FCM_CEO posted: @paulshawtrading either you're a pretender-spender, or you're terrible at wealth management. Either way, your grammar is terrible is not of someone who's doing business very well. You should concentrate less on impressing people on the internet, and more on finding direction and developing goals.
Side note: Warren Buffett still lives in the same 5 BR home he bought (not brought) in 1958. He also doesn't waist money on unnecessary toys like yachts or sports cars. While approx. 70% of all NFL players (1M+/yr) are bankrupt within 2 years after retirement. It's called frugality, look into it.
most traders are very careful with what they spend if they trade there own money. only lavish traders you will see are living of commissions and salaries. They still get commission even if performance is negative. My buddy made 1.5 mil in coms last year for a bank and he told me he never made them a single penny apart from SWAP fees and Libor.
paulshawtrading posted: ha ha ..... the thing about trading is you meet all types of people. Some are nice and need a little direction and it gives me enormous pleasure to help these people. I remember the days when I was losing money and would have loved a mentor. Then on the other side you meet complete tossers .... such as yourself..... who lash out without having all the facts.
I trade full time ... I MAKE MONEY FROM TRADING ..... I have a multi-million pound property portfolio, the Ferrari is real and its mine, I live in Spain and UK and after 30 years of hard graft ... and never putting anyone down or harming anyone along the way, I am now able to enjoy the benefits of my hard work.
I suggest you spend more time on your trading and less knocking the genuine successful guys .... then perhaps you can upgrade your Nissan Micra
@paulshawtrading well you might be talking true but what do you do - being a millionaire - here on MFB. No account just mambo jumbo how successful are you. Really why do you waste your time with our common mortal guys?:)
mariav posted: I am just a newbie that is why I can not trade for living cause i might become a vagabond very soon 😁 but I am trying to once make it my main occupation cuz i really enjoy it😳
you can do it well done, its always challenging. Even if you get to the stage of 70% win ratio you will still find times when you just loose confidence in yourself. Its just human nature, but its all worth it. Having your own independence from some crabby old boss. You have to learn to budget life style as well. Same as you budget risk in trading. its pointless making 2 k a month if your cost of living is 2 k. if your cost of living is 2 k you need to be making 3 to 4 k in your account.
you will be fine, theres not much tools out there, you just make the choice plain charts, Fibs and pivots rest is just recognising sentiment and patterns and harmonic structure. Enjoy bro plenty of good people out there who share for free. Stay away from those who claim golden nuggets, eat the green pips and discard the red ones swiftly
@paulshawtrading smh. I have known that I wanted to work on the markets since I first learned about them in 8th grade in H.S. and because of that, I spent all of my free time studying and doing 'hypothetical' trades. I worked (on top of playing sports) to save up as much money as I could so I would have the capital to trade when I turned 18. My first trade was in November of 2008. I put $3000 into Ford at $1.18/ share (I think that was the exact price) and held it until November of 2012 and sold for $16 and some change. A few minor trades later, some losers, some winners, I pushed all in (roughly $38k) for MDBX (Medbox) this past December @ $8.11/share (which is actually still it's 52 week low) and sold a few weeks later @ $68/ share, but it was still climbing so I actually had shares close at a couple different prices which averaged $74/share. It eventually climbed to make a new 52 week high around $94/share, but I was more than pleased at the profits I'd realized. Now, that's not what I do with investor money, but instead MY own capital. Around 3 years ago, I ran into the CEO of Forex-CTA, Barry Taylor and (without knowing who he was or his title) we started talking markets and such. I pulled up my portfolio on my phone to show him my then-current positions (and brag about my big trade with Ford) and he ended up offering me my family (wife and 2 kids) a home around his newest office location in Knoxville, TN, a free unlimited mentorship, and if (after trading multiple demo accounts) I was to be able to perform, help securing my qualifications to be a CTA. So, we relocated and I went to work learning a completely new market to me. I learned and executed Dr. Alexander Elder's 'triple screen' strategy along with my own version my unique combination of a couple different strategies. At the end of my 'training', all of only 90 days, I was ready and took on 2 client's accounts; 1 with initial investment of $100k even, and the 2nd with $340k initial investment. The details of the contracts we had with these particular clients were: 2.5% monthly ROI paid 7.5% quarterly with a maximum of 15% maximum risk, with FCTA keeping anything over the 2.5% ROI, 50% of which would go directly to me. I was not only able to perform, but performed so well that within a matter of months, I was in the account manager of those same 2 plus the largest account held by FCTA, valued at $2.4M. This may not seem like much too some of the other, more experienced, professional traders, but it was huge to me.
My point here isn't to brag, or boast..but to prove a point that I had put myself in a situation to pay CASH for 6-figure toys at any time, but instead, I knew the importance of practicing good money management skills in all areas life, not just when I was at the office. When I see a financial advisor/ money manager/ broker/ or trade advisor boasting out loud with unnecessary purchases and spending, I can't help but think they're either uneducated, undisciplined, or out right fakes (Ponzi scheme types). The reason that schemers display the life of luxury is to draw in more investors because they don't have the verified trade history to actually show results with. I would honestly rather find out that you're a struggling trader who's developing their skills and just boasting/ lying about buying a Ferrari instead of the scary idea that you're actually in charge of the risk management strategy executed on someone else's hard earned capital.
@Dennis146855 I covered one other scary, but real type of luxury spender in my most recent post to paulshawtrading. What I don't understand about him isn't his prortfolio's lack of accounts, as I am only interested in sharing the strategy used on my client's accounts if I am speaking to a potential investor. My concern is his claims to success seem to be uneducated in the laws, regulations, and fundamentals surrounding forex trading. Such as, he couldn't have been actively trading funds on the forex market for anywhere close to 30 years, and assuming his accounts are from clients attained in the U.S., he uses a U.S. broker, or he himself is a U.S. citizen, then he would know that in accordance to NFA regulations, all clients accounts are to be segregated, and 'Paul Shaw Trading' isn't a legal name for a company doing business on the 'spot' forex market or forex futures market. Along with the concerns that I expressed in my most recent reply to him.
yes your right, i have only known 3 profitable traders in my entire 18 years trading experience. The best funds in the world make 25% max a year. And most other temporary profitable traders, who make big money hard and fast blow up in under 3 years. frorm 350 k to 94% draw down.
You need massive capitol to make big money because you have to control risk. I only trade in most part 0.01% per every 10 K of Equity.
Basically that means if your account is 10 k the value of one pip to me would be 1 usd. Eventually you will reach 100 k then subtract by half on the formula. So instead of 100 k account trading on 10 usd per pip, role it back to 5 USD Per Pip. Off course thats based on initial entry, If you up 20 scale on.
Pure traders on there own account don't make like loads its a myth but they make a reasonable living based open there account size. But some get lucky on that trade of trades when you went in deep. Everyone needs a catapult be patient you will get it.
to close the week if you go back to the eur jpy chart I posted a few days back as the chart says stay long target the 137 50 138 area and here we are at the weekend close at 138. point is no indicators no FUBAR just plan charts have everything you need to know. Its the only trade i did all week. Long EJ and a few scalps long of UJ riding the back of the EJ trade. Just keep it that simple. Hence daily chart has support 136. sit back do nothing and wait. Dont go in early wait wait wait, and thats the trade. Next week I will see if EJ can pull-back to 137 50. Ultimately I wanna add a trade long at 136 next week 4 hour cycle
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