Should I consider a prop firm? Or just trade my own funds? ($2 mil)

[Tim Smith]

Not sure what pigeon brains have to do with HK, the IQ stats definetely don't support the idea of a dumb population, but I might have missed your point.

I suspect avian flu might have put a swift end to the delicacy to which I refer.

Back in the day roast pigeons were served with the head and an expectation on the diner to consume the brain.

That's what I meant with pigeon brain.

 

[luisHK]

Oh, completely missed your point indeed. Birds sure still come whole on the table but I don't remember anyone going for the brains, no idea wether it does happen, I'll ask around though.
And more than once on the Mainland I've been wondering why on earth they would prefer the feet of an animal over the rest of the body. Met some guy from Tunisia once who was extremely hopeful to make a fortune in the chinese chicken feet market, still now it sounds weird, wonder if he ever got succesful.

 

[johnbennett103]

Haven't read all the replies, but there are good prop firms that will teach you, and provide research, but you will have to be there, and not trade remotely. Start small, diversify, and scale up as profits grow.

 

[DT3]

IMO, placing more than $50k in a commingled prop firm "concerns" me. I joined one in 2010 with $150k and left after the mandatory 12 months and just missed the firm having financial problems. They closed down shortly after. No one had their cash taken, but some traders we made to liquidate their positions to make firm margin calls, even though they were making money. That quick liquidation cost 6 figures, according to that trader that had $1mm with them. He was trading LEAPs that are generally less liquid.

That's terrible why would anyone leave $1mm in a prop account? What is that like $30mm in buying power?

 

[apo99]

I'm sure as you know ...Reward is generally directly correlated with Risk. But I personally feel risk can greatly be mitigated if you know what you're doing -- thereby kind of skewing that curve.
You can make 1% or 100%+ ...it's all entirely up to you. (or lose it all)

It's basically all up to you how you want to play with your money.
I'm not exactly sure what kind of definite answer you're looking for or expecting to receive.

Everyone is just giving you general advice; Don't expect to receive anything near a Holy Grail or anything that's near guaranteed

Whatever choice or decision you decide to do with your money -- May the farce be with you

I always laugh or roll my eyes when people claim they discovered an edge or system but it's capped at relatively small amounts
... No trading strategy or skill should have that limitation -- you should be able to compound that to the Moon, if you wish,

I don't thinks that's true, there are many great traders and even funds who are limited by their size being to big. You can do things with 100k that you cant do with 10m

 

[hoffmanw]

...I also know a lot of rich people -more or less closely- and while it's dificult to know about the very wealthy that might hide in poor neighborhoods and drive a moped, or how penny pitching some were on their way to wealth, those around (here or in the West )don't appear to be living even remotely like monks, which is preferable when you are trying to do business, or just live a confortable life.
It's fine to be thrifty, but better focus on increasing one's income so comfort/luxury items become trivial expenses than direct one's focus on avoiding those expenses and their prospect altogether....

Yeah, a lot of very wealth people I know have yachts and private islands. They easily burn $30,000 fuel on their yachts in a week or two. In the winter time, they are dormant. In the summer time, they stay in their yacht traveling most of time. They spend most of their time with their yacht in Europe or Newport, RI. Bill Gates usually spends millions and millions on private ship for vacation each year. Mark Zuckerberg too. He has bought an Hawaii island. It must have costed him tons of money. It doesn't seem they are frugal.

 

[hoffmanw]

I don't thinks that's true, there are many great traders and even funds who are limited by their size being to big. You can do things with 100k that you cant do with 10m

When you are dealing with sovereign funds, Bank of Japan, Swiss Bank, the Fed or the others, sky is the limit. They easily dump several billion dollars into the market in couple minutes. If you are on the right side of the trade with leverage, you will make millions in couple minutes easily.

 

[smallStops]

Yeah, a lot of very wealth people I know have yachts and private islands. They easily burn $30,000 fuel on their yachts in a week or two. In the winter time, they are dormant. In the summer time, they stay in their yacht traveling most of time. They spend most of their time with their yacht in Europe or Newport, RI. Bill Gates usually spends millions and millions on private ship for vacation each year. Mark Zuckerberg too. He has bought an Hawaii island. It must have costed him tons of money. It doesn't seem they are frugal.

You are here mentionning the super wealthy. There is a difference between a millionnaire and multi-billionnaires. A bit like a difference between a village budget and a national budget.
Second, there is what is promoted by the MEDIA, as what should a wealthy person look like and do: a super consumer, aka have super consumer values.
What would you say about 100s million $ guys who become Catholic priests, and c-h-o-o-s-e to live a life of 'restreints'. Also the founder of Bouddha, was himself a super wealthy by birth guy, who inherited all: he created meditation methods and went on to become a monk.
Much confusion here - level of wealth : super wealthy, wealthy, middle class, pauper, under-class, criminal class ( a class apart as studying them well, in their lifetime, they usually get destroyed 'by God')? consumer values or spiritual values? If you look deeper 'carnal' values or godly-oriented values?

 

[lawrence-lugar]

Much confusion here - level of wealth : super wealthy, wealthy, middle class, pauper, under-class, criminal class ( a class apart as studying them well, in their lifetime, they usually get destroyed 'by God')? consumer values or spiritual values? If you look deeper 'carnal' values or godly-oriented values?

This is so true -- there is this common myth that Millionaires live extravagant, luscious lives.

The reality of it is that most of them are relatively Very normal...You wouldn't think they are millionaires if they are in a group with normal, middle class, working people.

I'm not sure how it's like in other parts of the world...but in the US...this is definitely the case with its millionaires. (look it up, it's true) That flashy millionaire image or lifestyle is just marketing and movies, it's not reality

Anyone who has wealth...and flashes it or shows it off...must have alot of insecurity and psychological and personal issues.

 

[luisHK]

The issue was not about flashing wealth first, but with multimillionaire beeing (very) frugal, and the need for one to cut costs all over the place to make it.
Fair enough u don t necesseralily can point wealthy people when they hang around in a middle class area, i don t think many of them would like to be noticed where it would not be safe to, but do they hang out there much? Concentration of wealth (getthoisation of the rich) is rampant, live in a good area and costs are high, u need to be a multimillionaire or have a very high income just to afford an apartment there. In Europe where i used to live, even though schools were cheap, go in those areas and the kids come from very well off families, everything is more expensive than elsewhere in the country in those areas, yet for some (good )reason lots of those who can afford it chose to live in such area.
Check the expenses of those families and a cursory survey will show they spend way more than regular families in housing, medical care, education - especially in countries where it s expensive- holidays, food , leisure. transportation etc... much of it doesn t come as showing off, the flaunting part again varying a lot according to cultures.
I would maintain it is a poor idea to live stingily and dedinitely not necessary to become wealthy.
Spend less than u earn, significantly less preferably, but trying to reach a much higher income sounds sounder than aiming for much lesser expense.