It is very important for every trader not only to analyze charts and read reviews, but also to learn from the mistakes of others. Of course, you can’t learn everything in the world, but many professional speculators note that it is very important to read biographies of millionaires or successful traders. We suggest paying attention to such a person as Konstantin Kondakov.
Today this person is a well-known trader from Ukraine. Thanks to his talent, he was able to amass an impressive fortune, which allowed him to become a successful entrepreneur, financial analyst and publicist. Note that he continues to speculate on the stock exchange and this brings him good income. Konstantin is respected by colleagues, friends, and his word carries weight in the circles of experienced financial experts from Ukraine and abroad.
Peter Lynch - King of Mutual Funds
We invite you, dear traders, to meet one of the most successful mutual fund managers. During his life, Peter Lynch achieved a lot in this field, and his success story can teach a lot. Let's learn more about the facts of his life and spend some time learning about his advice for aspiring entrepreneurs and investors.
The future millionaire was born in 1944 and he spent his entire childhood in the city of Boston. It cannot be said that his adolescence was easy because from an early age he had to earn a living. At the age of 10, misfortune befell him - his father died. In order to somehow feed his family, he was forced to work as an errand boy, carrying golf balls at the city club. However, it was at this job that the young man had a dream of becoming rich, because only wealthy people came to this field and talked about big money.
Linda Raschke and the passion for trading
Who said that only a man can become a professional trader? We invite you to pay attention to a unique lady who managed to make a huge fortune through investing. Linda Bradford Raschke took to learning the basics of currency trading and was able to amass a huge fortune.
To describe her passion, one can give an example of the case when she, while pregnant, traded until the last day of giving birth. The reporter decided to interview Linda, and she jokingly said that the only reason she didn't trade while she was giving birth was because it was four in the morning and the markets were closed.
However, just three hours after the birth of her daughter, she made a trade by opening a short position on some foreign exchange contracts that expired on the same day. The deal was profitable - Linda could not easily give up a profitable position. Of course, she takes trading very seriously.
George Soros - the king of financiers
We present to your attention the biography of George Soros, who is known throughout the world as a successful financier, experienced investor and philanthropist. Let us note that Mr. Soros is an ardent supporter of an open society and at the same time he cannot stand market fundamentalism. The media is not always positive about his activities in the global market, but many forget the fact that George Soros leaves a portion of his money for the benefit of society every year. A talented investor and consummate speculator, Mr. Soros became famous as a philosopher and statesman with liberal views. And now we will begin the story about the details of the biography of the American financier.
The future millionaire was born in Budapest on August 12, 1930. His parents were Jews of average income. George's father Tivadar Shorosh worked as a lawyer and in his free time he published a magazine in Esperanto. In 1917, Shorosh went to the front and was captured by Russian soldiers. He spent three years in Siberia, and only in 1920 did he manage to escape back to Budapest.
Jean-Claude Trichet - the greatest French financier
It's time to talk about such a controversial personality as Jean-Claude Trichet. There were various rumors about him - some believe that he is a real national hero, while others constantly talk about his connection with the criminal world. In any case, the success story of this influential person and talented financier will be interesting. Who is he?
At the moment, this person “runs” the European Central Bank and we believe that this is enough to write a short biography about him. In addition, in 2007, Mr. Trichet became Man of the Year. He received this title thanks to his confident and quick actions during the global financial crisis.
Robert Kiyosaki - your rich dad
Despite the fact that Robert Kiyosaki has never been included in the official ranking of the richest people in the world, many are familiar with his success story thanks to the huge number of amazing books that were written by this wonderful man. A successful entrepreneur and experienced investor, Robert has managed to achieve a lot over several decades. But instead of starting to live “in grand style, as every self-respecting millionaire would do, he decided not to stop there and not only continued to run his business, but also wrote books that are 100% made of motivation and success.
We invite you to meet the charming Robert Kiyosaki and learn more facts from his success story. The biography of a talented entrepreneur and successful writer is filled with fascinating stories that readers will surely enjoy. It doesn’t matter whether you’ve heard about him or have already read the bestseller “Rich Dad, Poor Dad” - this article will be of interest to everyone who strives to develop and learn. It is worth noting that Robert himself never hid the details of his path to financial independence. He always said that becoming a successful entrepreneur, investor, financial advisor and author of a huge series of educational books was quite difficult. But it was worth it!
Ingeborga Mootz: “Intuition helps me make money on the stock market”
Do you think that only young traders can succeed in trading currencies or stocks in today's markets? However, this old lady's success story will make you question whether you are working hard enough to achieve your dreams. Ingeborg Mootz has become a real symbol of the New Time - after all, few people at such a “young” age think about increasing their well-being and find the strength to act. We invite you to get acquainted as closely as possible with the success story of this wonderful woman, so that her example inspires the reader to great achievements.
Ingeborga was born back in 1922 and, as a trader, managed to reach a high level in the field of stock trading. In just eight years, she has become one of the most successful currency speculators in Germany - her fortune is estimated in the millions. Over the years, she has also been awarded the title of “Best Private Investor”. Ingeborg Mootz was able to succeed where many trading gurus fail.
Steven Cohen - Master of Short-Term Investments
Dear friends, we present to your attention the biography of Steven Cohen. It's no secret that every trader who wants to become successful needs to constantly improve himself. Be sure to pay attention to this person's success story to gain knowledge for your career.
Steven Cohen was born in Great Neck, New York. His father was engaged in the production of clothing, and his mother taught children to play the piano. Little Steve was not the only child in the family and, as the accomplished millionaire says, it was in his large family that he learned to concentrate on the main thing. His main hobbies were cards and school - he excelled in both areas. Many years later, his chief accountant recalled how Stephen’s desk was often littered with stacks of hundred-dollar bills won in his spare time. You can also remember one of Mr. Cohen's famous quotes: “Poker taught me to take smart risks.”
John Templeton is a talented trader and successful entrepreneur
We invite you to continue the conversation about the most successful traders and investors. We would like to introduce you to a wonderful person - John Mark Templeton. Over his long life, he managed to earn enough money and in any case, we have a lot to learn from him.
John Templeton was born on November 29, 1912 in Winchester, Tennessee. His parents were not rich, but they were very happy about the birth of a boy. Apparently, precisely for the reason that from an early age the future successful entrepreneur learned about the severity of poverty, he decided to become rich at all costs. The boy's father repaired boots, and his mother looked after the household and raised the children. In addition to John, the family had four more children - three sisters and a brother. As you yourself understand, it was difficult to feed such a crowd on a shoemaker’s salary, and all the children were taught discipline and economy.
Suleiman Kerimov is one of the richest people in Russia
For every successful trader, it is very important to learn not only from your mistakes, but also to pay attention to self-improvement. Many professionals note that in order to achieve success, they have always relied on a stronger and more experienced entrepreneur who has achieved a higher level of income. Today we want to introduce you to a unique personality - he managed to achieve a lot in the entrepreneurial field and was happy to share the details of his success story. Meet Kerimov Suleiman!
At the moment, he is a member of the Federation Council of the Republic of Dagestan, and previously served as a deputy of the State Duma of the Russian Federation of the fourth convocation and was a member of the liberal democratic party. Suleiman also owns a large company, Nafta-Moscow, and thanks to his skillful entrepreneurial activities, he managed to become one of the richest people in Russia. It turns out that this man managed to combine government activities in two countries and at the same time was developing his own company. So, let's get down to Mr. Kerimov's success story to find out how he reached this level of wealth.
Can bring good income. In any case, this is what you need to strive for if you are going to make a living at it. Of course, the performance of each specific trader is very individual. In this article we will see that it is quite possible to consistently make a profit of 10-20% (or more) per month. But if day traders make so much money, why don't we hear about the massive emergence of millionaires and billionaires among them?
First of all, the assumption that there are few millionaires among day traders is based on the fact that there is little talk about this type of trading on television and in the financial news. Most day traders work from home and are not public. There is a lot more talk about investing and investors.
It must be admitted that as a percentage of the total number of those who trade intraday, there are really few millionaires among day traders. But there are just as few of them in any other sphere of human activity. No matter what people do, their income range is very wide, and only a few manage to reach the top of the income scale. The income distribution curve ranges from zero to millions of dollars per year, with most market participants falling somewhere in the middle. In other industries, you can be a very good specialist, but still not become a millionaire. It's the same in trading.
Another reason why there are few millionaires in day trading is that very few manage to succeed in this type of trading, and it takes a significant amount of time.
Besides the fact that statistically all good traders cannot be millionaires, there are other reasons why even some of the best traders do not become millionaires. These reasons are personal ceiling and market ceiling.
Day trader's personal ceiling
In life, most people find a comfortable level of income for themselves and continue to be there. They might like to have more money, but they do little to actually achieve this. This is called a personal ceiling. This is the level of resistance that prevents us from moving to the next stage of making money without significantly changing our psychology. But if we do this, then another ceiling awaits us above, which will prevent us from moving even further. Most people reach their personal ceiling at the level of the average income of the population. Some manage to do this faster (given the opportunity, desire and skills), others require more time. But eventually, each of us reaches a point where making money becomes much more difficult, or it is not worth the effort (even if we want to).
You can earn more money, but your personal ceiling is holding you back. Day trading is no exception. One trader may think that $2,000 a month is enough for his lifestyle and stop there. Another will not rest until he earns $50,000 a month, but further progress seems unlikely to him. We encounter limitations in different areas of life, when moving forward requires additional effort. It's the same in trading.
The personal ceiling is largely psychological, and this is normal. Illness, relationships, vacations, natural disasters, personal adversity, children, drama, emotions - there are a lot of things that can distract you from your main goal once you feel ready to make a breakthrough. The manifestations of a personal ceiling are varied. To break through, you need to work hard and sacrifice something. And for what? For money? Some people think it's worth doing, others don't.
Personal values and priorities also influence the ceiling. Money is not the only thing traders strive for. They trade in order to be able to do other things they love. Although some people come to trading specifically for the sake of money, most still start doing it because they do not want to sit for 8 hours in the office and spend 2 hours on the road. Quality of life is more than just making money. You need to earn as much as is required to maintain personal freedom. This is good motivation.
What is the personal ceiling of the average day trader? Many self-employed traders earn between $40,000 and $300,000 per year. If you manage to consistently earn $40,000 a year, then there is no obstacle to increasing your earnings to $60,000 or $100,000. Still, people find their comfort level and tend to stay there. To increase your income, you need to progress very slowly, increasing the size of your positions a little at a time. If you try to increase your income too dramatically, your emotions will take over and your income will decrease. A personal ceiling is a conceptual thing, but very real.
There is also a market-driven ceiling. A successful day trader (but not one) will eventually reach a certain limit as the market simply cannot digest the infinitely increasing position size for a particular strategy. To earn more, a trader needs to either change the strategy or supplement it with another one, and this does not always work. If you change one thing, you cannot be sure that everything else will remain unchanged.
To get a good income, you have to make several transactions every day. As a rule, they last only a few minutes. Although the market can see multi-million dollar trades in a couple of hours, a day trader needs clear entry points. Therefore, the size of positions is limited by the liquidity (volume) available at the exact moment when you need to enter or exit a position.
If a stock has a daily trading volume of several million, but only 100 securities are available at the required point, then the position will be of this size.
In addition, each trader has his own psychological limit to the maximum position size, because a further increase will lead to unacceptably large risks and slippages (as a rule, the entire position is closed at a loss, and profits are taken in parts). In addition, you cannot significantly improve your profits unless you change your strategy and trade on higher time frames. To change the strategy, you need to conduct additional research and practice it, and the result is not guaranteed.
In short, there is a position size limit above which you will not be able to trade effectively and your profits will only decrease.
For example, it is much easier to earn 10% per month on $20,000 than on a $20,000,000 account.
This means that the day trader must withdraw from his account the entire amount exceeding his comfort level. This way, the score will not grow indefinitely.
How to Increase Profit Potential
If a day trader is not engaged in other activities - investing or some kind of business, then earning millions a year is not realistic. Most day traders will consider it a good day when they manage to make $500 or $2,000. This is their ceiling. Some days it may be more or less. It is necessary to take into account the presence of unprofitable days. In total, a more realistic expectation would be $50,000 - $200,000 per year. And that is if you are a good enough trader. If you save some part of this amount, then, in the end, you can save a million.
Every investor should invest in investing by setting aside money for a rainy day and mastering higher time frames. Investing, unlike day trading, places fewer restrictions on income. By buying gradually, you can accumulate a large position, even buying out the entire company. A good example is Warren Buffett.
Conclusion
Interestingly, the most profitable day traders may not use much debt capital. Each trader has his own trading limit based on his comfort level. There are also limitations related to strategy and market. For short-term trading, this limit is low. At a certain level, further increasing the position will only lead to a decrease in income. This is called the capital efficiency limit.
If you're looking to day trade to make a million, you'll be disappointed: very few day traders (or other professions) can make millions a year. To become rich, you need not only to succeed in something, but to work hard for it, including on yourself. Personal discipline must also be observed outside of day trading, for example, not squandering all your earnings. If you really want to earn a lot, then you need to create several sources of income and invest part of the profits.
All this is not simple, but it is real.
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Do you have a plan for this?
This is the first thing you need and it should be designed as much as possible in detail.To get big money you need careful and serious preparation. It is very important. You are going to earn good money and don’t think that it will be easy for you.
Making a million on Forex doesn’t mean going to a casino and winning… easily.
I’ll even say more, many people think about this as an unattainable dream when they come to Forex... and immediately, without any preparation, they start playing “on intuition”, often lose a lot and then get offended at everyone, saying that “Forex is chaos” so nothing is impossible here earn money.
What is the approach and what is the result?
Another thing is that you can make money easily and simply. But this ease is often acquired with great difficulty.
To make it clearer, look at an athlete, for example, an acrobat - how easy and simple everything is for him, but everyone understands that behind this “easy and simple” there is hard work. And only when he reaches a certain level of professionalism does he acquire this apparent lightness and simplicity.
It’s the same in trading, but why should trading be an exception?
Everything will be “easy and simple” for you only when you understand HOW it all happens and master a profitable technique, any one that suits you.
The trader’s mistake at this stage, and this happens very often, is that the beginner begins to sort through a large number of strategies in search of one that will “earn itself”... there are no such strategies
If such a strategy existed, then Forex in the form in which it exists would not exist... but there would be another Forex, in a different form for which the “Grail” would not exist.
Therefore, if you want to start making money on Forex, stop going through strategies, stop at one, master it and finally get down to business.
With that out of the way, let’s move on to another issue – choosing a broker.
There is no need to pay for any bonuses when opening an account, or other gifts. You came to the market to earn money, to do business, and not to receive 10 dollars of freebies when opening an account.
You need a reliable and time-tested broker, with whom there will be no problems and where you have the opportunity to develop yourself as a trader.
I found this for myself: InstaForex, this company provides a huge range of opportunities for a trader, both for beginners and for experienced ones.
Thus, if you choose InstaForex for yourself, you will be able to work fruitfully with it for many years, starting with a micro account and subsequently moving on to more serious deposits and PAMM accounts.
The company has been operating in Forex since 1998 and is now known all over the world as a reliable and easy-to-work broker.
After you have chosen the broker with whom you will work, mastered and tested the strategy, you move on to the most difficult part - real trading.
Moreover, all these difficulties fall on you at the very beginning... imagine that you were thrown into the water, but at the same time they told you how to swim and you even tried everything but in shallow water. But now you can’t feel the bottom under your feet and you must somehow calm down and subsequently learn to confidently float on the water.
Agree that for those who know how to swim, everything is simple, at the level of instincts, somehow everything works out on its own.
In trading, of course, instincts and intuition alone will not be enough, but the whole question will be that if you have learned to “swim well”, you will already clearly and adequately perceive all the dangers and will not do anything that can “sink” you.
You must instinctively develop for yourself the principles of safe trading and strictly adhere to them.
For example:
- set a stop loss every time
- do not recoup after a major loss if there are no reliable signals previously worked out.
- never and under any circumstances violate the rules of your trading system
etc.
All this should be at the level of taboo - never and under no circumstances
Freestyle play is for losers.
A successful trader is in some way a trading robot, but only more flexible and capable of self-learning
Moreover, the robot mainly only during trading, and outside the trading session - “debriefing”, correcting errors, testing new ideas.
When the time comes to trade - you are a robot, you work only according to proven scenarios, if something does not go according to the scenario - stop, exit the market, debug and correct, introduce new ideas and test them outside the market (outside the main trading process)
And this principle should also be practiced in any weather.
Let's move on to the issues of greed and psychology in Forex, also briefly...
As soon as we start to really earn money, make a profit on Forex, we understand that EVERYTHING – we succeeded, we did IT.
What's really wrong... we haven't yet been broken by our own greed and fear of losses.
Forex psychology is just that rock about which everything that we have created before is broken. And you begin to doubt everything: the broker, the trading system, your abilities...
It is precisely because of these problems that many begin to reconsider everything from the beginning; absolutely everything that I wrote about above begins to be revised and questioned.
All you had to do was look in the mirror and here it is, the cause of all your failures - you yourself.
There is a whole dedicated to this topic - look, you can’t say it in a nutshell, but the complexity and danger of this problem lies in the fact that, as I already mentioned, they don’t want to notice it or they turn to it as a last resort, because... often they don’t want to believe it or simply don’t know what to do with themselves.
So what to do and this again, in my opinion, should not be discussed...
In addition, as I wrote above, it is necessary to determine limits on profits and losses for yourself no matter what the market situation is.
The thing is that for each trader there is a certain amount of money above which he will not be comfortable trading - an additional psychological load that is sometimes very difficult to cope with. And in order not to tempt yourself once again, it is best not to exceed this amount
The same goes for losses. There is a certain amount that, for risk management reasons, should not be exceeded, and there is also another amount of losses that will, in addition, psychologically put pressure on the trader, motivating him to act rashly.
Your profits should grow evenly and, first of all, you should not expect gifts from the market in the form of super-successful transactions.
As a rule, while waiting for such transactions, a trader misses a lot of opportunities and makes a lot of mistakes in pursuit of excess profits.
Raise your profit bar as you adapt to the market and don’t try to force things.
Take from the market only what you really can and stop dreaming about the unrealistic.
Then you will succeed.
Best regards, Vitaly Popov
The slightly changed name of the famous game, which became the title of this article, is not one question, but several. We need to answer the questions: who can become a millionaire, how can this be done and what is needed for this?
So who can?
The answer to this question is obvious; anyone can become a millionaire on Forex and more.
Even if he is a complete alcoholic or drug addict, as long as he is declared sane. Another thing is that people subject to such terrible vices will not remain in the status of a millionaire for long. You can drink, give away, lose, without straining, more than one million, and, in the end, such people can become the object of robbery or murder. But these are extremes, which have a place in criminal chronicles. It’s better to talk about people who have a “friendly” relationship with their head and a desire to become a wealthy person.
Purchasing methods
A person who has an elderly and wealthy relative may well hope for an inheritance. Especially if the heir is much younger, you just need to be patient, although in modern times, with their abundance of stressful situations, young people are not in good health, but older people can be quite strong. So who will endure whom remains to be seen. If there is no rich and old relative, then you can try to steal, but there is a high probability that instead of the status of a millionaire, the person will receive the status of a prisoner, which he will have for several unforgettable years. People who know how to enter the right offices and get the right signatures usually become successful businessmen; it’s a pity that success in business in our country is inextricably linked with the corruption of officials. If you don’t have the talent to bribe or steal, but have a desire to get rich, then you can try to win the lottery, but this word is so consonant with the popular word “scam” that it becomes clear that the chances of becoming a millionaire in this way are little different from zero. But playing on the stock exchange, with modern Internet capabilities, is the most realistic way to achieve financial independence, and this method is called stock trading. In other words, You can become a millionaire in Forex.
Necessity and sufficiency
To undergo training in the Forex market, you need to have desire, perseverance and success in the fight against your own laziness. Reasonings like this, I still don’t understand anything, show that the brains are swollen with fat and the head has recently been used only for eating and wearing hats. Hope and perseverance will definitely lead to success. And so, you have a computer with Internet access and a firm decision to become rich. For those who want to speed up the process of getting rich, it is better to turn to the Forex currency exchange, since, unlike the stock exchange, work here is in full swing around the clock. And you can apply to the exchange through the best forex brokers, which are easy to choose by looking at their ratings.
This company is not only an intermediary in your communication with the exchange, but also your teacher and lender. High-quality training in Forex trading and a substantial loan amount (and on the Forex exchange it can exceed your own resources by more than 200 times) - this is the key to success.
And you don't have to be a natural player. A well-studied trading system, as well as an understanding of traders’ strategies, will give more than dubious luck in the game. Become a millionaire on Forex, it won’t happen just like that, it will only come to those who are diligent, balanced and hardworking.
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My article will be interesting and especially useful for novice traders; I hope it will help them clear up the issue of types of Forex accounts, their features and conditions. Start over. A Forex account is a deposit, the funds of which are used by us to carry out speculative operations on the market...
Well, a millionaire or not a millionaire - it depends on you when and how successfully. A little about what Forex is. I will not describe in detail in smart words what Forex is, you can read all this in smart books, I will say one thing - Forex is a huge ocean of money, where it is quite possible to catch it. If you approach this wisely, you will always have money, regardless of work. What does it mean to approach wisely? I’ll be honest, I lost three times because of my own greed, I want a million in one day, and laziness, again I want a million and preferably without doing or learning anything. This does not apply to myself, but a lot of people who registered with a broker for me had little idea at all and, for example, having downloaded the terminal and installed the advisor, they almost immediately closed the terminal and turned off the computer, assuming that everything was being traded there. Let's figure it out: you download the terminal to your computer, the advisor is installed in the terminal installed on your computer, the Internet is connected to your computer, so why are people so scared that they decide that after closing everything and turning it off, someone should trade there?! I took this lyric to mean that you need to at least imagine some things, that is, computer skills are welcome. Let's go further. Forex is, of course, not easy, and if you want to make serious money on it, you will have to read something (of course, you don’t have to fill your head with a ton of literature, mostly it won’t be useful). How much can you earn on Forex? It depends on you and the amount you invest. Manual trading is more profitable, but requires a lot of knowledge. The advantage of manual trading is that having predicted a trade, it is not necessary to control the process (this does not apply to scalping), but it is still advisable to keep an eye on it, but it does not require a computer that is turned on 24/7. Working with an advisor is easier, but you need to find another profitable advisor, and keep your computer turned on and connected to the Internet 24/7 from Monday to Friday. To earn $40 - $60 a day as an advisor with minimal risks (loss is practically impossible, well, unless the market starts to focus), you need to invest $1000. You can start trading on Forex with 10 dollars, you can even with one, but I’m afraid from one dollar those who are impatient and especially thirsty for wealth will quickly get tired of such trading, but it’s still possible to rise with that kind of money. I started trading with 10 dollars and in 3 months my account rose to 73 dollars, not bad at all, you won’t be able to do this by reading letters and clicking on links, and the account will increase all the time, since due to the increase in the amount in the account there will be and increase profits. Here is a screenshot of the last month of trading, if you look closely, this profit is even less than a month.
Good luck, and don’t hesitate, if you have a head on your shoulders, then you can always make money on Forex, and it’s up to you to become a successful trader! Also, don’t forget that you can increase your income by inviting other people, just don’t deceive them!
Update from 05/12/2017: I no longer provide an advisor, since I abandoned it completely; for a long time I have been trading only with my hands for the medium term. Today, in connection with the release of the law on regulation of the Forex market (let me remind you: they removed the shoulders, slapped taxes, depositing and withdrawing funds is not for the faint of heart), I consider this broker to be the best today, it has been working for a very long time, everything is paid to everyone! Yes, it’s offshore and no Central Bank will be able to look into your wallet. My opinion is that the introduction of the Forex law is not to protect citizens, but because they realized that people earn money and not badly. Let me explain: a leverage of 1 to 50 does not protect against loss in any way, people will still compensate for the lack of leverage with a large volume - the deposit will instantly disappear. The main thing is that they haven’t forgotten about taxes, given that not many people earn money in the financial markets, you may not earn anything yet, but the tax is already there. Our state doesn’t want people to earn money and become independent, then there will be no one to do all kinds of shit at miracle jobs pick, thereby enriching the already not poor bosses. I have everything.