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To all the wanna be get rich quick traders - and others who want unsolicited advice*

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  • To all the wanna be get rich quick traders - and others who want unsolicited advice*

    To all the wanna be get rich quick traders - and others who want some unsolicited advice -

    So it twas a rainy weekend for me and I was bored like the cat in the hat and I thought a little write up would be cool. I am the type of person who enjoys the success of others around me and its why my enjoyment for winning and being competitive makes me a good businessman and has made many others around me the same. I dont know anyone here in this chat room personally and i am sure it will stay that way as this is a chat room and not my business but there are some great people here who seem honest and sincere and to those I hope for the best in all you do.

    I wanted to post the way I trade and why my style is very different from the majority and especially with the ones that lose in Forex. My money management is precise and I take trades with very low margin use so that means my trades are small and gives me the opportunity to increase leverage at my discretion if I am down or up on my trade. <<<<< This is the key right here…. Learn this and you will be much better at making money or losing less.
    I am making this post just due to boredom and most wont care but I am a passionate man when it comes to business and everything in life to be successful revolves around passion and business. I hope some can learn or take some of this info and add it to your lives to enhance it just a little.
    So……………..
    I won’t get into my account size as it makes no difference here but I deal with a great amount of responsibility when it comes to the management of the money in my account and I take trading very seriously but really enjoy a good chat room when the adults are in there. I have no one to report to except family and as a team we know when to strike and when to hold on and when to fold.
    To get down to it:
    I am not a short term trader (usually ) with any posted trade for most of them I make here unless there is a reason to close it early or quickly. As of late and through this election period all my trades are short term except a few holdings for swap that we have and are starting to build.
    I take my initial trade very small. We all know that when you take a position, long or short it always goes against you and if you disagree then you are too perfect or take 5 to 10 minute trades.
    My first open position is no more than a quarter of a percent or .25% per 100 pips. So if I had a $100,000 account, I would expect a gain or loss of $250.00 and I usually add to my original position at least once, sometimes twice and trade intra day. So basic Meaning is this trade must go my way 100 pips and my total portfolio will rise by a very small amount of .25%. but again my first initial position is small as I know the probability of it going against me is high and it might only be 10 pips or it might be 50 and I usualy wait somewhere in between to take my complete position of .5% or a second position of .25% when I do feel it had hit a better bottom/top but at least my second position is better than the first and both are very small in comparison to my account size. this is also just one trade / pair of the 2 or 3 that i typically trade.

    So do the basic math here. 20 real trades a month that gain on average $100 to $200 in profit, 30% in losses or 70% wins gives you around $75 on average on 20 trades after taking out losses so around $1500 a month or 1.5% equity gain based on $100k. Rinse and repeat and its easy if you trade this small. Now compound that……. Look up what the f!@k compound interest means and what it can do for you and how it’s the 8th wonder of the world and if you don’t use compounding interest in your life, then you will never be wealthy. Compounding interest means you must keep adding money, keep growing it slowly and the biggest thing is not to withdraw money from it all – Do it at the same time. Compound the hell out of it for a few years. Then fly to Tucson and buy me dinner. Yes, even you Fresco.

    So many of you are saying, this guy will never make any money and I say to you is I make very consistent profits month over month in the range of 1 to 2% growth on a consistent basis so the people that entrust me with their money gets a decent return year over year.
    So lets take a good account size of $100,000 USD and apply a monthly return of 2%. That is only $2000 on a $100k account a month and I know many of you are saying if I had $100k I could make $1000 a day and I hear it all the time. I say it sucks to be you and you will not be here for long with that account and trading style for long. Yes you will make a few great trades and get all cocky and keep trading large until you have a few losses. Rinse and repeat, most of us know the story, some still continue on and don’t learn.
    I am past the point in my life where a huge profit excites me, I get more excitement from a winning trade then I do the amount I make and as long as its within my expected profit and not too low to waste my time, I did real well.
    Anyhow, making around $1000 a month on a $100k account is huge in terms of percent and is around 15% a year based on just 1% a month in growth. I try for 2% and if I was successful month over month at that then my portfolio based on $100k would rise about 30% a year. Virtually unheard of in the realm of making consistent returns, year over year and not even the best and most successful and multi-millionaires don’t make that type of returns in any market. JUST DOESN’T HAPPEN…… so once you learn that basic life skill, I mean very basic that dad or mom should have taught you, then that is your first step in being successful.
    So while I work on achieving 2% per month, I usually obtain an easy 1% for trading very part time. I typically trade for US session only and I am at home during Asia and other smaller markets. I live in Arizona so my time zone is 2 to 3 hours different than the opening of the New York Stock Exchange.
    So that is why I try for 1% a month in returns and its why I trade small and obtain that with no stress and specifically no personal feelings if I make a bad call. My trade is so small that 200 pips might be 1% loss if I cant trade out of some of that loss or all of it.

    So what pisses me off is those that only have $1000 and expect to make huge returns or double that and keep doing it. Well folks, it doesn’t happen and those $1000 traders come and go with that attitude.
    I often hear if you only have $1000 then you should leverage higher as you will never make money with only a small amount. Well let me help those with only a small amount of money and they want to trade. Its called get a damn job and add monthly deposits as you work. This is how a normal person achieves financial success and it doesnt matter if you work at McDonalds and if you don’t have the money to trade and earn positive revenues then you need to keep increasing your portfolio in due time. Don’t trade like you have $100,000 when you don’t.
    So if you have only $1000 or a small amount, your money management should not change at all and your growth on a $1000 account should be no more than 1 or 2% a month. Zero difference than one with $100,000. You should trade the same and expect the same or you will never learn and you will never achieve the proper success that some of us get.
    A very simple and low risk if done right is learning about swap trades and its how we make long term returns with no work. Take a swap positive pair that is way down and you can make 1 to 2% very easily with minimal leverage and this is something you can drip money into overtime and gain great positive swap. Just remember, compounded interest is the mother of all good things. Once you learn that and trade smart, you will be successful at respecting money and knowing how it grows.
    Again if you only have a small amount of money then trade with care and add money to the account to grow it outside of just trading it. There is no shame in trading with $1000 but just expect it to grow very slowly or you will go bust. Let it grow slow, add money when you can. If you can take $1000 and turn it to $1100 its far better than turning it to $500 and adding money to get it back to $1000. Imagine you have $1100 a few months after your initial deposit then you get a bonus check from work or do a side job and add $500 more. Soon you have $2000 to trade with and as long as you trade smart and small, you can keep trading another day.
    I am the type of person and investor that is very diversified and handing Forex is an enjoyment and I leave my 401k and stocks to other key professionals that enjoy that more than I do.
    SO just invest and don’t gamble is my 2 cents. There is nothing better than taking something like FX and making it a business while you handle other work and build it over time, 1 year, 5 years, 10 years, let it build till you can make a decent living.
    While it can be a blast to trade, its not a blast when you have to keep starting over and over again. Learn what you are doing and eventually you can really do this or whatever you want full time.
    I don’t make a living from this but my living allows me to trade the way I do.

    On Friday was a wild day as one person took my advice on a trade and it went down 50 pips and that person sold and lost 50% of their account only to see the pair go back to its starting point and more. So don’t be stupid and trade that large, please trade smart so you can recover from a drop or take a small loss.

    So ponder a few things – if you are young and you are able to save $200 a month with the ability to get 10% only a year, you would be a millionaire in less than 25 years. Imagine if you were able to get 2% a month or 20% a year and put in $400 a month – do the math – you are a millionaire with very little effort and little time. A freekin car payment is keeping you away from being a millionaire. If you have a car payment then you are a complete and utter idiot. Plain and simple. Take that car payment and drop it into an account for 5 years and compound that. I would rather do that and drive a Yugo then to have a stupid car payment. I haven’t had a car payment in 20 years. I drove VW rabbits to Pacers and now I have a nice Toyota truck. NO FREEKIN CAR PAYMENT……….. ok, ADVICE THAT is not needed here. Sorry. :P

    I am 48 years old – My father did this for me when I was 25 and he couldn’t afford college for me when I was younger. So he did this after I was married and he had some money and I was pretty broke with 2 kids. In 10 years doing this and investing in Dell, we made an outstanding % on average over 10 years with this stock and others like it. We got lucky but our expectations were much less. The moral of the story here is we did this with a monthly drip of only $200 and waited 10 years.
    ROME WASN’T BUILT IN A DAY!!!!!!!!

    There is a saying in Vegas that applies to forex and you should remember this quote –
    “If you want to leave Vegas with 1 million dollars in your pocket, then you better come to Vegas with 2 million. “
    Don’t be that smuck!!!!

    Enjoy life, its way to short -
    TucsonTDR


  • #2
    Originally posted by TucsonTDR View Post
    To all the wanna be get rich quick traders - and others who want some unsolicited advice -

    So it twas a rainy weekend for me and I was bored like the cat in the hat and I thought a little write up would be cool. I am the type of person who enjoys the success of others around me and its why my enjoyment for winning and being competitive makes me a good businessman and has made many others around me the same. I dont know anyone here in this chat room personally and i am sure it will stay that way as this is a chat room and not my business but there are some great people here who seem honest and sincere and to those I hope for the best in all you do.

    I wanted to post the way I trade and why my style is very different from the majority and especially with the ones that lose in Forex. My money management is precise and I take trades with very low margin use so that means my trades are small and gives me the opportunity to increase leverage at my discretion if I am down or up on my trade. <<<<< This is the key right here…. Learn this and you will be much better at making money or losing less.
    I am making this post just due to boredom and most wont care but I am a passionate man when it comes to business and everything in life to be successful revolves around passion and business. I hope some can learn or take some of this info and add it to your lives to enhance it just a little.
    So……………..
    I won’t get into my account size as it makes no difference here but I deal with a great amount of responsibility when it comes to the management of the money in my account and I take trading very seriously but really enjoy a good chat room when the adults are in there. I have no one to report to except family and as a team we know when to strike and when to hold on and when to fold.
    To get down to it:
    I am not a short term trader (usually ) with any posted trade for most of them I make here unless there is a reason to close it early or quickly. As of late and through this election period all my trades are short term except a few holdings for swap that we have and are starting to build.
    I take my initial trade very small. We all know that when you take a position, long or short it always goes against you and if you disagree then you are too perfect or take 5 to 10 minute trades.
    My first open position is no more than a quarter of a percent or .25% per 100 pips. So if I had a $100,000 account, I would expect a gain or loss of $250.00 and I usually add to my original position at least once, sometimes twice and trade intra day. So basic Meaning is this trade must go my way 100 pips and my total portfolio will rise by a very small amount of .25%. but again my first initial position is small as I know the probability of it going against me is high and it might only be 10 pips or it might be 50 and I usualy wait somewhere in between to take my complete position of .5% or a second position of .25% when I do feel it had hit a better bottom/top but at least my second position is better than the first and both are very small in comparison to my account size. this is also just one trade / pair of the 2 or 3 that i typically trade.

    So do the basic math here. 20 real trades a month that gain on average $100 to $200 in profit, 30% in losses or 70% wins gives you around $75 on average on 20 trades after taking out losses so around $1500 a month or 1.5% equity gain based on $100k. Rinse and repeat and its easy if you trade this small. Now compound that……. Look up what the f!@k compound interest means and what it can do for you and how it’s the 8th wonder of the world and if you don’t use compounding interest in your life, then you will never be wealthy. Compounding interest means you must keep adding money, keep growing it slowly and the biggest thing is not to withdraw money from it all – Do it at the same time. Compound the hell out of it for a few years. Then fly to Tucson and buy me dinner. Yes, even you Fresco.

    So many of you are saying, this guy will never make any money and I say to you is I make very consistent profits month over month in the range of 1 to 2% growth on a consistent basis so the people that entrust me with their money gets a decent return year over year.
    So lets take a good account size of $100,000 USD and apply a monthly return of 2%. That is only $2000 on a $100k account a month and I know many of you are saying if I had $100k I could make $1000 a day and I hear it all the time. I say it sucks to be you and you will not be here for long with that account and trading style for long. Yes you will make a few great trades and get all cocky and keep trading large until you have a few losses. Rinse and repeat, most of us know the story, some still continue on and don’t learn.
    I am past the point in my life where a huge profit excites me, I get more excitement from a winning trade then I do the amount I make and as long as its within my expected profit and not too low to waste my time, I did real well.
    Anyhow, making around $1000 a month on a $100k account is huge in terms of percent and is around 15% a year based on just 1% a month in growth. I try for 2% and if I was successful month over month at that then my portfolio based on $100k would rise about 30% a year. Virtually unheard of in the realm of making consistent returns, year over year and not even the best and most successful and multi-millionaires don’t make that type of returns in any market. JUST DOESN’T HAPPEN…… so once you learn that basic life skill, I mean very basic that dad or mom should have taught you, then that is your first step in being successful.
    So while I work on achieving 2% per month, I usually obtain an easy 1% for trading very part time. I typically trade for US session only and I am at home during Asia and other smaller markets. I live in Arizona so my time zone is 2 to 3 hours different than the opening of the New York Stock Exchange.
    So that is why I try for 1% a month in returns and its why I trade small and obtain that with no stress and specifically no personal feelings if I make a bad call. My trade is so small that 200 pips might be 1% loss if I cant trade out of some of that loss or all of it.

    So what pisses me off is those that only have $1000 and expect to make huge returns or double that and keep doing it. Well folks, it doesn’t happen and those $1000 traders come and go with that attitude.
    I often hear if you only have $1000 then you should leverage higher as you will never make money with only a small amount. Well let me help those with only a small amount of money and they want to trade. Its called get a damn job and add monthly deposits as you work. This is how a normal person achieves financial success and it doesnt matter if you work at McDonalds and if you don’t have the money to trade and earn positive revenues then you need to keep increasing your portfolio in due time. Don’t trade like you have $100,000 when you don’t.
    So if you have only $1000 or a small amount, your money management should not change at all and your growth on a $1000 account should be no more than 1 or 2% a month. Zero difference than one with $100,000. You should trade the same and expect the same or you will never learn and you will never achieve the proper success that some of us get.
    A very simple and low risk if done right is learning about swap trades and its how we make long term returns with no work. Take a swap positive pair that is way down and you can make 1 to 2% very easily with minimal leverage and this is something you can drip money into overtime and gain great positive swap. Just remember, compounded interest is the mother of all good things. Once you learn that and trade smart, you will be successful at respecting money and knowing how it grows.
    Again if you only have a small amount of money then trade with care and add money to the account to grow it outside of just trading it. There is no shame in trading with $1000 but just expect it to grow very slowly or you will go bust. Let it grow slow, add money when you can. If you can take $1000 and turn it to $1100 its far better than turning it to $500 and adding money to get it back to $1000. Imagine you have $1100 a few months after your initial deposit then you get a bonus check from work or do a side job and add $500 more. Soon you have $2000 to trade with and as long as you trade smart and small, you can keep trading another day.
    I am the type of person and investor that is very diversified and handing Forex is an enjoyment and I leave my 401k and stocks to other key professionals that enjoy that more than I do.
    SO just invest and don’t gamble is my 2 cents. There is nothing better than taking something like FX and making it a business while you handle other work and build it over time, 1 year, 5 years, 10 years, let it build till you can make a decent living.
    While it can be a blast to trade, its not a blast when you have to keep starting over and over again. Learn what you are doing and eventually you can really do this or whatever you want full time.
    I don’t make a living from this but my living allows me to trade the way I do.

    On Friday was a wild day as one person took my advice on a trade and it went down 50 pips and that person sold and lost 50% of their account only to see the pair go back to its starting point and more. So don’t be stupid and trade that large, please trade smart so you can recover from a drop or take a small loss.

    So ponder a few things – if you are young and you are able to save $200 a month with the ability to get 10% only a year, you would be a millionaire in less than 25 years. Imagine if you were able to get 2% a month or 20% a year and put in $400 a month – do the math – you are a millionaire with very little effort and little time. A freekin car payment is keeping you away from being a millionaire. If you have a car payment then you are a complete and utter idiot. Plain and simple. Take that car payment and drop it into an account for 5 years and compound that. I would rather do that and drive a Yugo then to have a stupid car payment. I haven’t had a car payment in 20 years. I drove VW rabbits to Pacers and now I have a nice Toyota truck. NO FREEKIN CAR PAYMENT……….. ok, ADVICE THAT is not needed here. Sorry. :P

    I am 48 years old – My father did this for me when I was 25 and he couldn’t afford college for me when I was younger. So he did this after I was married and he had some money and I was pretty broke with 2 kids. In 10 years doing this and investing in Dell, we made an outstanding % on average over 10 years with this stock and others like it. We got lucky but our expectations were much less. The moral of the story here is we did this with a monthly drip of only $200 and waited 10 years.
    ROME WASN’T BUILT IN A DAY!!!!!!!!

    There is a saying in Vegas that applies to forex and you should remember this quote –
    “If you want to leave Vegas with 1 million dollars in your pocket, then you better come to Vegas with 2 million. “
    Don’t be that smuck!!!!

    Enjoy life, its way to short -
    TucsonTDR
    Well first of all you need to have such system:
    20 real trades a month that gain on average $100 to $200 in profit, 30% in losses or 70% wins gives you around $75 on average on 20 trades after taking out losses so around $1500 a month or 1.5% equity gain based on $100k

    The rest is just proper money management.

    Comment


    • #3
      To be honest, when I was a new Forex trader then I was in hurry! Even, I started my live trading with 100% monthly trading target, but now I am not! Because, I know the reality of Forex business to closely! Right now, my monthly target is only 20%, but I can make this target regularly as I have selected this target according to my trading result! Of course, I want to be a rich, but not so quickly!

      Comment


      • #4
        yea you wont be here long with goals of 20% - once you get some money you will lose it all quickly. impossible to obtain 20% a month - you should set goals for 5% and it makes it much easier to obtain higher goals with lower expectations.

        Comment


        • #5
          Do not make typical mistakes. Start reading the literature and start trading on a real account in small amounts. First time trade for the sake of experience, do not rush for big money!

          Comment

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