I don’t think it is a Zero sum game… and even if it is, there are not just traders in FX Market, everybody must enter this market for import, export, travel, offshore business, even governments join this market and I don’t think they’re exactly trading the way we do… Am I right? hehe
And I really think there are 7 figures account…
You are absolutely correct.Playing lottery is one of the surest ways of wasting money. The odds that you will die of eating bacteria is 1m to 1 and you are 18 to 120 times more likely to die this way than to win lottery.
The chance of you die from a snake bite or bee sting is 100,000 to 1.So you are 180 to 1,200 times more likely to die from any of these two incidences than to win lottery.
And if none of this will convince you to stop playing lottery,then here is a final fact.If you drive 10 miles to buy your lottery ticket,It is 3 to 20 times more likely for you to be killed in a car accident along the way than to win jackpot.
Then your future in FX is assured… you most certainly will get better odds. Just make sure you play the trades that have better odds of a favourable outcome. :D:D
How long does it take him to get to 900,000? what is his strategy? Does he trade full-time or part time?
Thank you.Kindly mention just two seven 7 figures account holders you really know? How long does it take them to build it to that stage? what is their strategy? Are they working partime or full time?
I hope this is not a set up for failure:D:D:D
Good luck with that.
I don’t really have anything to say here. I just wanted to be in the same thread as a guy named nUmbnUts. 
knock knock… any millionaire forex trader out there 
i’m newbie and after learning forex for the last 6 mths, i’ve got too much information (too many holy grails strategy, best ea claims, ebooks, etc etc) and that i started to sceptical with forex…
can a forex trader really become millionaires? well, i’m not looking to become one in this short term but i am thinking if forex can earn me consistently enough without working my day job…
if you know anyone who is successful trader, what is their monthly income purely from forex?
Those that I know (which does not preclude those that I don’t know) usually make less than 5% per month.
5% a month doesn’t actually work out too bad, that’s 60% a year. If you took 10K, compounded annually in an IRA, in 10 years you’d have over a million bucks. Most big money is thrilled if they hit half that per year.
The big question I’ve always had is if the short term traders work out better than the long term guys. Theoretically, if you had the same edge over the short term as over the long term, assuming your risk per trade is the same, short term you should wind up ahead, even after commissions, by virtue of the fact that you are likely to have many more opportunities to exploit in a given time period. You can also compound more effectively.
If you make 1 trade per day, versus 1 trade per week, and you keep the same odds, even with commissions you should theoretically come out ahead by a certain multiple (maybe not 5, but at least twice if not more).
But I like what Boris Schlossberg says, “What is mathematically optimal is not necessarily psychologically possible.”
The reason I brought up the lottery is to highlight the silliness of noob traders asking if they can turn $100 into a million, in just 3 years or whatever - I have only been studying the market for two weeks myself, but the absurdity of some people expectations hit me immediately. I really do beleive some of these people would be better off investing their money in lotto tickets - their chances of success are probably similar, and they would get their answer much quicker and less painfully instead of stressing endlessly over charts for years on end only to end up with nothing.
This is my argument also and would be interested in people’s thoughts on this??
Of course, I always think that anybody who walks into any business situation expecting big success in a short amount of time with little work is a person who doesn’t understand some basic things about life. If the markets were an ATM machine, and all you had to do was “discover it”, then everyone would find out eventually, get involved, get rich, and then there’d be wild inflation, and we’d be back to where we started, lol.
Granted, there have been cases where people majorly multiplied their money in a very short amount of time in the markets. These are the stories that get people excited and attract all the moths to the flame. It seems to some that it’s like playing a video game while having a chance to make millions. Brokerage and black box hype doesn’t help, for sure.
On the other side of the coin, lets face it. If the best you could hope for with trading is to get paid twice the minimum wage, would you bother? Probably not, although frankly I’d prefer this work to a lot of other jobs that pay twice minimum wage, lol. I think that if a trader says to themselves “Hey, I could become a millionare and retire if I do this right”, rather than “I’ll be lucky if I beat an index fund by a few points”, that is good motivation to succeed.
What I think a lot of people don’t understand is that in order to succeed in ANY business you need to take risks, and that includes risks with capital. Sure, you could start with $100 and run it up real high, but if you have faith in what you’re doing, you should put in more once you’re ready to go live. Most people who live in the USA can probably put together a four figure stake, even if you worked in Burger King or sold Avon door to door. I think that starting with $100 and not adding to the pot is showing that you really don’t believe in yourself, and you’re going to be very likely to take stupid chances with that money at the same time, because you want to make it grow fast. I say put in the amount of money that will hurt to lose, but that won’t devastate you or seriously impact your life (i.e. one month’s salary). Only then is that a testament to showing that you are serious in what you’re doing.
That is spooky because my first account was 1.5 months salary and it hurt to lose a lot of it in the beginning but that pain spurred me on to want to do better.
Under-capitalisation is a serious issue in any type of endeavour that is out to make money and it will make or break you. I was having this discussion with a friend last night at dinner who has just set up a new business and due to stock under-capitalisation they were on an ordering system that was taking HUGE amounts of time - I told them they had to get it under control or it would break them. She said to me it’s a sympton of not having enough money to setup the stock to the correct levels in the first place so if we can just get past this hump - it will get better.
At that moment I was proud of her because I realised that she had recognised the problem and was slowly working at fixing it (bringing up the stock levels).
My favourite saying is [B]‘short term pain for long term gain’[/B] but for a lot of people that short term pain will make them give up.
sorry… got a bit off topic there!
since Nick B is a millionaire, or soon to be millionaire trader, does anyone trade his tradin strategy off his website? obviously if he actualy has made nearly $1m then why arent most people here using his techniques?
personally i never knew he was that close to being such a successful trader and also never knew he had his own site or his own trading system ebook so i plan on reading that pretty soon:)
maybe it isn’t used by everyone because it doesn’t suit everyone?
On this board i think Phil was using one of his methods(correct me if Iam wrong),at one time. I think he said 75% of his trading profit was derived from it.I know he used examples from Nick on candle stick patterns (i printed it out).I read Nicks latest e book, very nice examples of coming up with trendlines and scalp lines.Why arent people using his techniques? Great Question and there are alot of reasons why people dont use profitable systems and methods.Here is a few.
Timeframes: Nick uses a 4 hour time frame that might be a enternity for some one and scalping might be the reverse for somebody else?Also your daily work schedule comes into play.(longer tfs)
Interpretation:You could be both looking and the same setup your in and he is on the sidelines (not talking about Nick) because he didnt like the wick on the last candle stick,to late in the day,to close to news to close to the end of the Superbowl and he is full of booze.
Not following rules:Example let say the rule says after 3 losing trades take a couple of days off maybe the trader ignores that rule and pays for it later on.
Drawdown:A method could be profitable over a 10 year period or 10 day period but have terrible drawdowns or losing streaks to much for some traders thresholds.
I posted one time on a thread that was going to experiment with a very random method with a 50 percent hit rate.All i said there was a probability of 15 losing trades in a row.That ended the thread.
Sorry about the rant but i have been thinking about the same exact thing with Nick,s method:)
Right now I’m trading with 5 months of income at my day job. After trading for over 2 years live (winning and losing) I don’t worry about blowing my account anymore because I know what kind of trading blows accounts and I simply choose not to do it. Way easier said than done, but after so much money lost to terrible money management strategies, it suddenly became very easy to just say “no thanks, not for me!” and stick to “conservative” risk tolerances.
I don’t even dream about the “seven figure” account anymore. What floats my boat is the idea of quitting my less-than-awesome day job, and I’ll feel safe doing that when I’ve got 10-20 months income saved up. Currently, it’s a better use of my time to save up money at the day job, simply because my capital base is so small (what I consider small). Some people try and figure out how they could pay their bills on a 4-figure account with no trading experience and I just think it’s hilarious
it is funny hey?
Personally, since I work for myself I actually like what I do so I would never give it up totally. I would just like to have many notches of money making abilities to my belt and not have my income making ability tied to my hourly rate. :eek:
I would be happy if I could match my current income so I could cut loose some of my uglier clients from work and just pick and choose my client base.
We shall see what the future holds…