How did you begin trading? | Forex Factory

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How did you begin trading?

  • #1
  • First Post: Jul 4, 2005 3:48pm Jul 4, 2005 3:48pm
In some careers there seems to be a fairly clear path to take. I'll use an example I am familiar with: if you want to become a professor at a university the path is simple (not to be confused with easy): Get a BS, a PhD, do a Post-Doc, apply for a position in Academia. However, the path to becoming a trader seems unclear to me. That said, I'm interested to know what path people on this forum took to become forex traders.

Did you take a formal course? Did you read a lot of books? Did you just start practicing on your own? Did you start working in a position in which trading was part of your job? Did you ever pay for a trading coach? Do you trade full-time? If so, how did you amass enough capital to begin trading full time in the first place? I'm just trying to get a handle on what sort of steps I should take if I want to be a successful trader. So far, all I am doing is reading books and practicing with a demo account.
  • #2
  • Jul 5, 2005 3:30am Jul 5, 2005 3:30am
I paid a University course (never attended } $50,000 for somebody who 15 years ago came to USA with $300,00 in his pocket & no English at all is a live saving,
Today ,I sit down to my computer,garantee ,less than a hour I make 25 Pips,
in EUR ,$250,do a math . ....hey it is possibile.....but experience ... have to pay one way to other...
  • #3
  • Jul 6, 2005 3:33pm Jul 6, 2005 3:33pm
Quoting mattlorig
In some careers there seems to be a fairly clear path to take. I'll use an example I am familiar with: if you want to become a professor at a university the path is simple (not to be confused with easy): Get a BS, a PhD, do a Post-Doc, apply for a position in Academia. However, the path to becoming a trader seems unclear to me. That said, I'm interested to know what path people on this forum took to become forex traders.
good question matt. unfortunately there is not a clear path to becoming a successful trader as there is a professor. the best resource to learn of the different paths is by reading Market Wizards. its basically a book about the different paths available to you (although it doesnt cover all the possible ways to success).

here is a brief overview of my first year as a trader...

Q1.
demo trading
first live money account (5k)
reading forums
reading a few books

Q2.
read a lot of books
start programming with tradestation
develop mechanical trading systems
trade my mechanical systems

Q3.
read a lot of books
real money account
realize i am building systems the wrong way
develop more mechanical trading systems
trade my mechanical systems

Q4.
read a lot of books
begin to look at my trading as a portfolio
begin to focus on money managment and position sizing
realize i am building systems the wrong way
develop more mechanical trading systems
trade my mechanical systems

by the end of this first year i had pretty much figured out the game. although i wasnt successful, i was at the begining of my path to sustainable profits. my trading still consists of three things...

1. reading
2. research
3. trading

for more on the path to successful trading, also see this very good thread...
Relax and be happy.
  • #4
  • Jul 6, 2005 8:11pm Jul 6, 2005 8:11pm
Thanks a lot Merlin. Although the path to becoming a trader isn't cut and dry, I guess becoming a trader is a lot like any other profession--there is nothing that can replace research, practice and persistance.
  • #5
  • Oct 28, 2005 2:07am Oct 28, 2005 2:07am
Greeting to all members of this board.

It's my first time with this new forum and FX market. I feel very exciting seeing the queston of this thread and hope all experienced traders would share what path they have built to become what there are today.
I have some basic from stock trading and right now I'm trying some DEMOs from various broker ( Some are quite simple,but some are just too confusing) I hope to go live by june 2006.


I feel very interested to learn from the people who gain great experiences.
Keep posting!

zynetic
  • #6
  • Oct 28, 2005 4:59pm Oct 28, 2005 4:59pm
I doubt anyone will have a similar experience to mine but here goes:

I found my way to forex via the spiritual/mystic/occult path, accoring to astrology forex is good for me financially, so here I am trying.
  • #7
  • Oct 28, 2005 6:17pm Oct 28, 2005 6:17pm
Quoting Dark1
I doubt anyone will have a similar experience to mine but here goes:

I found my way to forex via the spiritual/mystic/occult path, accoring to astrology forex is good for me financially, so here I am trying.
LOL!!! i like you dark1, your a trip man.
  • #8
  • Oct 28, 2005 6:25pm Oct 28, 2005 6:25pm
Quoting mattlorig
In some careers there seems to be a fairly clear path to take. I'll use an example I am familiar with: if you want to become a professor at a university the path is simple (not to be confused with easy): Get a BS, a PhD, do a Post-Doc, apply for a position in Academia. However, the path to becoming a trader seems unclear to me. That said, I'm interested to know what path people on this forum took to become forex traders.

Did you take a formal course? Did you read a lot of books? Did you just start practicing on your own? Did you start working in a position in which trading was part of your job? Did you ever pay for a trading coach? Do you trade full-time? If so, how did you amass enough capital to begin trading full time in the first place? I'm just trying to get a handle on what sort of steps I should take if I want to be a successful trader. So far, all I am doing is reading books and practicing with a demo account.
i started trading about twenty years ago. i was in the middle of a lucid dream and i was told that in twenty years i was going to meet a guy named dialist. i was told that even though he would be a relative new trader that he was going to be really good and i should hitch my wagon to his horse. well here i am and i am all hitched up. yeeehawww.
  • #9
  • Oct 28, 2005 8:41pm Oct 28, 2005 8:41pm
I was recovering from back surgery and saw the 4x Made Easy informercial. Went to the presentation and after finding out they wanted $3500.00 for their system, I decided to learn How To Trade Forex on my own. 21 months later I'm still plugging along. Lost quite a bit of money thus far, but I know I'm not alone in that sense. I will recover my losses and continue forward until my carreer changes from Horticuturalist to Professional Trader.
Because helping each other is a good thing.
  • #10
  • Oct 29, 2005 12:35pm Oct 29, 2005 12:35pm
Working at Micorn Tech in Boise Idaho (production DRAM modules) I was there for the insanity of their shares going to $140 splitting and then going back up to $90.00 All the big wigs and people with lots of share options were quitting and retiering. The parking lot had, I counted 4 new dodge vipers in it. Everyone was going crazy! I said I had to get in on this I started putting 10 to 20% of my check into their employee stock plan (at 15% under cost is what I got them at) The bad news it was around january or so of 2001 I held on to them puppies for the whole ride down well not all the way I sold at $33.00 and now I believe they are at around $10 o $13 or so.... This opened my path to penny stocks where I blew over $1000's on loseing picks anyone remeber steroscape??? I figured since theri stock was splitting 15 to 1 they had to go up!!!! ha ha jokes on me.... so then all this opened up doors ot the investing world and I would read things daily oin the internet for some time to come, years, then I see this ad on the internet for forex. Wow I said make money on the ups and downs I gotta check this out, I downloaded a platform and have been hooked ever since.... Found this fourum and had been hooked ever since, even if others think I'm crazy and have to touch hot stoves lol.... I enjoyed your phone call Figi..... yours too Savent......... you guys rock!


Mike...
***Building an EMPIRE one pip at a time***
  • #11
  • Oct 29, 2005 4:16pm Oct 29, 2005 4:16pm
Trading any market as a full time or a part time job is just like starting any private business. How you come through it, there are hundreds of ways. You can hear from a friend, you can read an ad, you can see an ad in TV, you can see an online ad, it can be anything.

Personally, it all started in 2001. I was regularly checking Yahoo.com for email and search and other stuff. One time I noticed a small link called Finance, and it started from here. Out of curiousity, I clicked the link only to discover a whole complete world behind this little link, and then the whole thing went like a chain.

The actual career path is exactly like a private business. All the components of a private business is there in trading. Capital, time commitment, risk, financial independence, etc...

Thanks,

Nader
  • #12
  • Oct 29, 2005 6:20pm Oct 29, 2005 6:20pm
It was a pop-up ad when I first knew about Forex, I usually close those silly pop-ups but I don't know why I didn't close this one, maybe it' destiny...

I searched Google for that thing called Forex, and I knew that I can grab some money out of it, it was very convincing for me, also I'd be having a great edge living in Egypt, coz $1 = 5.77 Egyptian Pounds, that's a medium Marlboro box... that's just magnificent...
  • #13
  • Oct 30, 2005 8:36am Oct 30, 2005 8:36am
Quoting meedo29
It was a pop-up ad when I first knew about Forex, I usually close those silly pop-ups but I don't know why I didn't close this one, maybe it' destiny...

I searched Google for that thing called Forex, and I knew that I can grab some money out of it, it was very convincing for me, also I'd be having a great edge living in Egypt, coz $1 = 5.77 Egyptian Pounds, that's a medium Marlboro box... that's just magnificent...

hahahaha.......Meedo bro, you and Narafa oughta organize a get-together in Egypt for the rest of us once the pf is up and running and we are all in the black
At that rate of USD vs Egy Pound, can we live like kings for a few days, u think? Sipping mint tea and smoking a double-apple sheesha by the Nile was what i was going for.....hehehehe.....leme know if that works
  • #14
  • Oct 30, 2005 12:33pm Oct 30, 2005 12:33pm
Quoting longhorn
hahahaha.......Meedo bro, you and Narafa oughta organize a get-together in Egypt for the rest of us once the pf is up and running and we are all in the black
At that rate of USD vs Egy Pound, can we live like kings for a few days, u think? Sipping mint tea and smoking a double-apple sheesha by the Nile was what i was going for.....hehehehe.....leme know if that works
Oh longhorn, me and Narafa can meet easily, (In Egypt, we're always in the black,so once you're all in the black you can give us a visit, and I promise everybody a free apple sheesha by the Nile on me (you've no excuses now, but where are you from longhorn???)...

ElectricSavant, I don't think you can get used to Sheesha like cigarettes although you inhale much more than cigs, but it's only you might like it, and want to smoke it alot (Psychological Effect), Of course you're welcome, and the free sheesha offer applies to you too ...
  • #15
  • Oct 30, 2005 1:26pm Oct 30, 2005 1:26pm
Hi,

I’m not sure if I would consider myself a trader yet but I’ve lost a few dollars over the past couple of years pushing buttons. I say that because that was all I was doing by following some signal services that didn’t work out.

Anyway…back in ‘91 I purchased a Ken Roberts course, unfortunately during my trial period I ended up losing money during the paper trading trial period so I promptly requested a refund. At the time the leverage seemed very attractive while you were making money but the potential for waking up and losing everything scared me. So my dreams of making a living trading were on hold while I did the marriage and family thing.

A few years back I picked up a Active Traders magazine on a whim and saw an add for something called Forex. Over the past couple of years I’ve been on and off with Forex, nothing very big just testing the waters but as I said earlier it was only about following a service.

Don’t give me a fish…teach me to fish! I’m here to learn to eventually be self sufficient in all aspects of trading and ready to put the time in to get there.

I’m sure you would say that I’m still a total newbie, but I’m ready to learn, apply and anxiously awaiting the PF to begin! I plan on demo trading while learning this time (instead of jumping in a losing like I’ve done in the past)

My goal for the future is to sit on top of The Great Pyramid of Giza with my wireless, smoking a big fat Cuban whilst making my millionth dollar.

Scott
Still haven't found what I'm looking for...
  • #16
  • Oct 30, 2005 3:18pm Oct 30, 2005 3:18pm
Quoting meedo29
Oh longhorn, me and Narafa can meet easily, (In Egypt, we're always in the black,so once you're all in the black you can give us a visit, and I promise everybody a free apple sheesha by the Nile on me (you've no excuses now, but where are you from longhorn???)...

ElectricSavant, I don't think you can get used to Sheesha like cigarettes although you inhale much more than cigs, but it's only you might like it, and want to smoke it alot (Psychological Effect), Of course you're welcome, and the free sheesha offer applies to you too ...
Salams Meedo, I am in the UAE....though not from here originally.
i havent been to Egypt but loads of Egyptian friends and have done enough sheesha-ing to last a life time....hehehe!!!

but u are on, man.....i might be coming to Cairo sooner than you think
although i think it would be great if we could have a FF reunion in Dubai, its the next big thing going on and everyone and their mother is jst going on and on about this place!!

so whaddya say Merlin, you think we can pull it off....get the Dream Team and you and whoever wants to come to Dubai.....i volunteer to make all the arrangements. you guys will love it and James16, you can see for urself how the Arab Muslim world live side by side with the Western population

ElectricSavant....dude, you are welcome here anytime also......cant promise the Nile, but can take you on a deset safari....complete wit the camels and belly dancers

cheers my friends,

longhorn
  • #17
  • Oct 30, 2005 4:01pm Oct 30, 2005 4:01pm
Quoting longhorn
you guys will love it and James16, you can see for urself how the Arab Muslim world live side by side with the Western population
longhorn
I'd pay a million dollars just to see James there and hear from him after that, I think he'll never be convinced that those Arabs aren't hiding Osama Bin Laden or some Hamas leaders incognito (just like the pic)...

Everybody is welcome especially James16 (and don't forget your bullet-proof vest)...

@longhorn: you can e-mail me before coming here, I bet you haven't "inhaled" all the flavors yet...
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  • #18
  • Oct 31, 2005 12:09am Oct 31, 2005 12:09am
Quoting meedo29
...and I promise everybody a free apple sheesha by the Nile on me (you've no excuses now, but where are you from longhorn???)...
ahhh, i LOVE sheesha!!! only problem is that i always burn holes in my rug when the coal falls off the top but man, there is nothing better than a HUGE lung full of sheesha.

hey meedo, the guy who got me smoking sheesha tried to convince me that there is no nicotine in it. is that true? i cant see how a tobaco product can have no nicotine. and people get addicted to sheesha just like cigarettes. do you know the real answer to this?
Relax and be happy.
  • #19
  • Edited 2:26am Oct 31, 2005 2:17am | Edited 2:26am
Quoting merlin
ahhh, i LOVE sheesha!!! only problem is that i always burn holes in my rug when the coal falls off the top but man, there is nothing better than a HUGE lung full of sheesha.

hey meedo, the guy who got me smoking sheesha tried to convince me that there is no nicotine in it. is that true? i cant see how a tobaco product can have no nicotine. and people get addicted to sheesha just like cigarettes. do you know the real answer to this?
I once asked that question to a coffeeshop owner I know, he told me it contains nearly the same amount in a cigarette, so you keep smoking sheesha for half an hour just as if you are inhaling one cigarette...

But I don't believe that one can addict sheesha as cigarettes, most sheesha smokers don't smoke it on a daily basis...

"Shisha smoking is generally believed to be less damaging to health than cigarettes. Research has shown that since the tobacco is being heated (as opposed to burned), fewer carinogens are produced in the smoke. In addition, addiction happens significantly less frequently with hookahs, though this may be due to cultural factors, as well as the time it takes to set up a hookah."

Quoted from: http://en.wikipedia.org/wiki/Sheesha

Merlin, check this link it includes lots of info about sheesha...

and about the rug, why don't you use tongs
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  • #20
  • Oct 31, 2005 2:39am Oct 31, 2005 2:39am
Quoting meedo29
I once asked that question to a coffeeshop owner I know, he told me it contains nearly the same amount in a cigarette, so you keep smoking sheesha for half an hour just as if you are inhaling one cigarette...

But I don't believe that one can addict sheesha as cigarettes, most sheesha smokers don't smoke it on a daily basis...

"Shisha smoking is generally believed to be less damaging to health than cigarettes. Research has shown that since the tobacco is being heated (as opposed to burned), fewer carinogens are produced in the smoke. In addition, addiction happens significantly less frequently with hookahs, though this may be due to cultural factors, as well as the time it takes to set up a hookah."

Quoted from: http://en.wikipedia.org/wiki/Sheesha

Merlin, check this link it includes lots of info about sheesha...

and about the rug, why don't you use tongs
that makes sense. sheesha definetly feels healthier than cigarettes. sure tastes better too.

yeah man i got tongs. but as soon as that coal hits the rug, your getting a burn spot even if you pick it up in 2 seconds my hooka was always getting knocked over by my cat, or a friend who never smoked a hooka before would yank too hard on the tube. around my couch there were like 20 burn spots, it was pretty funny.

btw, we have a sheesha smoking joint walking distance from my house. its a very hip place.
Relax and be happy.
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