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Trading for a Living - Cliff Notes

  • #121
  • Jun 30, 2009 7:51pm Jun 30, 2009 7:51pm
Quoting Bemac
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...
Thanks.

Sincerely appreciate it.

I have a great respect for several traders on this site... you are one of them.

Please feel free to 'combat' or simply converse about any item you see here.
  • #122
  • Jun 30, 2009 7:57pm Jun 30, 2009 7:57pm
Quoting TradeWell
Good thing Cobra is covering our posterior on that one.
Again... thanks to cobra for his efforts and more importantly his friendship.

This site is awesome and there's a laundry list of traders to thank.

m
  • #123
  • Jun 30, 2009 8:01pm Jun 30, 2009 8:01pm
Quoting Siuol
Thank you for sharing. Sounds exactly like the system that I'm already trading, all the way down to the color of the EMA's. The only difference is I use a different stoch setting.
It's a very good system and the one I use as the primary tool.

m
  • #124
  • Jun 30, 2009 8:16pm Jun 30, 2009 8:16pm
Quoting TradeWell
Good thing Cobra is covering our posterior on that one.
Kudos to Cob. as well.
I hope; against fate; that Cobra will still be with us in a year or so. Let's call it a Year.

His arrow seems to be deemed much higher...?
  • #125
  • Jun 30, 2009 8:24pm Jun 30, 2009 8:24pm
But:
Now you (Acumen) cannot hide behind the curtain as you have already rasied your Kilt. I want it all.

Seriously;
I read your posts in this thread & {most of the time} think; well... of course... then I realize that your posts {to this point in time (post 9)} are not directed at me as your "Target FX Trader"
but do realize that you have taken a quagmire & profferred some solid ground to gain cargo by to those that have recently ventured. {or those that have yet to figure it out.}
  • #126
  • Jun 30, 2009 8:26pm Jun 30, 2009 8:26pm
Lesson 10: Your System Should Know Occam

Simply stated – when you have two competing theories – the simpler one is almost always the most effective.

Can you explain your system to a third grader?

If not… probably not the most effective.

I love scam sites.

Here are some great lines…

“We have a method that only the insiders have”
“This offer will expire in two days”
“Only 5 left at this price”

Truth… simply no substitute for a simple, forward tested strategy that fits your personality.

What does it mean to “fit your personality”?

If you don’t like trading long term then you could be handed the grail and won’t succeed because you won’t trust it.

If you personality is to trade long term… find a simple strategy that works.

If you are a day trader… pray a lot and find a simple strategy that works during the prime hours.
  • #127
  • Jun 30, 2009 8:29pm Jun 30, 2009 8:29pm
Quoting Bemac
But:
Now you (Acumen) cannot hide behind the curtain as you have already rasied your Kilt. I want it all.

Seriously;
I read your posts in this thread & {most of the time} think; well... of course... then I realize that your posts {to this point in time (post 9)} are not directed at me as your "Target FX Trader"
but do realize that you have taken a quagmire & profferred some solid ground to gain cargo by to those that have recently ventured. {or those that have yet to figure it out.}
Do you have a background in English?

We might have to change your name to Shakespeare.

m
  • #128
  • Jun 30, 2009 8:38pm Jun 30, 2009 8:38pm
New ebook version updated
Attached File(s)
File Type: pdf Trading for a living - By Acumen updated.pdf   44 KB | 1,119 downloads
  • #129
  • Jun 30, 2009 8:40pm Jun 30, 2009 8:40pm
Hey Bill

Why everybody is with the idea that I will retire? I'm not Methusalem, have only 50 years and very healthy as well.


Quoting Bemac
Kudos to Cob. as well.
I hope; against fate; that Cobra will still be with us in a year or so. Let's call it a Year.

His arrow seems to be deemed much higher...?
  • #130
  • Jun 30, 2009 8:43pm Jun 30, 2009 8:43pm
Quoting cobraforex
Hey Bill

Why everybody is with the idea that I will retire? I'm not Methusalem, have only 50 years and very healthy as well.
It's not that you will retire, but we fear that your skills will take you away to better things - good for you, bad for us.
  • #131
  • Jun 30, 2009 8:45pm Jun 30, 2009 8:45pm
There is no better thing in the world than to be with my friends, I'm always with you guys (and gals, for our lady traders).

Oh, and I'm not that good as many think, I'm only a scalper who knows what he does otherwise studying always to get better on long term trading (for example with Bemac's ICCE)

Quoting TradeWell
It's not that you will retire, but we fear that your skills will take you away to better things - good for you, bad for us.
  • #132
  • Jun 30, 2009 8:56pm Jun 30, 2009 8:56pm
Quoting cobraforex
There is no better thing in the world than to be with my friends, I'm always with you guys (and gals, for our lady traders).
I can only hope to meet you one day. You are one helluva guy.
  • #133
  • Jun 30, 2009 9:15pm Jun 30, 2009 9:15pm
Quoting cobraforex
New ebook version updated
Thanks again for this.

Mike
  • #134
  • Edited 9:30pm Jun 30, 2009 9:16pm | Edited 9:30pm
I just thought about some of the comments regarding "what is a useful life and what purpose do you want to give your life".
I came up with an idea that I wanted to share with you guys.

Since we are traders we should use our skills to do something good for the rest of the world, local community, etc.

We could set up an account where everyone puts in some money and every trader who participates commits to spending a few hours per week (or how much time they feel comfortable dedicating to such a cause) trading and growing that account (low risk trading of course)
Every month or two the participating traders could suggest NGO's, causes etc. that they would wanna donate the profits to and we could simply vote on that to find out where the majority would wanna put that money to work.

I am not sure how we could set this whole thing up, but we could maybe assign currency pairs or trading hours to the participating people so that there wouldn't be any confusion about who gets to trade what and when.

I am not sure what the exact best setup for such an account would be. Obviously it would go through some sort of managed account system to protect every individuals original funds.

Anyway, this is still a very raw idea and I just wanted to find out what other people thought about this, its feasibility and what legal issues needed to be considered.

Thanks,

Mikekneip
  • #135
  • Jun 30, 2009 9:29pm Jun 30, 2009 9:29pm
Quoting acumen
Lesson 10: Your System Should Know Occam

“We have a method that only the insiders have”
“This offer will expire in two days”
“Only 5 left at this price”
Then you go back to the same site 15 days later and you got the same

“We have a method that only the insiders have”
“This offer will expire in two days”
“Only 5 left at this price”



Sorry, acumen, and Bemac, if I'm cluttering the thread...

....but it's so refreshing to see a polite and high level thread... last few days we got some real bad attitude that were really disgusting around here .... check the egos battle ate "EUR/GBP TrendMagic".... but don't stay there for too long.... it's sad...

Cheers!

Daniel (HT)
Many share my views with me. But I don't share them with them...
  • #136
  • Jun 30, 2009 9:32pm Jun 30, 2009 9:32pm
Quoting HouseTrader
Then you go back to the same site 15 days later and you got the same

“We have a method that only the insiders have”...
I will.

I do love some stupidity every now and then.

m
  • #137
  • Jul 1, 2009 4:20am Jul 1, 2009 4:20am
Thanks to acumen, Cobra, and everyone else.
  • #138
  • Jul 1, 2009 6:13am Jul 1, 2009 6:13am
Thanks for the response; however, you mentioned that you have a $1,000 account. Given such monthly returns, why would you not trade with a $100k account, or am I missing something??? SORRY... upon reviewing your initial post, I noticed that the $1k was just an example in regards to the 2% money mgmt and trading for a living with such a small amount...

thanks,

Walt

Quoting acumen
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
  • #139
  • Jul 1, 2009 6:28am Jul 1, 2009 6:28am
Quoting TradeWell
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...
I want to get good at trading so that I work at night on forex and during the day I have free to do volunteer/community work like you say. I live in Australia so the London session is like from 5pm to 2am Aussie time.
  • #140
  • Jul 1, 2009 7:11am Jul 1, 2009 7:11am
There seems to be people on here scratching their heads as to why people would want to trade for a living, or not as the case may be.

There are those who desperately want to give up their J.O.B., and spend their lives knocking out the required amount of "making a living" pips in a couple of hours in the morning, and then spend the rest of the day indulging in various hedonistic pleasures.

I know such people exist, and all I can say is.....the very best of luck. I hope you make it.

Speaking for myself......a few years ago, I was forced to give up my J.O.B. in order to look after my severely disabled spouse. Guess what happened to my income? Yeah, it crashed and burned. So, one has to do something in order to survive, and Forex filled that gap, happily. However, I don't look upon it as a substitute for my departed salary. I don't honestly think I'm good enough to be in that happy position. So I look at any income earned through Forex as a SUPPLEMENT to a miserable, shitty pension that has become the norm here in the UK.

And that's the nearest I'm gonna get to a soapbox!

Happy trading to all.
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