I trade my own account for a living. Tell your story | Page 32 | Forex Factory

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  • #621
  • Edited 2:53am Sep 16, 2017 2:16am | Edited 2:53am
Quoting VEEFX
{quote} That's a decent capital to work with! Trial and error is the necessary evil in this (or any) game. Its incredible what can be achieved after learning a few lines of code. Lol. I ran into my formula for trend phases completely by accident (as in writing a buggy piece of code!) resulting in a off the chart equity curve in strategy tester. Ofcource it did not held much merit but ideas generate further ideas which result in more testing and failures and rinse/repeat. Those who keep digging can never give up until they have answers... Lol $100K...

Absolutely, this business in the end is about creativity and tenacity, I am lucky that I've been a software engineer for some 25 years plus so that side was easy for me. I have found that what level of capital seems "safe" changes as I get more capital
I live entirely from the growth of my personal trading account
  • #622
  • Sep 16, 2017 3:30am Sep 16, 2017 3:30am
Quoting GuyBaker
{quote} We have the same plan, I am compounding minus living costs which I keep down by having my base with in Odessa Ukraine, I do travel a bit, but I also am saving for the time where I can live well off of 5% return from my cash, or at least have the choice to do that, my target is £3m, which I hope to achieve in under 5 years, I'm at a modest £350ish K at the moment of which £210k is instantly available. I risk 1% of my available cash on each trade on my main system, I have a second system in trial which I anticipate risking 0.5% per trade on,...
Very strange ...
No real and serious professional trader reveals all the details of his business.This is the attitude of who want to boast to the eyes of FF members.
Instead Guybaker says in public (without any evidence, however):

" I have 350,000 pounds, of which 210,000 available."

" I have my base in Odessa, Ukraine."

Now even the British Financial Conduct Authority and Prudential Regulation Authority know how much and where mr. Guy Baker earns ...
  • #623
  • Sep 16, 2017 3:50am Sep 16, 2017 3:50am
Quoting redoktober
{quote} Very strange ... No real and serious professional trader reveals all the details of his business.This is the attitude of who want to boast to the eyes of FF members. Instead Guybaker says in public (without any evidence, however): " I have 350,000 pounds, of which 210,000 available." " I have my base in Odessa, Ukraine." Now even the British Financial Conduct Authority and Prudential Regulation Authority know how much and where mr. Guy Baker earns ...
Well seeing as you have been somewhat normal in this post, somewhat anyway, I will reply. I am British Citizen, I am in UK a lot, it is my main residence, it is where I bank it is where my brokers are, it is where my servers are, but I have a flat also in Odessa Ukraine. With regards to my tax position, my trading is tax free because I trade inside Spread Betting accounts in the UK which come under gambling regulation, so in effect I have no income at this time. I have made a number of offers for anyone, including you, to join me one on one on Skype to audit my trading claims, the only reason I do this is because for years I struggled with the idea of long term profitability being possible and that fear cost me probably years of lost time.
I live entirely from the growth of my personal trading account
  • #624
  • Sep 16, 2017 3:52am Sep 16, 2017 3:52am
Quoting GuyBaker
{quote} For those of us trading within Spread Betting accounts in the UK, all of our profits are tax free, have you considered emigration?
Is it really?
Even if it is your main source of income?
Have a nice day
  • #625
  • Edited 5:33am Sep 16, 2017 3:56am | Edited 5:33am
Quoting billv
{quote} Is it really? Even if it is your main source of income?
It's counted as gambling and therefore it is not income, the tax man gets his money from the brokers, they worked out a long time ago there are many more losers than winners so this is a much more effective way to collect tax revenue. Professional Gambling has been tested in the courts for taxation purposes the Inland Revenue lost. The only way it might be different is if I had been working as a trader for some institution in the past, I have been a software engineer my whole life, and I regard myself as such now really.

http://www.onlinebetting.org.uk/bett...in-the-uk.html
I live entirely from the growth of my personal trading account
  • #626
  • Sep 16, 2017 6:08am Sep 16, 2017 6:08am
Quoting GuyBaker
{quote} It's counted as gambling and therefore it is not incomel
Great, although as its not an income you cannot offset losses against profits either
Have a nice day
  • #627
  • Sep 16, 2017 6:23am Sep 16, 2017 6:23am
Quoting billv
{quote} Great, although as its not an income you cannot offset losses against profits either
Exactly. That is why they do it that way, this way they collect taxes from the brokers regardless.
I live entirely from the growth of my personal trading account
  • #628
  • Sep 16, 2017 8:50am Sep 16, 2017 8:50am
Quoting GuyBaker
{quote} Well seeing as you have been somewhat normal in this post, somewhat anyway, I will reply. I am British Citizen, I am in UK a lot, it is my main residence, it is where I bank it is where my brokers are, it is where my servers are, but I have a flat also in Odessa Ukraine. With regards to my tax position, my trading is tax free because I trade inside Spread Betting accounts in the UK which come under gambling regulation, so in effect I have no income at this time. I have made a number of offers for anyone, including you, to join me one on...
350,000 pounds tax free ? 3 million pounds within 3 years , tax free ? Who said it ? Onlinebetting.org ? A betting association can only say so , of course .
Have you ever had a real control by inland revenue ? Have they told you that you are totally tax free ? Mmh , I have many doubts ...anyway will decide the British
Financial Autorities and inland revenue ( each case is different, a court may give reason, another judge may be wrong ; if I were you , I would not be so quiet ).

PS : So , you are a gambler, not a trader. Rather than in London or Odessa your place should be in Las Vegas.
  • #629
  • Sep 16, 2017 9:22am Sep 16, 2017 9:22am
I dont make the rules... , i used to card count blackjack, in london and vegas, it's all gambling just depends on who has the edge

Quoting redoktober
{quote} 350,000 pounds tax free ? 3 million pounds within 3 years , tax free ? Who said it ? Onlinebetting.org ? A betting association can only say so , of course . Have you ever had a real control by inland revenue ? Have they told you that you are totally tax free ? Mmh , I have many doubts ...anyway will decide the British Financial Autorities and inland revenue ( each case is different, a court may give reason, another judge may be wrong ; if I were you , I would not be so quiet ). PS : So , you are a gambler, not a trader. Rather than in London...
I live entirely from the growth of my personal trading account
  • #630
  • Sep 20, 2017 10:06pm Sep 20, 2017 10:06pm
I don't think that if you wanna become successful in Forex, you could never consider it as a Gamble, as it is not at all a Gamble.
  • #631
  • Edited 1:03am Sep 21, 2017 12:47am | Edited 1:03am
Quoting GodfatherSam
I don't think that if you wanna become successful in Forex, you could never consider it as a Gamble, as it is not at all a Gamble.

On the contrary my dear Watson. See this definition from google of the word gambling :-

gamble
ˈɡamb(ə)l/
verb
verb: gamble; 3rd person present: gambles; past tense: gambled; past participle: gambled; gerund or present participle: gambling

  1. 1.
    play games of chance for money; bet.
    "he gambles on football"
    synonyms:bet, wager, place a bet, lay a bet, stake money on something, back the horses, try one's luck on the horses; More

    1. bet (a sum of money).
      "they gambled their money on cards"


  2. 2.
    take risky action in the hope of a desired result.
    "he was gambling on the success of his satellite TV channel"
    synonyms:take a chance, take a risk, take a leap in the dark, leave things to chance, speculate, venture, buy a pig in a poke;



See definition 2. look at some of the synonyms, "take a risk", "speculate", "venture"

The sooner you realise that trading is exactly that, a form of controlled risk gambling the better off you will be, we take a risk every time we place a trade, what is important is that we have a complete understanding of the risk we are taking and that there is an edge in our favour, just as a casino takes a risk every time it accepts a bet, the casino is also gambling on the outcome of the bet, but it does so knowing that it has an edge against the player and therefore in the long term it will always win.

To quote The Hunger Games, may the odds ever be in your favour

I live entirely from the growth of my personal trading account
  • #632
  • Sep 21, 2017 7:14am Sep 21, 2017 7:14am
Many a successful trader has been forged in the furnaces of the casino. Ed Thorp comes to mind. :-)
  • #633
  • Sep 21, 2017 7:16am Sep 21, 2017 7:16am
Quoting Copernicus
Many a successful trader has been forged in the furnaces of the casino. Ed Thorp comes to mind. :-)
Quite so) a great man)
I live entirely from the growth of my personal trading account
  • #634
  • Sep 21, 2017 7:26am Sep 21, 2017 7:26am
Quoting GuyBaker
{quote} On the contrary my dear Watson.
Running a business is gambling...you never know the outcome...odds in forex are not worse than in any other business...the only difference, its the simplest to join and it only takes 5 minutes, so every moron can do so...as we can see on these forums...thats why most fail, because those kind of people would fail in anything business related.
Everyone can see the chart, but only a few can actually read it.
  • #635
  • Sep 21, 2017 9:37am Sep 21, 2017 9:37am
Quoting OnlineAddict
{quote} Running a business is gambling...you never know the outcome...odds in forex are not worse than in any other business...
Great mind. Great post. If one cannot take risk in business, he would also be more afraid of forex
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #636
  • Sep 21, 2017 10:48am Sep 21, 2017 10:48am
It's just like with any business, a great product or service that people want to pay for OR a great trading system with positive expectancy, will keep it afloat. If you don't have that, then a business will only last so long.
  • #637
  • Sep 21, 2017 11:45am Sep 21, 2017 11:45am
32 pages...

can someone summarize that actually how many of the posters are full time traders?

because i surely do see and read lots of "smart" "common sense" "expected" "cliche" comments...or we really have this many full time traders?
there is always, always another trade!!
  • #638
  • Sep 21, 2017 12:36pm Sep 21, 2017 12:36pm
Quoting swingtraderf
You guys are delusional, it´s impossible to generate a steady income out of FX without having a few hunderd K in your trading account.
The best sentence I have read in a dacade. Very well said. I know this is very old post but still worth reading. For the rest its all delusion. I mean what can you do with 2k lots??? getting a coffee after your profits. Keep going hopefully by the time you are dead you will have maybe 10k profit
  • #639
  • Sep 21, 2017 12:42pm Sep 21, 2017 12:42pm
Quoting Salmas
{quote} The best sentence I have read in a dacade. Very well said. I know this is very old post but still worth reading. For the rest its all delusion. I mean what can you do with 2k lots??? getting a coffee after your profits. Keep going hopefully by the time you are dead you will have maybe 10k profit

I average about 7% a month, so I guess it depends on how much a person needs to live on, 50k would give 3.5k a month on average.
I live entirely from the growth of my personal trading account
  • #640
  • Sep 21, 2017 12:52pm Sep 21, 2017 12:52pm
"Whether you think you can or cannot you're right"- Henry Ford
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
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