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Millionaires have a sense of purpose

Thu, Apr 24, 2008

Millionaire Inside

Last week I decided on what I wanted to do to make my millions, but I realized I wouldn’t be able to do it without some upfront capital to the tune of $150,000. And it’s hard enough for me to raise $50. I’m not going to delude myself at this point into thinking I can raise $150,000. So that means I can’t do what I wanted to do so now what? Now I am here today thinking about the movies I want to make. Yesterday I was thinking about the books I want to write. I think I lack a sense of purpose. I don’t appear to know whether I’m coming or going. Millionaires know whether they are coming or going. But then again, it isn’t really that one minute I want to write and the next minute I want to make movies and the next minute I want to turn one of my websites into a million dollars. It all falls in line with my creative impulses. So I don’t really lack a sense of purpose per se; but I definitely need to stop wavering back and forth.

My head is always filled to overflowing with ideas for books, movies, websites, songs and other artistic  pursuits. The problem is, it’s not possible to do it all, and I really need to make a decision what I want to do most, and if it’s practical I need to focus on that. If it’s not practical I need to consider the next most desired thing, figure out if that’s practical and so on. But I need to give my focus, energy and attention to one main (achievable) ambition. Then after I’ve achieved that I can try to achieve something else; but right now, I have no firmly set goals that I get up everyday with a schedule of actions I need to take in order to get closer to fulfilling. This is not a good thing. Millionaires have firmly set goals.

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Asides

  • FXCM Trading Station II is probably one of the best forex trading platforms out there for novice traders. It’s fairly easy to use. In fact it’s such a nice system even Deutsche Bank uses it with their DBFX trading station. But in the case of FXCM don’t expect the trading station to behave exactly the same in live mode as in demo mode. There is definitely a difference even though you can’t see the difference structually. Even FXCM admitted the live mode and demo mode aren’t exactly the same. They look the same but your trading experience while in demo mode will be a lot more profitable than while in live mode. That should make you wonder. They say it’s the slippage and volatility but in demo mode you’re almost always profiting. In live mode almost always losing….

  • The truth is you probably won’t get rich trading forex. Successful forex traders understand the foreign exchange market and currency trading on a level that is not understood by the average retail forex trader. If you don’t actually understand the fundamentals or even the technicals for that matter you’re going to find it’s a lot more difficult to make a profit from your fx trading account; but even though it will be difficult it’s not impossible. You probably won’t join the forex millionaires club,  but you can still make decent money.

  • Oanda boasts about their tight spreads and they definitely have reason to boast where the EURUSD is concerned. They probably have the tightest EURUSD spread out there. Hard to imagine there could be a broker with a tighter EURUSD spread.

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Here is a video that aims to demonstrate how you can make money trading currencies using Fibonacci Retracements and Fibonacci Profit Targets.

This video demonstrates a method for making money in the foreign exchange market using pivot points. Pivot points are turning points.

In the forex market the term would apply to the the points throughout the previous trading day at which traders and investors leaned towards a bull market or a bear market in general sentiment.

Ken Calhoun with forexonfire.com talks about how you can learn the technical signals to use and how to spot pivots, break outs, break downs using currency pairs when reading your charts, and how to setup your charts for currency trading.

He talks about currency pair volatility, learning how to spot patterns, pivot points, learning when to exit and not initiate another trade.

Here is an educational video of sorts put out by the guys gftforex.com. The video aims to teach you how to spot forex options scams centered around advisory services and newsletters ect. It is very detailed and straightforward.

The video suggests that your scam siren should definitely start going off if anyone comes trying to sell you on forex options trading by promising they have a system that is:

Easy
Low Risk
Based on secret trading methods used by the pros which the pros don’t want you to know
Available to you even if you don’t have lots of money thanks to leverage.

A look at forex trading. This video attempts to take the mystery out of foreign exchange by breaking it down into it’s “principal parts and players”.

The video explains how foreign currency is brought to other countries and how this creates the practice of currency trading. The video addresses the role central banks of countries, commercial banks, financial companies and brokerage houses, and private individuals play in the foreign exchange markets.

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