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Trading for a Living - Cliff Notes

  • #101
  • Jun 30, 2009 2:39pm Jun 30, 2009 2:39pm
Thank you for this.

Quoting husky_1
Great thread Acumen,


To the one that asked for a Pivot indicator, I use one that will allow you to chose when to start the trading day.

To set the time, edit the indicator, from when you initialize or from the chart and set the shift. I think the default I use is -2, which allows me to use 00GMT as my day start, even though my MT4 broker is +2.

Of course, Acumen can probably tell you what the best time of day to have the calculations be based off of.
  • #102
  • Jun 30, 2009 2:47pm Jun 30, 2009 2:47pm
Quoting The Fool
By all means, do what you want to do. But my point remains: what good is it in the larger world?
Perhaps achieving financial independance could be used in turn to volunteer or give to charity more often. Not everyone can be a doctor, clean the Amazon, or cure cancer. Most in fact will be about as far from this ideal as possible, spending their waking hours in front of the TV or at the 9-5.
  • #103
  • Jun 30, 2009 2:49pm Jun 30, 2009 2:49pm
Quoting smittens4212
Is trading what I want to do? Of course not-- I'd much rather spend the majority of my waking life doing something I don't want to do
Fine, best of luck to you. I don't know what I expected. Kind of like asking a junkie - do you really want another hit?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #104
  • Jun 30, 2009 3:24pm Jun 30, 2009 3:24pm
Quoting The Fool
...What is a useful life?....
For me, that sentence is the core of your post.

The simple act of trading is not the single determining factor of the usefulness of one's life. Perhaps trading will enhance someone's ability to help others. Perhaps trading will open up time for volunteer work that otherwise would have been taken by a more demanding job. There are too many possibilities to assume that making a living trading is inherently not useful.

Take a look at Cobra. He does well trading but also runs businesses that contribute to the economy of his community. In addition he has done volunteer work, including Forex Factory! So trading does not make the individual, but it is his spirit that manifests regardless of what he is doing.
  • #105
  • Jun 30, 2009 4:22pm Jun 30, 2009 4:22pm
Quoting The Fool
But my point remains: what good is it in the larger world?
It will be as much good as every individual trader allows him/herself to develop into.

I see trading for a living as a staircase with many steps, in a building with many floors. Some of us are barely on the ground floor or still gathering the wood or bricks to start constructing the stairs, others have already started the journey and use and build the different rooms to shelter their dreams, for themselves, their families, their neighbours, and for the world they live in. One step at a time, with a goal in mind. I see trading for a living as an intermediate goal which will allow me to reach more human-oriented goals for which much money is needed or maybe not so much, but which I could never even dream to build up through other means, much less with my actual overall age, health and location conditions.

You decide how many floors your building will have, or might be content with a small tiny house. Just as in any other business or job, but balancing the probable higher risk with a higher freedom.

But be it a ten-storey palace or a single-roomed loft, never forget that bricks need mortar to hold on together, and wood must be sawn and sanded down so splinters don't risk to get under your toenails...

http://www.sgbox.com/aesopfables15.html

Persistence. Patience. Knowing thyself.
And you'll get wherever you want to get.

And of course, ditto to all that Tradewell just said above.
  • #106
  • Jun 30, 2009 5:02pm Jun 30, 2009 5:02pm
Quoting doblece
It will be as much good as every individual trader allows him/herself to develop into.

I see trading for a living as a staircase with many steps, in a building with many floors. Some of us are barely on the ground floor or still gathering the wood or bricks to start constructing the stairs, others have already started the journey and use and build the different rooms to shelter their dreams, for themselves, their families, their neighbours, and for the world they live in. One step at a time, with a goal in mind. I see trading for a living as an...
I second you, doblece, and Tradewell...

I am, for instance, a doctor and trader... Sometimes I wish I could dedicate more time to trading, but can't say I'm close to do it for living.

Today I was called at the hospital to perform a very difficult OTI (oro-tracheal-intubation), an artificial airway to a critical patient, that 2 other doctors couldn't handle. Yes, I saved a person (I'm not kidding...that REALLY happened today)

But I know this is not the only one way to make something good to people.

I'm still struggling to stay alive on Forex, but my earnings have been very consistent on stocks, since 2002.

Next week I'm taking a one-week vacation, going to brazilian NE (Maceió) to enjoy some really nice beaches. There, I'll spend my money, from my job, from my stocks earnings, from rental that I earn. How many jobs (and families) depend on my spendings, jus as an example? The travelling dealer, the hotel staff, restaurants, clothes stores, beach bars...

Oh, yes, it's true. Thay all don't depend on MY money alone, but on the many people's... That was just a trivial example of what we do when spend our bucks, and even not being charity, is a way to contribute to many people, indeed.

Keep the good work, acumen...

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #107
  • Jun 30, 2009 5:11pm Jun 30, 2009 5:11pm
Quoting acumen
Surely you learned something... and if you didn't... that's cool... I'll end up taking your money too.
HAHAHAHA
going to need some aloe for that burn
Hindsight is 20/20
  • #108
  • Edited 5:42pm Jun 30, 2009 5:20pm | Edited 5:42pm
Quoting acumen
If you live at home and have a nice allowance.

Seriously... no.

m

Depends on the specifics of your method I would think.

There have been people on this forum who risk large percentages of their account (5-10%), assuming they make one trade a week on average and risk the lower percentage(5%), then that is a possible 6k per month on the 30k account. Obviously it would be very stupid for most to do this because of their lower hitrate. It would need to be terribly high (80%+) to be able to justify risking so much on a trade.

I understand, this is the outlier rather than the norm. But the longer im around the more I realize that that I should probably substitute the word Impossible for Improbable. Ie, Improbable that some one will find a method such as the one described above, not impossible.
Living the adventure in my head.
  • #109
  • Jun 30, 2009 5:31pm Jun 30, 2009 5:31pm
Quoting acumen
Lesson 2: Mechanical System

Emotion is the downfall of many traders.

Take the majority of discretion away utlizing a mechanical trading approach.

A winning system that is forward tested by YOU and produces a winning track recored over a six month period.

Demo accounts are great for testing systems.

The hard part isn’t finding winning system - it’s finding a winning system that fits your personality.

If you can’t trust the system then it could be the grail and you will eventually lose.

If you can’t beat...
Hi Acumen,

I am surpised you favour a mechanical approach here because your pivots and psych levels method is partly discretionary, utilising a set of tools depending on market conditions, wouldn't you say?
  • #110
  • Jun 30, 2009 5:40pm Jun 30, 2009 5:40pm
Quoting The Fool
By all means, do what you want to do. But my point remains: what good is it in the larger world?
.
Does it matter? If you wont take the money then someone else will.

Something about modern society that amazes me is the fact that people seem to have lost their survival instinct and instead live in a la-di-da world of tulips and butterflies.

I understand that the majority of our governments give us the main things that we need which would usually be our motivation to push harder.... Food, security and a home.....

But, should we love everyone? fight for the good of minkind?

I know why the 1st human tribe left africa, because they didnt like the other tribes, they wanted their own space. Another tribe probably kept coming on their patch and stole their leaves on a stick idea, it pissed them off and so they decided to move somewhere that their idea's couldnt be plagerized.

Its natural for us humans to do what is best for us, or atleast what we percieve to be best at the time. Self preservation is #1, survival of the fittest and all that, in the markets and life.

Sorry for the rant, lol.
Living the adventure in my head.
  • #111
  • Jun 30, 2009 5:45pm Jun 30, 2009 5:45pm
I'm sorry, but I don't understand. Is 5% - 10% per month or year? I'm not sure of the time frame...

Walt

Quoting acumen
Lesson 5: Realistic Profit Goals

Realistic will depend on many variables.

Beat the market for 6 consecutive months and you are on your way.

After you beat the market for six months move your goals up.

I like 5-10% as a day trader.
  • #112
  • Jun 30, 2009 5:51pm Jun 30, 2009 5:51pm
Quoting Leonlorenzo
I understand that the majority of our governments give us the main things that we need which would usually be our motivation to push harder.... Food, security and a home.....
Not down here in Brazil.... , Leon...

...but regarding to the whole post, I must agree. People tend to mix things up. I'm not a doctor because I love mankind, or vice-versa. It's the just the profession that I choose. It may sound a bit misanthropic but I'd rather be honest than pretend to be "Mr. Nice Guy". Medicine has paid my bills, and as a bonus, I help a lot of people. But I must admit that my choice, years ago, was much more based on the annual wage (wich is somehow decent here) than in my "will to help the mankind".

Darwin's principles apply also on trading...

Cheers!
Many share my views with me. But I don't share them with them...
  • #113
  • Jun 30, 2009 6:06pm Jun 30, 2009 6:06pm
Quoting HouseTrader
Not down here in Brazil.... , Leon...

...but regarding to the whole post, I must agree. People tend to mix things up. I'm not a doctor because I love mankind, or vice-versa. It's the just the profession that I choose. It may sound a bit misanthropic but I'd rather be honest than pretend to be "Mr. Nice Guy". Medicine has paid my bills, and as a bonus, I help a lot of people. But I must admit that my choice, years ago, was much more based on the annual wage (wich is somehow decent here) than in my "will to help the mankind".

Darwin's...
Dont worry, if its possible with the resourses available then Brazil will also be this way one day.

This is what the goverment product is, security. Human's want security, if the goverment can fullfill our desire for this then they can set us about working for them and securing their future and increasing their power.

Not in a cynical or conspiracy theorist type way, but am I making sense?

If I was at the top, then id be very happy with the way the whole system works. Its genius really.
Living the adventure in my head.
  • #114
  • Jun 30, 2009 6:24pm Jun 30, 2009 6:24pm
Quoting Porkpie
Hi Acumen,

I am surpised you favour a mechanical approach here because your pivots and psych levels method is partly discretionary, utilising a set of tools depending on market conditions, wouldn't you say?
If you've read my thread on pivots or visited my site there is method behind
the madness.

It's not really that discretionary.

However... I do consider my scalping quite discretionary but I've been doing it for several years successfully and I use very low leverage.

m
  • #115
  • Jun 30, 2009 6:27pm Jun 30, 2009 6:27pm
Quoting jones247
I'm sorry, but I don't understand. Is 5% - 10% per month or year? I'm not sure of the time frame...

Walt
Month.

My targets are always 15% but that's not the norm.

Usually around 8 to 10 and (knocking on wood) never less that 5.

m
  • #116
  • Jun 30, 2009 6:29pm Jun 30, 2009 6:29pm
Quoting mikekneip
Thank you for this thread! A lot of useful information without the usual blabla.

Very enjoyable.

A word about leverage. Most people on FF have very small accounts, thus they think that the only way that they can make real money is through excessive leverage. In theory that is true, but of course most of those people will end up being a part of the legendary 95%.
All i know is that if i had overleveraged in the beginning of my career I wouldn't even be here today.
Some people get lucky (or some might just be fantastic traders, which
I am not)...
Because that's what you are doing with high leverage... gambling.

m
  • #117
  • Jun 30, 2009 6:31pm Jun 30, 2009 6:31pm
Quoting HouseTrader
I second you, doblece, and Tradewell...

I am, for instance, a doctor and trader... Sometimes I wish I could dedicate more time to trading, but can't say I'm close to do it for living.

Today I was called at the hospital to perform a very difficult OTI (oro-tracheal-intubation), an artificial airway to a critical patient, that 2 other doctors couldn't handle. Yes, I saved a person (I'm not kidding...that REALLY happened today)

But I know this is not the only one way to make something good to people.

I'm still struggling to stay alive...
Appreciate it... and my favorite shows are House and Lie to Me.

m
  • #118
  • Jun 30, 2009 6:56pm Jun 30, 2009 6:56pm
Quoting doblece
It will be as much good as every individual trader allows him/herself to develop into.

I see trading for a living as a staircase with many steps, in a building with many floors. Some of us are barely on the ground floor or still gathering the wood or bricks to start constructing the stairs, others have already started the journey and use and build the different rooms to shelter their dreams, for themselves, their families, their neighbours, and for the world they live in. One step at a time, with a goal in mind. I see trading for a living as an...
Nice post.

Thanks.

m
  • #119
  • Jun 30, 2009 7:36pm Jun 30, 2009 7:36pm
Guys; Acumen is one of My Most respected posters here at FF.

PLEASE let him pour forth his observations without the " I disagree, Or I Gotcha Or whatever other method;" you have in mind to discredit him/her
{Yeah I know he's a guy but, whatever...}

Have you ever considered offering your soul to FF Rookies?
Have you ever considered the Slings & Arrows you would face?

I think Acumen has and resolved to "Damn the Torpedoes" & I, for one, would offer him accolades.
Not just for the Mentality of it all but Moreso for the Content.
{Currently reading Post #9}

If You are beyond the Advice that Acumen is offering & have not offered any of your own, Too bad for us that you are so busy. {probably gleaning pips} How about dispersing some of your "Less Critical Observations " to your Method & as such, {suggest that Acumen may be off course in your estimation.}
Otherwise; shutup & stay in your hole. {yeah I mean it. I'm at my wits end of seeing good advice being trolled...}
Not to sway constructive criticism; I'm sure Acumen would welcome it; but let him finish first.

If You are New and absorbing what Acumen is offering....
I can only say this...

You May Just have FOUND IT.

In My opinion Acumen has an intuitive apptitude to recognize The Important Aspects of Trading.
In My opinion, we are fortunate that He has portayed his willingness to share.

I haven't seen {noticed} One Trade Reccommendation BUT I have seen a bunch of notation that caused me to Think.
And that, my friends, Is The Best You Can Ask For.


Bookmark, Backup, Transferr to a JumpDrive or handwrite this entire thread for future edit but make sure you don't lose it.

This one is a Diamond & not too rough at that.


Kudos Acumen. No Smoke. No Mirriors, Just.. Kudos.
BMc
Bill
  • #120
  • Jun 30, 2009 7:45pm Jun 30, 2009 7:45pm
Quoting Bemac
....
Bookmark, Backup, Transferr to a JumpDrive or handwrite this entire thread for future edit but make sure you don't lose it..
Good thing Cobra is covering our posterior on that one.
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