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Traders Millions By The Minute
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Traders Millions By The Minute

  #31 (permalink)
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tturner86 View Post
And actually the goal should be to create multiple revenue streams that generate you cash monthly. Whether that be trading, real estate, or business.

That does take a lot of time though...... trading itself takes shtload of time, I dont know where you will find time to run a business AND flip houses. I couldn't.

I was flipping cars for a while, but then I decided I need more time for my trading.

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  #32 (permalink)
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Itchymoku View Post
@budfox

I kind of felt bad ripping apart the forex market because I do have a sentimental appreciation for it since it's what I started with and I believe everyone should pursue their dreams even if it has to do with forex. So I'll add a little bit of wisdom that may not be entirely obvious that may help a newcomer.

The main advantage you get with forex is that you can add heavily onto winning positions and roll into massive profits even with a small account but you really have to manage your risk if the trade starts coming against you. My technique is to wait till I have enough profit in the trade so if I add on I can move my stop to break even and still have room for the trade to keep trending without coming back to my break-even stoploss. If you get stopped out on the initial entry without adding on the impact is so small that it isn't very stressful getting into trades. You can probe the market without always having to have the exact location because you can trade smaller and have a wider stop initially with micro-lots.

The forex market does have a lot of directional volatility to help with this technique but the only problem is that it may take a long time for the trades to come to fruition. A lot of times, since moves can happen pretty quickly, you'll need to monitor the trade during that duration. The trades may take a few hours or more since a lot of times the market moves slow before bursting.

I would suggest to anyone who is interested in forex to definitely practice taking advantage of averaging up. When I first started trading forex I practiced scaling out and was very concerned with indicators and always having to be right with my entry. I did hear about averaging up but I thought it was just a stupid idea and never really tried it out because I thought scaling out was better. I didn't know until I tried it out of desperation years later that it really makes a difference.

Hi Itchy,

Thank you for the sincere advice regarding trading forex regarding the averaging up.

Honestly, I dont have nearly half enough capital to trade the ES (I should of listened to Mike at the outset) , I was naieve to think I could 'master' a crazy beast like the ES.

Right now I am seriously considering "downsizing" to forex or stocks (affordable risk), and testing my strategy there.

Questions:

1. Why did you decide to leave forex?
2. What are the best pairs for beginners to start trading? (does this mean I have to trade at like 3am in the morning?)
3.What is a good forum that you use to discuss forex?

I will read your journal when I have time.

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  #33 (permalink)
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budfox View Post
Hi Itchy,

Thank you for the sincere advice regarding trading forex regarding the averaging up.

Honestly, I dont have nearly half enough capital to trade the ES (I should of listened to Mike at the outset) , I was naieve to think I could 'master' a crazy beast like the ES.

Right now I am seriously considering "downsizing" to forex or stocks (affordable risk), and testing my strategy there.

Questions:

1. Why did you decide to leave forex?
2. What are the best pairs for beginners to start trading? (does this mean I have to trade at like 3am in the morning?)
3.What is a good forum that you use to discuss forex?

I will read your journal when I have time.

1. I'll never leave forex completely, I just don't trade it as much when other markets present more familiar opportunities. I actually made a eur/usd trade today.

2. Probably Eur/Usd

3. This forum and forexfactory.com

It's definitely good to get to know most of the pairs. Usually the eur/usd has a couple of good moves in the morning / afternoon. If you like to trade at night forex gives a good opportunity if you can't afford fdax.


Last edited by Itchymoku; October 8th, 2014 at 07:09 PM.
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  #34 (permalink)
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budfox View Post
That does take a lot of time though...... trading itself takes shtload of time, I dont know where you will find time to run a business AND flip houses. I couldn't.

I was flipping cars for a while, but then I decided I need more time for my trading.

I run a marketing business, buy and sell real estate (actually looking at becoming a broker), I sell insurance, I trade futures and will start trading stocks soon. I also sit on an executive advisory committee for a small business.

I also have investments in other small business that I have no part of. The reason is that all of this will create cashflow and build wealth. Some will work some won't, but in the long run they will pan out.

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  #35 (permalink)
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tturner86 View Post
I run a marketing business, buy and sell real estate (actually looking at becoming a broker), I sell insurance, I trade futures and will start trading stocks soon. I also sit on an executive advisory committee for a small business.

I also have investments in other small business that I have no part of. The reason is that all of this will create cashflow and build wealth. Some will work some won't, but in the long run they will pan out.

I think the key is enjoying what you do. If you enjoy what you do it doesn't feel like a hassle. The job title of having a marketing business, selling insurance and real estate etc. probably sound monotonous to people who don't do it because they don't see the joy in it. Am I right?

About not seeing highly successful traders, I think reason you don't see a lot of millionaire traders who actively trade retail because most of them eventually opt out to run small businesses. I think at a certain amount of money people feel that they may want a change in career and the money opens doors. It's great to be your own boss with trading but sometimes people want to work with others after years of doing everything alone. At least that's my take on it.


Last edited by Itchymoku; October 8th, 2014 at 07:31 PM.
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  #36 (permalink)
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tturner86 View Post
I run a marketing business, buy and sell real estate (actually looking at becoming a broker), I sell insurance, I trade futures and will start trading stocks soon. I also sit on an executive advisory committee for a small business.

I also have investments in other small business that I have no part of. The reason is that all of this will create cashflow and build wealth. Some will work some won't, but in the long run they will pan out.

Diversification?


How do you manage all of that? and have time to race motorcycles?


How many hours a day you spend trading (if you dont mind me asking)

Thanks.

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  #37 (permalink)
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budfox View Post
Diversification?


How do you manage all of that? and have time to race motorcycles?


How many hours a day you spend trading (if you dont mind me asking)

Thanks.

At least the opening 2 hours.

I don't race any more. Scheduling is key. But if something is a priority then you will do what it takes.

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  #38 (permalink)
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Itchymoku View Post
I think the key is enjoying what you do. If you enjoy what you do it doesn't feel like a hassle. The job title of having a marketing business, selling insurance and real estate etc. probably sound monotonous to people who don't do it because they don't see the joy in it. Am I right?

About not seeing highly successful traders, I think reason you don't see a lot of millionaire traders who actively trade retail because most of them eventually opt out to run small businesses. I think at a certain amount of money people feel that they may want a change in career and the money opens doors. It's great to be your own boss with trading but sometimes people want to work with others after years of doing everything alone. At least that's my take on it.

No you are missing something. Most wealthy people realize they are not qualified to manage their money. And when you get to a certain point it becomes more about wealth protection then generation.

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  #39 (permalink)
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budfox View Post
Did he pay for that porsche from the money he made in trading forex or selling rubbish?


I hope it was the former not the latter.

If I recall correctly he/they state that he has made millions "FROM TRADING." So unless they are lying, or I am remembering incorrectly, I believe it's the former.


tturner86 View Post
And actually the goal should be to create multiple revenue streams that generate you cash monthly. Whether that be trading, real estate, or business.

Absolutely. No need to be a one trick pony. True extreme wealth comes from many different streams.

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  #40 (permalink)
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Itchymoku View Post
I think the key is enjoying what you do. If you enjoy what you do it doesn't feel like a hassle. The job title of having a marketing business, selling insurance and real estate etc. probably sound monotonous to people who don't do it because they don't see the joy in it. Am I right?

About not seeing highly successful traders, I think reason you don't see a lot of millionaire traders who actively trade retail because most of them eventually opt out to run small businesses. I think at a certain amount of money people feel that they may want a change in career and the money opens doors. It's great to be your own boss with trading but sometimes people want to work with others after years of doing everything alone. At least that's my take on it.

Also, most of the retail traders you come in contact with are on forums, that were designed to attract people seeking advice/help/attention. The ones who are successful wouldn't waste their time on trading forums, although, futures.io (formerly BMT) is genuinely a good trading forum.

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