Who of you guys makes a living of Forex? | Page 2 | Forex Factory

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Who of you guys makes a living of Forex?

  • #21
  • Apr 18, 2006 9:11pm Apr 18, 2006 9:11pm
Quote from HJ:
"Trading full time would certainly keep me from my primary passion
...............fixin' the toilets."



Isn't good sir HJ the one who came up with the idea that Dial coined the Wind Tunnel? I just re-read that again. Not too crappy... in fact, NICE!

Anyone who can be crappy and fix the crapper is OK in my book...

Scott

Quoting eastmaels
You're right about that Michelle.. Well, not that Dial told me about it but you can actually see it on his posts... Oh shocks, I hope I'm not revealing your secret identity HJ...

If anyone's crappy, it should be? it should be? hmmmm... can't seem to point to anybody... anybody care to volunteer? hehe... kidding...

Regards,
East
  • #22
  • Apr 18, 2006 9:14pm Apr 18, 2006 9:14pm
When I grow up I want to be crappy just like heavy J...

SMJ
  • #23
  • Apr 19, 2006 1:46am Apr 19, 2006 1:46am
hmm...
which way does the toilet watter spin when flushing???
is it clock-wise or counter-clockwise???
http://img233.imageshack.us/img233/8088/toilet1kl.png
  • #24
  • Apr 19, 2006 1:56am Apr 19, 2006 1:56am
Quoting Liquid4x
hmm...
which way does the toilet watter spin when flushing???
is it clock-wise or counter-clockwise???
http://img233.imageshack.us/img233/8088/toilet1kl.png
Pull down the flush and let's see...
  • #25
  • Apr 19, 2006 6:27am Apr 19, 2006 6:27am
Quoting Liquid4x
hmm...
which way does the toilet watter spin when flushing???
is it clock-wise or counter-clockwise???

Hi LQ4X,

Who did you have to call to clear the clog?

A FOREX trader or a Plumber? Man, I guess there is synergy. LOL

SMJ
  • #26
  • Apr 19, 2006 6:31am Apr 19, 2006 6:31am
Quoting smjones
Hi LQ4X,

Who did you have to call to clear the clog?

A FOREX trader or a Plumber? Man, I guess there is synergy. LOL

SMJ
Oh oh! I know who to call here.. HeavyJ
hehehe..
  • #27
  • Apr 19, 2006 6:40am Apr 19, 2006 6:40am
Quoting eastmaels
Oh oh! I know who to call here.. HeavyJ
hehehe..
So there's the proof you can make a living in this business...

or is that just throwing money down the drain? HAHA...

SMJ
  • #28
  • Apr 21, 2006 7:55am Apr 21, 2006 7:55am
My understanding is north of the equater it goes Clock-wise and south of the equater it goes counter clock-wise, has something to do with gravity.
I'm sure HJ will have all the dark secrets answers on the toilet.



So
Quoting Liquid4x
hmm...
which way does the toilet watter spin when flushing???
is it clock-wise or counter-clockwise???
http://img233.imageshack.us/img233/8088/toilet1kl.png
  • #29
  • Apr 21, 2006 8:04am Apr 21, 2006 8:04am
Venturi Effect : http://en.wikipedia.org/wiki/Venturi_effect
Attached Image
Capital Preservation is key to long term wealth accumulation
  • #30
  • May 19, 2006 5:11pm May 19, 2006 5:11pm
Quoting Michel Z.
Without asking for monthly earnings , I am wondering who here is making a living from Forex & how long it took you to get there? And if you can give us some useful tips as well? Many thanks!
I have been trading for about a year and have a minimum goal of 10%/month on average. I have a small computer business and split my time between trading and the computer business. This last month income from trading has surpassed computer business. What I expect is trading will continue this trend and eventually my primary business will be trading but I have no intention of quiting my computer business. Having multiple income streams is part of my strategy and takes pressure off of me having to perform in trading. I have found trading is much easier if you can wait for the best trades to setup and if your account is larger you can afford to wait. At least for me it is easier to be more patient if when I trade 10%/month adds up to enough to pay bills and pocket some profit. I will add I have crashed and burned small live accounts twice last year and did not start to be consistant until December. I am currently a member of PF and the money management and psychology sections have been great.

Mike
  • #31
  • May 19, 2006 9:37pm May 19, 2006 9:37pm
keep building your account and maybe you can do $100/pip~!!
  • #32
  • Mar 5, 2008 4:12am Mar 5, 2008 4:12am
I am comfortable leaving my current day job and doing Forex as a full time job. I haven’t yet because I am currently out of the country. But I believe that it is like any other job. You must have the passion, desire and due diligence to trade. If you do not have those same feelings for your current day job, then most likely you will not succeed in that either. You will be going to work, just to go to work, cause you have to. You will eventually be stuck in and endless cycle day to day, year to year; for the rest of you life. Forex is an escape, for some an addiction. But you need to respect Forex and do all your necessary homework before you make any trade. I believe some people take it for granted as a game because of its appeal to newcomers. I was one, and I sure learned my lesson. It is real money, which means real work.

Think about it. If you keep up with your fundamentals, and your technical analyses for 4 hours. (Granted that is very long time, this is just an example) And through your analysis your find a very probable setup. That you feel very confident with. Just 1 standard lot, and 20 pip would be about $200 dollars a day (depending on the currency pair traded). Now if you are making $22.00 an hour in your current day job, which averages out to 45k a year. Thats an average of $176 dollars a day for your eight hours worked.

Now, for 4 hour worked, if you can just make 20 pips with one standard lot. Then you are already making more money then your current day job. The key is consistently.

Would you let someone stranger place a trade on your account without doing any research, or even looking at the chart. Most likely no, so why are you letting yourself do it is the question. It comes to a matter of laziness. If you don’t do your homework, or work for that matter in your current day job. You most likely aren’t going to get promoted, or you might even be fired. What is so different then Forex. Your most likely never to succeed, and will eventually blow your account.

Please read below, I hope this will give people some insight. It is a good read that I found.

My Wage
by Jessie B. Rittenhouse

This poem is alerting us to the belief of
"ask, and ye shall receive". If we were to
ask for a low wage because we believed that
we don't deserve more, life will very surely
pay us a low wage. However, if we dare to ask
for bigger things and are willing to shoulder
the responsibility, then just as likely we'll
get what we asked for.

I bargained with Life for a penny,
And Life would pay no more,
However I begged at evening
When I counted my scanty store;
For Life is a just employer,
He gives you what you ask,
But once you have set the wages,
Why, you must bear the task.
I worked for a menial's hire,
Only to learn, dismayed,
That any wage I had asked of Life,
Life would have paid.
  • #33
  • Mar 5, 2008 10:44am Mar 5, 2008 10:44am
I never want to trade full time for a living, even if I am profitable and can live off my profits.

It looks good on TV seeing people trade sitting by the beach and all day long. But I rather go out in the world and do things. Just feels right.
  • #34
  • Mar 5, 2008 10:51am Mar 5, 2008 10:51am
Quoting caholofx
I am comfortable leaving my current day job and doing Forex as a full time job. I haven’t yet because I am currently out of the country. But I believe that it is like any other job. You must have the passion, desire and due diligence to trade. If you do not have those same feelings for your current day job, then most likely you will not succeed in that either. You will be going to work, just to go to work, cause you have to. You will eventually be stuck in and endless cycle day to day, year to year; for the rest of you life. Forex is an escape, for some an addiction. But you need to respect Forex and do all your necessary homework before you make any trade. I believe some people take it for granted as a game because of its appeal to newcomers. I was one, and I sure learned my lesson. It is real money, which means real work.
Forex (or trading in general for that matter) is NOT like any other job . I can still slack off at work and still make my salary. Try doing that in forex, and you're screwed. Plus in the working environment everything mostly follow order and reason. In trading, you can't expect everyday to be like that, if you can conceive it, it will happen.

Job is measured with time, not effort. Effort will lead you to promotions and bigger pay, but if you just fulfill the minimum, you will still get paid. Plus it's more secure than forex trading.
Forex trading is measured by compunding gains. It doesn't matter if you pour in hours and hours of work, you'll get paid when the market fits your criteria. Sometimes you just spend an hour and make a lot, sometimes you spend days and come out with a loss.

Although in the long run, you can't compound your salary like trading. So it's definitely a trade off.
  • #35
  • Mar 6, 2008 7:45am Mar 6, 2008 7:45am
Quoting hilmy83
Forex (or trading in general for that matter) is NOT like any other job . I can still slack off at work and still make my salary. Try doing that in forex, and you're screwed. Plus in the working environment everything mostly follow order and reason. In trading, you can't expect everyday to be like that, if you can conceive it, it will happen.

Job is measured with time, not effort. Effort will lead you to promotions and bigger pay, but if you just fulfill the minimum, you will still get paid. Plus it's more secure than forex trading.
Forex trading is measured by compunding gains. It doesn't matter if you pour in hours and hours of work, you'll get paid when the market fits your criteria. Sometimes you just spend an hour and make a lot, sometimes you spend days and come out with a loss.

Although in the long run, you can't compound your salary like trading. So it's definitely a trade off.
And your arugment is...?

Yes, sure you can go day by day slacking at work. But most people deceide to trade because they are tired of slacking at work. And tired of day dreaming all day at work while they are slacking. Thinking about all the things they wish they could buy, do or have. Some people do nothing all day and making a killing. Some people work their ass off for some measley dollars. Thats life. Some people will always have to work harder, then others. And, thats why most traders lose, and leave. They dont relieze that it is work. You might only need to look at a chart for 5 minutes before you make a deceision. It might take someone else 5 hours looking a the same chart. You both could be looking at different time frames, using differnet indicators and trading in different directions. Regardless, unless you respect it as work. You will never suceed.
  • #36
  • Mar 6, 2008 8:50am Mar 6, 2008 8:50am
Quoting Michel Z.
And if you can give us some useful tips as well? Many thanks!
Whether you trade full-time or not, "make a living" trading or not.
The best tip I can give is:

Pay yourself

No matter how measly a payment it may be. Getting something back out of trading is what it's all about. You have to see some reward. Having account balances just compound and grow is nice, but it's not really an incentive to want to do better.
And it can be very disheartening when that equity starts taking some hits during losing streaks.

I have various strategies now, but as an example, in the earlier years :, I used to pay myself $300 for every $2000 profit made, or something like that. You still get your account growing, and a little reward for a job well done.
Carpe Divitiae
  • #37
  • Mar 6, 2008 10:49am Mar 6, 2008 10:49am
Quoting fsiltd
Whether you trade full-time or not, "make a living" trading or not.
The best tip I can give is:

Pay yourself

No matter how measly a payment it may be. Getting something back out of trading is what it's all about. You have to see some reward. Having account balances just compound and grow is nice, but it's not really an incentive to want to do better.
And it can be very disheartening when that equity starts taking some hits during losing streaks.

I have various strategies now, but as an example, in the earlier years :, I used to pay myself $300 for every $2000 profit made, or something like that. You still get your account growing, and a little reward for a job well done.
Excellent advice. You need to pay yourself, even if it is small. If you ever blow your account it will be easier to swallow if you've been reaping a few rewards along the way. Your efforts won't have been in vain.
Paying yourself will give your pursuit a sense of worthiness and encourage you to work smarter.
  • #38
  • Mar 7, 2008 5:37pm Mar 7, 2008 5:37pm
I currently do a fair job in equity markets and i'm looking to expand myself into the forex, you know make mone everywhere I can. I just don't have a large enough cash flow or account size to do this safely. I will take my time and do it right. wish i would have started this 10 years ago.

Mike

If guns kill people, then spoons make people fat!
A woman drove me to drink, and I forgot to thank her
  • #39
  • Mar 7, 2008 10:50pm Mar 7, 2008 10:50pm
I do from forex and the stockmarket. this is why I dont have any posts because I do other things with my time like planning the trades for next week, next month and the whole year. Doin my homework and due dilligence. Too much time tied up to write much here. IF anything Im here to see what all of you are doing.


-good day.
"Diversification is an excuse for a lack of talent" ~FXC
  • #40
  • Edited Mar 8, 2008 12:50pm Mar 7, 2008 11:45pm | Edited Mar 8, 2008 12:50pm
I plan to live from forex and I'm newbie, but I can live with very little (about 500 USD per month) and I have a decent capital for my needs (14 000 USD), so if I make 3.6% per month I'll be ok, obviously I want to make more in order to increase my account as well.

First I'll start letting others manage my money, but I won't give all my money to just one manager, I'll use maybe 2 managers, besides I'll trade by myself other part of my money using signals based in day charts. While I do that I'll continue learning using the demo I currently have, and only when I'm able to achieve consistently a greater profit than my managers, I'll start trading completely by myself that money, that may never happen, but hey! less work for me

Basically I can sacrifice some comfort and money if I can get up in the morning decide what I want to do that day, maybe a small walk through the neigbourhood, maybe a music lesson, maybe do some work in certain not paid project, maybe just sit all day at the computer doing nothing but listening to my favorite music.

I really want to be truly free even if that means less money for me.
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