millionaires

[toptick07]

Originally Posted by forexcranium

Here is a forex term for you guys today: Bucketshop Anyone wanna take a guess?

see also: forex dealer, proprietary trading llc, bookie...

Jessie Livermore got his start that way, didn't he?

[Black Knight]

Originally Posted by toptick07

shezian said:

There are well documented cases of speculators who have made millions in currency trading. George Soros is one of these rare examples.

I personally know two millionaires in Chicago who made fortunes in currency trading. Currency Futures trading, that is - not Forex trading.

George Soros happens to be a personal hero. And not just because of Black Wednesday, but because of the work of the Soros Foundation and the Open Society Institute (by the way, rumor has it that he gave away close to 90% of the $4B he made from that run on the BoE).

I know 2 personally (besides Rob, whom I work with on a daily basis), and recently read an interview with a 3rd. The one in the interview (SFO Magazine) was great, he said "anyone who believes technical analysis doesn't work is welcome to discuss the matter with me at my 22-room Lake Michigan Mansion".

Of the two I know (and neither trades futures as far as I know), one bought a flat in Cannes overlooking the waterfront, and other has his own jet... and it's not an "economy" LearJet but a Challenger. For the latter, it is not uncommon to take in $70K every week or two. Out of respect, I will not disclose names.

I'm not quite there yet, but I am making good a living just from trading. It IS possible, it just takes work, practice.

Good luck & good trading,

Black Knight

[pipgod]

Black Knight,

Now that's setting things strait.

Good post.

[forexcranium]

Black Knight - for having (1) post under your belt, that was pretty impresive I've visited Cannes on a few occasions where I have seen real estate prices from 14,000,000 Euro to the low 2,000,000 eur.

This happens to be my favorite: Mandelieu to Agay property Waterfront Property Oceanfront Entre Cannes et Saint-Tropez

[pipgod]

The edit thing doesn't work any more, LOL.

[owliepip]

You can be a millionaire if you put in the hard work and be willing to learn and adapt. Am no millionaire but the thing that keeps me going is I want to be able to afford the best health care in my sunset years . I view money as a means and not an end, I believe so do most people.

[ahefner33]

Originally Posted by forexcranium

This happens to be my favorite: Mandelieu to Agay property Waterfront Property Oceanfront Entre Cannes et Saint-Tropez

Now that is just beautiful. *dreaming*

[markofrespect11]

I think money is definitely a means and not an end. The end is what you do with the money

[yari123]

this has become a really pointless thread. no one really answered the question by providing adequate evidence.

theres only a few of you who "know" these millionaires ( i do believe there are people who beat stats), but thats about it. i think the original question of the thread was trying to take a measure of how many of us actually posting here actively were able to accumulate net asset of million dollars through forex. it seems from the divergence from the original question into a more rhetorical and philosophical responses indicate there are none, or if not only a few who had been able to break through the million dollar barrier.

its a given fact there's more people losing money than making it on forex, unfortunately people here tend to be nervous, (especially those of us who are just starting out) when their bias is discovered , and try to shove it under the bed, but the reality is in fact, forex is a lot like gambling. you can take educated guesses, same can be said playing cards, one will claim to have "intuition" or a "six-sense" imo, speculating is only a mind trick your playing on yourself. and many successful traders realize that, and able to isolate their emotions, and trade with almost mechanical and cold rationale.

unfortuantely,you wont find many millionaires in speculating field, and dont expect any over night billionaires popping up here anytime soon.

This shouldn't be viewed as negative, but as fact of life. if speculating was so easy, then we would not need a exchange systems. the market would not operate efficiently. we need speculators to take on risks, unwanted by someone, and in the process discovering "prices" that serve as an important component of our capitalist economy.

[owliepip]

Originally Posted by yari123

this has become a really pointless thread. no one really answered the question by providing adequate evidence.

theres only a few of you who "know" these millionaires ( i do believe there are people who beat stats), but thats about it. i think the original question of the thread was trying to take a measure of how many of us actually posting here actively were able to accumulate net asset of million dollars through forex. it seems from the divergence from the original question into a more rhetorical and philosophical responses indicate there are none, or if not only a few who had been able to break through the million dollar barrier.

Pointless you said and you just did the same. Babypips is a learning forum and people are not in for 'right answers', just sharing ideas like you did in the third paragraph. Asking questions and sharing what you know is the objective. Who knows somebody may just have learnt something from your post.