Full-time trader and loving it! 
Hi guys and gals !
Unfortuneately I have a 8 to 5 daily job at the moment and can't
concentrate on Forex full time.
(Perhaps one day when my account allows it)
So I've decided to concentrate on SRDC I advanced.
I just draw a horizontal line at the high and low of the day
at midnight GMT and go long or short by a break of these lines
taking care of Orange's entry rules.
If I can grab 10 Pips per day by risting 2 lots that could be a nice
additional income
( 10 Pips/day => 50 Pips/week => 200 Pips/month => 4000 €/month )
Oh gosh this is my monthly income from my daily job....
At the moment I check it with my demo account on IBFX and
it looks nice
I hope to read soon your opinion about my decision.
Greetings and happy Pippin
Bernhard
Unfortuneately I have a 8 to 5 daily job at the moment and can't
concentrate on Forex full time.
(Perhaps one day when my account allows it
)So I've decided to concentrate on SRDC I advanced.
I just draw a horizontal line at the high and low of the day
at midnight GMT and go long or short by a break of these lines
taking care of Orange's entry rules.
If I can grab 10 Pips per day by risting 2 lots that could be a nice
additional income
( 10 Pips/day => 50 Pips/week => 200 Pips/month => 4000 €/month )
Oh gosh this is my monthly income from my daily job....
At the moment I check it with my demo account on IBFX and
it looks nice
I hope to read soon your opinion about my decision.
Greetings and happy Pippin
Bernhard
Hi Orange !
With reference to my last post I have a general question regarding
switching from part time to full time trading.
I'm involved in Forex for about 4 years reading a lot of stuff and so on.
( You know the trial and error approach )
During this process the dust settled more and more and I could see
clearer whats going on
I've also read the books of Mark Douglas regarding trading psychology.
He mentioned that to be successful you have to bring together
the two forces everyone has inside.
1. The inner force => The wish to become successfull to reach a goal
2. The outer force => The daily work life which causes stress, demotivation
and so on.
So these two sides of the medal have to be managed and this is one of
the big causes why I am so cofused and disrupted.
I know you live your dream as a jedi master and family man.
You said that you had a kind of mentor and also the contacts
to the big boys .....
I didn't have them and have to rely on my own experience
may it be bad or good.
So it's a very hard way to find out the truth (like learning martial arts)
So as always in life one comes to a point when he has to make
a decision where to go in life.
It doesn't last long when I come to this point....
I know that my post does not belong to this thread but I only
want to mention it to read your opinion on my 2 cents.
Perhaps other guys and gals are in a similar situation and could comment
their situation.
Nethertheless may the force be with you.
Bernhard
With reference to my last post I have a general question regarding
switching from part time to full time trading.
I'm involved in Forex for about 4 years reading a lot of stuff and so on.
( You know the trial and error approach )
During this process the dust settled more and more and I could see
clearer whats going on
I've also read the books of Mark Douglas regarding trading psychology.
He mentioned that to be successful you have to bring together
the two forces everyone has inside.
1. The inner force => The wish to become successfull to reach a goal
2. The outer force => The daily work life which causes stress, demotivation
and so on.
So these two sides of the medal have to be managed and this is one of
the big causes why I am so cofused and disrupted.
I know you live your dream as a jedi master and family man.
You said that you had a kind of mentor and also the contacts
to the big boys .....
I didn't have them and have to rely on my own experience
may it be bad or good.
So it's a very hard way to find out the truth (like learning martial arts)
So as always in life one comes to a point when he has to make
a decision where to go in life.
It doesn't last long when I come to this point....
I know that my post does not belong to this thread but I only
want to mention it to read your opinion on my 2 cents.
Perhaps other guys and gals are in a similar situation and could comment
their situation.
Nethertheless may the force be with you.
Bernhard
- #1,026
- Edited 4:27am Jan 15, 2007 4:14am | Edited 4:27am
- Joined Apr 2006 | Status: Metatrader Programmer | 1,422 Posts
Hi guys and gals !
Unfortuneately I have a 8 to 5 daily job at the moment and can't
concentrate on Forex full time.
(Perhaps one day when my account allows it
So I've decided to concentrate on SRDC I advanced.
I just draw a horizontal line at the high and low of the day
at midnight GMT and go long or short by a break of these lines
taking care of Orange's entry rules.
If I can grab 10 Pips per day by risting 2 lots that could be a nice
additional income
( 10 Pips/day => 50 Pips/week => 200 Pips/month => 4000 €/month )
Oh gosh this is my monthly income from my daily job....
At the moment I check it with my demo account on IBFX and
it looks nice
I hope to read soon your opinion about my decision.
Greetings and happy Pippin
Bernhard
I'm in the very same situation , actually i cannot trade full time due to my work
And the bad thing is that at work I think everytime to trading so I don't work as I have to do and this is not honest so I'm trying really hard to find some alternative way with trading to have a fixed montly income that let me retire from my job.Imho the only problem with calculations (that I did exactly as you a lot of time in my mind ehehe) is that you have to start with a big amount and trade with 1-2 full lot (i guess there need at least 20k to handle that lot volume), infact it could be easy to at first look to achieve a 200 pips a month but the real challenge is to do this every month.
On other hand in calculation you have also to take care about your R:R infact for only 10 pips gain how much do you place your sl ? 10,20,50 pips ? Even if SRDC method is really fantastic this could affect enormously your final balance. Anyway if you find some way to achieve that goal let me know
- #1,039
- Jan 15, 2007 5:54pm Jan 15, 2007 5:54pm
Hi Bill, i announced my SRDC I entry at 1.9620 after the Sunday High break in the TS room and did glean 27 pips out of the trade but it took a while of rollercoastering : )
I do have a Q though. In your quote you state you prefer Friday's candle, yet as i understand the Sunday Rule vs the Friday candle if we had gone say short in this instance one would wait all the way for Friday's low instead of Sunday's low...that could/would make quite a difference. Although in hindsight (and i did not take any short trades off Sunday's candle this week), the Sunday/Monday reversal did not work out this time around. I just traded the break of Sunday's High after close of a 15m candle.
Just looking for clarification on your thoughts on this. Not looking for a right or wrong kinda thing, i'm just curious. The Friday candle H/L makes sense as Sunday is an anomoly : )
Thom
Hi Accrete,
You mention here that the Sunday/Monday reversal did not work this time around....is that because it decided to go north in the long run?
The reason I'm asking is because when I look back at OR's post in SRDC II, post #53, he says that when the Monday candle opens, "immediately" place the trade in the opposite direction. I've copied his statements below:
====================================================
Ebony and Ivory... live together in perfect Harmony.....
Side by side AT THE WEEKEND CANDLES, O TRADER CANT U SEE!!
Remember it? Thats exactly how the Weekend and Monday candles are. Upon the opening of the Monday candles, Immediatelly PLACE TRADE OPPOSITE TREND TO THE SUNDAY CANDLE.
SIMPPLY PIPASTIC!!
9/10 you will get it correct. Dont believe me, Go check your charts now!!
I sense more Jedi and Padawan will love Mondays...
_http://forexfactory.com/images/buttons/quote.gif
================================================I did not do this, but if I had, I would have made approx 30 pips before it turned around and went up again. Instead, I waited for the Sunday low to break, and ended up losing approx 40 pips instead - ha ha - gotta luv it! Then I messed up on getting in the long position too, so better luck next time.
Am I misinterpreting something somewhere? I've digested so much lately, I'm beginning to doubt myself here.
No rush in answering, just when you have time if that's OK.
Thanks!
Lyn