there have been few threads on the subject. perhaps new traders surfaced in the area? anybody trading from Nice or Monte Carlo that would like to share their experience of living and trading over there?
The most successful independent trader that I know lives in Monaco (he is German). I visited him once in his penthouse overlooking the beach (I think it costed him E$4M), very nice. He still trades daily, the hours are almost perfect for him, waking up at 10, lunch, start trading around 2, and ending around 9, just in time for a long dinner. However, the cost of living is much higher than even New York, I believe him, his wife and I had a somewhat average meal for E$700. But with his boat (well, almost a yacht), he is really enjoying life over there.
Itâs hilarious how people exagerate to prove that Monaco is expensive. I know a restaurant in Monaco ( close to the palace) where you can have the following for 32 euro a person: Apéritif Kir Four course meal Half a carafe of wine In Hôtel de Paris ( not exactly the cheapest ) you have main courses between 80-92 euro a person or you can eat at a rate of 160-180 euro a person. Drive to Nice and you can eat at Mc Donalds on the beach for less than 10 euro. So you can find anything between cheap and expensive anywhere. Monaco is more expensive than most places, but if you make 10 million dollars a year or more, you can save on taxes as you donât pay them at all. So in the end Monaco can be cheaper than a small village at the countryside. It all depends how you calculate. Conclusion: For the rich Monaco is cheap, and for the poor Monaco is expensive.
I am not an expert in Monte Carlo, I was there that one time only. And we had dinner at Le Meridien, which was where I was staying. But I was working for an ibank at the time, so it wasn't my own money.
I believe 700 euros is a little exagarated. I've been to Monaco and the prices were about the ame as in Nice. the hotels were a liitle higher because of the numver of the starts, but other wise I don't see a problem living there. Parking was 2.50 (4 years ago) on the street for the whole day.Even cheaper then In Cleveland I agree that houses are more expensive, but look at the comfort first!
Plenty of cheap eats in Monaco and reasonably priced restaurants. One of my favs is Pinnochio's, excellent Italian joint in the old town, I don't see it on this list, hope its still there: http://www.visitmonaco.com/index.cfm?fuseaction=Page.viewPage&pageId=155 Grocery store in the Monte Carlo part of town has a selection of incredibly cheap wines. You don't have to go to the legendary Jimmy'z and pay $50 a drink to have a good time.