Careful: it’s your’s and mine’s ‘banter’ that upsets everyone (so it would seem)!!! LOL!!!
Thalia:
Nice one. Yet another off-topic post. Keep going. I’m going to bed shortly. Feel free to ‘post away’ and I’ll update the off-topic post count in the morning!!! LOL!!!
And counting …
Regards,
Dale.
Tough cookies. 
Both of us post enough relevant and valuable content to be permitted to indulge in a little fun, I think.
Apart from that: this is a forum, meaning socializing and making friends are (important) parts, too.
If I really don’t want to read somebody’s contributions, I’ll just add him to my ignore list … and somebody adding me to his will not make me cry for more than an hour or two. 
O.
LOL!!!
Well look at it this way: at this rate I’ll be on 5 000 posts and you’ll be an ‘Honorary Member’ in no time which will be well deserved given what you’ve ‘put in’ here too and within a short space of time too!!! LOL!!! As we spoke about the other day (so sorry everyone else): SOMETHING has to ‘happen’ at 5 000 SURELY!!! LOL!!!
Regards,
Dale.
Ahahaha … well, then you could kill two birds with one stone: instead of posting one very long post, cut it up into two or three shorter ones.
That way, nobody will moan about overly long posts, and you’ll reach your 5k way faster, too.
O.
I edited my post to include you by the way so your ‘quote’ is out of date now!!! LOL!!!
Regards,
Dale.
Don’t listen what others say, you can’t get rich with 5000.
:58: :58: :58:
Why not? unless you’re a crappy trader! I have start out only $2400 and now is $4503 in less than 6 months! so do your math, my friend!
Of course you can; well, maybe not ‘rich’, but within 5-7 years it is possible to withdraw 30-50,000 a month without touching the trading capital needed to produce the same result again next month … from a starting capital of 5,000. That’s not ‘rich’, but it’s enough to live rather comfortably.
If one gives it a year or two more of compounding without removing funds from one’s trading account, one could double this monthly withdrawal.
While I personally do not, most people would consider a million or more per year ‘rich’.
Read my post #15 on page 2 of this thread.
Maybe you can’t manage this, but that doesn’t mean nobody else can’t either.
There are numerous people on this forum averaging 10% ROI per month, which is all you need to achieve that.
It takes some time and practice, as well as dedication and knowledge … but any job paying half a million or more a year needs that.
O.
Gentlemen, we all have the same goal. Please be so kind and don’t behave like a frustrated child!
We all should share our knowledge and be nice to each other. This would be beneficial for all of us. Do you agree?
Have a great day! 
Thalia: welcome to my ‘ignore’ list. I think that seven posts is a record. Dale might talk a lot, but he addresses the question and buries interesting insights among the prose. Your post is simply negative and sarcastic, two things which won’t help anyone here.
Of course you can, it is just a question of timescale, and of whether one needs to withdraw from the account for living expenses etc. 5-10% pcm return on a 100k account will obviously make a lot of money pretty quickly, it will take much longer with a 5k account but as long as the account keeps increasing one day it will obviously add up to a tidy sum. Everyone’s definition of ‘rich’ is different, but 5k will get most people there if they trade well, imho.
ST
Yep, everyone’s definition is different indeed … and not only in terms of money.
To me, ‘rich’ means mainly being able to meet all my financial responsibilities while at the same time being able to spend as much time as possible with my family.
Hence forex trading offers me the opportunity to get rich: I can make enough money working at home for six hours a day instead of having 10-12 hour days with many a night spent in hotels when on a business trip.
Trading forex I can get out of my study to kiss my wife or cuddle my kids at practically any time I want to, for some minutes, and then get back to work with a smile.
What else could I need or want?
Cheers,
O.
the IF is not important. HOW is important. i wish there would be more answers to this issue.
Good morning.
Well I’m surprised to see that the thread has gotten back on topic (although I fear that after the ‘furore’ the thread starter has decided ‘this is not for me’)!!! LOL!!!
Then again I’m not sure what’s worse: the ‘flaming’ or the post that says that it’s not possible to get ‘rich’ with $5 000!!!
The word ‘rich’, as Oliver1968 is saying (the way I understand it anyway), is subjective indeed. Would I consider MYSELF ‘rich’ with $1 000 000??? Hell yeh (but remember to ME, and given the ‘average’ USD/ZAR exchange rate, that is a LOT of money here and frankly that would mean that I’ve actually MADE $500 000 out of this business at that point). I don’t know if having $1 000 000 is considered ‘rich’ in the USA or how long it would last. Over here though: having R7 000 000 ZAR EVEN PUT INTO A BANK ACCOUNT at +/- 8% per annum (which are the savings rates here and they’re at an almost all time low and can only go up from here) one could easily live off of the INTEREST ALONE and still have a REAL comfortable life. Just an observation.
Anyway in my opinion: of course it’s ‘doable’ (to become ‘rich’ depending on your definition of ‘rich’ as noted above). With $5 000 all you need is a decent mentor (that DOES NOT CHARGE YOU HALF YOUR MONEY in fees and only then you find out that actually he doesn’t know what he’s talking about), a decent broker, and being a new trader take the leverage ‘down a notch’ to say 10:1 (this just to ‘protect yourself from yourself’ and one way of at least limiting the ‘greed factor’ in the ‘equation’), adhere to STRICT RISK AND MONEY MANAGEMENT RULES ON EVERY SINGLE TRADE FOR EVER AND EVER AND EVER, a decent trading system, and you’re ‘good to go’. And frankly: I’d even go so far as to say that this IS ‘doable’ trading Spot FOREX if you INSIST that’s what you want to trade (assuming you can find a Spot FOREX trader to mentor you that is consistently profitable and willing to do so). By my calculations and at 10% per month compounded and assuming that you don’t have to withdraw any money along the way: it’d take you 56 months to have just over a $1 000 000 in trading capital. And believe me: a) there will be some months where you’ll do better than 10% and b) if you manage to get that far well, then, again, define ‘rich’, and you’ll get to YOUR ‘rich’ no problem. As I probably noted earlier somewhere: you’re NOT uncapitalised at all and can adequately manage risk (on just about ALL instruments anyway). Generally what happens: new traders open trading accounts with $500 (or less) and try to MAKE $500 out of that original $500 from ‘month one’ (100%). And, well, the end result is almost always ‘tears’ (95% of the time I’m led to believe)!!! LOL!!!
Regards,
Dale.
Just to barge in and throw in my 2 cents lol…
I agree rich is subjective and everyone will have a different idea of what ‘rich’ is…
Personally, long term, i am after ‘financial freedom’ - whereby my assets are able to pay for my liabilities on a monthly basis and so i dont have to work for my money, i just have my money work for me…
Imo, Chris Rock said it best during a stand up comedy:
“Rich is something you can blow on a crazy shopping spree… Wealth is something you can’t get rid of, its passed down from generation to generation”…
I know which one im aiming for!
Sanj
Hello.
Welcome to “the lion’s den”!!! LOL!!!
I like what you’re (and Chris Rock) are saying to be honest. I tried to get a discussion going on the very topic of the difference between making money trading and being profitable and building wealth. There’s a difference I believe. But the thread never got much attention. My point was that it’s very easy to say that a person is going to start with, say, $5 000, ‘behave themselves’ for the next ‘however many’ years, and have a lot of money in their trading account (let’s just say for the sake of argument just over $1 000 000). But that ASSUMES ‘the perfect set of conditions’ will ALWAYS prevail during that period. ANYTHING can happen over a period of years. Accidents, poor health, and being unable to trade because of this, that type of thing. I think the best advice (well that made sense to me anyway) was given by Clint on that thread i.e. withdraw your profits every quarter and start over (at least that’s what I remember him saying but he could well have said withdraw HALF of your profits every quarter or something like that i.e. I forget now and that thread is a ‘corpse thread’ by now). My point really was that no matter HOW good a trader you are: there are circumstances that will, from time to time, arise that are simply out of your control. Put it this way: at very WORST case most honest and regulated brokers have ‘insurance’ in place in the case of them ‘going under’. Problem: on this level or tier of broker the maximum that is ‘covered’ is nowhere NEAR $1 000 000. In Eastern Europe: a trading account is ‘covered’ to a maximum of €20 000 and in the UK it’s £50 000 (I don’t know about the USA). I mean: can you imagine having built up a $1 000 000 trading account and the broker goes bust??? There’s a LOT more to this business than simply trading and I personally don’t think that enough thought goes into these types of issues (and I’m afraid I have to include myself here i.e. although I’ve THOUGHT about these issues I’ve done nothing about them)!!!
Regards,
Dale.
Hi Dale
Just the thought of that happening sent shivers down my spine LOL
But yeah i agree with what you (and Clint) said… It sounds like a good safe way to trade to be able to protect yourself in the process… Tbh, what you said is all true and should be thought about by every trader, it’s all well and good to have a 10 year plan to fortune mapped out, but when all is said and done… Nobody ever really knows what the future holds and whats in store for them tomorrow… I can assure you if somebody did, they would spend more time playing the lottery
Again, for me personally, i would love to be able to become ‘rich’ from trading, but to be honest i don’t see it happening for me. I am in it personally for the freedom of time and to still be able to produce a good monthly income (and then some hopefully) - of course all this after i have my winning strategy down lol… But ideally its the freedom of time that appeals to me the most, its the one of the few things in life that money can’t buy back, and i’d like to use my time wisely, not stuck in a dead end 9-5 til retirement!
I am currently on a work placement year in Univeristy and im about 6 months through… This has been my first proper job - and i already hate the working life LOL…
Sanj
Hello again.
Yeh well: the problem of course is that withdrawing (whatever portion of) your profits per quarter has the obvious consequence of it taking a LOT longer to build up to a lot of money. I mean it’s sort of “damned if you do and damned if you don’t” type of thing. I mean (and I’ll wager there are more than just a few on these and other forums that fall into the same category as me): I’m 46. No pension plan. No health insurance cover. No chance of getting another job (and even if there WAS a chance I don’t WANT to do anything else anyway but be involved in this business in any way, shape, or form). Get sick here (or break a leg or something ridiculous): you’ve got a choice of going to a Government Hospital (in which case you’re as good as dead so I guess it wouldn’t matter really) OR going to a Private Hospital and, well, I’m know that this applies WORLDWIDE (unless you live in Finland or Canada I’m led to believe), even something as ‘simple’ as a broken leg can cost TENS of thousands of ZAR in bills (and God forbid you end up with something more serious like a heart attack or something and require surgery i.e. that could wipe out a VERY large trading account when the bills come)!!! LOL!!!
Anyway: just some things to think about really (as unsettling as they may be)!!! LOL!!!
Regards,
Dale.
I have a savings account that we have psychologically tied to my trading account. I withdraw profits into there, so never hold more than a five-figure sum with the broker, but trade my 1% risk per trade as 1% of the combined total of my broker account and my savings account, to protect against just such an eventuality.
ST
not when you live in germany. healthwise a second heart is covered for no extra cash. BTT
I guess i should consider myself lucky that i live in the UK then, with their NHS in place… However inefficient their service may be at times, but not going to complain - beggers cant be choosers after all…
Sanj