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Can the real traders please stand up
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Elkart

Členom od Aug 01, 2009  941 príspevkov Elkart (Elkart) Feb 20 2010 at 00:49 (upravené Feb 20 2010 at 01:06 )
I'm a global hillbilly. I do two things. I trade and I dive. If I'm not trading it's because I'm on a ship and if I'm not on a ship I'm trading. In fact now days I trade even when I'm on the ship. But ironically the ships happen less and less. Yet the traveling is more and more. Haven't been home for over a year now. I write to my car every month.

This lifestyle has taken me around the world, as far as I can tell, at least twice. Over the years I've met many people that I got to know on forums. I make a point of meeting up with traders I speak to when I'm in their area. And that's how I ended up once in the Singapore library staring at a Bloomberg terminal with a real trader. Only a poor trader would know there's a Bloomberg terminal in a library in Singapore. Cause that's the trader who made a plan to get what he needs.

He's not a wealthy guy. Has about a 10k account I think. Every month he does about 50% on that. Covers his bills. Keeps the family alive. Singapore is expensive, so ends just meet. Not much work for an aspiring trader due to the global crisis. And every month, he does 50% again and again and again. I can't do that. Practically no one can.

Then there's my German friend. Same thing. Every month it's hand to mouth in fx. And then there's......the list goes on.

So last night I have a 'fund manager' who can't make 1% in three months, try justify his existence by saying 'you don't know how macro funds work'. He talks down to me. Because I know 'less' and use stupid Metatrader. Somehow having a 'fund' makes it's acceptable to not perform? Not only acceptable, but desirable. And then 'people' complain because I'm being belligerent.

I know about funds. Madoff had one. LTC was one. Enron had some. All wealthy outstanding citizens and corporations.

Metatrader might have bad rep. But it has done one thing. We no longer have to hand over our money. We can keep it in our hands. Out of the hands of those who will take it and stick enough of it in trust funds so they can live rich while the fund goes bust.

I'm a wild card. But I'm a real trader. I make my money from trading and diving. Not from taking advantage of other people. And I am proud of that.

The best traders in the world no one hears about. It's the guy in the Singapore library (walk in there any time of day and you'll see one or two hanging around waiting for the terminal), it's my german friend. It's the guy who pays his bills every month, the guy that has to take the trade to eat. It's that Malaysian dude trading $100 to $200 and the Indian dude that heard he can make $100 a month using forex and struggles for 5 years to do it.

Those are the guys I respect. Not Mr. give me your money so I can take advantage of you. I call it the way it is. A spade is a spade. And with a little bit of luck, a lot of practice and good old stupid metatrader we might just be able to change a few things.

Chang beer is evil.
pc8multifx

Členom od Sep 04, 2009  861 príspevkov pc8multifx (pc8multifx) Feb 20 2010 at 13:13
Metatrader may have its flaws, but it has revolutionized the (CCY) trading world over the last couple of years, at least for us, the private traders, bc its causing an healthy competition between brokers offering mt4.

 And that's the most important part IMHO.

Never before we had such a variety of MM,NDD,STP, ECN look a like and real ECN mt4 broker to choose from. This gives me the opportunity to test every strategy on all of them and I can see what fits best. That's trading paradise for me...

 Long live mt4! smiley

klaatu

Členom od Nov 14, 2009  10 príspevkov WOOOOOBIEWOTWOT (klaatu) Feb 23 2010 at 08:19 (upravené Feb 23 2010 at 08:23 )
Its one thing to risk 1k - 10k and make 50%... it's another to risk a hundred million to make the same. Different worlds. Real Forex desks work in many different ways.. what is the point in claiming one is more 'real' than the other? Did the fund manager beat you up?

expect nothing
cateful

Členom od Dec 19, 2009  87 príspevkov Fill or Kill (cateful) Feb 23 2010 at 09:14

klaatu posted:
    Its one thing to risk 1k - 10k and make 50%... it's another to risk a hundred million to make the same. Different worlds. Real Forex desks work in many different ways.. what is the point in claiming one is more 'real' than the other? Did the fund manager beat you up?


LOL.

Elkart

Členom od Aug 01, 2009  941 príspevkov Elkart (Elkart) Feb 23 2010 at 09:50
No. Not at all.

I can't say what I want to. I'm to passionate about this subject. I said my bit and from here on I'm lurking. Just here for the stats.


Chang beer is evil.
WhyLose

Členom od Feb 16, 2010  99 príspevkov Lion Asset Management (WhyLose) Feb 23 2010 at 10:45

Elkart posted:
  Singapore is expensive, so ends just meet. Not much work for an aspiring trader due to the global crisis. And every month, he does 50% again and again and again. I can't do that. Practically no one can.


It was 10$ for a beer at Raffles last year. Crazy money. But 50% every month. Come on!! I'm delighted with 5%.

Time is more valuable than money. You can get more money, but you cannot get more time.
Elkart

Členom od Aug 01, 2009  941 príspevkov Elkart (Elkart) Feb 23 2010 at 11:57 (upravené Feb 23 2010 at 12:02 )
You know 'Live', the rock band?

They went there. Played in a bar. In US they fill stadiums. That still blows my mind. Imagine stumbling around the place looking for a beer, you hear some tunes and walk into the bar to find one of the biggest rock bands in the world playing...

Night life is awesome, but to participate properly you need serious cash. Easy to blow $1k in a night there....

Chang beer is evil.
PipCollector

Členom od Jan 05, 2010  92 príspevkov PipCollector Feb 24 2010 at 16:16
Hi Elkart.

Obviously different people have different views as to how you define a forex trader.

The 1% return for 3 months does sound like it's not worth the time spent to make it, however as your investment grows, the return you're targeting for decreases - it's an inverted correlation.

50% on a 10K account sounds good, but won't be practical on an account of 100K and more.

I'm sure anyone here thought of himself at some point as a trader, or else he wouldn't waste his time with forex.


Patience is a virtue.
pc8multifx

Členom od Sep 04, 2009  861 príspevkov pc8multifx (pc8multifx) Feb 24 2010 at 16:35

PipCollector posted:
    Hi Elkart.

Obviously different people have different views as to how you define a forex trader.

The 1% return for 3 months does sound like it's not worth the time spent to make it, however as your investment grows, the return you're targeting for decreases - it's an inverted correlation.

50% on a 10K account sounds good, but won't be practical on an account of 100K and more.

I'm sure anyone here thought of himself at some point as a trader, or else he wouldn't waste his time with forex.





Its practical, believe it or not....that's why I spend my time with forex trading. 1% ROI in 3 month is a bad joke, even on a bank acc u can get this w/o taking risks

Mikeyroll

Členom od Feb 20, 2010  3 príspevkov The Money Factory (Mikeyroll) Mar 02 2010 at 11:58
I agree with pc8multifx. I used to make 8% a month trading equities. 1% in 3 months is terrible. That's 4% a year. I moved to forex because I got tired of having to maintain a $25k balance to daytrade. I can trade with much less capital and move my other funds elsewhere.

50% on a 10k account is just as practical on a 100k account or more. There is plenty of liquidity in the market. I started with $4k. It took me about a month to get my trading system/strategy down after switching to forex. I think I can do about 15% a week with little risk. We'll see how it goes this month using the same techniques and strategies I used in February.

If it works, use it.
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