For every trader the ultimate goal is make money trading yeah, and i know there’s a lot factors involved in trying to reach this goal. But i think it boils down to how we define being rich. Earning a million dollars by trading doesn’t necessarily make you rich nor does earning a thousand dollars make you less rich. It depends on your perspective. For me, my definition of rich is that i can travel without worrying about bills, mortgage etc is enough haha. What’s your definition of rich?
That’s pretty much my definition too. Except that I would add that I hope trading will pay for a replacement car every few years also - it has in the past but this covid crisis has brought my trading to a standstill.
its a nice topic , got some fine line also. actually any definition we do according to our own experience.
Being financially free and being rich are completely different things, the difference is abundance. If you can pay your expenses and holidays then that’s ok you got what you want. But when you’re rich you’re buying what you can eg 2 rolls royces or Ferrari: just because you have so much money.
Earning a million dollars could make you financially free but not rich.
Sorry to hear about it bro. Hope your trading will resume success
I agree, its up to you on how you perceive being rich in life
Well, that’s one way to look at it. There’s also feeling/being rich by having a family. I also think that being healthy is a form of wealth as well
Ah that’s what broke people say or people who have listened to too much motivational BS. Being rich is abundance of money or assets. That’s it. All the other wishy washy stuff might make us feel good but it’s not rich. Having a family is important but someone needs to pay the gas and electricity. Hugs cant put a roof over our head. There are a lot of healthy homeless people. They’re not healthy for long though. No offense intended. I think we should stop beating round the bush and say it how it is.
I disagree. Try to find a book called “The Millionaire Next Door” and another one called Happiness - by Richard Layard from LSE. I follow the latter. Being rich is having the choice to do whatever in life you choose to do, and there are far more rich people than you may imagine. So if you have great health, you are rich, if you have clear mental ease of direction, you are rich, if you have an abundance of friends or even just one who will do anything to make you happy, you are rich. My own definition as to how this relates to “money”, or more precisely to Fiat, is that if you own or control enough of it to live for 20 years without being a burden on anyone else. Or in other words, if you can get to the stage of spending each year less than 5% of your wealth.
Rich: Motoryacht in Mediterenean see, house with direct access to the beach, Audi Quattro, KTM Motorbike, so much money that i only have to withdraw it…and do again whatever i want like some years ago when i was allready rich.
Yeah I was sure people would disagree. But it’s the truth. The rest is all soft stuff to make everyone feel good. These books are just trying to sell and love to show a different way of looking at things. To be rich you need money. Great health only gets you so far. I agree with being able to do what you want in life but that is not being rich. That is being financially free which means you make enough to cover your life. But if someone tells me they’re healthy and have good friends so they’re rich. I’d laugh in their face lol. Being rich is being able to buy and do things that you dont even need to do eg flying first class to your holiday. Anyone can pay for a holiday.
I can’t help thinking that the failure to distinguish between financial wealth and physical health, family relations, friends etc. etc. is just unhealthy. And why just stop with this usual short list? - why not add musical talent, ambidexterity, great night vision, linguistic aptitude, terrific balance??? And then the list could become surreal - double-jointedness, a gift for vocal mimicry, really shiny hair, a flair for fast bowling etc. etc.?
Once you fail to draw a line between wealth and everything else, then you can’t help conflating absolutely everything else with wealth.
I’m not saying money will make me happy. But it will make me rich.
And that depends on your interpretation of the words “richness” and “wealth”. Copied below from one dictionary definition (google search) of wealth, which is a far less broad definition than richness.
Definition of wealth
1 : abundance of valuable material possessions or resources
2 : abundant supply : PROFUSION
3a : all property that has a money value or an exchangeable value
b : all material objects that have economic utility especially : the stock of useful goods having economic value in existence at any one time/national wealth
In our context, as traders (and in the real world) there’s only one “rich” and that means having more money than you need.
Birth of the Forex trader: Harry Enfield - Loadsamoney - I've Got Piles - YouTube
Yeah i did have that kind of mindset when i first started trading. But overtime, i think being rich has so many meaning and because of this, it has made me a better trader and also a better person. I now trade in a more relaxed way, more organized and gaining more in terms of profit haha. Point is, my definition of being rich has directed me in a more positive way in relative of trading forex
The richest man is the one who needs the least.
Very philosophical there @Johnscott31
Im sick of people using the word get rich - there are so many people out there who are rich but miserable.
Shouldn’t we all have more desirable goals that big houses, cars and bling?
Do I want them? Damn right I do but I think I’m man enough to never let such trinkets define me
As others have said on this topic abundance is the key - semantics maybe, but when we focus of feeling good over ‘getting things’ the things tend to come anyway.
In trading that means concentrating on the process of trading and NEVER on the pay off. All successful traders have learned that on the journey.