Pay off mortgage trading ?

advfntrader

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has anyone actually done this ?? we all know how many sites and people are pushing "trade for a living" "earn 100k per year from home" etc....:whistling

any successful traders on here actually made some serious money and paid off the mortgage etc ??? (y)
(or is this just an unachievable dream that we get sold...)
 
Of course some have made fortunes from trading, so it is possible. But I bet if you look at most of them they a) got trained properly (can be self trained) and when I say properly I mean 1-5 years and b) worked very hard.

Contrast that with the 'get rich via trading from home' scammers. 90% of them tell people what they they want to hear, ie little or no training is needed plus you'll only have to work 10-20 mins a day. Then you can 'spend more time with your loved ones' :)
 
has anyone actually done this ?? we all know how many sites and people are pushing "trade for a living" "earn 100k per year from home" etc....:whistling

any successful traders on here actually made some serious money and paid off the mortgage etc ??? (y)
(or is this just an unachievable dream that we get sold...)

For the majority of people I think the above "dream" is a pile of bowlocks:whistling
 
yes thats my point....is it all one big scam an ultimately the only winners are the brokers !!! where are all the rich Fx traders ?!?!
 
I've paid off my mortgage trading houses but that's not what you mean!

What I have done with share trading is bought a small farm and equipped it.
With recent rises in Amerisur Resources this spring I have bought tractor, harrow and flail mower.
The next steps are new roof for the cottage and repairs to the barns.
It can be done!

PS: Second guessing the Market is hard but nothing compared with second guessing the weather and I've lost a lot of crop this spring to the drought>
 
Of course some have made fortunes from trading, so it is possible. But I bet if you look at most of them they a) got trained properly (can be self trained) and when I say properly I mean 1-5 years and b) worked very hard.

Contrast that with the 'get rich via trading from home' scammers. 90% of them tell people what they they want to hear, ie little or no training is needed plus you'll only have to work 10-20 mins a day. Then you can 'spend more time with your loved ones' :)

This is right on. I think for most people it takes years before any profits can be achieved. Even if you are following someones advice, and even if that is good advice! So #1 thing is learning on your own for several years. Having someone to look at for good advice is still not a bad idea, it is just going to take your own self discipline that you learned through experience to become successful imo.

As far as the 20 minutes a day I get that question often lol. Reality is that it has been 20 hours a day for a long time! Weekends are welcomed because the markets are closed :LOL:

With that said, I have been able to make a nice living soley off trading for many years now. Cars, house, boat, etc all paid for by trading. It can be done, just don't expect it overnight :)
 
I did reply earlier then deleted it as I thought better of wading into this one, but to inject a slightly positive note into what must by necessity be a largely negative set of responses:- Yes, of course.

But knowing that it is possible is probably less help than would be expected. In fact, (and part of the reason I pulled my earlier post) it may actually convince some that were on the verge of getting out with their shirts, or of not going into in the first place, to charge right on in. So I many be doing some a disservice. C’est la Vie.

The vast majority of those starting out trading do not turn a profit, or even end up flat. This one has been done to death and this thread may end up being another one that goes through all the convictions, assertions, beliefs and myths regarding the percentage of profitable to non-profitable traders. In which case, it’ll be all new to the newbies and fun for the older hands to sit back and watch all over again.

I’ve had my views modified over the years by hard data and I now realise there are approximately as many profitable as non-profitable traders at any given time. I’m specifically discussing independent retail traders only. The pros can talk for themselves, but what I’m going to say next may well strike a chord with them too.

What does change though from moment to moment is the composition of these two distinct sets. Take a snapshot 6 months later (maybe a couple of years for you pros) few of the profitable traders will be the same profitable traders from 6 months back because some of the previously profitable traders will now no longer be. And few of the non-profitable traders from 6 months back will still be in the game. A ‘fresh’ set of non-profitable traders come in to replace the old guard of blown accounts and crushed dreams. LOL.

However, a few do make it and make a living from it. And a very few of those few manage through either fluke or luck or divine providence or whatever (if ever I find out I’ll bottle it and sell it – trust me on this) get to go the extra mile and make enough to make me blush. I don’t have the answers. Any of them. All I can do is provide is the occasional insight as they occur to me in what made the difference for me. I notice others in this position struggle with this just the same so I guess it’s a problem of identifying sensible and valid distinctions rather than intelligence, eloquence or intent.

Having got to a comfortable position with my trading, I got into a comfortable position with the money. Many think it is going to be or should be the other way round. I spent a small fortune learning the hard way, but luckily had sufficient disposable through other income streams to stay in the game. But I blew up big time, a number of times, before finally finding my groove. I guess apart from having the capital, you also need the willingness to get back in and do it again. That’s not just each time you blow up, but even down to (especially down to) those tiny blow ups which are the losing trades. You need to keep on keeping on. You need to find what’s working and what isn’t. Developing and utilising the former while checking what you can salvage from the latter before ditching it. It’s an on-going process. Until finally, you find yourself back where you started and you kick yourself hard for being such a derrière. But how to get there? For the couple of others I know personally in the same position, we all share a passion for the art of the trade and the hours we put in, then and now, are not under duress or pressure or force, but out of the pleasure of doing what we do. I guess that’s a big part. Vocation. Passion. Capital. Intelligence. Perseverance. And ultimately, Basic Simplicity.
 
Let me emphasise the often overlooked but blindingly obvious when you stop to think about it:
You can only make a profit if someone else takes a loss.
So, if you draw a normal distribution curve of those who trade the markets one way or another, most at the extreme low end of the curve either cease or freeze and walk away.
Those at the extreme high end pay for yachts and private planes out of winnings.
Deciding where you are on the curve is tricky and not many are willing to take a detached look at the amount of both money and time that they throw at winning.
Sometimes you can spend too much time trying to crack it and there might be a benefit in stepping back and giving it some space.
Its as easy to fall in love with a method as it is with a share and love really is blind.
The rewards are there for those that stick at it and don't pay too much for their mistakes.

Yep it all sounds a bit trite and you are probably humming: "You gotta know when to hold em, know when to fold em" already ....but don't overlook the simple truths
 
I seriously doubt the normal distribution curve holds for either numbers of profitable/non-profitable traders or for the ultimate distribution of total capital traded.
 
A fill can come from another participant closing a profitable position and therefore, its incorrect to think that ones profit comes from someones loss.
 
A fill can come from another participant closing a profitable position and therefore, its incorrect to think that ones profit comes from someones loss.
A fill isn't a profit. It's a fill.

And make no mistake, all the losses are equal to all the profits less transaction costs/spreads (which are broker profits of course).
 
A fill can come from another participant closing a profitable position and therefore, its incorrect to think that ones profit comes from someones loss.

I was talking to a friend about this before, lets just say i bought £100k worth of shares and then overnight they plummeted so the remaining value was only £50k.... if i sold them on that day, where has my money gone? My mate reckons that the £50k losses would of simply vanished in to thin air? Surely it can't be that? I thought its something to do with the person you bought them off must of profited etc
 
I was talking to a friend about this before, lets just say i bought £100k worth of shares and then overnight they plummeted so the remaining value was only £50k.... if i sold them on that day, where has my money gone? My mate reckons that the £50k losses would of simply vanished in to thin air? Surely it can't be that? I thought its something to do with the person you bought them off must of profited etc

What vanished into thin air is the realised value of the stock. Actual money did not vanish and the person you bought from does not necessarily profit financially.
E.g., in a 2 person world, you had £100k to start with and the other person 100k shares. After buying and selling you have £50k and the other person £50k + 100k shares = £100k and 100k shares in the world still. The other person does not make a financial profit since they have £100k which is what they had at the beginning.
In a 3 (or n) person world you had £100k to start with, person B had 100k shares, and person C had £50k (or whatever). If person C buys the shares from you, in the end you have £50k, person B has £100k, and person C has £0 + 100k shares = £150k and 100k shares still in the world. This time person B makes a £50k financial profit and you make a £50k financial loss.
In any case, zero-sum game all around as TheBramble pointed out earlier.
:)
 
Thanks that clears it up, i couldn't quite get my head round it... i thought there was a reason
why people often get stopped out and then it goes in the way they originally thought, as if they
are trying to stop people out, i remember reading this anyway.. but thanks, that explains it :)
 
Even when there is nothing more than a movement in stock price which revalues two investors’ portfolios without them trading anything themselves, it’s still zero sum.

Say you sell 100 shares @ $10. Somebody has bought 100 shares a@ $10. (OK, this isn’t the real world…)

Some dick head sells just 1 share @ $9 and the entire holding you sold to numpty for $1,000 drops by 10% in value.

You have made an implicit profit in direct proportion to your purchaser’s loss by NOT holding that stock which you sold to him.

When stocks plummet, the money doesn’t simply vanish. It’s sitting in the pockets of the dude who dumped it on the numpty just before it took a dive.
 
has anyone actually done this ?? we all know how many sites and people are pushing "trade for a living" "earn 100k per year from home" etc....:whistling

any successful traders on here actually made some serious money and paid off the mortgage etc ??? (y)
(or is this just an unachievable dream that we get sold...)

I actually paid off my mortgage completely before risking any money in trading. I was under no illusion about the potential wealth trading could bring me. Instead, I took the most pessimistic view about trading and like Jesse Livermore I thought it would be prudent to protect myself from myself, so to speak.
 
That's good news NT. Less than a year ago you couldn't give up your shift work and now you're debt free and own your own house. And maybe even more.

You see guys, it can be done!
 
I dunno...some people...can't stay away can they? Whether by force or choice...:LOL:
 
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