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  • #21
  • Mar 10, 2018 8:39pm Mar 10, 2018 8:39pm
Quoting Seeley
{quote} Firstly, let me say well done on even making the choice to follow your dream. Many do not and will then remain stagnant in their life wondering what if. Im presuming you have adequate capital. Secondly, Do it! But, there's always a but! Have a plan B! A possible part time job ? With regards to trading. Set a targets, daily, weekly monthly if you hit them, you walk away for the day. Don't get greedy. if you suffer a bad day, walk away and come back when your head is straight again. Limit your markets you trade trade so you can get to know...
Cheers for the positive attitude!
  • #22
  • Mar 10, 2018 8:56pm Mar 10, 2018 8:56pm
Quoting Aich
{quote} I've got to strongly disagree with this statement. Trading is not like a job. In a job you get paid for just turning up. If you are in a developed country like Australia, you get paid while on holiday and you may even get paid when you are sick. How cruisey is that. If you run a business you will know that it is quite different. You have overheads (rent, insurances, wages, etc) that you must cover every week/month whether you make any sales or not. Running a business requires planning, negotiating deals, specialist knowledge, risk, uncertainty,...
Apologies, when I said treat it as a job, the better word would of been "business".

For the last 6 years my job has been running a business, covering all of the things you have mentioned ranging from stock to wages etc etc. So in that sense I am well prepared and well equipped.

You are right about analysis is obviously a major part of trading, however I do not put too much weight on it. Why? because no matter what your analysis or my analysis or Joe blow who lives 2 doors downs analysis says we cannot and will never be able to predict the future. I trade what I see, and what is happening at that time. Generally I only place 2-3 trades per session, and they are all on the 1 currency (either the AUD/USD or the EUR/USD)

I open the charts at London open, I take into account the general trend using the Daily and 1H timeframe (higher highs, lower lows blah blah blah), I make a decision based on this analysis on how I feel the market will be reacting to certain levels and what the general direction the pair should be taking is. In saying that though, I am a day trader not a swing trader, so If I see a move forming that is against my original analysis of the pair and the direction it "should" be taking, I will take the trade anyway (as long as it fits my money management and risk vs return).

This has generally seen some great success for me both on demo and live. I also trade without indicators, I strictly use P.A and S/R that is it. I am not too fond of trying to tell you what the currency is going to do tomorrow, I generally just sit there and take out money whenever the market presents me an opportunity.

What your saying about strategy and "rules" is something that has been instilled in my head ever since I started reading about forex 5 years ago. It is also something that I strongly disagree with. No market conditions are ever the same, the context of a pair is forever changing whether it is in a pattern, a down trend, a up trend or a range there will never be conditions or rules met every time the same way, no matter what people say or how many threads there are on this forum regarding the holy grail or perfect "Moving average" or "TDI" system. I am sorry but I do not believe in it what-so-ever.

It's only since my mindset on this whole strategy way of thinking has changed (and also since dropping ALL indicators) that I have started to see some actual results.

A lot of you are probably going to disagree with the things I have just said, but it is what works for me.
  • #23
  • Mar 10, 2018 8:59pm Mar 10, 2018 8:59pm
Quoting alphadude
hi Hyden; you are trying to solve two problems at once; trading and moving to London. get one of them solved first. how about you trade from Australia for a one full year; if you are successful then move anywhere in the world. you are making a big mistake if you think that moving to London will help your trading. it will not. it will make it worse because you will have to face the challenges of changing country.
With all due respect I strongly disagree with what you are saying.

At the moment, I am working full time, coming home going to the gym and then trading from 7pm-1-2am tired after a full days work. If i am financially comfortable enough to support a move overseas to be trading in the timezone of my preferred session everyday from 9-5.

Thinking this wont improve my trading is a very pessimistic way of thinking.
  • #24
  • Mar 10, 2018 9:17pm Mar 10, 2018 9:17pm
go for it
you seem to be thinking of making trading fit your lifestyle timeframes
this can't be a bad thing to me as I'm an east coast Aussie with alarms going off at all kinds of hrs to check on fundamentals/reactions
I will get my head around this, but always can be wrong
  • #25
  • Mar 10, 2018 10:53pm Mar 10, 2018 10:53pm
Quoting haydo147
{quote} Apologies, when I said treat it as a job, the better word would of been "business". For the last 6 years my job has been running a business, covering all of the things you have mentioned ranging from stock to wages etc etc. So in that sense I am well prepared and well equipped. You are right about analysis is obviously a major part of trading, however I do not put too much weight on it. Why? because no matter what your analysis or my analysis or Joe blow who lives 2 doors downs analysis says we cannot and will never be able to predict the...
Hey H147.. I am impressed with your self belief and your confidence is inspirational. I trade Pure PA without zero indicators and I also happen to trade both EU and AU. How about that.
I saw your time is somewhere in european time so where are you based actually? I am in Spore.
I was thinking since we trade almost similar style and pairs it will be good if we exchange some trading thought about what RRR you are using and would you mind to make public some live trading calls here. Ofc you don't have to if you decided not.
I also like your idea of trading from laptop and travelling while you trade. Stuff we can only dream of. Imagine trading in the top financial center of the world. Really cool.
Wish you success.

Cheers
  • #26
  • Mar 10, 2018 11:28pm Mar 10, 2018 11:28pm
Quoting genghistar
{quote} Hey H147.. I am impressed with your self belief and your confidence is inspirational. I trade Pure PA without zero indicators and I also happen to trade both EU and AU. How about that. I saw your time is somewhere in european time so where are you based actually? I am in Spore. I was thinking since we trade almost similar style and pairs it will be good if we exchange some trading thought about what RRR you are using and would you mind to make public some live trading calls here. Ofc you don't have to if you decided not. I also like your...
Hi mate,

I appreciate your words of encouragement, also it is nice to see someone who shares the same trading style as myself. It certainly is working for me so good luck.

As mentioned earlier I am currently based in Australia, not very ideal to be trying to day-trade London.

Regarding live trade calls, I would rather leave that out of this thread as that is generally not what it is intended for, more of an open discussion.

However in saying that I am more than happy to grab your details through PM and share insights/trades live while we are watching the markets, we can only learn more together that way.

Cheers.
  • #27
  • Mar 10, 2018 11:30pm Mar 10, 2018 11:30pm
Quoting nimtrader
go for it you seem to be thinking of making trading fit your lifestyle timeframes this can't be a bad thing to me as I'm an east coast Aussie with alarms going off at all kinds of hrs to check on fundamentals/reactions
Cheers brother

Haha don’t worry mate I know all about the bullshit alarms needing to be set to catch the early morning news drops

Great to see fellow aussies trading.
  • #28
  • Mar 10, 2018 11:36pm Mar 10, 2018 11:36pm
Quoting haydo147
{quote} Hi mate, I appreciate your words of encouragement, also it is nice to see someone who shares the same trading style as myself. It certainly is working for me so good luck. As mentioned earlier I am currently based in Australia, not very ideal to be trying to day-trade London. Regarding live trade calls, I would rather leave that out of this thread as that is generally not what it is intended for, more of an open discussion. However in saying that I am more than happy to grab your details through PM and share insights/trades live while we...
No worries even tho I prefer public discourse in open forum. I respect your decision. Good luck with your journey...
Cheers
  • #29
  • Mar 11, 2018 7:01am Mar 11, 2018 7:01am
Hayden, you and I trade very differently. I have developed a number of custom indicators that allow me to ignore the small price moves and find trades with some potential for large movement. I use historical S/R levels to work off and use my indicators to confirm those moves. To each his own.

Interested in your choice of currency pairs. AUD/USD and EUR/USD move about 70 and 90 pips daily range.
Have you considered maybe GBP/JPY or GBP/AUD which move about 130 and 150 pips daily? With these bigger movements you can achieve more pips with less trades. This generally translates to less risk.

Your original questions related to what to expect in London. Sorry, I cannot help with that.
This is your thread. You choose the direction you want the conversation to go.
Cheers, H
  • #30
  • Mar 12, 2018 3:50am Mar 12, 2018 3:50am
Quoting Aich
Hayden, you and I trade very differently. I have developed a number of custom indicators that allow me to ignore the small price moves and find trades with some potential for large movement. I use historical S/R levels to work off and use my indicators to confirm those moves. To each his own. Interested in your choice of currency pairs. AUD/USD and EUR/USD move about 70 and 90 pips daily range. Have you considered maybe GBP/JPY or GBP/AUD which move about 130 and 150 pips daily? With these bigger movements you can achieve more pips with less trades....
I've always found that indicators clouded my judgement and decision making, especially since most of them I have used are lagging indicators and can't exactly tell me what is happening now. In saying that though my depth of knowledge regarding most of them let alone custom ones isn't that broad due to me not putting much weight on them. I would be interested in the way you incorporate them into trading.

I haven't looked too much into the currency pip ranges. Too be honest I never even really thought to think of that so thank you for bringing it up.

I've only ever stuck with the aussie and the euro as only watching two currencies and watching there every move, trying to understand them has improved my trading tenfold. When I can eventually commit to trading full time I'll definitely be increasing the list of currencies I watch, although for some reason I have tended to stay away from crosses just yet, I've always found the structure and price easier to read on majors

However I am looking into GBPAUD and jeppy at the moment...

-----------------------------------------------------------------------

Anyone trading London today? It has been a busy 50 minutes already
  • #31
  • Mar 12, 2018 3:55am Mar 12, 2018 3:55am
Face palm.

Quoting Aich
Have you considered maybe GBP/JPY or GBP/AUD which move about 130 and 150 pips daily? With these bigger movements you can achieve more pips with less trades. This generally translates to less risk
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #32
  • Mar 12, 2018 2:47pm Mar 12, 2018 2:47pm
Quoting haydo147
{quote} I would rather fail miserably than sit back when I’m 35 filled with regret.
I get it but why the rush? Full time trading is a very expensive business. If you're good enough in your career to raise sufficient funds to do this in the first place (which it sounds like you are) and you're young, you've probably got two proper shots at this in your lifetime. Screw it up and you can say goodbye to your hopes, dreams, relationships and life plans. Truly, nothing to be blase about.

Have you traded all conditions? High/low vol, ranging/trending, all sessions, fast markets? Is your sharpe at least 2, preferably nudging 3 or beyond? Can you claim to knowledge or execution skill of a method that most traders don't know or can't manage? do you describe your returns in risk-adjusted basis not absolutes (pip/% etc).

Preparation, knowledge & capital, may not sound very sexy compared to a million and one aphorisms that get plastered around here but it's really the only thing that matters

FWIW I'd recco at least 2 years' salary outside your trading pot to do this properly.
  • #33
  • Mar 12, 2018 3:10pm Mar 12, 2018 3:10pm
I wish you well and i a have a feeling you will do it BUT, i repeat BUT, will you be able to handle the lousy weather and whinging poms....

All The Best...............................
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #34
  • Mar 12, 2018 4:04pm Mar 12, 2018 4:04pm
Not sure if this was an exercise in attention seeking, or the original poster simply wanted confirmation of his bias. I echo many of the sentiments and advice on the thread, advising extreme caution and gaining experience. I also find it a bizarre notion; to move 7,000+ miles just to be able to trade during London hours more easily, it’s akin to a star struck kid thinking they’ll go to Hollywood and be spotted.

Bizarrely, and in complete contradiction to the O.P. I could move anywhere, retire anywhere, trade anywhere, irrespective of times zones, because my trading is 100% automated. And if your trading method can’t be automated, you haven’t got a trading method, you’re still using a combination of guessing and gut feel, you haven’t understood where the industry is and where it’s headed, in terms of financial engineering.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #35
  • Mar 12, 2018 6:49pm Mar 12, 2018 6:49pm
Quoting Spreadbetter
Not sure if this was an exercise in attention seeking, or the original poster simply wanted confirmation of his bias. I echo many of the sentiments and advice on the thread, advising extreme caution and gaining experience. I also find it a bizarre notion; to move 7,000+ miles just to be able to trade during London hours more easily, it’s akin to a star struck kid thinking they’ll go to Hollywood and be spotted. Bizarrely, and in complete contradiction to the O.P. I could move anywhere, retire anywhere, trade anywhere, irrespective of times zones,...
Not necessarily a "attention seeking" thread, more of an attempt to grab the attention of people that may be able to throw some some controversial opinions out there or things that I can learn from. Seems in the first 2 pages this has already occurred. By no means am I a pro-trader or have any notion to believe that I am anywhere where I need to be to be able to do as you quoted "move, anywhere, retire anywhere" but I am trying to maybe get there one day.

A lot of people have raised the question of why go "balls out" or why move 7,000 miles to try and make this work, well I guess that all could come down to my personality and psychology of the way I go about things. I tend to have always been a "balls out" type of person, I generally need to throw myself into something head first or into the deep end as you could say to really make it work (the way I became semi-successful in my business), why that is? I don't know, a question better for a psychologist.

Regarding automation and the future of this industry, "financial engineering" as such I am not too knowledgeable about. I haven't been trading or studying long enough to know about things like these. I feel that I have developed a unique way of trading and reading the market and its price structures that has allowed me to be able to pull money out of it when I see fit, however I am learning more and more everyday.

In saying that, I am quite interested in what you have to say. Whether that's a conversation to be had in this thread, or hopefully elsewhere it is definitely something that I keen to discuss..
  • #36
  • Mar 12, 2018 10:18pm Mar 12, 2018 10:18pm
don't do it bro unless you have a solid 2 years+ trading record with consistent result. Heck, maybe even 3-5 years is a safer net. One month's live result is really really naive seriously.

of course, i am guessing you already have a solid bank account but that does not mean you will make it in trading alone. Why not continue your old job and trade part time. I tried focusing on trading alone like you, rented an office few years back purely for trading but that didn't work out for me. But then i didnt really have any consistency yet also. i was like you, few months profit and i was thinking up in the sky.

Really, don't do it.
  • #37
  • Mar 14, 2018 10:27am Mar 14, 2018 10:27am
Two things, firstly; I’ve already given you my advice; contact prop trading firms in London and the S.E. they’ll give you the current state of play wrt the health of prop trading, but you’ll have to expand beyond FX. if they’re not interested in you then taking a risk to move to London, based on your sketchy track record, is both unnecessary and bizarre.

Secondly; retail FX trading, in terms of sitting hunched over a bank of three screens in your bedroom, trying to scalp from a shitty lagging platform, is deader than the dodo, it died years back. Learn how to code, learn MQL, Python and perhaps Maple. Think where the industry is headed in terms of financial engineering, A.I. and machine learning, that’s were your attention and research should be directed. Research firms such as Virtu, Renaissance Technologies, etc, put together your own lines of code. If you can prove that your code can take money out of the markets consistently, risking small amounts of your account, whilst suffering negligible drawdowns, then you’re in the game. Then the hard part starts; finding backers...

Trading forums and retail trading are finished, it’s kept alive by brokers, as a mechanism to sell an end of the rainbow, out of reach dream, for small time gamblers, to part them from money they shouldn’t be risking. You’ll never make it, not in the sense you fantasise over, but you may get a job in the banking industry somewhere, as something.

Quoting haydo147
{quote} Not necessarily a "attention seeking" thread, more of an attempt to grab the attention of people that may be able to throw some some controversial opinions out there or things that I can learn from. Seems in the first 2 pages this has already occurred. By no means am I a pro-trader or have any notion to believe that I am anywhere where I need to be to be able to do as you quoted "move, anywhere, retire anywhere" but I am trying to maybe get there one day. A lot of people have raised the question of why go "balls out" or why move 7,000 miles...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #38
  • Mar 15, 2018 2:29pm Mar 15, 2018 2:29pm
Quoting Spreadbetter
Two things, firstly; I’ve already given you my advice; contact prop trading firms in London and the S.E. they’ll give you the current state of play wrt the health of prop trading, but you’ll have to expand beyond FX. if they’re not interested in you then taking a risk to move to London, based on your sketchy track record, is both unnecessary and bizarre. Secondly; retail FX trading, in terms of sitting hunched over a bank of three screens in your bedroom, trying to scalp from a shitty lagging platform, is deader than the dodo, it died years back....
First of all I appreciate your "advice" and will be looking into both prop firms and also A.I or financial engineering. However as previously mentioned in this thread I will be day-trading as a retail trader.

Why is everyone on this forum such a damn pessimist, and I quote "you'll never make it" or "sketchy track record". If 5 years of study and steady demo practice before going live + 2 months of great results is sketchy to you then you must be returning absurd percentages.

If retail trading is done how is it that I have been able to pull money from the market on a consistent basis over these years? Just this week I've added another 560 dollars to my account, 1150 to 1710 to be exact and no I am not going to be working out that percentage as I cannot be bothered.

And before you jump to say wait until I experience draw downs, I already have and have learnt to deal with them and also turn positions around into profit through hedging and snowballing my position (things I learnt over the last 5 years). Its not exactly as if my equity has jumped from 350 - 1710 over these last 2 months without any losses or drawdowns.

I appreciate people chiming in who have been around for a while and seem smart, but telling me I will never make it and its a fantasy starts to sound like my brother and a lot of people around me who have told me I cant and I won't over the years not just with FX but also business. People that I have proved wrong time and time again.
  • #39
  • Mar 15, 2018 5:11pm Mar 15, 2018 5:11pm
When I decided to go full time trading; I didn't ask anybody of their opinion.

just walk over the minefield; and make it to the other side

if Obama and rocket man did it; so can you!
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  • #40
  • Mar 15, 2018 5:23pm Mar 15, 2018 5:23pm
Quoting alphadude
When I decided to go full time trading; I didn't ask anybody of their opinion. just walk over the minefield; and make it to the other side if Obama and rocket man did it; so can you! {image} {image}
Your probably right maybe I shouldn’t have.

Solid advice, thanks mate
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