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How to make a living with trading?

I personally know a guy that grow his account from 1k to 200k in a month after 8-10 years of hardship.
In June,he close six trading account because its reach 1M each in a month.
Maybe some of you will not believe it,but for me its an inspiration and make me believe that we can grow small account into millions.
Most people that has reached that level,will keep to themself,some of them will share their knowledge with small group of people,enjoy their life,doing charity work and etc..No need for them to promote their trading performance to impress investor or firm as they can grow their own account.
..may the pip be with you
Close Trade At Profit
Quoting Harpy
{quote} It's in our nature to be stubborn so we all have to learn things the hard way. That's why we're stubborn to become traders. Even though a lot of people make fun of noobs, they were noobs themselves once. It's just a part of the process of maturing. But I agree, it takes some people longer than others. This is true with anything.
The main reason it take time (but doesn't have to at all) its because people are looking for the 100% strategy/golden goose EA....
there are many simple strategies that have an edge, that over time need minor tweaking. (market conditions)
The issue is that people never deal with them selves - emotions, mindset, money habits outside of trading, ingrained beliefs from childhood etc.
People focus on anything else but dealing with themselves, hoping a "good" system will give them confidence.....

the answer is between your ears. market is what it is. its how you perceive it. approach it.
Quoting KeenPips
Get a job and trade part time. You do far better in trading if you don't have to trade to survive. Trade safe and prosper. KP {quote}
Good talk
Quoting FinInsTrader
I personally know a guy that grow his account from 1k to 200k in a month after 8-10 years of hardship. In June,he close six trading account because its reach 1M each in a month. Maybe some of you will not believe it,but for me its an inspiration and make me believe that we can grow small account into millions. Most people that has reached that level,will keep to themself,some of them will share their knowledge with small group of people,enjoy their life,doing charity work and etc..No need for them to promote their trading performance to impress...
Yes, it's true, I also know one but it takes years to master it
Quoting FinInsTrader
I personally know a guy that grow his account from 1k to 200k in a month after 8-10 years of hardship. In June,he close six trading account because its reach 1M each in a month. Maybe some of you will not believe it,but for me its an inspiration and make me believe that we can grow small account into millions. Most people that has reached that level,will keep to themself,some of them will share their knowledge with small group of people,enjoy their life,doing charity work and etc..No need for them to promote their trading performance to impress...

Yeah, no need to brag about it if we become successful. Lowkey is the BEST.
You can easily make 1 million dollar by losing only 2 millions out of the three millions you collected from your investors. Wallah you make a easy million.

Hehe
Subs. Thanks and
Regards
Quoting Oke
{quote} Good talk
Yeah I agree with KeenPips too. Even I prefer to keep forex as an "after-work" business. I am not adventurous enough to only have forex trading as my source of bread and butter.
  • Post #389
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  • Edited Aug 31, 2021 2:24am Aug 30, 2021 3:43am | Edited Aug 31, 2021 2:24am
Quoting heispark
{quote} Fast VPS server, commercial signal copy host software (depending on client numbers connected, it costs several grands), website management, member subscription management, answering all the customer quires, getting business license, tax, .... It will cost huge money and you won't be able to focus on trading itself unless you hire an assistant. I wanted to be a trader to avoid all the hassles involving people and business. Trading is lonely business and why people love it. That being said, it may not be an attractive choice to most traders...
At this point, I'm doing the same thing. We are looking to open an adult arcade, better known as barcode, with pool tables and arcade machines. We have Lan center all ages and one of our few ways to serve alcohol is in our county a private club (even just beer).
To manage memberships, dues, renewal dates, etc, I will need some kind of software. If you find anything and I'll do the same, please post it back.
I know a bit about the management software when we use the lane center's software for cyber café management. There are usually two models: one time charges for activation and the monthly type of payment. I'm just interested in setting up a one time fee.
If you want to make money in the market, don't mess with Forex, but move to the stock market and trade stocks as much as you want. As for the technical analysis, it is quite workable. And in general at the seminars Forex traders themselves say: "Trust no one, only yourself. Do not listen to all analysts with forecasts of robotized trading systems.
To make money on Forex you not need big money, but the ability to trade. To learn how to trade you need two things - knowledge and practical experience. So do not waste your time, start to work, even if you have only a few dollars in your account. As the years go by and you learn to feel the market, then your finest hour will come. For example, I can say that it took me 6 years before I began to earn a stable income! And at the same time I trade more stocks, but I don't forget about forex either.
As a trader we should seek for consistency
My entire life in one sentence: it didn't go as planned, and that's ok.
Multi Currency All Time Return: 156.0%
Leave ForexFactory if you want to make a living LoL
Quoting echo1
{quote} The main reason it take time (but doesn't have to at all) its because people are looking for the 100% strategy/golden goose EA.... there are many simple strategies that have an edge, that over time need minor tweaking. (market conditions) The issue is that people never deal with them selves - emotions, mindset, money habits outside of trading, ingrained beliefs from childhood etc. People focus on anything else but dealing with themselves, hoping a "good" system will give them confidence..... the answer is between your ears. market is what...
This is so true most can't leave a good simple strategy alone and cut losses early, take profit early and then say the strategy doesn't work. These issues are for sure psychological and not about trading in itself
It is not easy to make a living through forex trading. But if you work hard and trade properly, it is neither impossible. When I started to trade forex, I was already doing a job and kept trading forex whenever I got time after my working hours. The beginning was full of losses because I couldn’t predict the market movement. But soon, I started making consistent profits and after around 3 years of part-time forex trading, I left my job and have been trading forex full-time. There are ups and downs but it has become the way I live and make money.
My advise is that you have to trade forex long term, No get rich quick strategy believe me. I have been trading for over a decade now and I have blown several accounts but consistency came when I changed to a long term approach, an investment approach. Now I'm happy to make between 3% to 5% monthly while keeping DD extremely low. You also need to have a disaster shutdown threshold, this is solely based on your risk appetite. For me it is 25% of my balance. Some experienced traders have come to appreciate this after blowing many accounts.

Take forex as an investment and plan it properly by putting every necessary measure not to blow your account as 75% balance is way better than -0.2% balance. Demo trade as much as possible before going live and trade with an honest broker.

Becoming a consistent profitable trader is a journey and you have to pay your dues to acquire experience. Do not quit your day job until you have achieved consistency and experience. Do not give up in the process of your journey because winners are those who never gave up.
Quoting Endoephemera
{quote} Yeah dude. Sobering thoughts... I've been chasing +19% weekly (100% monthly) on a 500:1 account and the bottom line is that after eighteen weeks and multiple crashes and reloads I'm overall 66% underwater. I'm beginning to wrap my head around the concept that I really should lower my expectations [reduce my risk]. On a side note, in that time I've given my broker 1.44 times more money than I lost to the market (I can track that accurately. I'd be up 28% if trading was free)
Hello, have you considered lowering your initial risk and then rewarding yourself by adding positions when you are right? For you guys with those 500:1 accounts you can really do some damage like that.
If you are good at something, never do it for free--Joker
Mr. Tunera had said it all. Hard to add anything on top of that.

Just a small addition from me. Master how to trade $1,000 accounts. I have never seen a signal provider or a PAMM manager who can handle that. They are all lame with small money...

The biggest challenge of the 1k account is the low DD (around or below 10%). The profit might be average (5-10% monthly).

There is not a single provider who can offer this, at the moment.

Master that, and you will be bathing in cash...
Quoting jmn5611
{quote} Hello, have you considered lowering your initial risk and then rewarding yourself by adding positions when you are right? For you guys with those 500:1 accounts you can really do some damage like that.
I appreciate the good faith suggestion, but that's not viable. As it can be gathered from the extreme impact of commissions with my trading, I play a lot in the tight and narrow; no room to add to winners there. The many ops are a consequence of Buy Low Sell High, increase when underwater and position management involving a lot of opening and closing to manage position sizing. That approach makes a lot of money on most days [weeks], with occasional heavy hits upon not rapidly adapting when:

  1. Playing the c/trend and trend resumes
  2. Playing trendwise when trend reverses or goes for deep retr.
  3. When under certain stall conditions they move it through a sequence of Higher High and LL repeatedly
  4. When I erroneously act upon the assumption that one of the above is underway

Those happen, on average, once every four weeks.
Reducing risk in my case means reducing max position size, widening the adds and improving assessment skills and responsiveness.

Temperance (restraint in action, thought or feeling) is a virtue.
Quoting FinInsTrader
I personally know a guy that grow his account from 1k to 200k in a month after 8-10 years of hardship. In June,he close six trading account because its reach 1M each in a month. Maybe some of you will not believe it,but for me its an inspiration and make me believe that we can grow small account into millions. Most people that has reached that level,will keep to themself,some of them will share their knowledge with small group of people,enjoy their life,doing charity work and etc..No need for them to promote their trading performance to impress...
Thanks for the story! It is important for motivation!
Quoting jackson15988
Mr. Tunera had said it all. Hard to add anything on top of that. Just a small addition from me. Master how to trade $1,000 accounts. I have never seen a signal provider or a PAMM manager who can handle that. They are all lame with small money... The biggest challenge of the 1k account is the low DD (around or below 10%). The profit might be average (5-10% monthly). There is not a single provider who can offer this, at the moment. Master that, and you will be bathing in cash...
You are right, it is extremely difficult to provide consistent profits with drowdown below 10% but even with about 50% drowdown where a solid money management is in place and consistent profits are generated it is worth to continue to trade in such way.
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