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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.
Can you help answer these questions from other members on NexusFi?
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?
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.
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
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.
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
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.
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.
Absolutely. No need to be a one trick pony. True extreme wealth comes from many different streams.
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.