Hi ST…
Not to be nosey, but did you mean you dont hold more than a 5 figure sum in your main trading account or your savings acount?
Just as we were on the topic of amounts in accounts thats all - shoo me away if im being too nosey lol
Sanj
In the forex trade, none can get rich quick. If it comes quick, it disappears quicker. If one wants to get rich slow, he can surely become one. But he has to make sure that he never hurry up.
Hi Sanj,
Not at all - I keep around £10-15,000 with my broker, generally, occasionally a little more but not often; with 1% risk per trade (of the combined total) that gives me enough to cover the trades I want to place. I rarely have more than two trades running at a time, and never more than four.
The 1% risk per trade equates, therefore, to more than 1% of my trading account. So I guess my broker thinks that I am more cavalier than is, in fact, the case lol.
ST
Hello Dale! 
Where have I been? Long fiber from 131ish til 132ish. 
Now if I look at BAC, you seem to be right at least til now. I hope you bought. No, no, this will still drop til 50 cent, lol. 
That’s a very good solution. I use it as well.
Oliver - love that post
We have the same goals!
- 10-20% a month is absolutely doable.
- as several have noted, if you can compound from even 5k, in 3 years or so a comfortable lifestyle is readily affordable
I know it is more profitable to trade something else in this short time frames…if one knows how to day trade well, of course. Otherwise, you’ll likley just lose money faster in the following markets:
eur/usd forex FUTURES. - pay about $5 for a $12.50 per pip market. It’s like paying 2/5 of a pip per trade, rather than 1.1 - 3 pips.
crude oil futures - the markets average swing is the equivilent to about 200 pips per day. at $10 a pip…this things a rocket.
But, catch the wrong end, and it’ll burn your face off. It’s not unheard of to see oil move over 5% in a day… meaning at these prices, ABOUT 5% in a day. My favorite market…but… ya, gotta be quick, good, and careful.
gold futures - great market, decent movement…not my favorite, but it sets up well from time to time.
I could go on…but here are just a few.
Jay
What defines rich?
I would offer it can and has been done with less.
I know it’s been done with less and I’m going to do it too. 100% certain.
Actually… I used to be rich and didn’t even know it… then I got married… :56:
What do people generally define as ‘rich’?
I think for me it would be ‘having a large proportion of money [I]in terms[/I] of your expenses…’
To me being rich means to have money enough to live with comfort without being obliged to work on something you do not like. If you like trading you can get rich trading…
‘How long is a piece of string’??? LOL!!!
I think Oliver1968 and elegy400 have kinda ‘summed it up’ FOR THEMSELVES anyway and if you’re fortunate enough to be in those type of situations: then that IS INDEED ‘rich’.
For ME: it’d be having the type of money that Buffet has except I wouldn’t be so ‘nice’ of a person!!! LOL!!!
For ME: 'money talks and bullsht walks’. I’ve had all the bullsht that I need so that only leaves one other thing then doesn’t it!!! LOL!!!
Regards,
Dale.
I was being kind of funny in that previous post but the truth is some years ago… I was looking for a way to get rich (ICT will identify with this next part) so I bought Ken Roberts futures trading system and also Don Lapre’s get rich stuff that I saw advertised on late night TV.
But now when I think back on it… the bills were always paid and with enough left over that I always had a tank full of gas and a pocket full of money with no worries. And I would sometimes say about the place where I worked, that they need me more than I need them. That’s why even though now I make more than twice what I made back then, I used to be rich and didn’t even know it.
Hehe, yes, it indeed is hard to put a certain amount to it.
While one would say making a million bucks a year is being rich, another will need considerably more.
I’m not sure, but I think it was J.P. Morgan who once said, ‘[I]If you have to ask for the price, you can’t afford it[/I]’.
So, being rich would mean being able to buy anything you want without caring if it costs 500 bucks or 5 million.
Personally, I think that if you don’t need to spend more than 10% of your annual net income to pay all your bills, from rent/mortgage over food and education of your kids to vacations or new car, then there is no need to bust your a$$ to make more.
I don’t like money just for money’s sake. After all, once your own and your kids’ future are secured, wealth is just a figure on a bank statement.
O.
Well come to think of it (and not to be TOO ‘frivolous’ here):
I not sure about ‘wealth’ but I THINK I have the definitive definition of ‘rich’. It’s when American Express gives you a ‘Black’ or a ‘Titanium’ (cannot remember now ‘which is which’) Credit Card without you having to apply for one. I know Bill Gates has one and I’m almost SURE I read somewhere that Britney Spears has one too!!! ROFLMAO!!! I cannot see Buffet having one though i.e. not his ‘style’. Trump??? Almost (for???) sure. Soro’s??? Maybe. To the best of my knowledge: you can buy JUMBO JETS ‘with one simple swipe of the card’ and no authorisation required!!! LOL!!!
As Billy Connolly would say: “that’ll do me” or “I’ll have some of that”!!! LOL!!!
How’s THAT for a definition (albeit a shallow one) of ‘rich’??? LOL!!!
Regards,
Dale.
You are rich and will become even more, if your income steadily overshoots your expenses. Very easy to calculate and to see!
Stories like this are the reason i believe rich is defined in comparison to expenses… In general, it seems the more money that people make, the more they spend… Which i guess is only natural…
Yes, of course you’ll spend more if you make more … otherwise, what’s the point of making more in the first place?
A figure on a bank statement is worthless and useless in itself. What you can do with that money for yourself and your family is what makes it valuable.
If you can convert some of these figures into smiles on the faces of the people you care for, then money is valuable.
Cheers,
O.
Hi Oliver…
While i agree with everything you said in your post - at the end of the day that is what truly matters, no point having the money without being able to enjoy it…
That said, i think my outlook may be a little different from others as i tend to see quite a few on here are already in jobs, or some successful full time traders, some with families, some with other commitments… I have to say i feel quite lucky at times as i feel im still quite young (although not as young as some ive already seen involved in this business), but young enough to not have as many responsibilties as some… For me this is a benefit… In my family i have maybe a handful of family members that are what you could say ‘rich’ - not wealthy… Most of which acquired their fortune through the banking sector (and i think we all know the ridiculous bonuses these bankers are on lol)… While i am full of praise and admiration for what they have achieved in their jobs and lives, and no doubt they are living a life of luxury, my uncle in one instance is away from home 3 out of the 4 weeks in a month - on business… So yeah, does he put a smile on the faces of the ones he loves and cares about, most definitely! But is he working like a dog for it and around to enjoy it like he potentially could be? I’d have to say no…
Which brings me back to me… In an ideal world, i would like to be set up financially to be able to, like you said, spend the money earned to put smiles on the faces of the ones we love and care about… But for me, i dont want to acquire my fortune and not be able to enjoy it, i would like to be at a point where my fortune is in the form of assets (my money working for me, instead of me working for my money) and from there covering all my daily/monthly/yearly costs, with a hefty some left over to enjoy! So for me, at my point in life, this is the plan and i think Forex will be my first stepping stone towards my end goal…
And to go back, while i do agree with your whole post, i must end mine on this note - purely for the love of the quote
[B]Money Can’t Buy Happiness… But I’d Rather Cry In My Ferrari ;)[/B]
Sanj
P.S. Excuse the ‘life story’ of a post LOL
While I agree in general, there is albeit the fine difference. It’s like trading. If you trade too risky and blow your account, then you can’t trade anymore. In real life if you always consume too much, you risk to lose your base capital. Money makes money and if it’s not enough, you can’t consume much anymore. Or if you have expensive desires, you need at first to grow the money and you can only do it while cut spending.
The real key to a rich life is to cut spending and not to make more money, because if you don’t cut spending your increasing income will not solve the issue. In fact it can worsen your situation, because you might become addicted to a level of living where you spend too much. A very good example is Jesse Livermore. His expenses increased with the income and that cut his ability to make more or keep his level.
My goal in trading is to come to the point where I can live off it and my capital, but that’s only possible in decreasing spending! It’s like if you are in a boat with a hole in it. If the hole is too big then your ship will sink, no matter how busy you are with shoveling water out! Most people who lose too much money in life can’t understand this simple rule.