IF you (the uber successful) trader took your gains and built a time machine. What would you tell your newb self in the past? You only get to tell him/her one advice before your time machine determines that space time has been wrapped beyond its limitations and ejects you back to the present. So make sure its the one thing that will not only enlighten him to the possibly of Forex, but also of TIME TRAVEL!
I would tell him the next million dollar lottery number.
I would give him my trading journal!!!
I’d tell him about the Swissy black swan
I’d probably tell myself not to invest too much money in my live account right after I move onto it from my demo account. That was a mistake.
id tel him to get a loan from bank as much as possible buy apple at 1995 when it was 50 cents a share. (now its 820/share)
and to force his father, and his mother, and his brothers, and all family, cousins, uncles, whatever whoever- to do the same.
and never touch it untill 2015. sit tight on his hands for 20 years.
100.000 loan invested in apple at 0,5/share today= 164.000.000
1m= 1,64 billion
and at its peak of last year:
100k = 260.000.000
1m = 2,6 billion
forex? hell no
That is easy, “Buy the Dip!!!”
Lol Eddie, I think Jason from FXCM would pick that one as well
I don’t think that there is one thing that will give a right direction to any one. If any one wants to succeed in trading than he/she has to go through the whole range of things such as: education, experience, risk management, trading psychology etc.
this is killing me hahaha
Me too - would have made a lot from that trade alone
I would advice to my newb self that trade only on long time frames.
This is one reason why buy and hold strategy in stock no longer works.
Its all different variation of ponzi scheme.
PAY ATTENTION TO THE USDX,
there is some truth to that if buying one stock, but if 20 years ago you put your money in the SPY ( S&P 500 ) and bought more on down months , today you would be up 4 or 5 times your original investment.
Just buy the dip baby
stocks is the best wealth preserver that exists if you have at least a bit of a clue what youre doing.
suppose you have 10 million invested on an avertage price (not on a low) in blue chips. in average the blue chips raise 4% annually and in average you get a divident payout of 3% annually which is 7% and equivalent of 700.000 a year. suppose a inflation as we have it right now of 1% so you deduct 100.000 from the 700k win and you have nice 600.000 a year to live a nice life. and that only with “buy and hold”. suppose you got some clue about stocks and know what youre doing a bit better and you can easily make 20% a year and live with 2 million a year with nearly no risk.
so in example one you made 12 million surplus in 20 years and the investment you did is worth 22 million after 20 years so nice 34 million without doing anything but buy at one point and do absolutely nothing.