What do you wish to achieve through forex?

I want to pay my mortgage off early - how boring zzzzzzzz

ScottyCarsonMVP posted:
I want to pay my mortgage off early - how boring zzzzzzzz

Sounds good to me!

No one wants to become a millionaire or billionaire through forex trading?

This is a lesson I wish I had learned earlier. Excessive leverage can ruin an otherwise profitable strategy.

Let's say I had a coin that when heads was hit, you would earn $2, but when tails was hit, you would lose $1. Would you flip that coin? My guess is absolutely you would flip that coin. You'd want to flip it over and over. When you have a 50/50 chance between making $2 or losing $1, it's a no-brainer opportunity that you'd accept.

Now let's say I have the same coin, but this time if heads is hit, you would triple your net worth; but when tails was hit, you would lose every possession you own. Would you flip that coin? My guess is you would not because one bad flip of the coin would ruin your life. Even though you have the exact same percentage advantage in this example as the example above, no one in their right mind would flip this coin.

The second example is how many Forex traders view their trading account. They go 'all-in' on one or two trades and end up losing their entire account. Even if their trades had an edge like our coin flipping example, it only takes one or two unlucky trades to wipe them out completely. This is how leverage can cause a winning strategy to lose money.

Searman posted:

harnick posted:
i wish to achieve- my kid's college funds and no debt.

Sweet but forex might eat you up. You need to be very careful with the limited funds you have. try diversify in the ranges of risk.

i know, i have invested in various sectors and diversify it as much as possible.

I want to make so much money so that I can visit the best places of this world, with complete luxuries 😄

I only wish to be a professional trader that can make 80% win and 20% loss. All I want to be in forex field is just a Professional trader but what I lacks now is a grate tutor.

For me it's all about freedom. I can choose to work *if* I want, but I don't have to. I can go fishing or golfing every day if I want to.

Though forex is hard, it is not that forex trader should afraid of future income, trading risks and losses due to uncertainties associated with forex. Yes, every business has many uncertainty factors which a merchant needs to cope with. Similarly a trader must try to realize that everything has a start and he should start his business of currency exchange with legal and authentic broker that will provide adequate service with safety.

Everyone comes to the Forex market for a reason, either to become professional trader or solely for entertainment. I wish to become expert of Forex trading and know all the technicalities,risk management and to cope with emotions come while trading.

More money and knowledge to become an excellent trader.

Big money helps. It gives you confidence, time and you can use lower leverage. As with all things in life, those with money have an easier job of it than the rest of us

I love to trade in the forex markets. Every time i make a profit it boosts my mood, and i am able to work better on my job. My aim is to supplement my income, expand my earnings and do whatever i wish to do in life. And yes i believe it is definitely a way to become rich sooner or later.

Forex and commodities can be very exciting. But to me that is not the end goal. My end goal is to (-though forex-) over time have bought a sizeable portfolio of shares and own real estate. i wont be trading forex and commodities forever.

during the oil price fall last year. i started with $250 and through high risk(but following the major trend) kept putting in sell orders. one wednesday morning i woke up to the sound off all my sell orders being filled, it was exhilirating and confusing. thinking that i had made $2500 only to realise there was an extra zero at the end.

when that happened my carefully thought out strategy went out the window and i didnt take action. so the $25000 became $15000 which i promptly closed all positions and paid off a tonne of debt i had. but it could have been oh so much better if i had stuck to my strategy. but one lives and learns. have to learn to master your emotions.

My goal now is to make a consistent return on forex using just 1% of my capital per trade. to go from being able to pay rent and bills, to doing that and now buying shares and saving to buy a house. Nothing to expensive and flashy but enough so that i dont have loans and debt.

all this while still keeping my current job until i can truly attempt it full time when my account size is large enough.

To generate more money to lead a lavish life.

I wish to become a millionaire through Fx trading. Lol! Nonetheless as most traders here I hope it adds to my income substantially overtime.

Hope you are focusing on your trading process; nothing is impossible here when you are trading with a good trading knowledge!

trendfollowers posted:
This is a just thread where we can all build castles in the sky..Tell us what you want to achieve through forex..

 

I want to achieve a steady passive income through forex where I can quit the regular 40 hour a week shift

aa33030 posted:
I want to achieve a steady passive income through forex where I can quit the regular 40 hour a week shift

Most of us here sure have the same target, which are we searching for Financial Freedom.