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Trading for a Living - Cliff Notes

  • #21
  • Jun 28, 2009 8:43pm Jun 28, 2009 8:43pm
Quoting acumen
Some of the first people to read this post and comment on it are professional traders.

Those that never stop learning never stop earning.

m
Hello, Mike,

I'm not even close to be a professional trader, it's almost impossible on Forex down here in Brazil, but if I may, I would like to let you know that once in a while we stumble on something that's worthing every second of reading (and free of charge...), and your posts on this thread have been a perfect example of it.

I've been somehow tired of the same old egotrip/egobattle that almost every thread becomes...

I'll keep an eye (or both!) on it, for sure...

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #22
  • Jun 28, 2009 8:48pm Jun 28, 2009 8:48pm
I know some institutional traders that trade up to 8 pairs at the same time but I can't do more than one.

Those folks buy vitamin pills and that stuff in kilos.

Quoting acumen
The majority of the time I'll only be in one pair at a time.
  • #23
  • Jun 28, 2009 9:01pm Jun 28, 2009 9:01pm
What, in your opinion, is the best way to learn to trade the FX market?

 

  1. Public threads
  2. Books, videos etc.
  3. Mentor
  4. Own experience
  5. Paid systems
  6. Seminars

You can chose and add as much as you want to answer that question, but the pros you know, how did they come to the trading success they archive?

  • #24
  • Jun 28, 2009 9:11pm Jun 28, 2009 9:11pm
Quoting cobraforex
What would you suggest as a reasonable account to make a living with FX on good MM?

I know that it depends on your needs but let's say that the family outcome is 3000 $ (here in Ecuador you can live quite well with 1500$ if you don't have to pay rent)?


Your first post says it all but I think it's a good idea to have a number here.
Let's say the last six months of trading you averaged 8% a month.

If you have an account with 80K then your taking out around 6400/month gross.

Not bad.

m
  • #25
  • Jun 28, 2009 9:14pm Jun 28, 2009 9:14pm
Quoting HouseTrader
Hello, Mike,

I'm not even close to be a professional trader, it's almost impossible on Forex down here in Brazil, but if I may, I would like to let you know that once in a while we stumble on something that's worthing every second of reading (and free of charge...), and your posts on this thread have been a perfect example of it.

I've been somehow tired of the same old egotrip/egobattle that almost every thread becomes...

I'll keep an eye (or both!) on it, for sure...

Cheers!

HT
Oh... congrats on the win today.

Thanks again for the kind words.

m
  • #26
  • Jun 28, 2009 9:19pm Jun 28, 2009 9:19pm
Quoting cobraforex
What, in your opinion, is the best way to learn to trade the FX market?

 

  1. Public threads
  2. Books, videos etc.
  3. Mentor
  4. Own experience
  5. Paid systems
  6. Seminars

You can chose and add as much as you want to answer that question, but the pros you know, how did they come to the trading success they archive?

Some of the best traders I know are self taught and a few big traders are ivy league pukes.

I'm guessing a combination of everything above.

This site is great... I've learned so much.

I didn't become a consistently profitable trader until i began reading this site.

Cobra... how did you get here?

A combination of what you have listed above is how I began.
  • #27
  • Jun 28, 2009 9:24pm Jun 28, 2009 9:24pm
Quoting cobraforex
I know some institutional traders that trade up to 8 pairs at the same time but I can't do more than one.

Those folks buy vitamin pills and that stuff in kilos.
The big difference... it ain't their money.

m
  • #28
  • Edited 9:45pm Jun 28, 2009 9:40pm | Edited 9:45pm
If your question is how I came to FF, I was a lonely rider in FX, I had nobody to talk about that profession, my friends where looking at me as a cow playing piano when I was talking about FX.

My way to get a trader was reading (I have a huge ammount of videos and books) and trading untill one day, when I was searching an info about the fall of E/U, and I found this great site where I learned to be a better trader.

Folks like AK4X, Bemac, Jacko, James16 and don't let's forget acumen (the list is way too long to mention all) are all good reads and with the time you pick what's good for your way to trade until the coin drops.

Quoting acumen
Cobra... how did you get here?

A combination of what you have listed above is how I began.
  • #29
  • Jun 28, 2009 10:48pm Jun 28, 2009 10:48pm
Mikey has been one of my favorite traders here for a'rd a year now since I bailed on the UJ and started trading EU.

I sincerely hope this is just a taste of things to come...


Mikey has a dark side
FUBAR...
  • #30
  • Jun 28, 2009 11:53pm Jun 28, 2009 11:53pm
Quoting acumen
Let's say the last six months of trading you averaged 8% a month.

If you have an account with 80K then your taking out around 6400/month gross.

Not bad.

m
I'm thinkin this would be a little light if you pay your taxes by the book. Do you?

Depends on your needs, of course - I can't quite stay alive on $6400/month net let alone gross.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #31
  • Jun 28, 2009 11:56pm Jun 28, 2009 11:56pm
yep another sticky-type of thread acumen ... great stuff for noobs and the more experienced as a back to reality check ..
  • #32
  • Jun 29, 2009 12:07am Jun 29, 2009 12:07am
Quoting ak4x
Mikey has been one of my favorite traders here for a'rd a year now since I bailed on the UJ and started trading EU.

I sincerely hope this is just a taste of things to come...


Mikey has a dark side
I love Mikey's 'Dark Side'...lolol...wasn't dark...was funny!

Seriously...... as I was reading the first five posts of this thread I thought he was looking at my daily trade plan.
Maybe there are a few of us that have learnt to trade in FF. I know I have cos I was a VERY green/newbie when I first came across Jim and Dial and Merls and Scott and Marejp and I listened and I read and I researched and I still read and I still learn something every day.
I consider myself to be on the road to being a successful trader ...not there yet but I can look back and see I have come a long way and there is still a ways to go but I will get there. Hard work, common sense and good advice and all of it from this site.

Cheers
Antra
  • #33
  • Edited 1:53am Jun 29, 2009 12:58am | Edited 1:53am
This post is for crackerjacks!!! do the math your 75 stop loss with $.28 per pip and you maximum loss of $20


You deserve a crackerjack aware, for your actual stop loss is $1 more than your declared amount (75*0.28=$21)!!! If you can't do math, you should NOT trade, and more importantly, you should NOTadvise.....king crackerjack awarded!!!
  • #34
  • Jun 29, 2009 1:10am Jun 29, 2009 1:10am
Quoting Kanedol
This post is for crackerjacks!!! do the math your 75 stop loss with $.28 per pip and you maximum loss of $20


You deserve a crackerjack aware, for your actual stop loss is $1 more than your declared amount (75*0.28=$21)!!! If you can't do math, you should NOT trade, and more importantly, you should NOTadvise.....king crackerjack awarded!!!
What award are you going for? I have a few in mind for you but it may not be appropriate to post them here
  • #35
  • Jun 29, 2009 1:23am Jun 29, 2009 1:23am
explain yourself americajin you think I'm wrong?
  • #36
  • Jun 29, 2009 1:27am Jun 29, 2009 1:27am
Another troll.

Do yourself a favor and look back on your great contributions you have made in two years.

Better go back to the cave you are comming from, here you are stepping your feet in butter troll.

Quoting Kanedol
This post is for crackerjacks!!! do the math your 75 stop loss with $.28 per pip and you maximum loss of $20


You deserve a crackerjack aware, for your actual stop loss is $1 more than your declared amount (75*0.28=$21)!!! If you can't do math, you should NOT trade, and more importantly, you should NOTadvise.....king crackerjack awarded!!!
  • #37
  • Jun 29, 2009 1:44am Jun 29, 2009 1:44am
Quoting acumen
Most banks traders have a 15 minute chart up for each pair they trade.

We should also.

Even if you aren't a pivot trader every one of us should have the dailies up a 15 minute chart.

Mike

Hi Mike thanks for the tips, good stuff to keep learners on track.

Just wondered how do you know that most bank traders have a 15M chart up, if you dont mind telling us?


Thx

MP



Oh and to that crackerjack awarding guy (even forgot his name by now): Well done, good boy..here's a cookie.
Be like a post stamp! Stick to it until you get there!
  • #38
  • Jun 29, 2009 2:28am Jun 29, 2009 2:28am
Quoting acumen
...If you can’t beat a demo account with the system you can’t be the real thing.
May I suggest...

A small live account is a great way to test one's nerves for a while after experimenting with a "system" on demo.
  • #39
  • Jun 29, 2009 7:05am Jun 29, 2009 7:05am
Quoting Kanedol
This post is for crackerjacks!!! do the math your 75 stop loss with $.28 per pip and you maximum loss of $20


You deserve a crackerjack aware, for your actual stop loss is $1 more than your declared amount (75*0.28=$21)!!! If you can't do math, you should NOT trade, and more importantly, you should NOTadvise.....king crackerjack awarded!!!
You have to admit 21 is close to 20 and in my world I don't deal in minutia.

I must admit math is one of my weak areas.

I do appreciate the award... I don't get many... and have never been knighted let alone the king of something.

I'm glad you read through the thread.

Surely you learned something... and if you didn't... that's cool... I'll end up taking your money too.
  • #40
  • Jun 29, 2009 7:30am Jun 29, 2009 7:30am
Quoting acumen
Oh... congrats on the win today.

Thanks again for the kind words.

m
Thanks, Mike... that was such a stress-test for the coronaries...

Cheers!
Many share my views with me. But I don't share them with them...
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