Menu

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

No Expert, but I can tell direction of a pair on any given day 53 replies

I've given up day trading and I'm happy

  • Post #1
  • Quote
  • First Post: Edited Mar 16, 2010 1:27pm Jun 26, 2008 4:08pm | Edited Mar 16, 2010 1:27pm
Delete this topic
BTC/USD Trend Following EA Beta Testing All Time Return: 66.6%
Sorry to hear this....there is a light at the end of the tunnell though, and I assure you the rewards are greater than you can imagine Good luck with the future, I recommend you keep learning when you have the time, just my .02
Oh what a pity that the forex market is such a respecter of no one, wiser than evryone wuld think, d best dribbler in d world with its most unpredicatable moves especially when traders involve in day trading it.
I guess you just need some tactical approach to acknowledge, learn and apply, you need some qualities to imbibe and you need some more technical and fundamental knowledge and you could still make it in this biz of mine.
I have been day trading for over a year now and i can tell you i am one of the 5-10% of those feeding from forex money.

"Remember winners never quit and likewise quitters never win ".
know thy edge and abide by it ! 4 in it shall thou be successful !
Quoting Phil_GMT
I haven't lost/made any money however I realise if i want a half decent life style I am gonna have to make magnificent returns of 500% in my first yr. I have a good education and will earn a nice fixed income.

I really don't have any more time to try and work out this forex thing. It could be another yr for all I know. The worst thing is when you have a system that wins sometimes/loses sometimes. You want a system that wins most of the time or loses most of the time so you can reverse it.

I think will try the daily charts at a later stage.

8 months and i have learnt LOADS, but clearly not enough...

I want to thank all that have shared their methods/indicators...

Have you tried a forex managed account program.? That could be your best option.
I might use http://www.forexfactory.com/showthread.php?t=92232 if his free signal is consistent as promised! still reviewing.
that is really good, day trading profitably in a year...my hats off to you.
BTC/USD Trend Following EA Beta Testing All Time Return: 66.6%
Quoting goldbird
Have you tried a forex managed account program.? That could be your best option.
I might use http://www.forexfactory.com/showthread.php?t=92232 if his free signal is consistent as promised! still reviewing.
Signal services are not really my thing.

Thanks all the same.
BTC/USD Trend Following EA Beta Testing All Time Return: 66.6%
Phil_GMT, contact me, I can't contact you via pm or email that is if you have any interest...
Quoting Phil_GMT
Signal services are not really my thing.

Thanks all the same.

I'm talking about Managed Accounts where your account is been managed by a Professional. The Professionl charge a commissin on profit made above the high watermark of your account on a monthly basis.
ok I'll check it out
BTC/USD Trend Following EA Beta Testing All Time Return: 66.6%
Some say that it takes at least 5 years of trading forex to start making money so you have ot be in it for the long run most quit after a year.
If you get the right info early on you can do it in only a few months...the problem is most get the wrong info and learn the wrong things, finding the right info is only half of the battle however this can save you years. Putting that info to work correctly and not falling into some of the common pitfalls is the other half
500% per year - you didn't even get out of newbie stage. Your good education didn't come in that kindergarten year did it, well you just got out of forex kindergarten.
FX is like the 'Hotel California' You can never leave. - study the dailies on the occasional basis. Could be a lucrtive hobby for you someday when you get out of high school.

Quoting Phil_GMT
I haven't lost/made any money however I realise if i want a half decent life style I am gonna have to make magnificent returns of 500% in my first yr. I have a good education and will earn a nice fixed income.

I really don't have any more time to try and work out this forex thing. It could be another yr for all I know. The worst thing is when you have a system that wins sometimes/loses sometimes. You want a system that wins most of the time or loses most of the time so you can reverse it.

I think will try the daily charts at a later stage.

8 months and i have learnt LOADS, but clearly not enough...

I want to thank all that have shared their methods/indicators...
In trading, there is no bullshit. You either make money or you don't.
Hey I can feel your pain. I have been trading for 2.5 years and it seems I am now getting a handle on this. At least I am making money now. You are on the right key when you said following the daily chart. I trade the daily on one account and a 1H 4H on another. I finally gave up reading the tea leaves on lower charts. When the upper charts agree then I go to a lower chart and trade. So keep that in mind if you ever come back. Like you, I have a decent paying job, but the lure of trading FT is a difficult one. I now accept it as a decent PT job and for now am happy with it. Maybe later I will try the FT thing. Good luck to you.
I've said this before and I'll say it again (note that I only started researching this stuff myself a few months ago, on and off since September of '07)

This is NOT a get rich quick scheme. Why can't people see that?

This is the ability to grow money as if it was on a tree, you just need the seed to do it. By knowing how to trade forex efficiently (profitably and consistantly), you are effectively giving yourself a new skillset. When you have a large enough account where your consistant profits will make a difference in your life, THAT is when you can trade full time. You're not going to make a million dollars overnight, but if you can do it with a ten million dollar account over a year then you're already competing with some of the biggest hedge funds. Plus, forex markets don't close at 5pm daily like stocks so there is nothing in the way of opportunity.

Once you can become profitable trading a micro account of $500.00 making only cents at a time, you will become profitable with a $50,000 dollar account making dollars a time.

It's a SKILLSET.
Just like cooking. You need the knowledge AND the food before you can put it all together and make a meal.
It's consistant percentage returns over an elongated length of time. Not a one trick pony.


It's a skillset. Remember that.

No need to quit, just keep saving and learning. Eventually you'll be making pocket change on a 10K account, more than enough to pay for your free time escapades.
  •  007
  • | Joined Jun 2007 | Status: "Undisciplined Trader" | 49 Posts
Quoting renegade7
No need to quit, just keep saving and learning. Eventually you'll be making pocket change on a 10K account, more than enough to pay for your free time escapades.
lol
nice post renegade7
Quoting renegade7
I've said this before and I'll say it again (note that I only started researching this stuff myself a few months ago, on and off since September of '07)

This is NOT a get rich quick scheme. Why can't people see that?

This is the ability to grow money as if it was on a tree, you just need the seed to do it. By knowing how to trade forex efficiently (profitably and consistantly), you are effectively giving yourself a new skillset. When you have a large enough account where your consistant profits will make a difference in your life, THAT is when you can trade full time. You're not going to make a million dollars overnight, but if you can do it with a ten million dollar account over a year then you're already competing with some of the biggest hedge funds. Plus, forex markets don't close at 5pm daily like stocks so there is nothing in the way of opportunity.

Once you can become profitable trading a micro account of $500.00 making only cents at a time, you will become profitable with a $50,000 dollar account making dollars a time.

It's a SKILLSET.
Just like cooking. You need the knowledge AND the food before you can put it all together and make a meal.
It's consistant percentage returns over an elongated length of time. Not a one trick pony.


It's a skillset. Remember that.

No need to quit, just keep saving and learning. Eventually you'll be making pocket change on a 10K account, more than enough to pay for your free time escapades.
Agree with you. If you cant trade pennies on a 500 dollar account you cant trade a 1000 on up. So that is a great way to start. If you put 250 dollars in a mini account and trade 1.00 lots you can trade up to 250 points in losses. If you trade .10 lots you can trade 2500 pips in losses. If you trade .01 lots you can trade 25,000 points in losses. My question always is: How much do you want to pay for your education???? It is your choice.
Quoting nanningbob
Agree with you. If you cant trade pennies on a 500 dollar account you cant trade a 1000 on up. So that is a great way to start. If you put 250 dollars in a mini account and trade 1.00 lots you can trade up to 250 points in losses. If you trade .10 lots you can trade 2500 pips in losses. If you trade .01 lots you can trade 25,000 points in losses. My question always is: How much do you want to pay for your education???? It is your choice.
Exactly. And the point is, with more ability to control that money through smaller lots you have many more opportunities to trade, and thus your risk on each is a grain of sand and any profit you make is double, triple, or maybe even more. Do this over and over and you cannot lose.

Try to get rich fast and you will go broke.
Quoting 007
lol
Anything in life worth persuing takes time.

People born into wealth have a lot of issues that less financially blessed individuals don't have. I would know, as I'm the latter and went to school with the former.

If you think getting rich quick is the aim of the game, then tell someone who's for instance...bipolar, that the goal is to get over it as fast as possible. (simply an analogy)
Things take time.
Quoting renegade7
Anything in life worth persuing takes time.
0 traders viewing now