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

@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.

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.

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.

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.

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.

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

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.