The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

I'm going to be RICH Day Trading FOREX!???

V8Bill

Gold Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
334%
Feb 9, 2012
642
2,144
Australia
Yeah but it's so much fun! I've yet to find consistency so my bets are small but I've doubled my account many times in a single day (5 times is my record). I do get hammered on all the small losers (I cut losses as short as I can) but the possibilities are mind boggling. All I need is 20 doublers (net) and I'm done. That could happen in 20 months, 20 weeks, 20 days or 20 trades. I know it's silly but as far as money sports go it's got me by the booboo and just won't let go. I do throw my pen into the air and quit often though. Sometimes several times a day lol but I've yet to see anything more powerful than day trading FX and there's plenty of room to play within and around the monsters' feet.

I think the hardest part is trading alone. I think the way forward is team trading but I know...I'm living in a fantasy world. Still, doubling daily is a tease that keeps tickling my fancy. For now it's just playing but I still love it.

Back to watching...
 

Gareth

Bronze Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
291%
Nov 25, 2016
106
308
57
If you enjoy it do it.

Some interesting stuff from the video...

90/90/90
90% of traders lose 90% of their accounts in 90 days

% Chance of success on a day trade is 20%.

Retail Brokers
Conflict of interest because they make money when you lose. Many identify losing traders and automatically take opposite positions via their platform.

Educators
Incentive to teach methods and mindsets that promote traders losing as they partner with Retail Broker
 

V8Bill

Gold Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
334%
Feb 9, 2012
642
2,144
Australia
90/90/90
90% of traders lose 90% of their accounts in 90 days

% Chance of success on a day trade is 20%.

Yeah, I don't believe those stats for even a millisecond. They're empty stats that anyone can make up to either sound dramatic or to push their agenda. No one asked me how I went in my first 90 days or how much I traded in those 90 days or what trades I did or what education I took or anything. How do they even come up with a crazy irrelevant stat like a "chance of success" and 20% seems like an awfully convenient round number. What does it even mean? Does it mean that any day trade has a success of only 20%? That would be impossible to calculate. What if I did 20 trades in one day and my biggest winner out valued the 19 losers?

He's trying to scare people but why? What's in it for him? I've done more "impossible things" on the options and FX markets than anyone would believe so I stopped listening to nay-screamers long ago. It is tough though and I've yet to nail FX but it's fascinating and the amount you can make is unlimited as long as you have goals and know when to quit. If the market only moves 800 points on average and your strategy relies on needing 1,000 points every trade then yeah the odds are against you but a better trader might have been very happy with 200 points (I've doubled my account with less) then the same move or even the same trade was a winner for one trader but a loser for another trader.

It's hard - but it's not as hard as they make it out to be. You just have to learn what to expect and when to take a profit and more importantly when to take a small loss because (as they say) "I've never met a big loss that didn't start out as a small one." I've lost more money wanting the market to do something than I have by accepting what it wanted to give me graciously.

Just sayin, stats can say anything - especially when they make them up. I bet if 5 or 6 of us put our heads together at the same time we'd clean up. It's not the tools fault if you don't know what to do with it. I've seen people trade 1,000s of lots and the market didn't even blink and I've traded .01 of a lot and found myself screaming "CONSPIRACY!!" because it looked like the market was instantly focusing on taking my money. I don't know how or why a broker would pour the millions and millions of dollars it's take to move the market a few points just so I can lose my $2 bet. It's just doesn't stack up.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Gareth

Bronze Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
291%
Nov 25, 2016
106
308
57
He's selling his courses that is obvious.

But the message is actually a good one.

Don't blindly follow. Learn how professional traders trade.

I think that the trading world can be similar to the IM world.

A lot of people selling get rich easy and quick.
 

Gareth

Bronze Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
291%
Nov 25, 2016
106
308
57
A friend of mine worked in the trading area at an energy company here in AUS (IT Dept). Energy prices are affected by weather. The said company had a consulting contract with the BOM (Govt Weather Dept) to get the inside info on expected weather. No surprise that big players have access to info the public doesn't.

But this doesn't stop regular people from making money trading.
 

V8Bill

Gold Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
334%
Feb 9, 2012
642
2,144
Australia
You're right and that's actually how I fell into it (not get rich quick - but make money quick) but once I saw the real power I quickly discarded "advice" and just went for it with my own methods and strategies trading what I noticed and saw 1) how easy it was to trade (super simple - anyone can do it) and 2) how powerful it was. But, like I said, I'm no pro and I haven't nailed it yet but I make a nice little regular 100% passive income from being an IB (introducing broker) for other trades and I make a few bucks for every lot they trade. At one stage I was making a few hundred dollars a day win or lose but there's no control so it's not fastlane and neither is day trading directionally but still...fascinating. I'm not giving up on it entirely...yet.

It's not get "rich" quick without defining what they mean by rich but it sure is make money quick. But when I really stop and think about it I can;t think of any of the courses I've done that didn't start off by saying it's not get rich quick. They all warn you heavily to take it easy and practice, practice practice with demo before using real money. Most of the courses I see want to show you how to make slow money.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

V8Bill

Gold Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
334%
Feb 9, 2012
642
2,144
Australia
No surprise that big players have access to info the public doesn't.
Yeah, they do. But we don't need it really. I just hop on what's moving (like an escalator) and get off when it turns or at least that's the plan...lol
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top