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Trading for living only using daily charts or higher...

  • #21
  • May 2, 2007 12:42pm May 2, 2007 12:42pm
Quoting Gwan
here , i can survive with $150 a month with decent food and a bath twice a day.... $500 and family of four & a car can survive......

it is depend on your standard of living.... and your way of living

This is such a good point. It all depends on what a person needs in life to make themselves happy. If you need fancy cars, the clothes, the bling, a yaucht, and all the other luxuries, it will take alot more to make the money to live without working. If you just want to provide for your family and get only the necessities, it will make it alot easier to make the money to do that.

It is very possible to make enough money off daily charts to live comfortably. It all depends on what you need to be comfortable.
JOHN 3:16
  • #22
  • May 2, 2007 1:58pm May 2, 2007 1:58pm
I noticed after my post above there were a slurry of other great posts. Tom, great stuff. Peter, thx for sharing your trade entries and insights. Vlad, yes on the % to risk, low leverage will allow one to keep in the fight longer. And RD, spot on with the lifestyle insight!

Stone, welcome to FF, i see that was your first post. Good insights, and enjoy your time here.

: ) Thom
  • #23
  • May 2, 2007 9:19pm May 2, 2007 9:19pm
Thanks for great posts from Wiz, Peter, Accrete and others. Very comforting to learn and to be among the team of great traders. Thanks again for the time you guys take out to discuss and help.

Wizard brought up the point of sticking to a system, which I think is going to be a big challenge. Seriously, after getting exposed to this FF, I got into this habit of keeeeep looking for new systems in the trading systems area and keep trying and dropping. I guess, I am not the only one

Now I am telling myself I am going to stick with my 14 sma high/low along with Jacko's anti-hedging technique. Let me see how far I can do this. However, please let me know, if this idea is dumb for any reason and if I should try some thing more time tested.

Thanks again, dear friends, for taking time to discuss.

TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #24
  • May 2, 2007 9:45pm May 2, 2007 9:45pm
Tom,

Amazing post. Deserves a special mention. I could very well relate to the points you made. One of my 3 disaster trades were the GBP/USD you mentioned. unbelievable!!!

I think I should keep reading this post time and again.

Thanks a ton.

TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #25
  • May 3, 2007 3:06am May 3, 2007 3:06am
Quoting TradeStar
Thanks for great posts from Wiz, Peter, Accrete and others. Very comforting to learn and to be among the team of great traders. Thanks again for the time you guys take out to discuss and help.

Wizard brought up the point of sticking to a system, which I think is going to be a big challenge. Seriously, after getting exposed to this FF, I got into this habit of keeeeep looking for new systems in the trading systems area and keep trying and dropping. I guess, I am not the only one

Now I am telling myself I am going to stick with my 14 sma high/low along with Jacko's anti-hedging technique. Let me see how far I can do this. However, please let me know, if this idea is dumb for any reason and if I should try some thing more time tested.

Thanks again, dear friends, for taking time to discuss.

TradeStar
TradeStar,
We cannot tell you if your system is dumb. If it is profitable for you, stick to it. When it loses, ask why did it lose. Did you jump the gun before the signal was complete or whatever. The way you trade a system will be differant than if I traded the same exact system. I know exactly where you are coming from when it comes to too many systems to look at. There are tons of great systmes on FF it is unbelieveable. I have looked at so many of them it isn't funny. I would jump from one system to another and back to the one I was looking at a month ago. I think it is something a person almost has to go through to get to the next level of their trading. It isn't so much about the system as it is about how a person "sees" the market. When I trade, I do have a system I follow but there are so many times I open up a new chart and only look at the price action.
JOHN 3:16
  • #26
  • May 3, 2007 4:51am May 3, 2007 4:51am
Quoting TradeStar
Amazing post. I think I should keep reading this post time and again.
Thanks TradeStar - I keep editing it to add more and more because everytime I read it, something new occurs to me.

I have been trading for over two years now and left my job to go full time in November last year. In that time I have lost several thousand pounds and had to get further in debt to pay bills which has caused me a deal of stress and worry. But now I am back in the 9-5 for a while, I look back on the experience as incredibly positive. I learnt more about the market in that time than I thought possible.

When your ass is on the line you have to either learn from your mistakes and stop making them or else give up. And I may be a lot of things but I never was a quitter.

Tom
  • #27
  • May 5, 2007 10:29am May 5, 2007 10:29am
Quoting the_wizard
This is certainly possible but it depends on how much you need to make a living and that in turn requires how much you would need to fund your account with.

If you need £2,000 per month to make a living and you think you can return 5% a week on average (which I personally think is feasible) then you need to fund an account with £10k.

But you should also consider that you should look to return more than you need so that you can not only pay your wages but increase your pot to make things easier in future.

If you are leaving work and considering trading then I can give you some useful advice, since I have done this and it proved to be a big mistake at the time.

a) Make sure you are fully capitalised. That means working out, as described above, how much you need to trade.

b) Make sure that you have a cushion of at least six months salary minimum. This takes some of the pressure off - trading off of daily charts often requires large stops which in turn results in more risk and you get less signals so finding very good setups requires a huge deal of patience. If you feel you have to consistently make money, you are much more likely to take bigger risk or trade more frequently which is the reason why many traders fail in my opinion.

c) Have a plan so that you trade with confidence. Know what setups you are looking for, how much to risk and how often you expect to win.

d) Make sure you structure your day in advance. This is vital. When you are only spending an hour a day working (studying the charts) you may soon become depressed and disillusioned. Believe me when I say that I was desperate to leave my boring 9-5 and become independent. Within five months, I could hardly bear waking up each day at home in my flat with no one to talk to and no one to see.

Hope this helps,
Tom

Oh yes also make sure you have a good excersize plan as well. Sitting by a computer all day long can cause bone loss after a long period of time as well. You need a good hard work out at least 15 m a day to. Your bone's can become like a person who is in space for a period of 6 months with out it. I learn this from a nother field that I am in . So have a good work out plan for your self as well.

Larry Liles
  • #28
  • Jun 21, 2007 7:58am Jun 21, 2007 7:58am
Quoting TradeStar
Dear Friends,
As I start learning to trade, I see, recognizing trend and trading using a daily chart to be much easier than trading with 1 hr chart or lower. Clearly, this would mean less pips compared to day trading. I was wondering, is it practical to make a living out of trading just by trading daily charts. For a minute, if we assume this is possible, practically, you would be spending an hour or so, every day to make a living
I don't know if practical is the word.......but yes, it can be done. You can trade on any time frame successfully, but knowing that you can make more pips utilizing other time frames, why would you limit yourself to just trading on the daily chart?
  • #29
  • Jun 22, 2007 12:26pm Jun 22, 2007 12:26pm
Only because of my 'assumption' that any lesser time frames will have more whipsaws and stomach churns.

Let me know if you have thoughts on this.
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #30
  • Last Post: Jun 22, 2007 6:08pm Jun 22, 2007 6:08pm
Quoting stone
Hi
I trade for 1 year now and I agree with your idea,but when you trading with trend in daily chart you had been an enormous stop loss I think 4H chart is good too.
thanks for idea and i'm sorry for bad english
It may help to use the longer charts to set your viewpoint (where the trend really is going) and then the shorter ones to determine only entry and exit points.
PS, Don't apologize for your english - it's perfectly workable (which is more than I can say about my own abilities in any other language )
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