A couple of weeks ago, I had the pleasure of chatting with an old friend of mine from back in the day.
We had a good laugh, and he told me he’s one of the most successful traders I’ve ever met.
He’s been in the forex industry for a few decades now, but he started in trading at a very young age, when he was a teenager, working at a trading desk in London.
When he was 22, he decided to take a leap of faith and get into the business full time, but it didn’t happen overnight.
“The first day I was in the office, I’d get a call from one of my clients,” he recalls.
“He said, ‘Hey, what’s your interest rate?
What’s the market?’
I said, “Oh, I’m going to get it tomorrow morning’.” “I just got on the phone and said, you know what, I want to do this, and the next thing I know I was trading at 3:30am.
At the time, the market was going to crash and the market had crashed on me, so I had to get the job done, but that wasn’t something I expected to happen.
“The former trader, who lives in France, now runs a trading company in London called ETP Trading, and his business is currently worth more than $1.5 million, making him the second-richest forex trader in the world.
But while it has paid off so far, he says it’s not quite what he’d have expected.
The first time I spoke to him, he told the magazine he had a $30 million balance in his account, and it wasn’t enough to cover his expenses.
For the next few years, he worked on an even smaller margin, but after he retired, he started paying his bills and was able to put in enough to pay off the loan.
I asked him if he had any advice for anyone who wants to get into trading.
It’s a difficult trade to do, he said.
I have no idea what you’ll do if you get into it, but if you do, I’ll be here for you.
Nowadays, he has a $3 million trading account and his trading is earning him around $30,000 a month.
That’s enough money to support his family, he added.”
I don’t know what I would do without this.
“He’s also one of many traders that have experienced huge ups and downs.”
But I’ve also had bad times and I’m happy to have had those.””
I’ve had bad periods and I’ve had good periods.
But I’ve also had bad times and I’m happy to have had those.”
The future of forex and trading is not looking good for everyone, however.
“People are looking at it from the perspective of, ‘What are we going to do now?'” said Mr Boudreaux.
And with the economy in such a dire state, what kind of future are you going to have as a trader?
“It depends on what happens with the global economy,” he concluded.
Watch our interview with Mr Brouxaux here: