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Full time trading?

  • #21
  • Jun 20, 2007 12:21am Jun 20, 2007 12:21am
really good posts here. I also trade full time i started recently doing this full time but I've been doing forex for i think roughly 7 years. I've had my up's and downs a lot of down's LOTS of down's but it was well worth all the experience ive gathered over the years you cant succeed unless you go through the mud my goal is and as i am doing now is starting with a LOW balance....But im NOT recommending this to anyone...I want to build my account my legacy from few hundred dollars...Into hundreds of thousands...What Rusty_Forexman said is 100% true...You need System that works FOR you....You Need Displine....Commitment....Knowledge is good so you know how to react but most important no sense of attachment...But to lose sense of attachment you need to get used too losing money only then you can become good at it...I cant say i am Guru YET!!! But i am getting there
There are those who know, and there are those who don't know.
  • #22
  • Jun 20, 2007 1:03am Jun 20, 2007 1:03am
Quoting Rusty_forexman
I trade for a living - I have been for roughly 24 months.

<snip>
Rusty,

Thank you for a most impressive post. I agree with the truth and wisdom of everything you said. So much so, that I have just added your post to the psychology sticky in the Forex Beginner's Q&A forum here at FF.

Dial
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  • #23
  • Jun 20, 2007 1:16am Jun 20, 2007 1:16am
Thanks Rusty and all,

I really like this "Analyse the market in its current state in PRESENT TIME. Not the time it was when you first put the trade in, not the time in the future where you think the will go, in PRESENT TIME."

For many times I lost much money is I always thought about going back to the point I first traded in. I just tend not to let go even if I know the market is going to the other way.

For my situations, I have some savings and the opportunity cost of not having a full time is not that great. I prefer to have a try and most importantly to experience trading full time. :
  • #24
  • Jun 20, 2007 10:25am Jun 20, 2007 10:25am
I don't think I ever want to go full time trader. I love trading but the way I trade, I dont need that much time. Maybe 10 mins? 15 mins a day is fine. I don't think I will be any different just because I dedicated all my time to it. Sure, I trade the news sometimes now and then just to take advantage of the volatility, but otherwise, I personally don't think full time is necessary.
  • #25
  • Nov 13, 2007 2:53am Nov 13, 2007 2:53am
Hi , this might seem outrageous to some but i am a relative newcomer to Forex who plans to run Forex as a business within the next 6 months.

1) I am receiving professional training and mentorship

2) I will have enough capital to account for 2% (preferably 1%) rule

3) I plan to downsize my present business to part time in the beginning stages of trading profitably and then relinquish it completely after i can earn enough to support both myself and my wife (over a decent period of time).

(Ok i do have some experience in trading stocks)

The most important thing to me is to approach something as a business rather than a casual interest/hobby....... a person who is running a business is going to be doing everything required to trade well, no excuses allowed. (my wife looks at the trade journal at the end of the month!!!)

Cheers
NickS


PS. Rusty_Forexman..... Awesome mate, very inspiring that you are so focussed and successful. (what was i doing at 22 years old !!!)
  • #26
  • Nov 13, 2007 8:40pm Nov 13, 2007 8:40pm
I would question who your getting your prof training from.
Not a lot of successful folks out there - most trainers are monday morning quarterbacks. That is a red flag to me. I think It will take you a long time to really be able to look at something and know where its going to go. The wizard response is likely an accurate account of your likely experience if you go to soon. -- You can work as hard as you want to "trade correctly"; as far as I am concerned you can put in 24/7...but if you don't understand the concepts of waves and price movements and be able to adapt.. likely you will not last long . It takes awhile to internalize.
good luck.
  • #27
  • Nov 13, 2007 9:51pm Nov 13, 2007 9:51pm
Trading full time and trading for a living?

Unless you are scalping all day I can't imagine spending 40 hours a week on this. Either the setup is there or it isn't. Sounds like a good scenario for overtrading and our old friend revenge trading.
History is written by the victors.
  • #28
  • Nov 13, 2007 10:25pm Nov 13, 2007 10:25pm
Good Luck Rise! I started trading full time since July 07 and I am still alive.

But I am still struggling for a consistent performance. I find knowledge and skills not that difficult. The most hardest things are psychology and discipline when trading full time and looking for real money for your living.

Good luck to you and me!
  • #29
  • Nov 14, 2007 3:19am Nov 14, 2007 3:19am
Quote
"I would question who your getting your prof training from.
Not a lot of successful folks out there - most trainers are monday morning quarterbacks. That is a red flag to me."
I agree about training, ...I finally found some mentors that are genuine.

Quote
"I think It will take you a long time to really be able to look at something and know where its going to go. The wizard response is likely an accurate account of your likely experience if you go to soon. -- You can work as hard as you want to "trade correctly"; as far as I am concerned you can put in 24/7...but if you don't understand the concepts of waves and price movements and be able to adapt.. likely you will not last long . It takes awhile to internalize."
Yes it may take longer than 6 months to become consistently profitable (it may take so much longer than 6 months that i laugh at myself for being such a fool, but who cares)
however my small business keeps the bread on the table until i am trading in a stable way consistantly profitable way.
As for internalising all the elements (understanding,technique,mental discipline, chart time) and getting to a relative level of mastery.....how long will that take ? the only person who can answer that is myself and by doing it.

PS My point is ....... the sure way to be bad at something is to do it as a hobby. (for example i am an amateur musician !..... )
PPS I am also a professional photographer

Cheers Nick S
  • #30
  • Edited 8:49am Nov 14, 2007 8:21am | Edited 8:49am
I just start trading live using no capital, just use the free dollars from { Link or reference Removed } (that will be enough for my strategy).

However I have spent a full month analyzing many strategies, watch how they progress, keeping notes of the weaknesses and strengths of each. If I can't find the weakness I will go for the demo until I found the weakness. Now I know that you can't follow others' strat. You have to develop your own strat in order to gain enough confidence in this playground, so I have developed my own strategy which will give max result using very small capital. This is the way I play with my money.

I own two businesses which I also started with only friends and small capital. Other than that I also do a day job with decent payment and about 16-month salary per year in a USD 100,000,000 company.

I know most will not agree with me as I seem to be too soon on jumping into conclusion but I'm confidence with my testing, paper trade, and chart reading skill. If I could perform as good as my precalculation result then in 2 years I will quit my day job and I'm 90% sure about that. After that 2 years perhaps I will just play using the standard 2% risk management.
  • #31
  • Nov 14, 2007 2:48pm Nov 14, 2007 2:48pm
Quoting vhek
How much money should a fulltime trader need to begin?
For me, it will be when my part time trading income equals my wage income over at least three consecutive months. Note, that "full time" will be around 15 hours a week.
  • #32
  • May 27, 2008 7:10am May 27, 2008 7:10am
Well its 6 months later, time for an update.
Been mentored by 3 diff teachers and finally to the point where i am profitable so the message is, it aint gonna happen over a long weekend.
Ive made it like a second job so i have put in 1000s of hours screen time and am becoming what i consider a serious beginner
I traded real money from the get go ..... started at .25% risk and now am up to 1% risk which is where i will stay.
Next plan is to gradually inject capital into my account over the next 18 months to bring it up to a serious level..... then a couple of months to see if i can take it mentally and viola.....close my business and trade full time.

expect to see a pdf for sale in the near future >>>>>>http://www.forexfactory.com/images/icons/icon10.gif
  • #33
  • May 27, 2008 8:01am May 27, 2008 8:01am
i trade up to 8 hours and some day full time up to 14 houres
  • #34
  • Oct 15, 2008 5:54pm Oct 15, 2008 5:54pm
Quoting Rusty_forexman
I trade for a living - I have been for roughly 24 months.

I live on the gold coast in Australia - and trade from the comfort of my own home.

It is possible - you just need to be realistic with your goals, have a stringent money management policy in place, and constantly analyse the market for what it is doing, not what you think it is doing.

Its that simple - you dont need to complicate FX trading into all these sub-categories....like - need to eliminate emotions (what the hell is emotional control??? ive heard this word being used all the time on FF - emotional control??? - were all humans and we do have emotions believe it or not), you need discipline (were not robots). etc.

My advice to anyone who is wanting to do this full time -

1. Get a system that works FOR YOU! not Jerry's system who lives in Sydney with wife and 3 kids, or your uncle Bob who got you into forex in the first place - explore, search and research until you find a system that works for you.

2. Analyse the market in its current state in PRESENT TIME. Not the time it was when you first put the trade in, not the time in the future where you think the will go, in PRESENT TIME.

3. Have 3 scenarios of your game plan for each trade....A game plan for down, a game plan for sideways, a game plan for up.

4. Sufficient money management....you want a strategy that has your PIPS AT RISK: TARGET Ratio at least at 4:1.....So if you target 500 pips in a month, you want at least a 2000 pip allowance on your account. If you are on 100:1, and use only 2% per trade, this fits that criteria.

5. Have realistic goals....a goal of 10-15% a month is realistic....a goal of 150% a month is not.

6. Have sufficient start up capital - You are conducting a business.....you need capital, or you wont be able to live. If you dont have sufficient start up capital - and you are CONFIDENT you can produce results (after extensive trading, and having a 6th sense for the market) then find the capital - Save it up, work for it, trade for it (build it up over time), even possibly find investors (what i did).

Its simple commonsense, treat each trade as if it were a scenario. And conduct yourself as if you were running a business.

Im 22 years old - and im close to reaching my goals in forex trading. I have averaged 13.17% per month for the last 16 months (had 2 negative months that whole time).

And theres no reason why anyone else cant do it either - its not rocket science, really.....its just all training and being aware of your situation at all times, and how you are willing to react to this situation.

Cheers

Rusty
Rusty - would love to hear an update from you now that we're more than a year later.
  • #35
  • Oct 15, 2008 5:55pm Oct 15, 2008 5:55pm
Quoting Rise
Well its 6 months later, time for an update.
Been mentored by 3 diff teachers and finally to the point where i am profitable so the message is, it aint gonna happen over a long weekend.
Ive made it like a second job so i have put in 1000s of hours screen time and am becoming what i consider a serious beginner
I traded real money from the get go ..... started at .25% risk and now am up to 1% risk which is where i will stay.
Next plan is to gradually inject capital into my account over the next 18 months to bring it up to a serious level..... then a couple of months to see if i can take it mentally and viola.....close my business and trade full time.

expect to see a pdf for sale in the near future >>>>>>http://www.forexfactory.com/images/icons/icon10.gif
Care to post another update? Great story and would like to see where you ended up
  • #36
  • Oct 16, 2008 1:12am Oct 16, 2008 1:12am
Quoting Faith
If I can consistently earn round 100 pips per week for 12 months, I would go for a full time trader.

_____________________
Living needs faith!
You can actually earn 100 pips a week with the way I trade. You only need to trade with caution and patience.

Making 10 pips per 2 trades daily gives you 100 pips per week

Cheers
  • #37
  • Oct 17, 2008 10:04am Oct 17, 2008 10:04am
Quoting DrogbaFx
You can actually earn 100 pips a week with the way I trade. You only need to trade with caution and patience.

Making 10 pips per 2 trades daily gives you 100 pips per week

Cheers

I am now using demo account ($50K with 10:1) to earn $200 to $2500 per day since last month. I think I may get the "feel" of FX's operation. However, real account is completely different. Because, my stock investment (real account) is in a "mess".

These keys are Mind, Money mgt., and Methods.

Also, confidence and positive thinking are also importance.

Cheer

Faith
To live for not only today but also for tomorrow :-)
Living needs faith!
  • #38
  • Oct 17, 2008 10:15am Oct 17, 2008 10:15am
Quoting Faith
However, real account is completely different. Because, my stock investment (real account) is in a \"mess\".

These keys are Mind, Money mgt., and Methods.

Also, confidence and positive thinking are also importance.

Cheer

Faith
To live for not only today but also for tomorrow :-)

You are right faith, my stock account (demo) is in a mess too but you know what, if you can make it on demo, you have a great chance of making it on real account too. This is true for forex bro ie demo accounts can be same as demo if you take the money as your live money
  • #39
  • Last Post: May 6, 2009 9:09am May 6, 2009 9:09am
Quoting LongToBeFree
Care to post another update? Great story and would like to see where you ended up
Well a year later and Finally consistently profitable....if i had of known how hard trading was going to be when i started...................well


Most important thing getting here....a real Mentor...been training with a professional for a good year now and sticking to my trading plan.
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