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  • #21
  • Jan 10, 2009 12:37pm Jan 10, 2009 12:37pm
Quoting Yanis
Iced Earth.

There couldn't be anything easier than realizing that every loss U took would be a winner simply if u went other way.

Back in a day, i bought EA robot which looked pretty promising, tested it on my demo... over 10 pairs it had me lose 700 pips, So that's -700 in just one day! I was jumping from happiness because even if it took me to manually enter every trade against that robot, i would do it and even forget to eat or sleep for the 700 pip sake in one day. So there it is, every loss could be a win, and with money management make...
Thanks a lot Yanis for your handy advices, Money management I should learn

  • #22
  • Jan 10, 2009 12:49pm Jan 10, 2009 12:49pm
Quoting Yanis
Iced Earth.

There couldn't be anything easier than realizing that every loss U took would be a winner simply if u went other way.

Back in a day, i bought EA robot which looked pretty promising, tested it on my demo... over 10 pairs it had me lose 700 pips, So that's -700 in just one day! I was jumping from happiness because even if it took me to manually enter every trade against that robot, i would do it and even forget to eat or sleep for the 700 pip sake in one day. So there it is, every loss could be a win, and with money management make...
lol profitting from trouble.....FTW....
The only way to get smarter is by playing a smarter opponent.
  • #23
  • Jan 10, 2009 1:31pm Jan 10, 2009 1:31pm
Quoting NewFX
lol profitting from trouble.....FTW....

I don't know a link I have a lot of books. But you need to look in web there is a lot of information and also about TRADING PLAN (check Rob Booker).

You need to know what you want to do with your account and what you can loose.

It is not so easy like 2:1. It is not a money management but good start .

If trading is your job don't think you need to earn 1000 $ per day. With your account (300-1000 $) you should earning 50, 100 a day. But all week...

It is only 30 pips on 2 samall lots !!! To play 2 lots you need 100 and a stop loss about 30 pips not bigger so you risk is 60$. Now you can be wrong more times

Try to think that way. It is only a small point of view.

(sorry for english it is not my national language)
This is Forex ...
  • #24
  • Jan 10, 2009 1:43pm Jan 10, 2009 1:43pm
Quoting Spartan2008
I don't know a link I have a lot of books. But you need to look in web there is a lot of information and also about TRADING PLAN (check Rob Booker).

You need to know what you want to do with your account and what you can loose.

It is not so easy like 2:1. It is not a money management but good start .

If trading is your job don't think you need to earn 1000 $ per day. With your account (300-1000 $) you should earning 50, 100 a day. But all week...

It is only 30 pips on 2 samall lots !!! To play 2 lots you need 100 and a stop loss about...
thanks again, would you please name some of your books. About English, it is not my first language either
  • #25
  • Jan 10, 2009 2:31pm Jan 10, 2009 2:31pm
I have books like Trading in the zone and New Market wizards and reminiscences of a stock operator....please tell me what else will be helpful..
lets not worry about English....to me yours is good enough
The only way to get smarter is by playing a smarter opponent.
  • #26
  • Jan 10, 2009 6:28pm Jan 10, 2009 6:28pm
Quoting Iced Earth
It is true that 1 month cant show everything,

I want to tell my story which is very fresh, I have worked with DEMO for near one year and I devoted my time and energy to learn all about Forex trading.

[size=3][color=black] A month ago I opened a real account but with small cash ( $300) to make myself familiar with the real world of Forex, I have lost $50 for the first day (my account was mini and not micro so the least lot was 0.1) and the n2nd day was...
it was sure take some time to write your post

just keep learning, everybody loss first time they trade real account

you can always demo and open nano lot account to slowly build your confidence
  • #27
  • Jan 10, 2009 10:49pm Jan 10, 2009 10:49pm
A couple of trading plans to share - i've found the T2W a good guide.
Attached File(s)
File Type: pdf T2W_Trading_Plan_Template_2005.pdf   160 KB | 434 downloads
File Type: pdf tradingplanplanner.pdf   179 KB | 774 downloads
  • #28
  • Jan 11, 2009 2:24am Jan 11, 2009 2:24am
Quoting sojournerr
A couple of trading plans to share - i've found the T2W a good guide.
Thanks for your files, the 1st(T2W) has problem and can not be open, the 2nd is useful and I am reading it
  • #29
  • Jan 11, 2009 4:36am Jan 11, 2009 4:36am
Quoting Hct1
Hanover,

I really liked your post. Great advice for us who are getting started within FX. You mentioned the thread by James16 who obviously is running a interesting PA strategy. Would you mind giving some more pointers to other good thread within FF? Thanks.
Hct, thanks for the feedback. Three highly rated methods are James16, BillyRayValentine and Jacko. The PDF file attached to post #1 in the BRV thread is a very illuminating read.

Of course there are probably other profitable methods here, but I don't have time to read every thread, and evaluate every method, on the forum. And this will be my last post for a while, as I start work again tomorrow, and the forum is too much of a distraction!

Good luck,
David
  • #30
  • Jan 11, 2009 5:35am Jan 11, 2009 5:35am
Quoting Yanis
Iced Earth.

There couldn't be anything easier than realizing that every loss U took would be a winner simply if u went other way.

Back in a day, i bought EA robot which looked pretty promising, tested it on my demo... over 10 pairs it had me lose 700 pips, So that's -700 in just one day! I was jumping from happiness because even if it took me to manually enter every trade against that robot, i would do it and even forget to eat or sleep for the 700 pip sake in one day. So there it is, every loss could be a win, and with money management make...

Hi Yanis,

Can we have your this loosing robot EA ? Are you sure & confirm it is a looser one! If so then it is a great asset.

BR / Gkbria
  • #31
  • Jan 11, 2009 6:10am Jan 11, 2009 6:10am
Quoting Iced Earth
It is true that 1 month cant show everything,

I want to tell my story which is very fresh, I have worked with DEMO for near one year and I devoted my time and energy to learn all about Forex trading.

[size=3][color=black] A month ago I opened a real account but with small cash ( $300) to make myself familiar with the real world of Forex, I have lost $50 for the first day (my account was mini and not micro so the least lot was 0.1) and the n2nd day was the day that FED's...
After such experience with a real account I can understand your motivation and hope are now shattered. However, I got the impression af first that you had a rather good ground considering you were running a demo for a year. Practising with a demo is just a must before going live. You also mention you did as much as you could to learn everything about FX during this time. Unfortunately one year is probably not enough to acquire all the necessary skills to become profitable trading.

To begin with, your Money Management (MM) is not safe and sound. It's obvious that the leverage you are using is way too high. Yes, you will increase your profits faster but at the same time, as you already know, will decrease as fast if you get at the wrong side of the trade. I don't want to be mean but you should already know that after a year if you did your homework. Another thing to consider is that your emotions, greed and fear behave differently when running live because you have real money at stake. There are many psychological barriers that come into play.

I would say that personally I'm almost at the same stage as you regarding FX. It's almost a year ago I started to dig into this world but only recently that I considered to take it seriously. On the other hand I have spent several years at the stock market and have some experience and insight over how the markets function, but I'm far from an expert in the field. My background is in engineering and because of this I belive in a strong fundamental and theoretical base when approaching something new. Because of this I spent most of the time reading several books to get the basics and get the right "mentality". And I'm far from done, there is more to learn and I belive it will be a long journey.

From your comments above I got the impression that you are having a hard time accepting your loses and continue trading. You are not the first, let me tell you that right away. Now, it would be very simple for me to just recommend you a book and tell you that after reading it you will be back in business. If it only was that easy. But I do belive that a book I have read recently could help you to get your mind stronger or at least more aware about what most of the traders go through. Both newcomers and professionals. The name of the book is "Trading in the zone" by Mark Douglas and it really opens your eyes on how the brain works under trading conditions. You could give it a try, I'm not telling you that it's the solution to your problem but a step in the right direction to overcome your fears.

Another recommendation is to spend more time in this site. But let me tell you something more before you do that. There are very good and knowledgeable traders in here. Only problem is that they are sometimes hard to find. Look through the threads and find posts from traders with experience and read what they have written. Personally, I have found that old traders and threads that are a couple of years old to be among the best. I spent whole Saturday reading old threads and posts from "hanover" (you will find him in this thread) to be extremely good. If you click on his signature you will find a great set of links. You will find a great variety of topics and discussions.

I realize this was a long post but hopefully it will give you some tips and support. If you are dedicated and trading is your passion you will find a way forward.

/H
  • #32
  • Jan 11, 2009 6:16am Jan 11, 2009 6:16am
Quoting hanover
Hct, thanks for the feedback. Three highly rated methods are James16, BillyRayValentine and Jacko. The PDF file attached to post #1 in the BRV thread is a very illuminating read.

Of course there are probably other profitable methods here, but I don't have time to read every thread, and evaluate every method, on the forum. And this will be my last post...

Hanover,

Thanks for your input, much appreciated. The truth is that I found the links to those threads above myself after reading some old threads of yours last night. I really have to say that your contributions to this site is enormous.

Don't want to distract you too much. Goodl luck with your work and programming!

/H
  • #33
  • Jan 11, 2009 6:44am Jan 11, 2009 6:44am
Quoting Hct1
Hanover,

Thanks for your input, much appreciated. The truth is that I found the links to those threads above myself after reading some old threads of yours last night. I really have to say that your contributions to this site is enormous.

Don't want to distract you too much. Goodl luck with your work and programming!

/H
And i believe the best stuff comes from the highly rated Russian TA trader Mr I. Toshchakov ala Igrok. You should read his book " Beat the Odds in Forex Trading" and then his thread @ff 10 times. Also before this you should read J. J. Murphy's ta book and T. Bulkowski's charts pattern book to know what we are talking about.

ps. dont get me wrong, james16 is good as well, dont know about jacko but i hear some good things from him as well. Bottom line: keep it simple but straight, and push it to the limits!

My 2 cents.
  • #34
  • Jan 11, 2009 8:05am Jan 11, 2009 8:05am
To sorta come back to the original topic "What does it take to move from full time job to full time trading?" I would say there is no such thing as you need to have this or that. I don't know too many people who are the real pro's, therefore I couldn't say what they all have in order to be pro's, but I would never attempt to live of trading if I haven't had achieved some degree of consistency prior to doing it. You will encounter other problems like financial pressure when you really need the money from your trading, that without consistency it's financial suicide to do it.
The Essentials of Trading: Emotions, Risk Mgt, Price.
  • #35
  • Jan 11, 2009 10:33am Jan 11, 2009 10:33am
Quoting belekas
And i believe the best stuff comes from the highly rated Russian TA trader Mr I. Toshchakov ala Igrok. You should read his book " Beat the Odds in Forex Trading" and then his thread @ff 10 times. Also before this you should read J. J. Murphy's ta book and T. Bulkowski's charts pattern book to know what we are talking about.

ps. dont get me wrong, james16 is good as well, dont know about jacko but i hear some good things from him as well. Bottom line: keep it simple but straight, and push it to the limits!

My 2 cents.
belekas,

Thanks.

I'll make sure too look into the references you give above. I did a quick google for J.J Murphy and he has several books on this topic. Do you mind mention which one you had in mind?

PS: Sorry to divate from the current discussion, but I had to look into your signature and saw that you are using FXPro as broker. I'm currently evaluating a demo account with them. Would really appreciate your comments and expericence so far with this broker. In case it's not appropiate to post it here please PM me in case you have time.

/H
  • #36
  • Jan 11, 2009 10:42am Jan 11, 2009 10:42am
Quoting Hct1
belekas,

Thanks.

I'll make sure too look into the references you give above. I did a quick google for J.J Murphy and he has several books on this topic. Do you mind mention which one you had in mind?

PS: Sorry to divate from the current discussion, but I had to look into your signature and saw that you are using FXPro as broker. I'm currently evaluating a demo account with them. Would really appreciate your comments and expericence so far with this broker. In case it's not appropiate to post it here please PM me in case you have time.

/H
1. John J Murphy - technical analysisof the financial markets thats what i call a bible of TA.

2. T. Bulkowski - Encyclopedia of price patterns, thats all you need to know about chart patterns incl. traingles, wedges, channels, diamonds etc.

3. Igrok - Beat the odds in forex market. Another great book on TA and a real trading method by Igrok himself.

...and fxpro has been nice to me. lets wait and see when i try to move larger sums of money.
  • #37
  • Jan 11, 2009 11:00am Jan 11, 2009 11:00am
Quoting Slight
To sorta come back to the original topic "What does it take to move from full time job to full time trading?" I would say there is no such thing as you need to have this or that. I don't know too many people who are the real pro's, therefore I couldn't say what they all have in order to be pro's, but I would never attempt to live of trading if I haven't had achieved some degree of consistency prior to doing it. You will encounter other problems like financial pressure when you really need the money from your trading, that without consistency it's...

Slight.

It's difficult to name all the essential characteristics of a professional trader. But to name a few I think they include the following:

- Dedication and passion for what they are doing.
- Experience, lots of it.
- A system they feel comfortable with and trust.
- Rigid rules that applies always without exceptions.
- Fundamental notion about the instruments they are trading.
- Knowledge about several TA techniques, even if they dont use them regularly.
- Good Money Management.
- This list can be longer....


Quoting Slight
"What does it take to move from full time job to full time trading?"
Basically feeling confident with your system and profit while doing it. If you don't profit I don't think you can consider calling yourself professional.

Before making the move to full time trading, you need to ask yourself the following questions:

- Is trading what I want to do for a living?
- Can I trust my system?
- Is my trading system profitable?
- Can I afford leaving my current jobb ( that is, if you have one)
- Do I have enough funds to survive in case I fall into some bad trades (and this will happen anyone)

In case you answer 'yes' to those questions you might be ready to make the move. Otherwise don't and work on the things that are keeping you from doing it.

My list above is not a receipe for successful traders. Please consider that. I hope you understand that this is only my way of looking at this.

/H
  • #38
  • Jan 11, 2009 11:09am Jan 11, 2009 11:09am
Quoting belekas
1. John J Murphy - technical analysisof the financial markets thats what i call a bible of TA.

2. T. Bulkowski - Encyclopedia of price patterns, thats all you need to know about chart patterns incl. traingles, wedges, channels, diamonds etc.

3. Igrok - Beat the odds in forex market. Another great book on TA and a real trading method by Igrok himself.

...and fxpro has been nice to me. lets wait and see when i try to move larger sums of money.
Thanks again. Much appreciated.

/H
  • #39
  • Jan 11, 2009 12:45pm Jan 11, 2009 12:45pm
Quoting Hct1
Thanks again. Much appreciated.

/H
Here's a link to Mr Bulkowski's web site. It includes a significant of the patterns described in his encyclopedia. I'm not sure to what extent that the probabilities quoted apply specifically to forex (as opposed to stocks, commodities, etc). Also, some of the candle patterns involve gaps between a closing price and the following open, which are much less frequent in forex since it is a continuous 24-hour market.
  • #40
  • Jan 11, 2009 12:58pm Jan 11, 2009 12:58pm
Quoting hanover
Here's a link to Mr Bulkowski's web site. It includes a significant of the patterns described in his encyclopedia. I'm not sure to what extent that the probabilities quoted apply specifically to forex (as opposed to stocks, commodities, etc). Also, some of the candle patterns involve gaps between a closing price and the following open, which are much less frequent in forex since it is a continuous 24-hour market.
And heres the link to Igroks thread. First please read his book.
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