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I trade my own account for a living. Tell your story

  • #541
  • Sep 8, 2017 4:41am Sep 8, 2017 4:41am
Hello guys,
my story is very simillar to many people. I started real bad, blowing an account and finding out that trading is not a game. I was working pretty hard looking for method that would suit me. I found out that all the indicators are pretty much bullshit and that I need to focus on simple price action.
Right now I have really simple method that I am pretty happy with. It is combination of price action and market profile (if you don't know what Market Profile is then watch for example this video:
Inserted Video
)

I am not saying that I am super consistently profitable now but I manage to get some profits every month which is good. Right now I am working on my psychology because I would like to scale up my volumes and become reliant only on trading. Long road ahead I am sure of it. Somehow trading smaller volumes is easier than trading bigger ones
  • #542
  • Sep 8, 2017 4:45am Sep 8, 2017 4:45am
Quoting barloc
Its actually very simple. If you think that it is possible to make a living with Forex then it is... All those who think that is outrageous to make any decent money in Forex are right as well. {image}
Thats good I like it
Still I am not sure this picture is very realistic. I don't think proffessional traders sit on a beach and trade from their laptop having drinks I think that it is a hard game for them too. They probably sit in their offices and they work really hard to take money from the market every week/month.
  • #543
  • Sep 8, 2017 4:55am Sep 8, 2017 4:55am
Quoting jdieieh
{quote} Andrew, if I can offer you those points. As an employee with a job you: 1. Spend significant part of your time in an office, most likely with people who you might not like that much after all and neiter they love you so much. 2. You put all that effort to serve your boss's wealth. Your 150k (-minus taxes) are not that much. I am sure he make after all expenses 10x or 100x times that. Are you happy with that? 3. Your 150k job today can be and will be replaced. With an skilled immigrant or a robot or somebody who can do it cheaper. I can assure...
Under no circunstance should one ever quit a day job to trade the forex. The opportunity cost is just too great. Unless you can make 10 X what you can make at some day job - even a low paying one - which is never going to happen in retail trading.
Some people are just posting here for PR for the retail forex industry and have a vested interest in people opening accounts.
.
  • #544
  • Sep 8, 2017 4:58am Sep 8, 2017 4:58am
Quoting Mingary
{quote} Under no circunstance should one ever quit a day job to trade the forex. The opportunity cost is just too great. Unless you can make 10 X what you can make at some day job - even a low paying one - which is never going to happen in retail trading. Some people are just posting here for PR for the retail forex industry and have a vested interest in people opening accounts. .
I think you can do both - trade FX succesfully and be working a job. You only need system that works with limit orders or doesn't take that much time to maintain. I do it like this but I would like to do FX only one day.
  • #545
  • Sep 8, 2017 6:29am Sep 8, 2017 6:29am
Quoting DonaldFX
{quote} I think you can do both - trade FX succesfully and be working a job. You only need system that works with limit orders or doesn't take that much time to maintain. I do it like this but I would like to do FX only one day.
Highly unlikely to happen for most people! Maybe with automated (or semi-automated) strategies you can achieve some degree of success. But you have to learn to code. (And this by itself is another big challenge) Because the automated systems need adjustments and oversight all the time.
And to create good automated systems you have to have good understanding of the market in the first place. That's why almost all successful traders who trade with automated systems are also good manual traders. They know the market very well.

Most people underestimate the level of difficulty in this business. They only see the potential rewards, but cannot see the efforts required to get these rewards.

It's very interesting how most people perceive trading differently compared to other occupations. Many trading legends and psychologist have wondered about this phenomenon. Why people perceive trading in such way? People think that they can beat the market in their free time. Like it's some easy game.

You hear the stories of successful traders. You even see some of these traders here and there.....they make huge returns. And you automatically assume - hey I can do that! The problem is that you only see the success. You don't see the failure and the struggle which led to this success. All of these successful traders have many years of experience (trading full time). Many of them even have professional background in the institutional space (banks, funds). These people understand the market! (Unlike most retail traders!)

Think about this:

Can you be a successful tennis player (In top 1000) and at the same time work at full time job?
Sounds easy? Do you think - "hey I can do that"? Probably not...

How about this:

Can you be a successful trader (in top 5%) and at the same time work at full time job?
Sounds easy? Do you think - "hey I can do that"? Probably yes...(at least most retail traders think so)

Don't get me wrong! I'm not saying that it's impossible to work regular job and to make some small profit from trading. Definitely it's doable if you put the effort.
You just have to set your expectations right! Don't expect to make 1000% every year. For the hobby trader even 20% per year is excellent result.
  • #546
  • Sep 8, 2017 6:46am Sep 8, 2017 6:46am
I think most people get too obsessed with the markets. To be honest, my greatest gains come when I am not thinking about the market. When I was working or when I am running my other business, they serve as great distractions from obsessing over the market and my performance is actually much better than when I am sitting in front of the screen.
  • #547
  • Sep 8, 2017 9:21am Sep 8, 2017 9:21am
Quoting Mingary
{quote} Under no circunstance should one ever quit a day job to trade the forex. The opportunity cost is just too great. Unless you can make 10 X what you can make at some day job - even a low paying one - which is never going to happen in retail trading. Some people are just posting here for PR for the retail forex industry and have a vested interest in people opening accounts. .
Leaving a job and doing a business is too great opportunity cost? You talk like a job is manna from heaven. Guess what, its a breadcrumbs from table of life. Read carefully that:

https://www.theguardian.com/lifeands...s-of-the-dying
https://www.inc.com/sujan-patel/10-t...ir-career.html
https://hbr.org/2012/12/the-top-five-career-regrets
https://www.themuse.com/advice/9-peo...r-their-dreams
  • #548
  • Edited 11:01am Sep 8, 2017 10:35am | Edited 11:01am
Quoting jdieieh
{quote} Leaving a job and doing a business is too great opportunity cost? You talk like a job is manna from heaven. Guess what, its a breadcrumbs from table of life. Read carefully that: https://www.theguardian.com/lifeands...s-of-the-dying https://www.inc.com/sujan-patel/10-t...ir-career.html https://hbr.org/2012/12/the-top-five-career-regrets https://www.themuse.com/advice/9-peo...r-their-dreams...
This is so fun I have to take each one at a time

1)Leaving a job and doing a business is too great opportunity cost?
Trading is not a business it's just glorified gambling. If you leave your job to run your own business at least choose something that is half way serious.

2) You talk like a job is manna from heaven
Any "brick and mortar" i.e real job will make more money long term than any foray into retail forex trading

3) Guess what, its a breadcrumbs from table of life
Right folks so come on for a swim in the forex pond, the water is just fine (:

4) Read carefully that (several links to "motivational" articles)
Hind sight is always 20/20 and asking advice from "successful" people is one of the worst mistake of the wannabe millionaire..

Given the level of your answers I am certain you are not what you claim to be (:
  • #549
  • Sep 8, 2017 11:07am Sep 8, 2017 11:07am
Quoting Mingary
{quote} This is so fun I have to take each one at a time 1)Leaving a job and doing a business is too great opportunity cost? Trading is not a business it's just glorified gambling. If you leave your job to run your own business at least choose something that is half way serious. 2) You talk like a job is manna from heaven Any "brick and mortar" i.e real job will make more money long term than any foray into retail forex trading 3) Guess what, its a breadcrumbs from table of life Right folks so come on for a swim in the forex pond, the water is just...
So I will take one by one:

1. Quote: Trading is not a business it's just glorified gambling. If you leave your job to run your own business at least choose something that is half way serious.

Answer:
Please tell Zuckerberg he is not doing a business. Tell a guy who own a business worth half a trillion of dollars with 2 billion users that he is not doing a business... Oh, you say Facebook is not in trading industry??? Oh, what are they doing if not trading your privacy for advertising dollars... cheeky, ha?

I hear you saying "but I mean speculating in markets". And so my answer is this:

https://www.forbes.com/sites/nathanv.../#74452416e799

Open your mind, dont be so narrow.

2. Quote: "Any "brick and mortar" i.e real job will make more money long term than any foray into retail forex trading"

Answer: Is that true? On what objective, wide-based facts do you support that statement? Your parents or perhaps yours personal situation? An opinion? Does it have any statistical value?

Here are some facts: More than three-quarters of workers (78 percent) are living paycheck-to-paycheck to make ends meet. Your glorified job-takers will be pushed to poverty by even minor life event, like sickness or a hurricane. Here is where your "real" job leads. As I said, when you have a job, your effort increases wealth of your boss, not yours and over time you have nothing to show for the effort except your tax payroll.

http://www.zerohedge.com/news/2017-0...k-hint-its-lot

3. Quote: Right folks so come on for a swim in the forex pond, the water is just fine

Answer: Dont be cynical. All requires skills, even child knows that. You can make money being a welder, so do you grab welding equipment and go welding a ship right now? You can make money to be a brain surgeon, do you take scalpel and go cutting brains right now?

Nothing that requires skills is easy and I have never advised anybody to drop they jobs right immidiatelly and play in forex. Perhaps you see what you want to see.

4. Quote: Hind sight is always 20/20 and asking advice from "successful" people is one of the worst mistake of the wannabe millionaire..

Answer: those were NOT quotes from any "successful people". On the contrary, if you would bother to read, those quote were from in-successful people. They were asked what they regretted and they gave answers. And since they had huge regrets, by definition they were in-successful in life. Or to put in bluntly, they wasted their life, missed their true potential.

You don't believe theirs answers? Dont then. Do you think this is is kind of marketing trick? Easy to find: go to the nearest hospital, go to intensive care ward and asked as many people on their death beds, what do they regret the most. Simply as that.

Do you know Ed Seykota, sure your do. Here is a quote from him: "Win or lose, everybody gets what they want out of the market"

...but I guess it does not have value for you either, "surely" he is just PR

REMEMBER THIS POST 20 YEAR FROM NOW, WHEN YOU "RETIRE"
  • #550
  • Sep 8, 2017 11:17am Sep 8, 2017 11:17am
Been trading for a living for last 8 years left forex 4 yrs ago and never looked back futures is the way to go. And yes it is a business!
  • #551
  • Sep 8, 2017 11:21am Sep 8, 2017 11:21am
Before I even comment on this thread I MUST read every post; I am seeing very different views here!
Focus
  • #552
  • Sep 8, 2017 11:21am Sep 8, 2017 11:21am
Quoting jdieieh
{quote} So I will take one by one: 1. Quote: Trading is not a business it's just glorified gambling. If you leave your job to run your own business at least choose something that is half way serious. Answer: Please tell Zuckerberg he is not doing a business. Tell a guy who own a business worth half a trillion of dollars with 2 billion users that he is not doing a business... Oh, you say Facebook is not in trading industry??? Oh, what are they doing if not trading your privacy for advertising dollars... cheeky, ha? I hear you saying "but I mean speculating...
Watch this:

Inserted Video


Sad ain'it ? it's your target audience.
  • #553
  • Sep 8, 2017 11:26am Sep 8, 2017 11:26am
Quoting Mingary
{quote} Watch this: https://www.youtube.com/watch?v=YfA2jO47RGY Sad ain'it ? it's your target audience.
They do look exactly like a guy on this video, dont they?

Inserted Video
  • #554
  • Sep 8, 2017 11:33am Sep 8, 2017 11:33am
Quoting jdieieh
{quote} They do exactly like a guy on this video, dont they? https://www.youtube.com/watch?v=vSc_9_aZLAI
No, they do not.
Also, to have suckerbird as a role model is downright stupid.
There is nothing to learn from "successful" people, mainly because it makes no logical sense.
To become successful learn from the losers, never the winners.... for one thing they are easier to find.
  • #555
  • Sep 8, 2017 11:37am Sep 8, 2017 11:37am
Quoting Mingary
{quote} No, they do not. Also, to have suckerbird as a role model is downright stupid. There is nothing to learn from "successful" people, mainly because it makes no logical sense. To become successful learn from the losers, never the winners.... for one thing they are easier to find.
I think you are are just a frustrated, robed from dreams office worker, who out of misery wished the same shit to others.

Your mind is closed. You dont even bother to stop for a moment, read and think.

No point to argue with you. Your brain is dead, zero creativity and entrepreneurship left.

But others will walk over you and my post is for other. And they will make use of your taxes. Good luck
  • #556
  • Sep 8, 2017 11:53am Sep 8, 2017 11:53am
Quoting jdieieh
{quote} I think you are are just a frustrated, robed from dreams office worker, who out of misery wished the same shit to others. Your mind is closed. You dont even bother to stop for a moment, read and think. No point to argue with you. Your brain is dead, zero creativity and entrepreneurship left. But others will walk over you and my post is for other. And they will make use of your taxes. Good luck

Yes it would be a shame if some mug with only 1000 dollar to his name does not open a forex account with you ...
Invariably, when the legitimacy of the forex as a valid venture is put in question the "commercial" just appear... just appear to appease that is; lest someone would decide not to get his/her feet wet in the wonderful forex pond.
  • #557
  • Sep 8, 2017 12:16pm Sep 8, 2017 12:16pm
Quoting Mingary
{quote} Yes it would be a shame if some mug with only 1000 dollar to his name does not open a forex account with you ...
Judging by your emails it seems you suffer from mild case of neurosis.

I do NOT own any brokerage. I do NOT work for any brokerage. I do NOT market nor sell anything.

My post are purely personal and unless you can show me a shred of evidence of otherwise, I maintain you suffer from mild case of neurosis. This is curable though. The first step is sound dose of common sense.
  • #558
  • Sep 8, 2017 2:02pm Sep 8, 2017 2:02pm
Quoting jdieieh
{quote} Judging by your emails it seems you suffer from mild case of neurosis. I do NOT own any brokerage. I do NOT work for any brokerage. I do NOT market nor sell anything. My post are purely personal and unless you can show me a shred of evidence of otherwise, I maintain you suffer from mild case of neurosis. This is curable though. The first step is sound dose of common sense.
"I do NOT own any brokerage. I do NOT work for any brokerage. I do NOT market nor sell anything."

ok. Then don't act like you do (:

As far as common sense is concerned, forex ranks at the very bottom will all the get rich quick schemes for morons like in that video ..
  • #559
  • Sep 8, 2017 2:11pm Sep 8, 2017 2:11pm
Quoting Mingary
{quote} "I do NOT own any brokerage. I do NOT work for any brokerage. I do NOT market nor sell anything." ok. Then don't act like you do (: As far as common sense is concerned, forex ranks at the very bottom will all the get rich quick schemes for morons like in that video ..

And yet some of make a living and more this way, how do explain that?
I live entirely from the growth of my personal trading account
  • #560
  • Sep 8, 2017 2:30pm Sep 8, 2017 2:30pm
i trade for a living. i'm not rich though.
had a good year trading futures last year, and now have a buffer to take a step back to improve a couple of things in my trading.

it's tough, lived of my savings to get by. never had a real job or career.
took me 4 years of only doing this to find something that would be called a profitable system. another year from there to actually be profitable.
and i still struggle to excel completely. that's what i'm trying to improve right now.

there's a lot of platitudes out there. "you just gotta continue, don't quit" "patience and you'll get rewarded".
don't think it works like that. the pain is real and humbles you after a while.

when you're in a job at least you have someone to tell you you're doing this right, and that wrong. this is what you need to improve, this is what you need to stop doing. i wish that existed in trading but you can't really trust anyone in this biz with failure rates that high.
i'm pretty much my own worst enemy in trading, and that's not a good position to be in to be a coach to myself, and give myself the pep talk that i just gotta continue to make it all work in the end.

i know few people that do this for a living, and it's been a painful experience to make it work for all of them.
i wouldn't recommend people to start goin down this road
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