What's your ambition re trading?

[shadowninja]

I just want to be able to pay the monthly bills without working as i did. Then get enough together to take my family away for a holiday then try and reduce my mortgage to a level where i can just trade to make ends meet with a bit more on the side just in case.

If I'm honest, this is pretty much what I want. If I could earn between £10k and £20k a year just from trading, that'd more than do me. Actually, I'd be putting away about £10k in the bank a year, such are my outgoings.

 

[charliechan]

I will find it hard to hear that the following points are not the aims of at least 90% of full-time traders:

i- To become very rich individuals
ii- To be their own BOSS

Rod
The CFD Traders

because if becoming a rich individual is the sole motivation, why trade? why not go into property, software, oil, fast food etc? there are much easier ways of making a fast buck than trading. they tend to rely on uncontrolable variables though.

the money is just a tab or a marker.

take taleb, soros, neiderhoffer etc. their real interests aren't actually the markets. they are statistics, philosophy, current affairs, etc. the markets are just a place for them to test their (intellectual) ideas/interests. not to say we have to be academic or mensa intellectuals. i know many good traders who are far from!

 

[TraderRod]

because if becoming a rich individual is the sole motivation, why trade? why not go into property, software, oil, fast food etc? there are much easier ways of making a fast buck than trading. they tend to rely on uncontrolable variables though.

the money is just a tab or a marker.

take taleb, soros, neiderhoffer etc. their real interests aren't actually the markets. they are statistics, philosophy, current affairs, etc. the markets are just a place for them to test their (intellectual) ideas/interests. not to say we have to be academic or mensa intellectuals. i know many good traders who are far from!

Hmm ... not sure if I can agree with you there.

Lets see:

Property? ...... lots of money needed to make a real killing.

Software? ...... the market is already overloaded with lots of software which no-one wants to buy - also designing a good software package is not easy at all and requires years of experience within a specialised field and needs lots of innovation.

Oil? .... not sure what you mean by getting into oil ... ?!

Fast food? ..... do you mean selling fast food makes you rich? Not sure about this either!!

etc ..? On the whole nothing is easier than making money from the stock markets - in fact once you spend a few years of you life learning the proper ways to trade, trading should be a piece of cake after that - if after a few years you still disagree with my statement, then I am sure you're not cut out for this job and you should contemplate to look elsewhere for finding another means which may make your dreams come true!

Rod
The CFD Traders

 

[shadowninja]

Property? ...... lots of money needed to make a real killing.

Not to mention the market is gonna take a dive (it already is in some areas of the UK).

5 years ago, any moron could make money in "property development".

1) Buy run down property at good price (eg 30% below market rate for similar property in good condition).
2) Take a poop in the middle of each room.
3) Sell at profit.

Anyone who manages to make money out of property in the next 12-18 months will genuinely need talent.

It is a bit like the dotcom market. In 1996, buy shares in any company with a website... or, in fact, a computer... or even, a calculator... wait 4 years... sell for massive profit.

Anyway, I am drawn towards trading because irrespective of which way the market is going, it is possible to make money.

 

[nkruger]

If people would stop wasting a majority of their time on unproductive, destructive negativity, and start focusing instead on positive objectives, they'd really make life easier for themselves.

Exactly......:clap:

 

[kool4caats]

For me, I think my main ambition is freedom to work when I like and where I like, and escape the rat race and the endless 9-5, weekday/weekend cycle. Technology can only improve - you can pretty much trade from anywhere now, but improvement in communications will make that easier and cheaper to do in the next few years.

I would also love to design and build my own house, and have loads of ideas of what I want I want in it.

 

[Aston1st]

There is a lot I can agree with FXscalper2 about. Likewise many others. I would define my Ambitions of being a trader as follows;

1. Be consistent

2. Stay Disciplined

3. Keep to my trading Plan

4. Be up on average (per month or Quarter)

5. Generate superflous income for my needs

6. Remain Independent

7. Be in a position to give back to the Community

8. Enjoy the journey

9. Trade when and where I wish, what size I wish.

 

[shadowninja]

7. Be in a position to give back to the Community

Must be my age but I encourage anyone who wants to do this.

 

[charliechan]

Hmm ... not sure if I can agree with you there.

Lets see:

Property? ...... lots of money needed to make a real killing.

Software? ...... the market is already overloaded with lots of software which no-one wants to buy - also designing a good software package is not easy at all and requires years of experience within a specialised field and needs lots of innovation.

Oil? .... not sure what you mean by getting into oil ... ?!

Fast food? ..... do you mean selling fast food makes you rich? Not sure about this either!!

etc ..? On the whole nothing is easier than making money from the stock markets - in fact once you spend a few years of you life learning the proper ways to trade, trading should be a piece of cake after that - if after a few years you still disagree with my statement, then I am sure you're not cut out for this job and you should contemplate to look elsewhere for finding another means which may make your dreams come true!

Rod
The CFD Traders

youre missing my point.

my point is that there is 'good' money to be made everywhere. they key in any field is dedication and a passion for what you are doing. simply doing it for they money will not bring out true success that brings the money aimed for.

a dedicated innovator with passion, dedication and understanding for software or property or oil etc will always win over someone who just does so for money.

you say:
On the whole nothing is easier than making money from the stock markets

well, if broker stats of customer turnover are to be belived, 80% haven't found this to be so!

- in fact once you spend a few years of you life learning the proper ways to trade, trading should be a piece of cake after that .

markets are always changing. thats why the dedication is needed - to keep adjusting. in other words, youre always learning/adapting. its not like learning law at uni or mechanics on a yts/nvq and you have a job/qualification for a life of steady income.


if after a few years you still disagree with my statement, then I am sure you're not cut out for this job and you should contemplate to look elsewhere for finding another means which may make your dreams come true!

well, after over 10 years, I do disagree! they say that money is the route of all evil , but wisdom actually tells us it is the love of money that is the route of all evil.

 

[shadowninja]

A lot of good points made. As usual, things aren't as simple as they appear initially.

 

[combotrader]

A lot of truth in what charliechan says. If its money you love - you dont need to trade.
If its the markets that you love - then you NEED to trade. The money is obviously the main issue - a bit like goals scored for a striker - but would the striker be playing at all if he hated football ???

I dont think so.

Trade for the sake of trading - and you shall make money. Trade purely for the money - and you shall lose money.

 

[kokujin]

ambition

my ambition is initially to learn how to make an alternative living, versus the expected: go to uni, get a degree and a nice job.
The next stage is to become independant from the normal forms of employment (not dependant on a pension fund run by some manager who does not give a care bout my future/well being).
Ultimately: to make MONEY and wealth! It's there for taking, so lets take it!!

 

[kokujin]

A lot of truth in what charliechan says. If its money you love - you dont need to trade.
If its the markets that you love - then you NEED to trade. The money is obviously the main issue - a bit like goals scored for a striker - but would the striker be playing at all if he hated football ???

I dont think so.

Trade for the sake of trading - and you shall make money. Trade purely for the money - and you shall lose money.

Sounds true to me. sounds like good advice.
?uestion: how does a newbie like my self get that love for the markets? How did you get the love for the markets?

 

[fifty2aces]

Sounds true to me. sounds like good advice.
?uestion: how does a newbie like my self get that love for the markets? How did you get the love for the markets?

Sounds like you miss the point - you can't force yourself to love the markets, just like you can't force yourself to love anything/anyone. There's no point pretending to love trading, the point is that if you genuinely do love it, you'll have a much higher chance of success.

It's sort of like asking someone how they fell in love with their husband or wife - you can't try, it just happens.

 

[kokujin]

Sounds like you miss the point - you can't force yourself to love the markets, just like you can't force yourself to love anything/anyone. There's no point pretending to love trading, the point is that if you genuinely do love it, you'll have a much higher chance of success.

It's sort of like asking someone how they fell in love with their husband or wife - you can't try, it just happens.

Ultimately, love is a decision you make. Just like getting into the markets, or replying to the above message like i've just done.

 

[shadowninja]

Ultimately, love is a decision you make. Just like getting into the markets, or replying to the above message like i've just done.

No, it isn't.

It is the reason I am not earning money playing football. I hated it as a child and therefore played other sports whenever I could; when I was forced to play football, I was, naturally, rubbish at it. I make money from martial arts, however, because I find it interesting and fun to practice. I also make money from trading because I find it fascinating... not so much the price moving up and down; staring at that is boring, which is why I swing trade; I find the general subject interesting and can read books and websites on it for hours... and not because I'm looking for the holy grail but just because, for some reason, it is interesting. I can talk about trading for hours with anyone who listens.

A successful businessman once told me that you have to do something you enjoy and then the money will come. It doesn't matter whether it is trading or running a new age shop selling crystals (I really don't know how these businesses survice but there's one in Bluewater Shopping Centre that's been trading for about 5 years!).

If the passion is there, it will drive you to succeed.

 

[0007]

It's just there - I can't explain it!

Sounds true to me. sounds like good advice.
?uestion: how does a newbie like my self get that love for the markets? How did you get the love for the markets?

I don't think you can just go out and "get the love for the markets". It's something I'm just fascinated by - like Shadowninja I study all I can (books / web /anywhere / anything). It's always nice to "win" but that's not what drives me. I believe that a sole desire to make money is a dangerous motivator - it just doesn't work for me, though I acknowledge it can do for others. I used to know a very successful insurance salesman in the 80s who was motivated only by his commissions and sales achievements. If your desire is to make loads of money (and don't make the mistake of thinking that will solve all your problems and make you happy) then find out what you're good at that pays well, and become the best.

It's perfectly possible that you could be a successful trader through innate aptitude and disciplined training - but how much would you enjoy it? (You gotta try it to find out). I just can't believe that every professional city trader enjoys their job even if they are good at it. In my own experience I have been most successful at the jobs I have most enjoyed and had a passion for - even though this has often been in the company of others far more accomplished and successful than me.

Start trading (as S-ninja says: demo at first) - you'll soon know whether you have a love for the markets.

Good luck.

 

[temptrader]

A successful businessman once told me that you have to do something you enjoy and then the money will come. It doesn't matter whether it is trading or running a new age shop selling crystals (I really don't know how these businesses survice but there's one in Bluewater Shopping Centre that's been trading for about 5 years!).

If the passion is there, it will drive you to succeed.

No, that's total BS. Doesn't work like that I'm afraid. There are many people on this earth who are totally passionate about things that NEVER will make them rich. The brutal, realistic fact of the matter is, whether you like it or not, or whether it is politically correct or not, or whether it's nice or not, is that for a minority of people to be rich a vast majority has to be poor. That's nature and that's how it works.

You can all go on internet forums and totally waffle about having a plan, being disciplined, having a driving passion etc . . . but the sad fact is that most don't get it and never will. And they contribute to the winners.

If your desire is to make loads of money (and don't make the mistake of thinking that will solve all your problems and make you happy) then find out what you're good at that pays well, and become the best.

It's all about money. If you say otherwise you are only lying to yourself and talking BS. If you can't make money in this game you are out of it, regardless of your reasons you got into the game. Also being the best is NOT an option for the vast majority of people, since by definition there are very few people who are the best.

 

[0007]

Also being the best is NOT an option for the vast majority of people, since by definition there are very few people who are the best.

True. But you don't get anywhere without ambition.

 

[shadowninja]

No, that's total BS. Doesn't work like that I'm afraid. There are many people on this earth who are totally passionate about things that NEVER will make them rich. The brutal, realistic fact of the matter is, whether you like it or not, or whether it is politically correct or not, or whether it's nice or not, is that for a minority of people to be rich a vast majority has to be poor. That's nature and that's how it works.

You can all go on internet forums and totally waffle about having a plan, being disciplined, having a driving passion etc . . . but the sad fact is that most don't get it and never will. And they contribute to the winners.

Ok, it won't guarantee success but it is a good start; when things go wrong, if you're just in it for the money, you will give up more quickly.