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How to be a trader for a company?

  • #281
  • Dec 12, 2007 1:33am Dec 12, 2007 1:33am
I stayed up until 3am and read this entire thread in one sitting. Ive been in deep thought for a week. I understand what trader888 does. ive seen the possibilities of that style of trading whenever I see a big trend and what could have been done with it. It is along the lines of jessie livermores style whereby approx. 80% of trades lose but 20% completely wipe the floor with the losers. It would be difficult to do, lose most of the time. I have been searching for techniques that win. Trader888 says they dont exist, or if so only for the short term. A valuable lesson and insight into the pro's techniques. I wonder exactly how he decides where to place a stop, when to add in a retracement and when to close out for profit. After three years the puzzle for me is far from solved but quite a few pieces have been gathered from this thread
Thankyou
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  • #282
  • Dec 12, 2007 8:06am Dec 12, 2007 8:06am
What is minimum monthly return required to join any brokerage or bank ? one thing more where can i get proprietary trading course ?
Let's trade together.
  • #283
  • Dec 13, 2007 4:09am Dec 13, 2007 4:09am
Quoting M.A.C.Doug
I stayed up until 3am and read this entire thread in one sitting. Ive been in deep thought for a week. I understand what trader888 does. ive seen the possibilities of that style of trading whenever I see a big trend and what could have been done with it. It is along the lines of jessie livermores style whereby approx. 80% of trades lose but 20% completely wipe the floor with the losers. It would be difficult to do, lose most of the time. I have been searching for techniques that win. Trader888 says they dont exist, or if so only for the short term. A valuable lesson and insight into the pro's techniques. I wonder exactly how he decides where to place a stop, when to add in a retracement and when to close out for profit. After three years the puzzle for me is far from solved but quite a few pieces have been gathered from this thread
Thankyou
have you read the thread 'the system (irony intended)' under trading systems yet ? it's another great one............

i realize that the most respected and experienced traders here all seem to trade with no indicators and just the basic S+R and trendlines with fibo levels..........also the lowest timeframe seems to be like 4hr........

they seem to approach forex like stocks..........investing rather than trading the rapid-fire way.
  • #284
  • Edited 6:46am Dec 13, 2007 5:40am | Edited 6:46am
Quote
they seem to approach forex like stocks..........investing rather than trading the rapid-fire way.
Yeah which means I have almost completely wasted the last 3 years of my life
in ta and systems testing and development. I'm not giving up just yet. I'm going to give chart and indicator trading one more concerted, disciplined effort next year. researching long term fundamentals to try to find a long term bargain is not something Im looking forward to I must confess

PA of late tells me trading is over for the year

Merry Christmas everyone. have a nice break, forget the market and go spend some quality time with friends and family. Its been a great year at FF for me. Ive learned alot from all of you so Ill see you all again next year
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  • #285
  • Dec 13, 2007 11:39am Dec 13, 2007 11:39am
best thread i've ever read on FF.
{spam removed}
  • #286
  • Dec 13, 2007 12:36pm Dec 13, 2007 12:36pm
Quoting sleep1Iopen
The only indicator I use is my gut. My gut is right about 90% of the time. Just look at the screen and watch economic news till your eyes bleed. Become what this market is, "a heartbeat", and respect it because it can make you mad. I had what I like to call the "Neo" effect. Thats when a trader sees "The Matrix" for what it is. Sorry for all the quotes and the cheesy reference to the matrix. HA HA. Just have fun with it and you'll get it.
This is a great description of what it means to be a successful trader.

How do you get that gut feeling? By gaining experience which takes hard work. To gain that experience you need to be able to stay in the game. This means that preserving your trading capital is critical.

Don't blow your wad when you don't know what you're doing or even when you think you know what you're doing. Only put the pedal to the metal when you truly know what you're doing (which ironically enough means that you are perfectly at peace knowing that you don't know everything and that you don't need to know everything to be able to make money at trading).
  • #287
  • Jan 7, 2008 5:19am Jan 7, 2008 5:19am
Thanks everyone..great reading
  • #288
  • Edited 9:43am Jan 11, 2008 6:32am | Edited 9:43am
a
  • #289
  • Jan 20, 2008 9:24pm Jan 20, 2008 9:24pm
Taken from the Business Times..........

Forex trading: a pressure cooker

Even with a driven personality, a trader's career life span tends to be short because of the high-stress work, reports QUAH CHIN CHIN

HAVING a career in foreign exchange (forex) trading often comes at a price, both literally and figuratively. It is exciting and lucrative - according to a survey last September by the Bank for International Settlements (BIS), trade on global currency markets is worth more than US$3.2 trillion daily. This is approximately equal to the annual economic output of Germany, the world's third-largest economy.

Closer to home, Singapore is the world's fifth largest forex centre, with an annual daily turnover of US$231 billion.
Despite the whopping figures, forex trading is often fraught with risks and pressure. In this article, we give you a run-through on the important aspects for a career in forex trading.

An eye on the market
'Forex traders can either work in a bank or in a company,' says Gary Lai, front office manager of recruitment firm Robert Walters. 'For most of these corporations, the traders are there for hedging purposes, but in banks, there is a group of proprietary traders who trade for profits for the bank.'

The traders make money for their institutions by buying currency and selling it later at a higher price or, if they anticipate that the market is heading down, by selling at a high price first and buying back at a lower price later.

A forex trader working at a bank in Singapore describes the job as 'straightforward'. 'The person speculates which way the currency will move, much like equity traders. However, the forex market is much bigger,' he says. 'For example, if you expect the US dollar to appreciate against the Japanese yen, then you as a forex trader will buy USD so that you can sell it off later.'

As currency prices are constantly on the move, forex traders are inevitably subjected to a fast-paced environment which Mr Lai describes as 'a pressure cooker'. 'Even during lunch breaks, (traders) cover for each other; you bring lunch back and eat at your desk,' he says, adding that 'even when you go for toilet breaks, the markets can just move'.

Due to the high pressure that the job entails, traders should have certain characteristics.

'A good forex trader is highly adaptable, decisive and has the ability to think out of the box, especially in volatile situations,' says Angela Kuek, manager, banking and financial services of recruitment company Hudson. 'He has a steady mind, stays cool and is not easily distracted, veering off course from positioning strategies. He should have an eye for opportunities and precision.'

Mr Lai shares similar sentiments: 'To be successful in forex trading, or any trading for that matter, a person has to be very numbers-driven, able to take calculated risks; and be a very calm, collected person who doesn't get scared of losing money overnight.'

In addition, a trader should be up-to- date with current world issues which influence forex markets. 'He or she is constantly at the forefront of happenings and movements in the global financial markets,' says Ms Kuek.
Interestingly, these traits take precedence over academic qualifications. 'In the past, when you look for a trader, it's all track record. But these days, many traders have degrees, except for the European and American traders,' notes Mr Lai. 'Many brokerage houses (in Europe and the United States) don't require traders to have degrees; they need personality.'
However, he acknowledges that degrees are 'a given these days', especially in Asia.

The forex trader from the bank agrees that 'most banks would like to see at least a university degree', adding that when job interviews are conducted, the questions are 'secondary; the primary assessment will be based on the personality'.

Perks and downsides
The biggest lure of forex trading, it seems, are the monetary rewards.
'The starting pay of a trader is around $2,500, and that is just the basic pay. On top of that, you get a dealing allowance of around $500 and are entitled to profit sharing, which is normally about 5 per cent of the profit that you make above the budget given,' explains the forex trader.
He adds that a senior trader with about eight years of experience, on the other hand, can earn up to $200,000 a year, while star traders can easily reap more than $500,000.

However, the career life span of forex traders tends to be shorter than other banking positions, says Ms Kuek. 'The trading floor is a highly stressful environment, mostly for long periods at a stretch, causing higher burnout rates.'

She adds that traders also have to be prepared to work long hours which span the Asian, European, and sometimes part of the US time zones.

Where to next?
Ms Kuek explains that there are two career paths for forex traders: they can choose to become specialist traders - for example, dealing with G-10 (the Group of 10 industrial countries) currencies; or take on management responsibilities such as being heads of desks, who trade but also manage other traders and the entire portfolio.

The forex trader, however, believes that the career prospects look bright only for the 'next 5-10 years'.

'The long-term prospects are not good, given that, in the near future, the world is heading towards a few currencies only,' he explains. 'First, the euro. And in the Americas, the US dollar is a de facto single currency, while Asia is thinking about having one currency too. So the volatility has dropped considerably, making trading harder.'

He adds: 'A word of advice - investment banking is where the big money is.'
  • #290
  • Jan 21, 2008 12:12am Jan 21, 2008 12:12am
Quoting sitoca
'So the volatility has dropped considerably, making trading harder.'
Is he kidding? Or was this article published before August 2007? After we just witnessed three separate periods of 1000-3000 pip movements in the various yen crosses (each occurring in the span of a few weeks), how could you possibly say volatility has dropped considerably? Hundred pip moves occur in a matter of minutes or hours (look at tonight for example). I disagree completely on that viewpoint.

Also, the theory of a unified Asian currency doesn't seem feasible for decades, if at all (look how long it took to coax China into a partial de-peg). If/when any unification arrives, forex won't "dry up", the profit potential will be limitless (see Soros and the BoE).

Interesting article nonetheless. All that stress for "just" a 5% profit share...
  • #291
  • Jan 21, 2008 12:27am Jan 21, 2008 12:27am
Quoting sitoca
Taken from the Business Times..........

Forex trading: a pressure cooker


Where to next?
Ms Kuek explains that there are two career paths for forex traders: they can choose to become specialist traders - for example, dealing with G-10 (the Group of 10 industrial countries) currencies; or take on management responsibilities such as being heads of desks, who trade but also manage other traders and the entire portfolio.

The forex trader, however, believes that the career prospects look bright only for the 'next 5-10 years'.

'The long-term prospects are not good, given that, in the near future, the world is heading towards a few currencies only,' he explains. 'First, the euro. And in the Americas, the US dollar is a de facto single currency, while Asia is thinking about having one currency too. So the volatility has dropped considerably, making trading harder.'

He adds: 'A word of advice - investment banking is where the big money is.'[/font]
The future of currency is inevitable, the banking system wants all the control and they are well on their way, it is only a matter of time before there is only one currency, an electronic unit. Hard cash will be a thing of the past.
Same Whore .... Different Dress
  • #292
  • Jan 21, 2008 1:43am Jan 21, 2008 1:43am
Quoting johnedoe
The future of currency is inevitable, the banking system wants all the control and they are well on their way, it is only a matter of time before there is only one currency, an electronic unit. Hard cash will be a thing of the past.
I agree with that, however this will take time as we not only need all of the central banks to agree but the politicians as well. And that could take a whole lifetime for that to happen. So make your money now and invest in other assets with your profits so when the time does come you are already set for life.
Just Trade It
  • #293
  • Jan 21, 2008 7:30am Jan 21, 2008 7:30am
Quoting Big Wave Rider
I agree with that, however this will take time as we not only need all of the central banks to agree but the politicians as well. And that could take a whole lifetime for that to happen. So make your money now and invest in other assets with your profits so when the time does come you are already set for life.
I agree. A single currency may even be possible but not during our lifetime.....
Lots of sentiment and emotion attached to each country's notes. It will be hard to convince Asia to move towards a common denominator. Can you imagine India and Pakistan or China + Japan + Taiwan holding the same currency? As I said.....not in the near future.

Make our money and move on..........
  • #294
  • Jan 21, 2008 7:51am Jan 21, 2008 7:51am
If there's only currency left at some point and nothing to trade it against, then there'll still be commodities that fluctuate in price..

There are always going to be things going up and down on a chart as long as there is capitalism in some shape or form and simply because currencies merge doesn't mean the trader cares one inch...who cares what the chart title reads?

Trade the bars..
Trust price. Know yourself.
  • #295
  • Jan 21, 2008 8:03am Jan 21, 2008 8:03am
Great discussion in here!
I have read it wit allot of intrest.
But I personally don't believe that there will be one currency pair in the near future.
I think it would be hard to change to one currency pair..
To let all the countries agree with each other...
  • #296
  • Jan 21, 2008 8:12am Jan 21, 2008 8:12am
In the Basic Law of Hong Kong (by product of the handover of Hong Kong from British to Mainland China on 1997), Hong Kong dollars (HKD) will exist at least before 2047. Hence, it seems impossible for one currency appearing in Asia before 2047.
Living needs faith!
  • #297
  • Jan 21, 2008 8:22am Jan 21, 2008 8:22am
Quoting sitoca
I agree. A single currency may even be possible but not during our lifetime.....
Lots of sentiment and emotion attached to each country's notes. It will be hard to convince Asia to move towards a common denominator. Can you imagine India and Pakistan or China + Japan + Taiwan holding the same currency? As I said.....not in the near future.

Make our money and move on..........
Agreed.

Maybe in 200 years time we will have a global currency.

But by then, maybe we will be trading with aliens from other space with their currencies. Who knows.
  • #298
  • Jan 21, 2008 8:40am Jan 21, 2008 8:40am
Losing your own currency as a country is giving up your independence. If you face a financial crisis you lack the monetary muscle to speed up a recovery.

I can see it now... China and Iran sharing a currency with Europe and the United States. And how much fun we're going to have helping each other out in times of trouble.

Yes... it is so clear now how the USA are going to allow inflation in their homeland so that Iran can boost their economy with more easy credit. Or maybe not... hard to tell.
  • #299
  • Jan 21, 2008 8:40am Jan 21, 2008 8:40am
Its called the new world order.. one world government, one world currency. It will be here sooner then later, how soon, no one knows, but if you look all around you the blue prints are in place.. The powers that be are the architects of the Euro, they have plans to implement the amero very very soon! there goes the good old Cad. one more big currency to bite the dust leaving us with less options to trade... I hate to sound like a doom and gloomer, but the world is heading towards globalized one world government and their is nothing we can do to stop it.. so get your money right and live your life..
Things can get Real ugly, Real quick!!!
  • #300
  • Jan 21, 2008 8:45am Jan 21, 2008 8:45am
on another note... does'nt it seem like the us dollar and the great british pound are deliberatly trying to be devalued through inflation???? its almost as if they want it to completely crash so they can sell the americans and brits on a new, stonger currency. the amero, for the americans, or force the brits to submit to the euro............ My the time our us dollars in the states are worth nothing, the american people will be begging for something that has value!! The dollars is going to hell in a hand basket!
Things can get Real ugly, Real quick!!!
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