Does wholesaling make you feel stupid at times? If you answered yes to this question, you’re not alone.

Many people are confused and feel lost when it comes to beginning a career as a wholesaler. The purpose of this writing is not to delve into the intricacies of wholesaling—because I (and many others) have done this already. Instead, I will answer the five questions I’m asked most often.

Wholesaling Frequently Asked Questions

1. What is the best way to get started?

FYI: You’ve started already, but most people stop without taking consistent action. Yes, by reading this article, you’ve shown interest in wholesaling, and that is the first step.

But stop believing everything will happen overnight. You have to start with education.

Education is essential to becoming a successful wholesaler—like it is to becoming many things. And I am not talking about the quick crash course to $5,000 in 30 days.

I’m referring to the education you need about your specific market, trends, and marketing. There are many times I see people buy a course or read a book and try to get started, but they know nothing about their market. These courses try to incorporate a one-size-fits-all approach, but the fact is every market is different.

2. What should I educate myself about first?

Your Market

What areas are in high demand? Do you know the average days on market?

What is the estimated rehab cost per square foot? What are the buying criteria for a certain area?

What are investors in the area looking for—to buy fix and flips, rentals, single family units, or multifamily units?

Educating yourself and being able to answer these questions is step one in truly being able to get started. So, if you’re trying to find deals and you cannot answer these questions, you’re going to have a problem.

It’s OK to be a newbie, but it’s not OK to not have done your homework.

Related: A 60-Day Action Guide to Wholesaling Your First Property

Motivated Sellers

First, do you know what a motivated seller is? Honestly, this sounds like a very stupid question, but I have to inform newbies repeatedly that all sellers who respond to a marketing piece are not motivated.

For example, if the seller is fixing the property up and they say they will be ready to sell when they are done, this is not a motivated seller.

In addition, a seller looking to sell $5,000 below market is not motivated. This isn’t meant to sound condescending; I’m just trying to prevent you from learning the hard way.

Identifying motivation is an art; it’s like digging for gold. Not every stone you see will be a gem, but by continuing to dig, you will encounter that rare find.

So, what if you feel uncomfortable asking the seller how much they owe on their mortgage? The art is asking open-ended questions without being intrusive. Learning this technique is only done by building repetition.

If you need to make mock calls with a friend, partner, or spouse, then do that!

The key for finding motivated sellers is for you to identify the problem and have them acknowledge it.

Some sellers will clearly have a problem but are not willing to admit it. These people may need some coercing before they are ready to be forthcoming.

Marketing

There are many forms of marketing. You will need to be specific on who you will target and how you will target them. I will not go into depth here because marketing is a blog post in itself. However, I will inform you that whichever method you use, consistency is the key.

The number of times you reach out to a seller must be a minimum of six touches. Others may suggest more, but six should be the minimum.

Here are some potential marketing tools:

  • Online: YouTube videos, targeted social media ads, web page, blogs
  • Offline: Direct mail, TV ads, radio ads, newspaper ads, door knocking, cold calling, bandit signs

Once you’ve identified your marketing strategy, you will need to identify your target population. This will be a direct result of knowing your market, like I spoke about above.

You will flat out waste money if you do not identify these metrics before starting. Marketing will be expensive, and I’m sure in the beginning most newbies don’t have extra money to waste by doing things incorrectly.

home appraisal

Related: 5 Ways to Lose Your Wholesale Deal (After Signing the Contract)

3. What resources do I need?

This is a very valid question. Besides money, the most important resource will be cooperative relationships that help you progress. You will look completely incompetent if you’re trying to do a deal and you don’t have these resources and relations at least initiated.

Here are just a few people to work toward incorporating into your circle: real estate agent, buyers, title agent, attorney, and wholesalers. Also, work on your conversational skills and have a positive attitude.

You will not know everything, and each deal can present different challenges. Having solid resources and relationships will help you a lot.

I’ve needed attorneys on some deals, and I’ve needed title agents on all deals. Real estate agents are very useful, as well as other wholesalers to bounce questions off of.

I am very appreciative of my resources and relationships and work very hard not to damage or neglect them.

I want you to be brutally honest with yourself. Does wholesaling make you feel stupid at times?

I can truly say yes. Even though I’ve been doing this for numerous years, I still find myself dumbfounded by some of the deals I’m working on.

[Editor’s Note: We are republishing this article to help out our newer readers.]

If you’re a seasoned investor or a newbie and wholesaling, have you felt stupid at one point?

Please share.





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Forex Trading for Beginners

If you want to day trade forex, I recommend opening an account with at least $2000, preferably $5000 if you want a decent income stream. How much money you’ll need to trade forex is one of the first issues you have to address if you want to become a forex trader.

Another thing – maybe I should invest into like 20 traders or more to minimize the risk – diversify. The best way to start Forex trading, in my opinion, is to learn all forextrend you can before opening a live account. Search the internet and learn from those who have found success. That way, you will be far less likely to repeat their mistakes.

On the other hand, when you don’t have enough money, you can’t open a reasonable live account and make a reasonable amount of profit just by taking a small 2-3% risk in each position (trade setup). You will have to open a small account and then you try to grow it by taking big risks. Those who ask these questions are from two different groups. Members of the first group already know that forex makes money. What they want to know is that whether “they” will become able to make money through forex trading or not.

Which broker you choose, trading platform or strategy you employ are all important as well, but how much money you start with will be a colossal determinant in your ultimate success. Other great benefits of MT5 include a multi-threaded strategy tester, fund transfer between accounts and a system of alerts to keep up to date with all the latest market events. Traders can also communicate through the embedded MQL5 community chat to network with other traders and share tips and strategies.

A futures forex contract is traded on a regulated market, for example, a commodity exchange, like the Chicago Mercantile Exchange (CME). When you trade futures, your counterparty is the exchange and the specifics of the contract are predefined by the exchange. When your counterparty is a regulated exchange, you don’t need to check your counterparty risk, as this is one of the safest modes of trading.

The financing rate depends on the currency pair and the broker. The most important factor for selecting the best forex brokers forex is the fees of forex trading. Not just the trading fees, but the withdrawal fees are important to take into consideration.

It can be used to open, close and manage trades from the device of their choice and contains a variety of tools, indicators and timeframes designed to allow you to monitor and analyse the markets in real-time. There are also many forex tools available to traders such as margin calculators, pip calculators, profit calculators, economic trading calendars, trading signals and foreign exchange currency converters. For example, if the currency pair EUR/USD was trading at 1.0916/1.0918, then an investor looking to open a long position on the euro would purchase 1 EUR for 1.0918 USD. The trader will then hold on to the euro in the hopes that it will appreciate, selling it back to the market at a profit once its price has increased.

He wastes too many bullets to hit one or a few targets. He loses too many times to have one or a few winning times. It is like a trader who takes too many positions based on any signals he sees.

forex trading for begginers

If the trend is really good, and I have no real concerns about the trade, then usually I just let the price hit my stop loss or target. Hi Cory, this is the first article I am reading from you, and I have been fascinated with the explanation and the very reality expressed in your experience. Of course you won’t win every trade, but if you win 3 out of 5, you’ve made yourself $125 for the day.

Get Free Forex Setups From Justin Bennett

First of all, fair trading fees and low withdrawal fees. They should also offer a lot of currency pairs and need day trading strategies for beginners to have a great platform with advanced charting. These are easy things to list, but quite hard to figure it out.

forex trading for begginers

  • In 2013, the Pound Sterlingwas the 4th most traded currency after the US-Dollar, the EURO and the Japanese Yen.
  • You could do the same in the forex market, by selling MXN/USD.
  • TD Ameritrade is one of the biggest US online brokers.
  • Aside from practicing, you may want to seek some forex trading advice and strategies from a forex trainer or forex books.
  • For example, if you want to trade one EURUSD futures contract on the CME, you need to have more than $2000 on your account.
  • Novice or introductory traders can use micro-lots, a contract for 1,000 units of a base currency, to minimize and/or fine-tune their position size.

Professional traders sometimes take a much higher than 2-3% risk. In some ways, forex trading is a job like any other job where you have to put in time to get a financial reward. One big difference is that in forex, you can put in time and actually lose money! But the main difference between a job and forex trading is that once you can consistently make more money than you lose, you can increase your earnings without putting in more time.

If you risk only 1% or 2% of your account on each trade, 6 losses is nothing. Almost all you capital is intact, you are able to recoup your losses easily, and are back to making a profit in no time. When trading different pairs with different trade https://forex-trend.net/ setups, we may end up with trades that require a larger (or smaller) stop loss. This is why it is good to deposit more capital than less. Based on the example above, a trader may assume that $1500 is enough for longer-term trading in forex.

When this is combined with the income derived from an average day job, it can seem like day trading part time on the forex market while working a full-time job is a no-brainer. When you trade EUR futures, you are trading the EURUSD. Futures contracts just force you trade in 125,000 blocks of currency (or 62,500 for the mini contract), where in the actual forex market you can trade in blocks of 1000, 10,0000 or 100,000.

This is because you can risk $5 per trade, which is 1% of $500. If you take a one micro lot position ($0.10 per pip movement, and the smallest position size possible) and lose 50 pips you’ll be down $5. Since trades occur every couple days, you’re likely to only make about $10 or $12 per week.

Is Forex trading easy or difficult?

Also, there is very little volume in the e-mini and e-micro Euro FX futures contracts (and even less many other currency futures contracts), so it is not an ideal way to trade currencies with a small account. When you sell a peso future, you selling pesos (MXN) and buying the USD. You could do the same in the forex market, by selling MXN/USD.

There is a gap up in G/J daily when the market opened yesterday, how will you deal with this situation if you are already in the trade (buying). “News” follow the long time frames directions and signals, and long time frames signals form based on the news. As you see, we already had a long position with GBP/JPY and AUD/JPY based on a strong long trade setup on the weekly chart, and when the news was released it kicked the price up. The inner demon always makes us check the positions too many times. You will get used to checking the charts once every day if you do it for a while.

Investment managers may also make speculative forex trades, while some hedge funds execute speculative currency trades as part of their investment strategies. Any action taken by a central bank in the forex market is done to stabilize or increase the competitiveness of that nation’s economy.

Investing is clearly very different from most methods of income because you are always risking your capital; you have to have money to make money. Despite this, people from all across the world make their living through hard work on the markets. Essentially, you watch the prices of currency move up and down, and speculate on whether you think they will increase or decrease.

It is worth to become a forex trader but you have to keep in mind that you can’t make any money through Forex trading when you HAVE TO make money. I mean if you have no job and income or you have a job but your income doesn’t suffice, it will be too hard to make any money through Forex trading.

forex trading for begginers

Forex scalping is a method of trading where the trader typically makes multiple trades each day, trying to profit off small price movements. Many people work very hard forextrend at forex trading on a part-time basis every day and this eats into their home life. You can make money trading on the foreign exchange but it is not an easy task.

An ITIN is a nine digit number that must be used on all statements and tax related documents if the individuals do not qualify for a Social Security Number in the US. To detail it further, both resident and nonresident alien individuals who are to get the benefits of a reduced rate of with holdings under the income tax treaty may have federal tax returns and payment responsibilities issued by the Internal Revenue Code or the nonresident aliens who are willing to file joint tax with their dependent spouses, the spouse being the resident of US need an ITIN.

The real estate brokers can use an ITIN to facilitate mortgages for unauthorized immigrants. This tax ID number is also needed by the foreign investors in the US real estate in order to file state tax returns to report the rental income. So does an alien spouse who is being claimed for exemption on the basis of US tax laws. Therefore ITIN is mandatory for all such alien taxpayers who are claimed as dependents on another person’s tax return and the non resident professors, students and researchers who want to apply for scholarships need an ITIN to claim an exception to the tax return filing requirement as well. The ITIN program was created so that millions of people can use it as an identity proof when opening a savings bank account or executing the other financial activities. Receiving an ITIN does not itself establish the right to work and receive income or provide eligibility for social security benefits. They are regarded as valid identity statements for the tax reporting only.

An individual who fulfills the eligibility requirements can apply for an ITIN but must reveal a federal tax purpose for seeking it. This involves submitting the IRS form W7, that contains a record of biographical information along with specified types of valid supporting national ID card, including name, address, date of birth, passport, US or foreign voter card, registration card, driving license and an original tax return attached to it. An ITIN application cannot be filed electronically. Also, any notarized copies of the documents are not accepted. Applications for ITIN along with two of the mentioned original documents are to be mailed to the designated address of IRS Taxpayers Assistance Centers in the United States. The ITIN issued to a person also expires if it is not used for three consecutive years. In all such cases the tax payers can reapply and get their ITIN renewed.

ITIN has played a major role in bringing more people into the US economy. Realizing the importance of ITIN in tracking the undocumented immigrants the federal government has also incorporated some individuals and business institutes as Certifying Acceptance Agents that work in a written agreement with the IRS for providing assistance to the taxpayers who need an ITIN help by verifying and returning back all the important papers while applying only. Also the applicants can call the IRS toll free numbers to check the status of their application or for further queries.



Source by Kriti Chakraborty


Wholesaling is one of the most popular strategies for new investors to get involved with because it can be done with limited funds and experience.

For those unfamiliar with wholesale real estate, this ultimate provides a great starting point for understanding how it all works. Consider this a foundation upon which you can build your wholesaling business.

What is Wholesale Real Estate?

Wholesaling is a term used in the real estate industry to describe the process of finding great real estate deals and getting paid to bring them to real estate investors. It’s similar to a “finder’s fee,” but with some added paperwork thrown in to make it more legal and acceptable.

Wholesaling can seem a little confusing, so I find it best to illustrate the concept with an example of how it’s done.

Jim is a wholesaler. He actively markets for incredible real estate deals but doesn’t actually want to buy them. On a cold January morning, Jim gets a phone call from Deborah.

Deborah wants to sell her home, but she doesn’t want to use a real estate agent. She tells him that the house is in bad shape, and she just wants to get out before she lets it go back to the bank in a foreclosure.

Jim meets with Deborah at the home and offers her $50,000 for the property. Deborah agrees to the price and they sign a contract—a purchase and sale document. This document states that Jim (or someone else he sells the contract to) will buy the home for $50,000 within the next 21 days.

Jim then goes and talks with his friend Tom, an active house flipper. He shows all the numbers to Tom, and Tom decides that this property would be a good flip.

Tom agrees to pay $55,000 for the property and knows he can make a good profit at that price.

Jim and Tom then sign an “assignment contract,” where Jim gives Tom the right to buy the home from Deborah—because remember, the contract between Jim and Deborah said that either Jim or someone else will buy the home. (This is known as an assignment, and we’ll go into more detail on this in a bit.)

Jim gives all the paperwork over to the local title company to process. In the end, Deborah gets her $50,000, the amount she wanted. Tom, the flipper, pays $55,000 for the house. And Jim, the wholesaler, keeps the $5,000 difference as his wholesale fee.

Jim never owned the property, but he made $5,000 for bringing together Tom and Deborah.

Keep in mind, this is just one common way that wholesale deals are put together. There are many other possible ways to structure a deal.

Now that you have a basic understanding of what wholesaling is, let’s move on and talk about one of the most common questions people have: “Can I wholesale without a lot of money?”

Related: Is Wholesaling the Best Way to Get Started in Real Estate? An Investor’s Analysis

Can I Wholesale With No Money Down?

Yes… and no.

As you saw in the example above, it is possible to wholesale without money. However, the one thing I glossed over in the story is how Jim got the phone call from Deborah.

I’ll tell you this: he didn’t get it by sitting around in his undies playing “Call of Duty.”

Wholesaling is a marketing game, and the best wholesalers are the best marketers. And marketing is rarely free (though there are ways).

Instead, Jim likely spent a significant amount of time and money to get this phone call. We’ll talk more about that in just a moment, but understand this: wholesaling can be done without money, but not without effort.

If you are interested in learning more about various no money down strategies involved with wholesaling, flipping, or landlording, pick up a copy of The Book on Investing in Real Estate with No (and Low) Money Down here on BiggerPockets. (I wrote it, and there is an entire chapter dedicated to wholesaling. It’s like this post you are reading… on ‘roids.)

The rest of this post is dedicated to showing you the effort it might take to become a great wholesaler. But first, let’s talk about some legalities and my beef with wholesaling.

Nervous businessman peeking over desk

Is Wholesaling Illegal?

[Editor’s Note: Please be aware that this material does not serve as legal advice. To safely practice wholesaling, be sure to consult with a legal professional about federal and state laws specific to your area before executing any deals.]

One of the more “hotly debated” topics concerns the legality of wholesaling. In fact, wholesalers have at times been fined by the State for their “illegal practices.”

Scary stuff for any wholesaler!

I am not a lawyer, and laws like this are very state-specific, but allow me to share my opinion on the subject. As with any business transaction, you should consult an attorney before engaging in any kind of real estate activity.

What’s Illegal About Wholesaling?

The essence of the debate on whether wholesaling is illegal revolves around the term “brokering.”

Although each state has its own definition, a broker is someone who helps put a deal together.

Here is how the state of Florida defines a broker:

“‘Broker’ means a person who, for another, and for a compensation or valuable consideration directly or indirectly paid or promised, expressly or impliedly, or with an intent to collect or receive a compensation or valuable consideration therefor, appraises, auctions, sells, exchanges, buys, rents, or offers, attempts or agrees to appraise, auction, or negotiate the sale, exchange, purchase, or rental of business enterprises or business opportunities or any real property or any interest in or concerning the same.” (Source)

And in Washington State, “brokering” is defined as the:

“listing, selling, purchasing, exchanging, optioning, leasing, renting of real estate, or any real property interest therein” and “negotiating or offering to negotiate, either directly or indirectly, the purchase, sale, exchange, lease, or rental of real estate, or any real property interest therein.” (Source)

Those who argue that real estate wholesaling is illegal claim it to be illegal because the wholesaler is acting as a “broker” in the deal without being licensed.

Those who defend wholesaling without a license say that wholesaling is not brokering; it’s simply signing a contract and then assigning that contract to another, and therefore the law does not apply to this situation. They are not selling a property but instead selling the ownership of a real estate contract.

Check out this video on YouTube for more on that position.

To further complicate the situation, there is the issue of “marketing” a property that you do not currently own. Most states also include “marketing a property” as brokering.

For example, let’s go back to Jim the wholesaler, who buys a property from Deborah and then sells it to Tom. Had Jim put the ad for the house on Craigslist or elsewhere, is he marketing the property?

Most definitely! But what if he wasn’t marketing the property? What exactly defines marketing? If Jim knew the cash buyer Tom and told him about the deal, is that marketing?

If you were to ask 10 different lawyers, you might get 10 different answers.

However, I do believe the way many wholesalers work could be considered illegal.

Putting a deal under contract, marketing the deal all over Craigslist, and then assigning that deal is a fast way to get fined by your state government and get a nice misdemeanor on your record.

You need to ask yourself, “What is your intent and how comfortable are you if you have to defend that position if you find the local real estate commission asking questions?”

How to Wholesale Real Estate Legally

So, how can a wholesaler protect himself or herself from breaking the law? Here are a few tips (but again, talk to an attorney).

1.) Get Your License

Simple as that. No one can accuse you of brokering without a license if you have a license. Yes, this might cost you a couple grand, but it’s better than getting a penalty from the state for breaking the law!

2.) Buy the Property and Then Sell the Property

This is another option. Rather than “assigning” the contract, simply buy the property and then re-sell it—even if you only own it for five minutes through a “double close”. (We’ll talk about this more later.)

The truth about wholesaling is this: whether or not wholesaling is illegal in your state, it definitely falls into a gray area.

If you want to flirt with “the line,” that’s fine. It’s your choice.

However, if you want to be sure that you are operating your wholesaling business as pure and solid as possible, get your license or physically close on the property, take title, and then sell it after.

My Problem With Wholesaling

Everyone seems to love wholesaling. And what’s not to love? It just sounds so stinkin’ easy.

Find a good deal, find a cash buyer, and boom! Done.

So, why don’t I recommend most people start with wholesaling?

The reality is wholesaling is one of the most difficult avenues to make money with real estate.

Now, that’s something you don’t hear the gurus say often. In fact, most real estate gurus and trainers encourage people to start with wholesaling. It’s so easy, and it can be done with no money down, after all!

But here’s my beef: most wholesalers fail because it’s hard.

To be good at wholesaling, you need to be good at:

  • Knowing the math behind a good flip
  • Knowing the math behind a good rental
  • Talking with motivated people in distressed situations
  • Negotiating without taking advantage of people
  • Marketing for leads that cost less than the marketing does
  • Answering the phone
  • Sales
  • Finding good deals
  • Estimating the after repair value
  • Estimating rehab costs
  • Estimating potential rents

See what I’m getting at? Sure, you can outsource some of this stuff, but as the business owner, you still need to be the one in charge and you need to know how all of this works.

In other words, to wholesale real estate well, you need to be good at a lot of stuff.

Furthermore, you are competing with other investors who don’t need to make that wholesale fee and therefore can pay more than you.

For example, in the story above, Tom ended up paying $55,000 for the property, so he could have simply found Deborah first. Then, if Jim and Tom ended up competing, Tom could pay $55,000, but Jim would need to pay $50,000.

Who do you think Deborah is going to go with? Tom, of course!

A wholesaler needs to find great deals and thus needs to work harder to find those deals. And if you want to get what no one else will get, you have to be willing to do what no one else will do—hustle.

I don’t say this stuff to discourage you, only to dispel any belief that this wholesaling game is “easy” and “quick.” It’s a job, a business. It’s work.

However, for those willing to put in the work, great things can happen. The story above with Jim and Tom is fairly simple, but a $5,000 wholesale fee is completely normal for good wholesalers.

And good wholesalers don’t do just one deal… they do a lot, and a lot of money can be made.

Related: I Used to Write Off Wholesaling: Here’s What Changed My Mind

Male Traveler Looking Through Binoculars In The Distance Against The Sky

Finding Great Deals

Wholesaling real estate without a good deal is as impossible as being a great butcher without access to any meat. It’s not happening. Therefore, a wholesaler must become proficient and effective at building a pipeline of great real estate deals.

I say “pipeline” because your goal as a wholesaler is likely not to do just one deal and be done. Your goal is probably to do a lot of deals.

However, deals must be “massaged” into fruition and can take quite a bit of time.

The most successful wholesalers are consistently filling up their pipeline with leads and working those leads through the pipeline.

This pipeline consists of:

  • Finding the leads
  • Taking the phone call
  • Building trust with the seller
  • Doing due diligence
  • Doing the math
  • Preparing inspections or bids
  • Getting the deal signed at closing

At any given point, you might have 20 separate deals in your pipeline in different phases of the deal, and it’s your job to consistently move them all forward toward profitability.

Let’s talk about how to get deals into this pipeline to begin with.

First, understand that there are many ways to find good deals. I’ll outline just a few of the most common methods below, but creativity is key when finding good deals.

Hopefully the methods I discuss (and corresponding links) will give you a good place to start.

1.) The MLS

The MLS is the collection of all deals currently being sold by real estate agents. Although it can be challenging to find deals because of the competition, it is possible.

Keep in mind, it can be difficult to wholesale a bank foreclosed home, but it’s not impossible. The best part about wholesaling an MLS deal is the ability to still use a real estate agent to make it happen.

For more on buying on the MLS, see “Five Tips to Get Great Deals On the MLS (Including Buying Houses on Friday…?).”

2.) Driving for Dollars

“Driving for dollars” is the practice of getting in your car and driving around looking for potential deals. Typically, your goal is to look for properties that are “distressed.” This could be indicated by long grass, boarded up windows, tarps on the roof, legal notices on the windows, or anything else that makes the home appear to be someone’s problem.

For more on driving for dollars, see “Driving for Dollars Bible: Finding Distressed Properties and Marketing.”

3.) Direct Mail

Direct mail is the art and science of sending out targeted pieces of mail to motivated sellers. You can purchase lists of potential leads from companies like ListSource.com for pennies per name to send out postcards, yellow letters, typed letters, and more.

Your goal with direct mail is to get a certain percentage of people to call you and to get a certain percentage of those to sell you their home.

For example, you might send 1,000 pieces of mail, get 3.3 percent of those people to call you (30 phone calls), and get 3.3 percent of those to sell you their home, resulting in one sale. It might cost you $1,000 to send those letters, but if you can make $5k, $10k, or $20k on that investment, it might be a great use of funds.

For a much more thorough post on direct mail marketing, see “The Ultimate Guide to Using Direct Mail Advertising to Grow Your Real Estate Business.”

4.) Other

There are a lot of other methods to find good deals that aren’t covered here. Examples include Craigslist, billboards, online marketing, SEO, networking, co-wholesaling, and more. If you want to learn more about these, search the BiggerPockets Blog, and you’ll likely find numerous articles on each topic.

Alternatively, check out the book Finding and Funding Great Deals by Anson Young, available from the BiggerPockets Bookstore.

At this point, you should be able to start finding deals. But wait… how do you know if it’s a good deal or not?

This is when math comes in really handy. So, let’s talk about that.

man sitting clutching temples in front of blackboard filled with calculations

Wholesaling Math

Yes, math is not everyone’s favorite subject, but the fact of the matter is this: learn the math or don’t wholesale. There is no other way.

On a positive note, this math isn’t particularly tough. Once you figure it out, it’s fairly easy. Even better, there are online calculators that can help you tremendously in this area, and I’ll show you my favorite one in just a moment. But first, let’s cover the basics.

How Much Should You Offer?

Wholesalers find deals for other people. Therefore, it makes sense that the only way to find out what to pay is to start at the end and work backwards. After all, if you want to sell a property to a flipper, that flipper is going to need to make money or they won’t buy it from you in the first place.

The price you end up paying is known as the maximum allowable offer (MAO). It’s the most amount of money you can afford to offer a seller and still make the kind of profit you want.

To come up with the MAO, we need to start with the ARV, or after repair value. The ARV is the final price that the house flipper is going to sell the property for—someday.

From that number, we need to subtract all the costs associated with the deal. These costs are:

  • The flipper’s profit: How much the flipper wants to make on the flip
  • Repair costs: How much it costs to fix up
  • Fixed costs: How much the deal is going to cost the flipper, including holding costs and transaction costs on both sides of the deal
  • The wholesale profit: How much the wholesaler wants to make

For those who would rather see a formula, it looks like this:

MAO = [ARV] – [Flipper’s Profit] – [Repair Costs] – [Fixed Costs] – [Wholesale Fee]

Let’s use the example from the beginning of this post, with Jim, Tom, and Deborah.

Jim did his homework and knew that the ARV of this property would be around $110,000. He knew that Tom always planned to make $20,000 as a profit on any flip.

He also knew that the fixed costs on a flip would be about $15,000 (including the holding costs, the Realtor fees when Tom sold it, and the closing costs at the beginning and end). Next, Jim knew the home needed about $30,000 of labor and material to fix up.

Finally, Jim knew he wanted to make $5,000 on the deal.

Therefore:

MAO = $110,000 – $20,000 – $30,000 – 15,000 – $5,000

MAO = $40,000

This is how Jim determined that $40,000 was the right price to pay.

But How Do I Learn All These Numbers?

Most people understand the math up until this point. However, the mistakes are made when a wholesaler dives deeper into the math.

After all, how did Jim know that the fixed costs would be $15,000? How did he know the repairs would add up to $30,000?

If you are experienced, you can sit down and pencil out all these numbers. But if you are new to this and don’t plan on spending tens of thousands of dollars for personal coaching, I want to introduce you to the Wholesaling Calculator from BiggerPockets.

This calculator allows you to go in and determine your MAO for your next potential wholesale deal. You’ll simply walk step by step through the questions, and you’ll be able to make better, faster, more confident decisions.

Here’s a quick video of how it works, using the example from this post:

As you can see, all those confusing numbers become a lot more manageable when you walk through the process step by step. The calculator can even help anyone wholesaling houses determine the repair costs by walking step by step through the various components of the home that needs to be repaired!

Another great thing about it: you can choose whether or not you are planning to sell to a house flipper or a landlord and print out PDF reports specifically designed to sell your deal to those cash buyers. These reports were structured to show the cash buyer exactly what they need to see to make a decision—and make you look incredibly organized in the process. 

The wholesaling calculator was designed by investors, for investors, and contains all the information needed to make a great deal. As a free BiggerPockets user, you can go in and test the calculator three times. After that, you need to upgrade to a BiggerPockets Pro Membership in order to use it.

Determining ARV

One thing the calculator cannot do for you is determine a property’s ARV. And this is the most important number in the entire math process. Every single number is subtracted from this figure, so it must be accurate to continue.

So, how do you determine the ARV?

There are several methods, but they generally revolve around one simple principle: houses are worth about what local similar houses have recently sold for.

If a home sold 20 miles away, it’s likely not close enough. If a home sold with four bedrooms and your potential deal has two bedrooms, it’s likely not similar enough. If a home sold in terrible condition, it’s likely not similar enough because you are looking for the “after repair value”—in other words, the home in good condition.

Although it’s unlikely you’ll find a recently sold home that is identical, to estimate the ARV, you need to get as close as possible and make slight corrections. Two bathrooms versus one? Compensate for it in your numbers. (An extra bathroom is sure to add some value, right?) If your property has 2,000 square feet and a recently sold one has 1,500, compensate for that (because more square footage should be worth more, too).

Related: DIY Appraisal: How to Choose the Best Comps

An Easier Way to Find ARV

Perhaps the best way to find the ARV of a potential deal is to ask a local real estate agent. They have access to a tremendous amount of data on recently sold homes and can help you out quite a bit until you get the hang of it.

However, many agents will not want to do this work for you for free, so you’ll need to find a way to make it worth it for them. (Not that it’s a lot of work, but it does require use of their time.) 

I recommend building solid relationships with a few agents so you can give them your “unworkable leads,” and they can potentially make money by selling those leads. For example, if you can’t help a homeowner by wholesaling their home, perhaps the agent can sell it on the open real estate market instead.

This can develop into a true win-win relationship between you and said agent. 

real estate agent giving a home tour to clients

Making An Offer

Once you’ve determined your MAO, it’s time to make the offer. This is when your skills at negotiating come in really handy.

I could tell you all about negotiating a deal with a seller, but it would pale in comparison to the information you’d get from The Book on Negotiating Real Estate by J Scott, Carol Scott, and Mark Ferguson, available from the BiggerPockets Bookstore.

If you want to take your wholesaling business seriously and want to do more deals this year, take the time to learn from the true-life stories, sample dialogue, and expert tips included in this book.

After negotiating the deal and coming to terms on a price, it’s time to sign the contract. In some states, you can pick up a standard state-approved purchase and sale document. In other states, you can pick up one from a local title company, buy one at an office supplies store, or purchase one online from a site like EZLandlordForms.com.

There are several ways to actually close on the sale of the home, and the way you write your contract is going to depend on which way you plan on closing (assignment vs. double closing). 

In an assignment, you will simply write (in the spot where you write the buyer’s name) “and/or assigns” after your name. This means that you and/or someone you assign the contract to will buy the property.

Assignments are typically not allowed when buying foreclosures, but most homeowners will not care. However, it’s important that you are upfront with the seller about your intentions. Next, you’ll need to sign an “assignment contract” with your cash buyer, which officially assigns them the contract. 

For a double closing, you can simply sign the document in your name or business name. A double closing is the process of actually buying the property and then immediately reselling it on the same day—usually within minutes.

If you don’t have the full 100 percent cash for the deal, there are numerous transactional lenders who can fund the deal for you for a 24-hour period (and a fee, of course).

Now you have your contract. It’s time to get it sold!

Related: 7 Intuitive Tech Tools to Streamline Your Wholesaling Business

Cash Buyers

Sure, you could take that good deal and go buy it for yourself. Maybe you’ll make a bunch of money if you flipped it. However, you are wholesaling this deal, not flipping, so your goal is to get rid of the property as quickly as possible. Then, you can focus on finding other deals.

 So… who are you going to sell it to?

Likely, you’ve heard the term “cash buyer” before. It’s a bit of a buzzword that a lot of gurus like to toss around, but it is certainly a real thing.

A cash buyer is a buyer who can pay cash for a house. Duh.

However, it doesn’t necessarily mean it needs to be their cash. Oftentimes, a cash buyer can use private money or hard money to put the deal together. The point is: the cash buyer doesn’t need to go through a lengthy loan process that might be declined. They can purchase the property from you, guaranteed.

Cash buyers are typically house flippers, but they might also be local rental property investors, as well. Everyone is looking for a good deal these days, and a lot of people have the cash to make it happen if you can find them the deal.

There is a lot of hype about finding cash buyers and building your cash buyers list. You can spend thousands of dollars for online programs designed to help you get thousands of cash buyers. But let me save you some money.

Listen up: cash buyers are easy to find. If you’ve done everything else right, cash buyers are everywhere.

The best cash buyers are individuals who have bought similar properties for cash recently in the same area. But how do you find them?

You could put a free ad up on Craigslist or pay for an ad in the newspaper, but another great way is to ask a real estate agent to give you a list of all homes within a 20-mile radius that were “cash sales.”

This data is easy and quick for them to get to you. Then, simply do some public record searching to see who bought those homes, and send them a letter or give them a call. 

Again, cash buyers are looking for deals. If you can show them that you are a serious wholesaler who will make them money, it’s the world’s easiest sell.

Don’t fall for the hype that you need to build a cash buyers list. This is just a distraction from your actual job, which is to find a great deal.

Additionally, you don’t need hundreds of cash buyers. You don’t even need dozens. You need a small handful—or maybe just one.

Yep, I said it. Just one.

If you are just getting started wholesaling, one of the best strategies is to find one great cash buyer, have them tell you what they are looking for, and go find them a deal.

Getting Paid

At this point, you’ve done your homework, marketed for properties, got a property under contract, assigned it to the cash buyer… now what?

It’s time to get paid.

This part of the process is actually pretty easy because there is not much for you to do. You simply need to get the title company all the information (the original purchase and sale agreement, the assignment contract, etc.) and sit back and let them do their magic. (If you are in a state that uses attorneys instead of title companies, then get it all to your closing attorney.)

The title company should take care of the rest if they know what they are doing. I’d recommend working with a title company familiar with wholesaling, as many are not. If you are unsure of what the best title company is to use, try asking some wholesalers in your area, ask around at an investors’ meetup, or ask on the BiggerPockets Forums.

In the end, the seller is going to get the money they were promised. The cash buyer is going to get a great deal. And you are going to be a little richer!

Now, what are you going to do with that money? Buy a new car? Get a new wardrobe?

Maybe. BUT if you are wise, you will look at this money as an investment and will recycle it back into your marketing budget to keep your pipeline full.

Doing one deal isn’t going to change your life, but creating a real estate wholesaling pipeline that consistently brings in great deals will.

A Final Note on Wholesaling and Real Estate Investing

I’ve made an attempt to be as thorough as possible within this guide while still maintaining some brevity. So, to aid in that goal, I’ve included several links to related BiggerPockets content so that I don’t need to repeat what’s already included in those articles. I encourage you to open each and every link, and read all this information.

Yes, it might take a few hours. But if you are serious about building wealth through wholesaling, it might be the best investment you’ll ever make.

Finally, understand that no matter how much I would’ve written, I could never cover everything there is to know about wholesaling. There are too many “but what about”s and “but what if”s. Instead, I want to encourage you to ask questions either in the comments below this post or in the Wholesaling Forum here on BiggerPockets.

The Forums are an incredible place to ask questions and get answers from dozens of successful investors. And it doesn’t cost a thing.

What else do you want to know about wholesaling? Do you have any wholesaling knowledge or advice you’d like to share?

Leave a comment below!





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Traders can also consider using a maximum daily loss amount beyond which all positions would be closed and no new trades initiated until the next trading session. While traders should have plans to limit losses, it is equally essential to protect profits. Many people like trading foreign currencies on the foreign exchange (the gartley pattern) market because it requires the least amount of capital to start day trading.

Monitoring news and market analytics for 4 currency pairs is easier than struggling to keep an eye on thousands of stocks. Stock markets can crash and securities may lose their value but when one currency is depreciating, the other will be gaining value and you can earn on that as well. Join the world’s largest financial exchange market and start earning by trading with the major market participants. Setting up a business with risk of making losses is gambling. I did not gamble when I set up a successful business as I followed all the steps such as research, business plan, strategies, educations and even the finances etc.

It helped me a bit in understanding forex and what needs to be done before investing and not to lose too much money. Good article, but I think that a person has to find himself in the forex market. Learning forex was the most difficult skill I have tried to learn.

However, you do not need to have millions or thousands of dollars to start! Due to leverage and marginal trading, you can start trading with $100 or $500 and enjoy the same trading conditions as the large market players. There are even Micro and Mini accounts that let you trade with as little as $1. Among all financial markets, Forex is the easiest to access for beginners and retail traders with relatively modest money to spare. Mastering the Forex trading is like having control over the trade which can effectively mitigate against losses.

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Forex trading is the ultimate form of gambling. We get to review past price action before putting on a trade. Can you imagine getting to see the dealer’s hand before making a decision at the casino? It all comes down to putting on trades where the probable win is higher than the probable loss.

The reason is obvious of lower leverage than forex market. Most Forex brokers will allow you to open an account with as little as $100.

The surprise move inflicted losses running into the hundreds of millions of dollars on innumerable participants in forex trading, from small retail investors to large banks. Losses in retail trading accounts wiped out the capital of at least three brokerages, rendering them insolvent, and took FXCM, then the largest retail forex brokerage in the United States, to the verge of bankruptcy. Note that those numbers were cited just two months before an unexpected seismic shock in the currency markets highlighted the risks of forex trading by retail investors. On January 15, 2015, the Swiss National Bank abandoned the Swiss franc’s cap of 1.20 against the euro that it had in place for three years. As a result, the Swiss franc soared as much as 41% against the euro and 38% versus the U.S. dollar on that day.

Forex brokers have offered something called a micro account for years. The advantage for the beginning trader is that you can open an account and begin trading with $100 or less. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider.

I also opened 100 euyr cent account (shows in balance) in roboforex and invested in a trader. His profile shows max 18 % drawdown since maybe february, so looks stable comparing to other traders.

How Does Leverage Affect Pip Value?

By asking this question, I have a hunch you don’t fully understand Forex yet. Stick to demo trading for now, read my previous articles on how to develop a working strategy. Once you can show a minimum of 100 trades in a row without a loss, you are ready to place 10K and earn profits the same week already. The above scenarios assume that your average profit will be about 1.5 times your risk (or greater), and that you’ll win about 60 percent of your trades.

In other words, stacking the odds in your favor. In a previous lesson, I wrote about price action and confluence. The more “Confluence Factors” you have in your favor on any one trade, the higher the probability is that the trade will make you money. The truth is that even the “big boys” at the large banks and hedge funds gamble every time they sit down at their trading computer. But (and it’s a BIG but) there’s an inherent difference between how they gamble and how 99.9% of retail Forex traders gamble.

  • If a trader loses 10 pips on losing trades but makes 15 on winning trades, she is making more on the winners than she’s losing on losers.
  • Search the internet and learn from those who have found success.
  • If your account is $100, that means you can only risk $1 per trade.
  • But it all really depends on what I determined I would do before the trade.
  • By trading with securities you are taking a high degree of risk.
  • When you trade futures, your counterparty is the exchange and the specifics of the contract are predefined by the exchange.

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Once the account reaches a point where the trader makes what they want, usually their earnings will plateau. As indicated, when trading stocks, I made a steady income when my account balance was $300,000 to $400,000.

Forex products are complex and very risky, thus not suitable for everyone. You can easily lose all of your invested money.

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A pip is the smallest price increment (fraction) tabulated by currency markets to establish the current ask (buying price) and current bid (selling price) of a currency pair such as the Euro/US Dollar (EUR/USD). The Balance does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results.

In the gartley pattern there are always traders who are willing to buy or sell. An ECN Broker offers its clients the best quotes from major banks, other ECNs and liquidity providers. The Broker actually profits from providing the best quotes and the tightest spreads. The major participants of the Forex market are commercial and central banks, large corporations and hedge-funds.

#4 Forex.com Deposit and withdrawal 4.0

It might be, but what if volatility increases and most of the trades you see require a 500 or 600 pip stop loss? With $1500, you are going to have to risk too much of your account on each trade, even when taking only one micro lot (the smallest position size). You could opt not to trade, but then you may miss out on some great opportunities.

Start with more money in your account than you expect you will need, that way you can trade with greater confidence knowing that your risk is properly controlled. The other problem with forex trading with such a small amount of money is that it offers almost no flexibility in the style of trading you undertake.

If you know what you’re doing there is no real difference. You are simply applying the same risk / reward strategy , timing , research , trade size and execution to a different Financial Asset. Having access to all finiacial assets to me is key. Opportunities or black swan events do gartley pattern not just turn up in one small area l need fast access to all trade able assets. To account for slippage in the calculation of your potential profit, reduce the net profit by 10% (this is a high estimate for slippage, assuming you avoid holding through major economic data releases).

A helpful customer service representative should have all this information and be able to answer any questions regarding the firm’s services and policies. I have not traded what is a gartley pattern for a year now but have established a business over the year to fund my account.

Any analysis technique that is not regularly used to enhance trading performance should be removed from the chart. In addition to the tools that are applied to the chart, pay attention to the overall look of the workspace. The chosen colors, fonts, and types of price bars (line, candle bar, range bar, etc.) https://forexanalytics.info/ should create an easy-to-read-and-interpret chart, allowing the trader to more effectively respond to changing market conditions. Traders should also research each broker’s account offerings, including leverage amounts, commissions and spreads, initial deposits, and account funding and withdrawal policies.

The smoky gray clouds, like emissions from turn-of-the-century steam locomotives, floated over the otherwise rolling, green Northern Pocono Mountains on a recent Memorial Day weekend. Could they have been hints of the area’s railroad past?

The weed-sprouting track, supporting a diesel engine, a stainless steel New York Central, and three maroon, Pennsylvania Railroad coaches next to the Wayne County Visitors Center, were poised for their 13:00, 25-mile run to Hawley and Lackawaxen as the “Lackawaxen Limited,” operated by the Stourbridge Line’s Delaware, Lackawaxen, and Stourbridge Railroad Company. From rail’s past, apparently grew rail’s present.

Having been operated by the Wayne County Chamber of Commerce, and inaugurating tourist train service as far back as September of 1979, the Stourbridge Line ran for more than three decades as an earlier rendition, ceasing operations on December 11, 2011, before the present Delaware, Lackawaxen, and Stourbridge Railroad Company, run by the Myles Group, re-plied the tracks as of May 9, 2015.

A 50-minute drive from Scranton to Honesdale, a peruse of Main Street, a poke in the Wayne County Historical Society Museum, and a collection of brochures, pamphlets, newsletters, guide books, and area-related literature deposited me here, on the wooden platform, surrounded by an increasing gather of the train’s passengers.

The train’s railroad history, although silently subtle, seemed to speak to me. A glance over the coaches revealed the town’s Victorian architecture, which, as a preserved pocket, seemed to have withstood the tick of time, and next to the brick, ticket window sporting Visitors Center was a track-attached replica of a wooden coal wagon displayed on an incline. Rails clearly connected the town with its past.

A plaque outside of the historical society proclaimed, “Delaware and Hudson Canal. Terminus of the waterway uniting the Hudson and Delaware rivers. Built 1825 to 1828. A gravity railroad feeder reached Carbondale. For 70 years the anthracite trade outlet for the region.”

As I heard the “All Aboard” wail of the conductor-a virtual tone- and pitch-perfect echo of the instruction given by trainmen for almost two centuries-and inched toward the coach with my fellow passengers, I realized that something about the area had drawn me to its past.

Where, for example, was the Delaware and Hudson Canal and what relation, if any, did it have to this “Gravity Railroad,” with which Honesdale seemed synonymous?

Settling into my seat in car #1993, “Clinton Leech,” which had once been operated by the New Jersey Central Railroad, I thought of the philosophy shared by Sir Arthur Pinero, an English actor, dramatist, and stage director who had lived between 1855 and 1934. “The present is the past again, entered through another gate,” he had philosophized.

As the train would ply the tracks to its destination in the present, I would try to trace the area’s history to its past.

A brief, locomotive-tugging jolt, preceded by the obligatory whistle, increased car coupling tension until the chain formed by the four coaches crept away in forward momentum cohesion, crossing Route 191, where automobiles had collected as witnesses of its departure.

A laborious lumber, amid the protesting shrieks of its wheels, propelled the Lackawaxen Limited into an arboreal tunnel of green, as it paralleled the approximately named Lackawaxen River, whose oil-hued surface, like a mirror, reflected the trees, before squeezing past coach and caboose cradled siding track.

Increasing speed manifested itself as coach sway, as the lateral rocking–excuse the rhyme-took the present away, transporting me to the area’s past. Piece it together, I commanded my mind!

Canals and railroads shared both a geographical and logical origin here. In the case of Honesdale, they seemed to be the same.

Located in Wayne County, in northeast Pennsylvania, the town was 35 miles from Scranton (I had driven it myself) and 150 miles from Philadelphia. So far, that was not very significant.

Established in 1798, the county itself was named after General Anthony Wayne, a Revolutionary War hero who had gained notoriety when he ended Indian resistance and destroyed the Northwest Indian Confederation in the Battle of Fallen Timbers.

Separated from the County of Northampton in 1798, Wayne County was established, today encompassing 744 square miles.

Its seat of government varied over the years-from Wilsonville to Millford, Bethany, and, as of May 4, 1841, the very Honesdale in which the train originated. I wonder where its name came from, but, more importantly, what brought people to certain places to begin with? Perhaps a way in and a way out and something to transport in either or both directions.

A word on the Wayne County Historical Society’s plaque, which I had jotted down in my notebook, struck me: “Anthracite.” I do not know if this was a household word in Pennsylvania, but it seemed important-important enough for a dig into my laptop for its meaning. And, sure enough, “dig” was, unknowingly, a pretty appropriate word with which to associate it.

Because it was mined from the earth’s oldest geological formations and was therefore subjected to the greatest amount of heat and pressure, anthracite, a variety of coal, was able to produce much more heat energy than its softer, geologically younger counterpart, placing it in significant demand in emerging America to fuel its home hearths, factory furnaces, and steam-powered machines and locomotives-not that there were any of these around-at least not yet.

Although heavy mining in the state in the late-1800s to early-1900s depleted most of its supply, except for that still in very deep, difficult to reach deposits, it ranked as one of the three most important fossil fuels, along with oil and natural gas.

So, for a developing, increasingly industrial-based country, it was equivalent to gold. What remained, I suppose, was how to get it from here to there.

The answer, again, seemed to be inscribed on the Historical Society’s plaque: “Delaware and Hudson Canal.” It was time for more digging.

William Wurts was an early explorer of what was then known as the anthracite mine fields, viewing this rich northeast Pennsylvania energy source as a potentially monetarily rich one. Purchasing large parcels of land where it was located, along with brothers Charles and Maurice, in 1812 for little money, he apparently saw value few others did.

Coal extraction was the first step in his plan. Transporting it to market, particularly to the Philadelphia one, was the second. But that method, via barge-plying canal, had hitherto proven less than efficient, since most of the precious coal commodity was lost enroute. There had to be another-and better-way. He believed there was.

Inspired by the recently built Erie Canal and spurred by the idea that a similar waterway could supply New York City, he realized that he could create his own-in this case, the plaque-noted Delaware and Hudson Canal, which became the first long-distance transportation route chartered by the states of Pennsylvania and New York in 1823.

Threading its way through a narrow valley between the Shawagunk Ridge and the Catskill Mountains, it followed-or, more accurately, became-a 108-mile waterway to the Hudson River near Kingston.

Why not hire the best to complete his plan? That is exactly what Wurts and brothers did, contracting Erie Canal engineer Benjamin Wright to survey and plan the artery, whereafter ground was broken in July of 1825. Their $1.6 million vision, requiring three years of construction and 2,500 laborers to complete, was transformed into water-flowing reality in October of 1828.

Its origin, between Kingston and Rosendale, New York, from where it connected to the New York-bound Hudson River, followed the Rondout Creek to Ellenville, passing through the villages of Sandburg Creek, Homowak Kill, and Basher Kill, through the Neversink River (what a reputation to maintain!) and on to Port Jervis. Proceeding, in a northwesterly direction on the New York side of the Delaware River, it entered Pennsylvania along the northern bank of the Lackawaxen River (currently framed by my coach’s left side window) to Honesdale.

Visions occasionally outpace technology. That phenomenon certainly played out here. Water was buoyant, supporting barges, but provided little propulsion for travel from origin to destination, leaving mules as “motors,” which ground out a 15- to 20-daily mile coverage. Supersonic they were not.

You can lead a horse to water, according to the adage, but not necessarily alongside of it, leaving humans as primitive GPS guides of them along the towpaths.

They also periodically pumped mounting water from the barges and refueled the four-legged engines, known in the 19th-century as “feeding.” The salary was all of $3.00-per month, not per day.

Necessity, to be sure, bred innovation in the project, including such civil engineering “firsts” as river-spanning aqueducts to reduce travel times and the unearthing of cement in the Rosendale area by John Roebling, who would later use it during construction of the Brooklyn Bridge.

The canal certainly facilitated transport to Kingston and then down the Hudson to New York, but how was the coal transferred from the mines to the awaiting barges? It was back to the plaque.

It mentioned a term I had never heard, nor particularly needed to: “Gravity Railroad.” Why emphasize the invisible force which ensured that trains remained on their tracks-or, for that matter, everything else on the ground? Internet, here I come!

Interesting. I am once again amazed at how human ingenuity substituted for technical engineering. As the locomotive, albeit of diesel power, currently pulled my train, the world out my window, despite perception to the contrary, remained stationary. This Gravity Railroad employed a concept that was almost inverse, in that the engine remained stationary, but at least the cars it pulled moved.

Canals over the Moosic Mountains to Honesdale for interchange and onward travel along the Delaware and Hudson waterway were not feasible, leaving the laying of tracks on which coal-laden sleds and wagons could run as the alternative for the first segment of the New York-bound journey.

But again Benjamin Wright, allowing the wheels of his brain to turn (this is, after all, what made him an engineer), envisioned those for a train, turning on track, and suggesting a railroad based upon the concept embodied in the Delaware and Hudson Gravity name, that would, at least partially, be powered by that natural, earth-supplied force.

What goes up, as is well known, must come down. But that first portion posed a problem, for, while gravity would do an admirable, never-tiring job on the second, some type of engine was needed for the first.

Commencing in the coal fields of Carbondale, at a 1,200-foot elevation, a 16-mile track stretched to Honesdale, first climbing to 1,907 feet at Rux’s Gap by mans of five west side inclined planes, whose cars were vertically hauled by stationary, steam-powered engines or winches, and then horizontally traveled across them. Three declining ones facilitated descent on the east side, down to a 975-foot elevation, although here, needless to say, gravity replaced all need for motive power.

Steam engine-to-car connections varied as the process was improved, beginning with two drums and a chain, progressing to hemp cables with 7.5-inch diameters, and ending with steel ones.

The cars themselves were open, but crowned with roofs and internally provisioned with bench seating. In the reverse direction, horses pulled them from Honesdale before they could be cable-secured to the Moosic Mountain in- and declined planes.

The 16 miles of otherwise relatively flat ground posed little engineering obstacle. Or did it? Here, neither the stationary steam engines nor the brigade of horses were effective, with the latter requiring their own care and maintenance. What was needed was an instrument with the engine’s mechanical, wood- or coal-burning power, but that was not restricted to its single location. The answer to that dilemma may be simple now (my train was being pulled by one), but not necessarily then. Whatever man takes for granted was, at one time, an innovation of engineering, a new-fangled advancement to be proclaimed to the world.

Great Britain, in the event-not the United States-was the birthplace of railroading. Yet, at the time, it was a painful passage down the canal on this side of the Atlantic that spurred the technology that could ameliorate it on the other side.

Nevertheless, if stationary steam engines existed, what about the practicality of refining them so that they could be transformed into moving ones?

Skeptics were rampant. However, it once again took an engineer-in this case, Delaware and Hudson Chief Engineer John B. Jervis-to turn the vision in his mind into the reality on his track.

Convinced that this potential not only existed, but that it held the key to a future, rail-based transportation mode, he sent his young protégé, Horatio Allen, across the pond in 1828 to brainstorm, along with England’s own engineers, a reliable, efficient steam locomotive that could cover a decent distance in a comparatively short time. He was equally tasked with purchasing the necessary strap iron to cover the surface of the otherwise wooden track.

The distance across the ocean did nothing to skew the common belief between Jervis and George Stephenson and son, Robert, who were considered the reigning experts in the fledgling railroad industry, that this was the future. They themselves were in the process of designing just such a locomotive for the Liverpool and Manchester Railway.

John Urpeth Rastrick, who had taken out a patent for the steam engine as early as 1814 and had since formed his own Foster Rastrick Company in the Town of Stourbridge, was contracted to build the Gravity Railroad’s first locomotive, the eight-ton, $2,914.90 “Stourbridge Lion,” so designated because its boiler sported a painted lion’s head.

Subjected to its own intermodal transport, it was first shipped from Stourbridge before being loaded on to a ship for the transatlantic crossing, arriving in New York on May 13, 1829, where it partook of a static demonstration at a foundry.

Placed on its designated Honesdale track three months later, on August 5, it was poised for its inaugural run, about which Jervis wrote to Delaware and Hudson president Bolton, “We shall put steam on her tomorrow or the next day,” adding that “anxiety raises as we approach the period when our contrivances must come to their touchstone of experiment.”

Opening the throttle, Horatio Allen induced the new-fangled engine to puff and chug on the three miles of wooden track, faced with wrought iron straps, which laid on a 30-foot-high, Lackawaxen River crossing trestle, in the process inaugurating steam locomotive service in the United States.

“America’s first steam locomotive, the ‘Stourbridge Lion,’ sent Honesdale and all of Wayne County into the history books when, on August 8, 1829, the amazing ‘iron horse,’ with its grasshopper legs and a lion’s face painted on its boiler head, chugged up the track in this very town,” noted the “Wayne County Historical Society’s Newsletter” (Volume 32, number 1, January-March 2017).

Because the engine’s smokestack was too tall to clear an overhead bridge, ti could only travel as far as Seelyville before it had to return, now backwards oriented. Nevertheless, history had been written on the rails that day. America had entered the railroading era.

“I started with considerable velocity, passed the curve over the creek safely, and was soon out of hearing of the cheers of the large assemblage present,” Allen later explained. “At the end of two or three miles, I reversed the valves and returned without accident to the place of starting, having thus made the first railroad trip in the Western Hemisphere.”

Its glory was brief. Although the locomotive’s success could not be discounted, that of the track on which it ran was not. It was too weak to support the continued ply of iron locomotives and coal-laden cars, and costs to strengthen it proved prohibitive.

Stored in a Honesdale shed until 1848, the Stourbridge Lion was then transferred to Carbondale, where its boiler was removed and sold for stationary purposes, leaving its track for horse usage after planks had been laid across them.

Although it was the end of the line for the “Lion,” it certainly paved the way toward more advanced engines and properly strengthened steel rails, all of which united and fostered the growth of the country.

Its boiler, cylinder, and walking beam were subsequently acquired by the Smithsonian Institution in Washington and formed the partially original steam locomotive exhibit in its Hall of Transport.

Now it made sense-that is, the second plaque outside of the Wayne County Historical Society Museum, which said, “A replica of the famous Stourbridge Lion, first steam locomotive run on rails in the US, August 8, 1829, is housed here. Beside it is Eclipse, original passenger coach on the Delaware and Hudson Gravity Railroad.”

It also now made sense why Honesdale was considered the “Birthplace of America’s commercial railroad.”

The society itself was housed in a brick structure built in 1860 as the Delaware and Hudson Canal Company’s headquarters and the town, once known as Dyberry Forks, was renamed for Philip Hone, one of the canal transportation system’s planners. My train’s departure point, I also learned, had once been its boat basin, or transfer point of coal, from the Gravity Railroad to barges for the 108-mile journey to Kingston. The wooden car viewed before boarding had symbolized it.

Employing the original blueprint, the Wayne County Historical Society Museum’s full-scale, 0-40 locomotive reproduction, constructed in 1933 in Colonie, New York, shops by the Delaware and Hudson Railroad Company, was displayed at the Country of Progress Exhibition in Chicago and at the 1939-1940 New York World’s Fair, before being placed on permanent display at its current location.

Featuring a 17.4-foot wheelbase, engine, and tender length, a 4.3-foot track gauge, and a four-foot-diameter boiler, it weighed between seven and ten tons, according to the museum. Burning coal, it produced nine horsepower and had a 1,750- to 2,000-pound tractive effort.

The adjacent “Eclipse” parlor car, with its ash interior, 20 elegantly upholstered, direction-reversible seats, hand-stenciled ceiling, wooden shutters, and paymaster’s buggy, represented those typically used by the Gravity Railroad between Honesdale and Carbondale in 1920. It had a 29.3-foot overall length, a 24-inch wheel diameter, and a 6.9-foot ceiling.

A jolt of my coach took me out of the area’s past and redeposited me in the present. A glint of sun, piercing the metallic ceiling, transferred the Lackawaxen River, along whose banks the train continued to snake, into a mirror of Mica.

Screaming with protesting screech as the accordion of cars stretched their curve-rounding couplings and then settling into relatively straight-track silence, the train approached White Mills.

Located between Honesdale and Hawley, the Lackawaxen Limited’s intermediate stop on Route 6 in Wayne County, its present sleepy, back-river solitude served as a sharp contrast to the industrial bustle it once offered. And the blue stone building with its sky-extending chimney fleetingly visible through the tree clearing as the train clanged over the road’s railroad crossing, gave little more than a hint of that era. A glass factory it once was, I learned, of Dorflinger fame.

After serving an eight-year apprenticeship in glass blowing, cutting, and decorating at the Cristalleries de Saint-Louis in France, Christian Dorflinger immigrated to the US in 1865, settling in White Mills, Pennsylvania, and establishing his own glass factory. Initially constituting seven small, sloped-roof worker houses that resembled those in France, he expanded the complex to include 33 of them by 1869, enabling 182 employees and their families to be accommodated.

His renowned, exquisitely cut lead crystal, synonymous with elegance, soon graced many elite residences, including that of the White House.

Although the factory closed in 1921, its stone building, some workers houses, the company office, and the store have since reopened to the public.

Another sprint through the arboreal tunnel preceded the sparks, screeches, and wheel-to-rail grinds that arrested the train’s momentum and brought it to a stop on a curving track section next to Hawley’s wood-planked platform at 13:45 after a nine-mile easterly trek through the Northern Pocono Mountains.

Like Honesdale, it had its own railroad roots.

Originally known as Paupack Eddy, it adopted its current name from Irad Hawley, president of the Pennsylvania Coal Company, who built his own gravity railroad, after seeing the value it provided in connecting with the Delaware and Hudson Canal. One of his cars is on display at the public library.

Replaced by standard locomotives in 1885, it yielded to the Erie and Wyoming Valley Railroad, which made its inaugural run from Hawley to Dunmore that year.

Crossing Route 6 and traversing a trestle, the Lackawaxen Limited, afforded a glimpse of the houses defining Hawley, began its penetration of the forest on the longer of its two segments. Metal-to-metal, wheel-to-track interface certainly gave the senses a workout: like flint, their sparks sent tendrils of pre-combustion ignition up the nostrils and their shrieks pierced the ears like fingernails on a blackboard.

The short, white, fence post-resembling mile markers continued to flick by out the left side windows: JC 121, JC 120, JC 119-remnants of the “Jersey City” track over which the train now virtually galloped, counting down to the beginning of its line.

Also never waning from view was the Lackawaxen River, which primarily flowed through the rural Northern Pocono Mountains and had a 598-square-mile drainage area. It passed through Honesdale and Hawley, where it was joined form the southwest by the Wallenpaupack Creek and thence continued eastward for flow into the Delaware River in the town of Lackawaxen, the train’s terminus.

This, in answer to my question upon boarding, was the coal-transporting canal.

Having served as a transportation artery from the early 18th-century, it facilitated the float of bundled logs to the Delaware River, destined either for Easton, Pennsylvania, or Trenton, New Jersey, having annually carried some 50 million board of lumber. Could this have been the true origin of the coal-transporting idea?

The Delaware and Hudson Canal Company, then the largest private commercial undertaking, employed a series of 28 locks, which raised the canal water level by 278 feet, but, like all early visions, once technology had eclipsed its view, it became short-sighted.

When it was realized that track-only transport of passengers, freight, lumber, and coal was feasible with a New Jersey routing in 1898, the now admired, but then slow and inefficient intermodal Gravity Railroad and canal transportation system was superfluous. The latter’s overflow dams were opened and the water was drained.

I could only imagine how many of these stepping stones to advancement must have been employed throughout history.

As the brakes screeched a final time on a wide curve in front of little more than a wooden bench marking the otherwise beyond-view town of Lackawaxen at 15:00 after another 16-mile segment from Hawley and a 25-mile collective one from Honesdale, I descended the coach’s three steps to the ground.

The track behind the train snaked toward the area’s past and, after the locomotive had been repositioned on a siding, would return me to my Honesdale origin, leaving, until then, silence amidst towering trees and a pine needle blanketed ground as testament to man’s vision and the history, through technology, he had manifested here. I thought of Sir Arthur Pinero’s prophesy-that the past was just the present, entered through another gate. Could I have done exactly that today, I wondered?

Sources

“Wayne County Historical Society Newsletter,” Volume 32, Number 1, January-March 2017.



Source by Robert Waldvogel

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Однако, с ростом популярности мобильных устройств и развитием мобильных торговых платформ на протяжении последних нескольких лет эта задача упростилась. Миллионы людей по всему миру радуются своим успехам на рынке Форекс и извлекают выгоду из собственных талантов. Возможность торговать с мобильных устройств – планшетов и телефонов на операционной системе iOS и Android. Многообразие – свыше 100 торговых инструментов и 54 валютные пары. Помимо этого, есть доступ на международные фондовые, фьючерсные, валютные и товарные биржи, на рынок Форекс.

Разработчики терминала сделали его максимально простым и гениальным. Профессиональная торговая платформа с интуитивно понятным интерфейсом и множеством полезных функций, которая предназначена для анализа потока ордеров и данных Level II. Цель платформы ATAS – в простой форме дать трейдеру только самые нужные вещи для торговли. Популярная платформа среди трейдеров, торгующих на Форекс. Удобный интерфейс, доступ к графикам валютных пар, множество индикаторов для технического анализа, возможность создания собственного индикатора с помощью языка MQL4.

Прежде всего, бинарные опционы должны приносить доход. Минимальный депозит составляет 10 долларов/евро или 500 рублей. Минимальная сумма сделки составляет всего 1 доллар или 100 рублей. Многие брокеры также требуют депозит в размере не менее 25 долларов при минимальной сделке на эту сумму. ) уже несколько лет торгуют без каких-либо эксцессов, а это указывает на то, что он является безопасным брокером.

Одним из главных отличий торговой площадки стала возможность выбора опционов с их последующей продажей брокеру Anyoption. Более того, обратная сделка возможна не только для прибыльных активов, но и показавших свою убыточность. Торговые платформы имеют определенные различия, в определенных моментах отличаются скоростью загрузки, https://xcritical.com/ru/ открытия и закрытия сделок. Одним словом, нюансы работы с торговыми активами настолько индивидуальны, что найти одно универсальное решение, подходящее для каждого, будет сложно. У брокера есть собственное ПО, которая была разработана командой из опытных трейдеров и ИТ-экспертов, и считается одной из быстрой платформой.

Программа позволяет очень быстро проводить сделки с различными активами. Имеет удобный интерфейс и ленту новостей, интегрированной в платформу.

Свои лидерские позиции MetaTrader сохраняет благодаря своей гибкости и универсальности, удобству эксплуатации и широкому набору функциональных возможностей. Есть также и отдельные виды платформ, которые подходят для инвестиций, точное повторение операций и шагов профессиональных https://xcritical.com/ru/crypto-exchange/ трейдеров. То есть у этих платформ также есть ограниченный перечень возможностей и функций, ориентированность на определенную процедуру. В определённых ситуациях использовать такие платформы будет гораздо выгоднее, целесообразнее, чем универсальную.

С некоторыми из этих программных продуктов мы и познакомимся сегодня, чтобы понять, какие их них могут считаться лучшими. Заключения торговых сделок на финансовых рынках в режиме удаленного доступа к этим рынкам при посредничестве брокерской компании. Достигается это при помощи выставления рыночных и отложенных торговых приказов.

Самые лучшие платформы для торговли бинарными опционами в России

В современных условиях важно чтобы торговую платформу можно было использовать на мобильном устройстве, работающем на любой операционной системе. Чем больше функций предусмотрено в программном коде торговой платформы, тем лучше. Это особенно важно для трейдеров, которые торгуют на финансовых рынках с использованием стратегии скальпинга. Использоваться как веб-платформа, не требующая какого-либо скачивания и установки дополнительных файлов в компьютер.

Лучшими из них являются те, которые включают в себя все необходимые компоненты для эффективной торговли. Выбор подобной платформы лучше делать как путем сравнительного изучения основных характеристик платформ, так и опытным путем, т.к. Большой плюс данной платформы в том, что существует возможность проведения технического анализа. Обеспечивать непосредственный доступ к фондовой бирже.

  • Поэтому здесь можно посоветовать попробовать различные программы самому, чтобы понять, какая из них подходит именно вам.
  • Возможность торговать с мобильных устройств – планшетов и телефонов на операционной системе iOS и Android.
  • При необходимости совмещать биржевые сделки с другими занятиями платформа uTrader будет идеальной.
  • Ее разработчики создали расширенную и еще более быструю торговую платформу, которая учитывает все обновления валютного рынка — это платформа MetaTrader 5.
  • Forex Game – это мобильные приложения Форекс, которое познакомит вас с рынком Форекс.
  • Брокер Finmax (Финмакс) лицензируется и регулируется на Сейшельских островах с офисами на Кипре, в Лондоне и Торонто.

Из сигналов примерно 1200 трейдеров можно выбрать те, на которые станете ориентироваться во время торговли. Упростить процесс выбора можно при помощи сервиса ZuluTrade Alchemy, который произведет комплексный анализ по заданным вами параметрам. Также вы можете сами зарегистрироваться в качестве провайдера сигналов, но ваш счет при этом должен быть открыт у надежного брокера. Язык программирования MQL5 быстрее его предыдущей версии (MQL4) в 5-10 раз, новая программа способна обеспечить более точные прогнозы и высокие результаты автотрейдинга.

Какую платформу выбрать для торговли на Форексе

лучшие торговые платформы

Компания также предлагает платформу MT4 для ПК, Mac OS, iOS и Android. Вы можете посмотреть особенности и преимущества каждой из платформ. Выбирая торговую платформу, трейдеры должны учитывать наличие основных вышеуказанных функций и возможностей. Удобство функций платформы можно проверить, только – открыв демо счет и попробовав торговать на нем.

Первые смогут научиться торговать, а вторые – проверять стратегии высокого риска. Если вы хотите инвестировать в акции, валютные пары, фонды или другие инвестиции через Интернет, то это будет возможно, только если у вас будет доступ платформа xcritical к торговой платформе с минимальным депозитом. Она считается связующим звеном между финансовыми рынками и трейдером инвестором. Для упрощения торговли, современные платформы предоставляют графики и анализ, чтобы помочь вам торговать.

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Is Forex Trading Essentially Just Gambling?

There are many types of forex software that can help you learn to trade the forex market. The drawback to spread betting is that a trader cannot claim trading losses against his other personal income. This will help a trader take full advantage of trading losses in order to decrease taxable income. There are essentially two sections defined by the IRS that apply to forex traders – section 988 and section 1256.

Generally, Section 988 is more favourable when it comes to net capital losses as they can be used for tax deductions of other sources of income. On the other hand, Section 1256 has a relatively lower tax rate on capital gains due to its 60/40 law, which taxes 60% of gains at a maximum https://forex-trend.net/forex-trading-profit/ rate of 15%, and the remaining 40% at a maximum rate of 35%. A list of the best forex traders in the world is incomplete without the mention of Andrew Kreiger. A graduate from the Wharton School of Business, Kreiger joined the Bankers Trust in 1986, after a stint at Salomon Brothers.

Forex books

NIAL FULLER Professional Trader, Author & Trading Coach

In the past, spot forex was only traded in specific amounts called lots, orbasically the number of currency units you will buy or sell. However, comparing the two just on a [U]trading[/U] basis, I don’t believe that trading forex in itself [I][U]is[/U][/I] Financial Modeling For Equity Research any more risky than trading stocks. I think a lot of the reason it’s perceived as riskier has to do with the behaviour of its market participants. As Manxx mentions above, there’s the difference between “investing” and “trading” to be considered.

None of them have achieved this through full-time Forex or stock trading and with retail brokers. Even I’ve never seen a Forex trader who has been able to make a living like this. You have to have a reasonable amount of capital to invest in the Forex market.

The world of foreign exchange, or forex, can be daunting even to experienced hands-on investors. However, there are plenty of books on the subject of currency trading, ranging from basic introductions to the forex market to advanced strategies based on fundamental analysis and technical analysis. These are six of the best that have stood the test of time and the market’s ups and downs. We introduce people to the world of currency trading, and provide educational content to help them learn how to become profitable traders. We’re also a community of traders that support each other on our daily trading journey.

It gave Forex brokers access to clients who are unable to fund a standard account due to financial constraints. They work so well because traders all over the world watch the same charts and the same technical indicators and see the same patterns repeating themselves over and over again. This allows them to take positions knowing that the price will most probably behave the same in this instance as before. When you are ready to close your trade, you simply need to do the opposite to the opening trade. Supposing you bought 3 CFDs to open, you would sell 3 CFDs to close.

Forex books

– False Forex Success Stories

Traders should ideally pick their Section before their first trade and before January 1 of the trading year, although future changes are also allowed with IRS approval. The safest bet is to consult a professional tax planner right away, as he or she is able to accurately answer all your questions. Furthermore, your accountant can also help you with the preparation of a performance record, which can be more favourable to your bottom line than your broker’s trading statements.

Forex books

  • Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time.
  • Get 50% Off Nial Fuller’s Price Action Forex Trading Course, Daily Trade Ideas Newsletter & Live Trade Setups Forum – Click Here For More Info.
  • Even complete beginner will be able to follow it.
  • We’ll discuss the various account types and position sizes and I’ll also share some tips on how to determine the right account size.
  • If there are 20 trading days in a month, the trader is making 100 trades, on average, in a month.
  • Big things will follow for you in the future if you can get this first part right.

Rosenberg, then an analyst at Merrill Lynch, wrote one of the definitive works on forex trading. It was first published in 1995, and ever since, analysts and traders have turned to his concise, intuitive, and brainy text. It combines the macroeconomics of foreign exchange and international monetary dynamics with fundamental and technical analysis. Rosenberg’s ability to delineate clear connections between disparate financial and economic factors continues to make Currency Forecasting a go-to guide for currency traders.

Past performance is not indicative of future results. Investing involves risk including the possible loss of principal. A higher win rate for trades means more flexibility with your risk/reward, and a high risk/reward means your win rate can be lower and you’d still be profitable.

The broker charges a small commission for transferring your order to the ECN and finding a match for it. With this business model, the broker is not trading against you and does not profit when you lose. On the contrary, the broker receives more commission when you increase your trade volumes. In some ways, forex trading is a job like any other job where you have to put in time to get a financial reward. One big difference is that in forex, you can put in time and actually lose money!

When I started trading, I started small, and when I became good, I approached people for money to trade, I built up my own capital and then went out on my own. My most sincere advice in the early stages of your trading pursuits is to aim to be a part time trader and a good one !

Once you submit the form, the transfer process begins without any further interaction from you. Create an ACH relationship with your Forex broker. These allow you to easily transfer funds electronically between your bank account and your broker.

That said, the actual behavior of traders in the forex market (talking retail) is more risky. Obviously, that doesn’t apply to everyone, but on average forex traders use a lot more leverage than do stock traders. Forex (FX) is the market where currencies are traded and the term is the shortened form of foreign exchange. Forex is the largest financial marketplace in the world. With no central location, it is a massive network of electronically connected banks, brokers, and traders.

Forex books

But there is a big difference between whether you can start trading Forex with $100 and whether you should. And just because many Forex brokers allow you to start with that amount or even less doesn’t mean you should accept the offer. With the advent of micro, mini and nano lot sizes it is certainly possible to open a Forex account with just $100.

That means you can afford to lose the entire amount without it affecting your day to day life. You can still pay all your bills, provide for your family, etc. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

But the main difference between a job and forex trading is that once you can consistently make more money than you lose, you can increase your earnings without putting in more time. Why we should risked 2% of our account balance?

In this article, you’ll learn about what the most successful currency traders have in common, and how those strengths helped them to achieve huge profits. Even so, with a decent win rate and risk/reward ratio, a dedicated forex day trader with a decent strategy can make between 5% and 15% a month thanks to leverage. Also remember, you don’t need much https://forex-trend.net/ capital to get started; $500 to $1,000 is usually enough. While trading a forex pair for two hours during an active time of day it’s usually possible to make about five round turn trades (round turn includes entry and exit) using the above parameters. If there are 20 trading days in a month, the trader is making 100 trades, on average, in a month.

He established his own firm, Tudor Investment Corporation. In October 1987, when the markets were crashing, he managed to make a profit of 62%, just by holding short positions. He went on to earn $100 million that year for his company. Tudor Jones went on to take his firm to new heights. From 1992 to 1995, he was the Chairman of the NYSE.