This is a discussion on New here! within the First Steps forums, part of the Reception category; Hello everyone! My name is Matt and I am 24 years old and from the Tampa/St. Pete area. I am ...
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|Feb 2, 2007, 7:41pm||#1|
Joined Feb 2007
Hello everyone! My name is Matt and I am 24 years old and from the Tampa/St. Pete area. I am an estate planner and own a financial services franchise. It is a part of a MLM so, I'm not sure if I want to stay with this company. I love estate planning and building a solid financial foundation for families and business, but I am looking to grow my personal wealth through forex trading.
I am very excited to be a part of this board. I'm hoping to learn a lot of valuable information. I appreciate every single posters contributions to this board.
I am trying to learn valuable information and not start any bad habits. I downloaded the free demo from Freedom Rocks, however, I think it's a Ponzi scam. There have been a lot of successful people in that program, but, that is just not for me, I am already involved in a MLM program.
|Feb 2, 2007, 11:11pm||#2|
Joined May 2003
there's a lot of good stuff on here, so enjoy browsing
|Feb 3, 2007, 5:02pm||#3|
Joined Feb 2007
Thanks for the warm welcome. I need to learn fast because in the financial services industry, people only listen to people with a lot of money. I am, for all intents and purposes broke, lol.. I always made decent money personal training and bartending but you always get sucked dry by those 'friends' who only call you after 8:30 Friday night.
But anyhow, I don't even know what type of returns to expect. Realistically, what sort of returns can I expect? Say I put in $1,000 tomorrow. With a good solid strategy and continuing education, how much can I expect to have after 6 months or even a year?
Many successful people have said that investing isn't risky but thinking investing is risky, is.
I think I'm going to start on the late night Asian open market this Sunday.
Sorry if I'm asking such basic questions, I just don't want to start ANY bad habits.
|Feb 3, 2007, 6:08pm||#4|
Joined Jan 2007
All the best with it, now then you are going against the worlds best traders right? we all are, so what makes you think you gonna put one over on them and take their money?
What's your strat ready for that late sunday Asian kick off? If you know Jack which is fair to assume if you are just kicking off then its fair to say how long will your money last? days weeks?
if you can commit 80 hours solid study a week for 6 months as a starters working on a strat and testing it that would be a positive. Depends how bad you want it mate.
I'm not here to put you off, quite the opposite but its typical for many to go through years of learning especially part time etc. You would be doing very well to have any money left at the end of your first year.
I'd suggest watching the asian for a good few weeks, looking at the market, and thinking whats going on, just watch, unless of course you know an experienced trader who will provide a basic outline of learned,observed gameplay going on in the markets, but i'd expect even this trader would at least want to see evidence of some solid determination on your part.
So id say observe, make notes until you perhaps can see, sense where you are being drawn to, timeframes, type of price action, like breakouts? drawn to buying falling spikes? , selling ramped prices ? longer trend player ? gone in 60 seconds trader ? both ?
I think the strat has to be your own developed and not off the peg, not to suit your own personality but more like you have to go through the stage so you change (adopt) your personality to suit the market environment. That bit can take mucho time. Having said that some people trade strats without the foggiest of whats going on or their own drive to know , this is also o.k. and again something only the individual can ask for the answer of themselves.
But if you go off in the Asian as you are then your gonna very likely get creamed.
And in the spirit of Zenish philosophy, don't take my word for it, go and find out for yourself.
All the best.
"You smell that? Do you smell that? Coin, son. Nothing else in the world smells like that. I love the smell of Coin in the morning."~ Colonel Coin
|Feb 3, 2007, 6:23pm||#5|
Joined Sep 2004
You will find the highs and lows of human sentiment and intention here and that is like the financial markets.
The best way to learn is to get in there do it and find your own way through observation and live experience.
Do not believe anything you read or hear. Open your own eyes and see for yourself. The market is one big auction really - a bit like e-Bay - where fear and greed drive the merry-go-round on its daily orbit around our frail perceptions.
The future ainít what it used to be. Yogi Berra.
|Feb 3, 2007, 6:42pm||#6|
Joined Feb 2007
That's for the brute honesty, I really appreciate it. I need all of that I can get. I just think that you get out of life what you think you're entitled to. I want it bad and I will eventually get it. I'm just trying to gauge realistic expectations. I don't even know what realistic really means in this business.
I think that we confused ourselves too much as human beings. You guys are telling me to tell you what type of trader I am, well, I don't know. I'm not going to discover it, I'm just going to build it, I'm going to create it. I am like a python. I am patient and strategic with my attacks, but when I attack, I attack quickly and fearlessly. I am prepared to lose any money that I put into Forex Trading. I just firmly believe that this is where I belong. My mind is so powerful.. While I don't have the most common sense or book intelligence, I have a persistant passion to always improve myself mentally, emotionally, spiritually, and intellectually.
I'm sure there are a lot of people blowing smoke in this forum, however, I also know that there are some very successful people with great intentions. There are some wealthy people here who are honestly out to help others. My subconcious mind thinks that, and like attracts like. I'll find those people.
I can't thank you all enough for your posts.
Ayn Rand said it rather well. "Money demands that you sell not your weakness to men's stupidity, but your talent to their reason." My talents are finding truth, making decisions slowly, and changing fast.
|Feb 4, 2007, 6:25pm||#7|
Joined Feb 2007
I know this may sound childish but I am so excited.. it's not really the potential money that I see that is available, but rather just the type of knowledge. I feel like I am physically floating above the rest of the world, looking down on it, not in a superior way but rather just a personal achievement. I haven't been able to sleep over the past 3 days because I am so excited about all the information I've read. One thread suggested that I read "Mystery of Banking" and man what a read that was. I understand fractional reserve banking and the rule of 72 and how the banks really clean up, but now I have a thorough knowledge of how money is printed, supply and demand and how shady our gov't really is. I mean, I knew they were shady, but, lol..
I recently went to a convention with my company and one of the presenters presented the question of would you rather have $1,000,000 or a penny that doubles in value every day for 31 days. Understanding the situation, I thought twice and tried to predict the exponential growth of a penny over 31 days and it landed me near $1,000,000.. Upon looking at his chart, it revealed that a penny doubling in value over 31 days is in fact $10,000,000. WHAT?!?! I was $9,000,000 off?!? I am a ****ing idiot! But then I quickly realized that my mind subconciously enters in tax. I was reaffirmed this when he suggested that taxes be taking out ever day at a 28% tax bracket that you'd only have $80,000 or so dollars after 31 days. Taxes took your income from $10 million to 82 thousand!??! I couldn't believe what i saw.. I was in denial.. I had to go back to my hotel room and do the calculations myself.. yep, sure enough..
Anyhow, I am just really excited to be a part of this. I understand that I won't make millions over night, that there are millions of other people who are doing this and not succeeding, but my mind is so powerful that Iwill attract those people who can help me. I have great intentions.. I do.. I aspire to one day start a Wellness Center Franchise where people can go to improve their health without the use of pharmaceutical drugs.. Well, of course, if they want some cialis to turbocharge them in the bedroom, we'll make an exception or two.. Or for men over 35, get them on some Hormone Replacement Therapy..
Thank you all for your contributions to this board, I'm looking forward to learning a lot more, I'm excited, and i'm going to make this work to achieve my ultimate goals in life.
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