Gamblers pay taxes on their profits and losses. They fill out tax forms with their occupation as a gambler, show profit and loss, and pay what is due. At least they're supposed to!

Here's My Advice — Don't put any real money into the market until you have a proven track record on your demo. What's a proven track record? Well, that can be different for everyone, but you should show consistent profits trade after trade. If ...

I don't think the question is how much, but simply "How?" How do they do what they do in order to be considered a professional? I would consider myself to be a Professional Forex Trader if my wife and I did not have to work for someone other than ...

Nader, Thanks for all of your comments and interest. I've not posted nor traded in a few days, my work has been keeping me pretty tired. So I've just been doing some reading. I'll bounce back in a few days. Mark

It's kinda like wine... — I'm not a wine drinker but I've heard people say this a lot: "Drink what you like." It's not about what wine is supposed to go with what food you're eating, it's about drinking what you want and what you like. I like ...

Yes, I understand that it's not enough to be able to place 40 - 50 pip stops, but what I've been doing is setting 15 - 20 pip stops and watching the price movement. As soon as the trade moves into 10 - 15 pips into profit, I move the stop to break ...

Yes, I understand how that works too. Thanks.

The bands and the fibs simply show continuation and support of the trend. This is what I meant by having a reason(s) to take the trade. 1% of $400.00 = $4.00, it cost me $3.00 to take the trade so I'm risking $3.00, right? What am I not ...

Now, the uptrend is continuing. Price is hugging tightly to the upper BB but it did pierce the upper BB once. I've seen this go both ways. Sometimes price will continue and sometimes price will fall way below the band, reversing downward. I'd have a ...

With all due respect, I've just looked through several charts on the James16 chart thread, some of them yours, and they are much bigger than my first attempt. The properties window says it's 454 x 513, much smaller than the suggested 600 x 600. If ...

This is the daily chart where the first trade originated. My second trade of 01/2006 was long EUR/USD from 1.2063, stop at 1.2040. The pair moved into the high 1.2130's so I moved my stop into profit at 1.2100. The trade stopped out for a 37 pip ...

Steve I'm not sure I understand. From what I see in my journal entry of the trade, the entry was made from support dating back one month, based on the uptrend. It clearly states my stop loss and an automatic trailing stop. I didn't set a target ...

ANSWER: 6PM to 10PM EST and 5AM to 6AM EST. Then I have to watch the price on my cell phone while at work, probably need to stop that though. ANSWER: Every day ANSWER: Every month ANSWER: I'm Bipolar (or manic depressive in the old days) but as long ...

Yes Steve, I have made my claim to be a trend trader and you're exactly right about the trade being as black and white as possible. So here's my first trade for January 2006: Long EUR/USD @1.2045 10k mini lot. On my daily chart, the last low on Dec ...

Whew, Nader! I'll have to get back to you on that one. Have you considered starting a business plan consulting firm? I believe you'd be very successful!

Wow, you guys are keeping me on my toes and for that I'm grateful. I hope others are benfiting from this as much as I am. Let's see, a list of repeated mistakes. Did you know that the definition of insanity is repeating the same mistakes and ...

All very good points Steve. I think regular and consistent profits defines successful trading as a whole. Having a goal of only taking high probability trades is a great suggestion as it coincides with sticking to the rules. If I stick to my rules, ...

Thanks for asking Alan, Simply when the market is making higher highs and higher lows, then it is in an uptrend. The rule implies that I will trade with the longer term trend, instead of just trying to catch a ride on hot candle movement. An example ...

A few more trading rules I thunk up. — **Trading Rule #2: Trade one currency pair at a time. Too often I traded two or three pairs, trying to make the pips flow. **Trading Rule #3: There should be at least two reasons for entering the trade. ...

Thanks for all the kind words guys. It means a lot to me. Trading begins in January. **Goal #1: To gain 20 pips per trade for the first 20 trades. No more than 15 pip loss per trade. Should the trade exceed my 20 pip goal, then my stop moves along ...