who wants to be a millionaire before 35?

[robin000]

Dear friends and respected seniors, this little question might funny or may be feel like somebody is taking it too easy, but honestly this is what i want for myself.
We have heard the stories " rags to riches" and we have some living examples too.I always think what would it take to be a millionaire before 35(years of age), what kinda personality one needs to pursue the goals of life, what kinda skills, what kinda mental level, i mean overall qualities of a person which will help him or her all the way thru.
We all know that the world economy is in recession these days.So the only opportunity i could think was Trading stocks.Now the question for myself and my my newbie friends what are we doing to pursue our goals.As it is said 98% traders fail, what would it take to hold ur position in the 2%?
If you ask me, i'll say, atleast 4-5 hours a every working day(i have a full time job), i spend on studying charts, trying to develop trading techniques, study the market end of the day, browsing internet, and weekends most of the time i am doing something which relates to trading, and offcourse Traderji.com.This has been goin on from the last 10 months.Without the help of seniors it could have been way more difficult. I am really thankful to all the seniors who have shared such valuable knowledge with us.And i am paper trading as well.
There are few things i would like to share:
1. If we want to achieve success, we have two options, either walk very fast or start early.
2. God will never give us more than what we can handle.
3. We have to pursue our goals even in the face of difficulties.
4. We should never give up.
5. And as late Mr, Dhirubhai Ambani said Our dreams have to be bigger, our ambitions higher, our commitment deeper and our efforts greater.
For the newbies I really want you to see these movies.
Pursuit of happiness (Will Smith)
Guru (Abhishek Bachan) Guru was inspired by Late Mr Dhirubhai Ambani.I really respect and salute Mr Dhirubhai from the bottom of my heart. He's my idol
Jannat.
I know movies are movies but still you will find something in common in these movies, even though i am not a movie person these movies really taught me something.
Seniors: I hope i can learn more and more, and any comments from your side will be more than appreciated. anything you wnna add or disregard please do.
Newbies: Please share your experiences or whatever you would like to say in regards to this thread.
Robin

 

[robin000]

HMMMMM.... a millionaire in the making..

Gimme some numbers... whats your capital and current age?

I'm sorry i forgot to mention i am in canada so million to me is $ 10,00,000, I am 27. currently i am only paper trading, but once i start actual trading my capital initial capital will be around Rs 100,000, and if my account shows me any profits, i could raise my capital to may be Rs. 10,00,000 or even 50,00,000, it totally depends on my performance in the first few months. At this moment i cant say anything if i will loose or win. But for now what i am trying to do is "leave no stone unturned"
As my time zone is different, i cant trade in North American markets cose i have a day time job, so d only choice for now is trade at night.and also brokerage deals here are not very good for newbies as they charge a flat rate regardless of the amount of money involved in one trade. So for that i will be spending more money on brokerage plus my losses, if things go wrong.

 

[sudoku1]

bulls ,bears ,lions ,mil lions ,bil lions or tril lions......

mkts say:

'' u can adore or abhor me, but ......I will always b what u traders created me 2 b: Author of my future."

 

[munde_77]

Dear friends and respected seniors, this little question might funny or may be feel like somebody is taking it too easy, but honestly this is what i want for myself.
We have heard the stories " rags to riches" and we have some living examples too.I always think what would it take to be a millionaire before 35(years of age), what kinda personality one needs to pursue the goals of life, what kinda skills, what kinda mental level, i mean overall qualities of a person which will help him or her all the way thru.
We all know that the world economy is in recession these days.So the only opportunity i could think was Trading stocks.Now the question for myself and my my newbie friends what are we doing to pursue our goals.As it is said 98% traders fail, what would it take to hold ur position in the 2%?
If you ask me, i'll say, atleast 4-5 hours a every working day(i have a full time job), i spend on studying charts, trying to develop trading techniques, study the market end of the day, browsing internet, and weekends most of the time i am doing something which relates to trading, and offcourse Traderji.com.This has been goin on from the last 10 months.Without the help of seniors it could have been way more difficult. I am really thankful to all the seniors who have shared such valuable knowledge with us.And i am paper trading as well.
There are few things i would like to share:
1. If we want to achieve success, we have two options, either walk very fast or start early.
2. God will never give us more than what we can handle.
3. We have to pursue our goals even in the face of difficulties.
4. We should never give up.
5. And as late Mr, Dhirubhai Ambani said Our dreams have to be bigger, our ambitions higher, our commitment deeper and our efforts greater.
For the newbies I really want you to see these movies.
Pursuit of happiness (Will Smith)
Guru (Abhishek Bachan) Guru was inspired by Late Mr Dhirubhai Ambani.I really respect and salute Mr Dhirubhai from the bottom of my heart. He's my idol
Jannat.
I know movies are movies but still you will find something in common in these movies, even though i am not a movie person these movies really taught me something.
Seniors: I hope i can learn more and more, and any comments from your side will be more than appreciated. anything you wnna add or disregard please do.
Newbies: Please share your experiences or whatever you would like to say in regards to this thread.
Robin

Millionaire in Indian Rupees or US Dollars

 

[GauravC]

..paper trading teaches u notthing .... ABSOLUTELY notthing

agree 100% , its mostly the mind one has to control and unless u experience the mental stress aspect of trading , u will never conquer it .. trading small lots is the way , learn to take small profits regularly , then you can increase ur positions , im still very much a beginner but i can tell you with some conviction , nothing like hands on experience .

best of luck

 

[robin000]

thnx friends, i really look forward to start trading in the first week of feb or march. and for my other friend's question millionaire in $ and crore pati (as in hindi )in indian rupees, it totally depends where i'll be trading in the near future. however i am more interested in india, as the markets in india are more volatile(intraday) than North america.

 

[robin000]

bulls ,bears ,lions ,mil lions ,bil lions or tril lions......

mkts say:

'' u can adore or abhor me, but ......I will always b what u traders created me 2 b: Author of my future."

well said, i like it

 

[columbus]

We have heard the stories " rags to riches" and we have some living examples too.I always think what would it take to be a millionaire before 35(years of age), what kinda personality one needs to pursue the goals of life, what kinda skills, what kinda mental level, i mean overall qualities of a person which will help him or her all the way thru.

Certainly you will become a millionaire if you remember one point that
90% of intraday traders are losers.Just this is a caution only.

Wishing all success.

 

[krishna23]

well mate good to see ya wanna be a millionaire by 35...my suggestion would be to not set any targets at first...build urself a trading system and trade and see how u do...follow ur system,tweak it and learn,be patient ,the market is a great teacher if ur willin' to learn...
evaluate ur progress at regular intervals ...
remember mate u got to build brick by brick...

all the best!
krishna

 

[ash.paul]

I'm sorry i forgot to mention i am in canada so million to me is $ 10,00,000, I am 27. currently i am only paper trading, but once i start actual trading my capital initial capital will be around Rs 100,000, and if my account shows me any profits, i could raise my capital to may be Rs. 10,00,000 or even 50,00,000, it totally depends on my performance in the first few months. At this moment i cant say anything if i will loose or win. But for now what i am trying to do is "leave no stone unturned"
As my time zone is different, i cant trade in North American markets cose i have a day time job, so d only choice for now is trade at night.and also brokerage deals here are not very good for newbies as they charge a flat rate regardless of the amount of money involved in one trade. So for that i will be spending more money on brokerage plus my losses, if things go wrong.

hey mate! good that you are starting not very late, but one advice if I may, dont even think of the end result before even starting, there is a long way to go, i agree making money is the sole motive for most of the traders but the pro traders who make millions dont just trade for money, they actually love their profession, same like other professionals..who make millions..
To be honest most of them loose money in thier first year and quit, second year they tend to break even and quit, and only after 3 yrs kind of time u may see some light, but again this statistics is not 100% true but made a lot of sense to me atleast and many london city traders i know and even many seniors over here may agree..
One personal advice dont start trading in indian markets not because its too volatile or not matured but because if you opt to trade from indian brokers platform its not really handy atleast for me, why not start trading, oil, bund, interest rates etc in a demo account or just german bund markets, spreadbet etc. Open a demo with Oanda.com or IB or any other broker which offers good demo platform to start with.. if you are sucessful in demo get a trading plan and work on it for atleast another 3 months. Remember trading is one of the lucky professions where in you can take risk on a virtual account.
After making a system according to your needs and personality and after backtesting and even forward testing it on demo, you open a real account dont risk your entire money start with $ 5000 and get a track record(bank statement) of consistently making money every week, day or month etc depending upon your system and start applying to any propreitary house in canada, I am sure they will back you if you have made it so far, Proprietary houses will back you with very good resources(data ,software, platform etc) and will teach you a hell a lot and you get to know loads of pro traders and then you may flourish your dreams.. Just my 2cents
If you need more advice from me please PM me.