Is it really possible to make money in this trading lark?

This is a discussion on Is it really possible to make money in this trading lark? within the First Steps forums, part of the Reception category; ersatz99 That is very cute, I would not expect anything less from those that choose to believe that they are ...

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Old Oct 18, 2004, 9:49pm   #41
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ersatz99

That is very cute, I would not expect anything less from those that choose to believe that they are king of the hill. There are a few traders that make real money out there and they normally have one thing in common - the WILLINGNESS TO LEARN WITH HUMILITY.

Trader 333,

He accepts that some of his trades will cost him money and that he cannot be right all the time. Once his stop has been hit he views it that his strategy was wrong or that his assessment was wrong (in the end, they add up to the same).

As you well know, many of us will see a market/share falling and try to pick the bottom, he avoids that at all costs. He will only buy in such a situation when the market clearly turns in the other direction as opposed to forcing the issue.

One of his favourite sayings to me is that he is trying to take money from other people and he realises that they are not stupid or naive and more importantly, he is of the firm belief that a lot of traders out there are better equipped than he is (ie. more information available to them; better educated and have a better working knowledge of the financial markets).
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Old Oct 18, 2004, 9:51pm   #42
 
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At this rate, in another 6 months, he will own the whole earth and everything on it!
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Old Oct 18, 2004, 9:51pm   #43
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Gotgold,

I am sure you would, but you forget that it is his private business and he does not need to prove anything to anyone but HIMSELF.
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Old Oct 18, 2004, 9:53pm   #44
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You forgot the rest........and all that dwell therein.
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Old Oct 18, 2004, 9:54pm   #45
 
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Old Oct 18, 2004, 10:08pm   #46
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GotGold,

You are a factor of 10 out it was £500 to £2M


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Old Oct 18, 2004, 11:46pm   #47
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What doesn't quite tally is how this financial whizzo with so much experience managed to have only 500quid to trade with.After all these years was he struck by lightening and finally found the 'enlightened road to riches'?
It doesn't quite add up but since he's bought this lovely house in 'CASH' and a few Buy to let's as well......... it must be true.
I think he'll be selling his secrets shortly too so we can join the party of turning £500 into 2mill.
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Old Oct 18, 2004, 11:52pm   #48
 
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Just think, with this rate of return you could make
£50,000 from a FIVER,
£5000 from 50p
£500 from 5p.
£50 fom half a pence!
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