£5000 per week?
Discussion
67Dino said:
ElectricSoup said:
snorkel sucker said:
67Dino said:
This chap makes nearly £5k a week trading Forex online...
https://www.bbc.co.uk/bbcthree/article/2b3f3f67-23...
Mind you, he thinks his i8 is still worth £115k so clearly not that expert on price movements.
He's doing it all wrong anyway if he takes 2hrs a day.https://www.bbc.co.uk/bbcthree/article/2b3f3f67-23...
Mind you, he thinks his i8 is still worth £115k so clearly not that expert on price movements.
I've got a tried tested and working strategy that will do £5k per week and takes less than 5 minutes per day of time to manage.
Trouble is, for that £5k/week, it would need a starting balance of about £600k!
snorkel sucker said:
67Dino said:
ElectricSoup said:
snorkel sucker said:
67Dino said:
This chap makes nearly £5k a week trading Forex online...
https://www.bbc.co.uk/bbcthree/article/2b3f3f67-23...
Mind you, he thinks his i8 is still worth £115k so clearly not that expert on price movements.
He's doing it all wrong anyway if he takes 2hrs a day.https://www.bbc.co.uk/bbcthree/article/2b3f3f67-23...
Mind you, he thinks his i8 is still worth £115k so clearly not that expert on price movements.
I've got a tried tested and working strategy that will do £5k per week and takes less than 5 minutes per day of time to manage.
Trouble is, for that £5k/week, it would need a starting balance of about £600k!
ElectricSoup said:
snorkel sucker said:
67Dino said:
ElectricSoup said:
snorkel sucker said:
67Dino said:
This chap makes nearly £5k a week trading Forex online...
https://www.bbc.co.uk/bbcthree/article/2b3f3f67-23...
Mind you, he thinks his i8 is still worth £115k so clearly not that expert on price movements.
He's doing it all wrong anyway if he takes 2hrs a day.https://www.bbc.co.uk/bbcthree/article/2b3f3f67-23...
Mind you, he thinks his i8 is still worth £115k so clearly not that expert on price movements.
I've got a tried tested and working strategy that will do £5k per week and takes less than 5 minutes per day of time to manage.
Trouble is, for that £5k/week, it would need a starting balance of about £600k!
Joking aside, generating this kind of income from c.£1m capital sounds perfectly doable to me if you don’t mind accepting a reasonably high level of risk. Doing it from a standing start with no capital or skills is much harder. Even the trader in the BBC article here admitted it took him 3 years or so to get to make a decent income, which is at the low end of what I’ve read about FX trading generally.
67Dino said:
ElectricSoup said:
snorkel sucker said:
67Dino said:
ElectricSoup said:
snorkel sucker said:
67Dino said:
This chap makes nearly £5k a week trading Forex online...
https://www.bbc.co.uk/bbcthree/article/2b3f3f67-23...
Mind you, he thinks his i8 is still worth £115k so clearly not that expert on price movements.
He's doing it all wrong anyway if he takes 2hrs a day.https://www.bbc.co.uk/bbcthree/article/2b3f3f67-23...
Mind you, he thinks his i8 is still worth £115k so clearly not that expert on price movements.
I've got a tried tested and working strategy that will do £5k per week and takes less than 5 minutes per day of time to manage.
Trouble is, for that £5k/week, it would need a starting balance of about £600k!
Joking aside, generating this kind of income from c.£1m capital sounds perfectly doable to me if you don’t mind accepting a reasonably high level of risk. Doing it from a standing start with no capital or skills is much harder. Even the trader in the BBC article here admitted it took him 3 years or so to get to make a decent income, which is at the low end of what I’ve read about FX trading generally.
Forex trading is speculation and if done without proper process is, ultimately, gambling.
That said, if approached correctly and with time taken to establish a tested strategy that produces an edge over the market, it can, in the long term, be a way to generate a lot of money.
I'm under no illusion about the time it will take for what I do to bring in thousands, hundreds of thousands, or millions. Nor about the fact that despite having back tested the strategy, the markets may, going forward, decide to do something different. That being said, however, if the results replicate themselves then over a period of time I will get to a point where it churns £5k/week for little more than a few minutes a day.
snorkel sucker said:
Agreed. Aside from luck winning the lottery there is no such thing as a get rich quick scheme. Forex trading is a wealth acceleration tool and should be viewed as such. I did smile when the programme said his first successful trade was £470; that is great, but he could have been risking £1k, £2k, £10k to get that for all anybody knows. I would say that risk management and psychology are more important than technical understanding of the forex market.
Forex trading is speculation and if done without proper process is, ultimately, gambling.
That said, if approached correctly and with time taken to establish a tested strategy that produces an edge over the market, it can, in the long term, be a way to generate a lot of money.
I'm under no illusion about the time it will take for what I do to bring in thousands, hundreds of thousands, or millions. Nor about the fact that despite having back tested the strategy, the markets may, going forward, decide to do something different. That being said, however, if the results replicate themselves then over a period of time I will get to a point where it churns £5k/week for little more than a few minutes a day.
Very interesting - are you connected to the financial industry or did you just have an interest in Forex and do your own research to develop your strategy? Forex trading is speculation and if done without proper process is, ultimately, gambling.
That said, if approached correctly and with time taken to establish a tested strategy that produces an edge over the market, it can, in the long term, be a way to generate a lot of money.
I'm under no illusion about the time it will take for what I do to bring in thousands, hundreds of thousands, or millions. Nor about the fact that despite having back tested the strategy, the markets may, going forward, decide to do something different. That being said, however, if the results replicate themselves then over a period of time I will get to a point where it churns £5k/week for little more than a few minutes a day.
p_k_n said:
snorkel sucker said:
Agreed. Aside from luck winning the lottery there is no such thing as a get rich quick scheme. Forex trading is a wealth acceleration tool and should be viewed as such. I did smile when the programme said his first successful trade was £470; that is great, but he could have been risking £1k, £2k, £10k to get that for all anybody knows. I would say that risk management and psychology are more important than technical understanding of the forex market.
Forex trading is speculation and if done without proper process is, ultimately, gambling.
That said, if approached correctly and with time taken to establish a tested strategy that produces an edge over the market, it can, in the long term, be a way to generate a lot of money.
I'm under no illusion about the time it will take for what I do to bring in thousands, hundreds of thousands, or millions. Nor about the fact that despite having back tested the strategy, the markets may, going forward, decide to do something different. That being said, however, if the results replicate themselves then over a period of time I will get to a point where it churns £5k/week for little more than a few minutes a day.
Very interesting - are you connected to the financial industry or did you just have an interest in Forex and do your own research to develop your strategy? Forex trading is speculation and if done without proper process is, ultimately, gambling.
That said, if approached correctly and with time taken to establish a tested strategy that produces an edge over the market, it can, in the long term, be a way to generate a lot of money.
I'm under no illusion about the time it will take for what I do to bring in thousands, hundreds of thousands, or millions. Nor about the fact that despite having back tested the strategy, the markets may, going forward, decide to do something different. That being said, however, if the results replicate themselves then over a period of time I will get to a point where it churns £5k/week for little more than a few minutes a day.
I have no personal affiliation but TierOne Trading are very good if anyone is interested.
If you cancel out all of the noise i.e. the Lambo-touting nonsense on Social Media, then Forex Trading offers a viable option for wealth acceleration. The key point for me is treating it like a business; I have a Trading Plan that sets out what I do to enter and exit a trade and what risk I apply to each trade. I have data acquired from 7 years of market movements that I historically applied my strategy to and from that I can *predict* what the market will do moving forward.
The variance in profitability for the last 7 years has been broad; 40%, 18%, 48%, 61%, 18%, 0% and 23% but that would still provide an average above most funds I know of.
If you apply the logic that you compound your profits and increase your position size as your account grows then over time its a powerful tool.
Its been tough work though; weeks and weeks of data acquisition and analysis that I did after the kids went to bed, until the early hours many times. But that's no different to any business.
Anyway; it isn't for everyone, and that's fine. But I find it interesting and, ultimately, it's another string to my bow of generating income streams alongside an ISA, a pension and a Buy To Let. Its also, perhaps most importantly, the last string; its speculating after all so important I feel to make sure you've got other fundamentals in place first before you go into trading.
snorkel sucker said:
The latter. I'm certainly no expert by any means but I've spent maybe 15 months learning so far. I started on BabyPips and then progressed through various YouTube videos, some online learning and reading books.
I have no personal affiliation but TierOne Trading are very good if anyone is interested.
If you cancel out all of the noise i.e. the Lambo-touting nonsense on Social Media, then Forex Trading offers a viable option for wealth acceleration. The key point for me is treating it like a business; I have a Trading Plan that sets out what I do to enter and exit a trade and what risk I apply to each trade. I have data acquired from 7 years of market movements that I historically applied my strategy to and from that I can *predict* what the market will do moving forward.
The variance in profitability for the last 7 years has been broad; 40%, 18%, 48%, 61%, 18%, 0% and 23% but that would still provide an average above most funds I know of.
If you apply the logic that you compound your profits and increase your position size as your account grows then over time its a powerful tool.
Its been tough work though; weeks and weeks of data acquisition and analysis that I did after the kids went to bed, until the early hours many times. But that's no different to any business.
Anyway; it isn't for everyone, and that's fine. But I find it interesting and, ultimately, it's another string to my bow of generating income streams alongside an ISA, a pension and a Buy To Let. Its also, perhaps most importantly, the last string; its speculating after all so important I feel to make sure you've got other fundamentals in place first before you go into trading.
Thanks for the reply! I did look at BabyPips a few years ago but didn't have the time to invest back then. I will check out TierOne. It's something I have always wanted to test out but as you say it's not easy money. Well done getting to where you are, it sounds like it's a good place to be. I have no personal affiliation but TierOne Trading are very good if anyone is interested.
If you cancel out all of the noise i.e. the Lambo-touting nonsense on Social Media, then Forex Trading offers a viable option for wealth acceleration. The key point for me is treating it like a business; I have a Trading Plan that sets out what I do to enter and exit a trade and what risk I apply to each trade. I have data acquired from 7 years of market movements that I historically applied my strategy to and from that I can *predict* what the market will do moving forward.
The variance in profitability for the last 7 years has been broad; 40%, 18%, 48%, 61%, 18%, 0% and 23% but that would still provide an average above most funds I know of.
If you apply the logic that you compound your profits and increase your position size as your account grows then over time its a powerful tool.
Its been tough work though; weeks and weeks of data acquisition and analysis that I did after the kids went to bed, until the early hours many times. But that's no different to any business.
Anyway; it isn't for everyone, and that's fine. But I find it interesting and, ultimately, it's another string to my bow of generating income streams alongside an ISA, a pension and a Buy To Let. Its also, perhaps most importantly, the last string; its speculating after all so important I feel to make sure you've got other fundamentals in place first before you go into trading.
Countdown said:
In terms of ForEx trading isn’t it the case that for every Trader who’s making a profit there must be another trader making a loss?
Not quite, because not everyone on the currency exchange is trading their own money for profit. The core purpose of the FX marketplace is to allow businesses who need a currency to secure it when they need it, and to manage the cost of doing so. So if I’m trading for a client, even if they may have made more money holding on to their Dollars, if what they needed to buy components was Yen, then it’s not a trading loss, just a cost of doing business.
snorkel sucker said:
The latter. I'm certainly no expert by any means but I've spent maybe 15 months learning so far. I started on BabyPips and then progressed through various YouTube videos, some online learning and reading books.
I have no personal affiliation but TierOne Trading are very good if anyone is interested.
If you cancel out all of the noise i.e. the Lambo-touting nonsense on Social Media, then Forex Trading offers a viable option for wealth acceleration. The key point for me is treating it like a business; I have a Trading Plan that sets out what I do to enter and exit a trade and what risk I apply to each trade. I have data acquired from 7 years of market movements that I historically applied my strategy to and from that I can *predict* what the market will do moving forward.
The variance in profitability for the last 7 years has been broad; 40%, 18%, 48%, 61%, 18%, 0% and 23% but that would still provide an average above most funds I know of.
If you apply the logic that you compound your profits and increase your position size as your account grows then over time its a powerful tool.
Its been tough work though; weeks and weeks of data acquisition and analysis that I did after the kids went to bed, until the early hours many times. But that's no different to any business.
Anyway; it isn't for everyone, and that's fine. But I find it interesting and, ultimately, it's another string to my bow of generating income streams alongside an ISA, a pension and a Buy To Let. Its also, perhaps most importantly, the last string; its speculating after all so important I feel to make sure you've got other fundamentals in place first before you go into trading.
This is just gambling... I have no personal affiliation but TierOne Trading are very good if anyone is interested.
If you cancel out all of the noise i.e. the Lambo-touting nonsense on Social Media, then Forex Trading offers a viable option for wealth acceleration. The key point for me is treating it like a business; I have a Trading Plan that sets out what I do to enter and exit a trade and what risk I apply to each trade. I have data acquired from 7 years of market movements that I historically applied my strategy to and from that I can *predict* what the market will do moving forward.
The variance in profitability for the last 7 years has been broad; 40%, 18%, 48%, 61%, 18%, 0% and 23% but that would still provide an average above most funds I know of.
If you apply the logic that you compound your profits and increase your position size as your account grows then over time its a powerful tool.
Its been tough work though; weeks and weeks of data acquisition and analysis that I did after the kids went to bed, until the early hours many times. But that's no different to any business.
Anyway; it isn't for everyone, and that's fine. But I find it interesting and, ultimately, it's another string to my bow of generating income streams alongside an ISA, a pension and a Buy To Let. Its also, perhaps most importantly, the last string; its speculating after all so important I feel to make sure you've got other fundamentals in place first before you go into trading.
Past performance is not an indicator of future performance.
MWM3 said:
snorkel sucker said:
The latter. I'm certainly no expert by any means but I've spent maybe 15 months learning so far. I started on BabyPips and then progressed through various YouTube videos, some online learning and reading books.
I have no personal affiliation but TierOne Trading are very good if anyone is interested.
If you cancel out all of the noise i.e. the Lambo-touting nonsense on Social Media, then Forex Trading offers a viable option for wealth acceleration. The key point for me is treating it like a business; I have a Trading Plan that sets out what I do to enter and exit a trade and what risk I apply to each trade. I have data acquired from 7 years of market movements that I historically applied my strategy to and from that I can *predict* what the market will do moving forward.
The variance in profitability for the last 7 years has been broad; 40%, 18%, 48%, 61%, 18%, 0% and 23% but that would still provide an average above most funds I know of.
If you apply the logic that you compound your profits and increase your position size as your account grows then over time its a powerful tool.
Its been tough work though; weeks and weeks of data acquisition and analysis that I did after the kids went to bed, until the early hours many times. But that's no different to any business.
Anyway; it isn't for everyone, and that's fine. But I find it interesting and, ultimately, it's another string to my bow of generating income streams alongside an ISA, a pension and a Buy To Let. Its also, perhaps most importantly, the last string; its speculating after all so important I feel to make sure you've got other fundamentals in place first before you go into trading.
This is just gambling... I have no personal affiliation but TierOne Trading are very good if anyone is interested.
If you cancel out all of the noise i.e. the Lambo-touting nonsense on Social Media, then Forex Trading offers a viable option for wealth acceleration. The key point for me is treating it like a business; I have a Trading Plan that sets out what I do to enter and exit a trade and what risk I apply to each trade. I have data acquired from 7 years of market movements that I historically applied my strategy to and from that I can *predict* what the market will do moving forward.
The variance in profitability for the last 7 years has been broad; 40%, 18%, 48%, 61%, 18%, 0% and 23% but that would still provide an average above most funds I know of.
If you apply the logic that you compound your profits and increase your position size as your account grows then over time its a powerful tool.
Its been tough work though; weeks and weeks of data acquisition and analysis that I did after the kids went to bed, until the early hours many times. But that's no different to any business.
Anyway; it isn't for everyone, and that's fine. But I find it interesting and, ultimately, it's another string to my bow of generating income streams alongside an ISA, a pension and a Buy To Let. Its also, perhaps most importantly, the last string; its speculating after all so important I feel to make sure you've got other fundamentals in place first before you go into trading.
Past performance is not an indicator of future performance.
67Dino said:
Countdown said:
In terms of ForEx trading isn’t it the case that for every Trader who’s making a profit there must be another trader making a loss?
Not quite, because not everyone on the currency exchange is trading their own money for profit. The core purpose of the FX marketplace is to allow businesses who need a currency to secure it when they need it, and to manage the cost of doing so. So if I’m trading for a client, even if they may have made more money holding on to their Dollars, if what they needed to buy components was Yen, then it’s not a trading loss, just a cost of doing business.
skinnyman said:
If you live in a decent sized city (London, Manchester, Birmingham etc) I have a method that will earn you around £1000/day, in cash, for around 4-5hrs work.
Of course, this knowledge is worth far more than anyone would be willing to pay for it.
Is it legal and is the barrier to entry low? Of course, this knowledge is worth far more than anyone would be willing to pay for it.
Hoofy said:
You can use all the fancy terms you want. "Investing", "speculating", "A-B testing". The reality is that it can be just as much gambling as it is having a flutter on the greyhounds.
I'd say that it's more like fluttering on Formula One.Mercedes will be at the top of the pile and Williams will not - the US Dollar will be at the top, the Zimbabwe Dollar will not.
If Mercedes have a bad weekend at Monaco, the F1 world thinks the end is nigh and the odds go up - time to lay a bet on Mercedes.
The US has a bad day, the market panics, time to buy US Dollars.
Still not likely to make £5k per week, unless I bet £900,000 of my own money on Mercedes to win F1 Constructors' Championship.
skinnyman said:
If you live in a decent sized city (London, Manchester, Birmingham etc) I have a method that will earn you around £1000/day, in cash, for around 4-5hrs work.
Of course, this knowledge is worth far more than anyone would be willing to pay for it.
And how would you value your knowledge? Of course, this knowledge is worth far more than anyone would be willing to pay for it.
p_k_n said:
skinnyman said:
If you live in a decent sized city (London, Manchester, Birmingham etc) I have a method that will earn you around £1000/day, in cash, for around 4-5hrs work.
Of course, this knowledge is worth far more than anyone would be willing to pay for it.
Is it legal and is the barrier to entry low? Of course, this knowledge is worth far more than anyone would be willing to pay for it.
Unless willing to do all the weird stuff. Get regular work with a Max Mosely type and your quids in.
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