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Trading for a Living - Cliff Notes

  • #141
  • Jul 1, 2009 7:36am Jul 1, 2009 7:36am
I wanted to tell how to earn money. 10% from deposit and 21x48 pips. It means if you are trader for real this conception works. Everyone of us have took profit many many times at least 48 pips. 21 means 21 days in month. If you'll make at least 1 deal in the day and earning 48 pips then you have doubeled your deposit sum.

Of course you can't trade every day. Sometimes market just moving back after couple days but in consolidation time you can earn these pips in day or two. It depence.

I started with 1000 USD. I have doubeled my deposit 7 times and in this moment I'm trading with 12 lots. Example in this moment I booth gbpusd and minut ago take profit closed on points 1,6488.

Happy trading.
  • #142
  • Jul 1, 2009 7:55am Jul 1, 2009 7:55am
Quoting kyber10
I wanted to tell how to earn money. 10% from deposit and 21x48 pips. It means if you are trader for real this conception works. Everyone of us have took profit many many times at least 48 pips. 21 means 21 days in month. If you'll make at least 1 deal in the day and earning 48 pips then you have doubeled your deposit sum.

Of course you can't trade every day. Sometimes market just moving back after couple days but in consolidation time you can earn these pips in day or two. It depence.

I started with 1000 USD. I have doubeled my deposit 7 times...
That's how your first post should be like ....you are the one we all had been waiting for where had you been man
The only way to get smarter is by playing a smarter opponent.
  • #143
  • Jul 1, 2009 8:11am Jul 1, 2009 8:11am
Quoting kyber10
I wanted to tell how to earn money. 10% from deposit and 21x48 pips. It means if you are trader for real this conception works. Everyone of us have took profit many many times at least 48 pips. 21 means 21 days in month. If you'll make at least 1 deal in the day and earning 48 pips then you have doubeled your deposit sum.

Of course you can't trade every day. Sometimes market just moving back after couple days but in consolidation time you can earn these pips in day or two. It depence.

I started with 1000 USD. I have doubeled my deposit 7 times...
Not exactly sure what you are saying.

If you are saying you are risking 10% on each trade and just picking great entries then I have some bad news.

Simple probability theory says you won't trading for very long.

The odds of consistently winning in this space using 5% or more risk/trade are about nil.

m
  • #144
  • Jul 1, 2009 9:30am Jul 1, 2009 9:30am
The thing I liked most about Acumen was how much he emphasized pivot points and psyche levels.

Also, I really value the advice about the big banks and major scalpers using the 15min charts.

Especially the pivot points though. I never thought much about pivot points until I started to see how often the Daily central pivot got hit or bounced off.
  • #145
  • Edited 8:57pm Jul 1, 2009 9:55am | Edited 8:57pm
hi acumen,

although some disturbance has already appeared. i hope you'll continue 2 share with us insights. on how your institutional trader friends n you trade.

people should always remember that we r all here 2 learn how 2 trade n b profitable. not spar with words when somebody has views different from yours. trade well
  • #146
  • Jul 1, 2009 9:57am Jul 1, 2009 9:57am
Hello Mike, I stumbled upon this post and found it very helpful and inspirational. I am an aspiring Forex trader looking to make this my sole source of income, and have thought up a way of theoretically being 'set' in forex. Suppose you start out with 5000$ in capital. You only trade one mini-lot, which is 1$ a pip until you double your account. Now, with 10,000$, you use 2 lots, until you reach 20,000$, by when you use 4 lots. Ultimately, when you reach 50,000$+ you can trade with 10+ mini-lots(or one standard lot), at 10$ a pip. If you average say even between 800-1000 pips a month, its 8-10,000 dollars! Any thoughts would be greatly appreciated. NOTE: I am still 21 and a student, so I have some time before I have to provide for myself. I also have a blog at http://gulzaarfx.blogspot.com in which I put trades and thoughts.
  • #147
  • Edited 10:10am Jul 1, 2009 9:57am | Edited 10:10am
Quoting The Fool
Trading for a living?

Sure it can be done, yes I'm sure people do it, I think I could....


...but it takes money to change the world!! How many will be thankful for that? Even the famous Mother Theresa could have done nothing without SOMEONE providing the necessary finances.

If your whole goal is just to spend the money on your own luxuries, and hoard the rest, then you are providing nothing to this world. Yet I have heard of very few wealthy people who actually do this.
  • #148
  • Jul 1, 2009 9:59am Jul 1, 2009 9:59am
Mycke,
thank for transfer your knoledgment us.
Simple, straight and strong (sss)
I would like know all about your pivots point trading system, where can I find it?
Best regards and keep you up, traders community need people like you.
Yt
Popeye
To make an omelet you have to break a few eggs so breathe and be happy
  • #149
  • Jul 1, 2009 10:12am Jul 1, 2009 10:12am
No need to mention me, all credits belong to acumen.

To convert the PDF takes me 10 minutes and I do it because I consider Mike as my trading friend.

Beside that I own him more than I can give back as I learned the 00-20 and 00-80 strategy from him, I'm sure that method will be teached here in another lesson.

Quoting mackus
Thanks to acumen, Cobra, and everyone else.
  • #150
  • Jul 1, 2009 10:21am Jul 1, 2009 10:21am
as I know many buy and hold for a life time... (w/o leverage)

it's possible that a stock drop 10% w/o a stop/loss right? that's >2% risk?

or your suggestion is diversify portfolio by
10% of acc holding one kind of position.

so a single position variation by max 20% could only make total acc drop max 2%?

or probably the rule is only for short-term trend trading is not applying for long term investments?

Quoting acumen
Not exactly sure what you are saying.

If you are saying you are risking 10% on each trade and just picking great entries then I have some bad news.

Simple probability theory says you won't trading for very long.

The odds of consistently winning in this space using 5% or more risk/trade are about nil.

m
  • #151
  • Jul 1, 2009 10:22am Jul 1, 2009 10:22am

There is more than enough useless stuff in the FF but this ain't in that group; this be good stuff. Good 'goin' Mike.
Hej.
  • #152
  • Jul 1, 2009 12:41pm Jul 1, 2009 12:41pm
Quoting jones247
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
Everything I've spoken about was for the sake of example.

I certainly could not live off of a 10k account.

I manage several small hedge funds.

Does that answer your question?

One of these funds has my capital in it... regardless of what fund I'm trading I NEVER have more than 2% on the table and the norm is less than 1%.

Mike
  • #153
  • Jul 1, 2009 12:42pm Jul 1, 2009 12:42pm
Quoting Stitch961

There is more than enough useless stuff in the FF but this ain't in that group; this be good stuff. Good 'goin' Mike.
Thank you sir.

m
  • #154
  • Edited 1:04pm Jul 1, 2009 12:48pm | Edited 1:04pm
Quoting gulzaar
Hello Mike, I stumbled upon this post and found it very helpful and inspirational. I am an aspiring Forex trader looking to make this my sole source of income, and have thought up a way of theoretically being 'set' in forex. Suppose you start out with 5000$ in capital. You only trade one mini-lot, which is 1$ a pip until you double your account. Now, with 10,000$, you use 2 lots, until you reach 20,000$, by when you use 4 lots. Ultimately, when you reach 50,000$+ you can trade with 10+ mini-lots(or one standard lot), at 10$ a pip. If you average...
Again... I'm sure some other traders will chime in but as long as you stick to the 2% and under rule and have the skills to double your account then you are on the right track.

I really like the six month rule.

If you can beat the market for six months... then I'm guessing you can beat it for six years.

Note: I have seen some longer term players prove the above 6 month rule wrong... however... I'm really speaking to intra-day traders here.

Mike
  • #155
  • Jul 1, 2009 12:51pm Jul 1, 2009 12:51pm
Quoting eyevoltage
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....
Sometimes it takes this for others to 'get it'

Thanks EV.

Many Americans are on board with the pension thing... many of us have a 401K and mine dropped over 35% recently.

m
  • #156
  • Jul 1, 2009 12:55pm Jul 1, 2009 12:55pm
Quoting Popeye
Mycke,
thank for transfer your knoledgment us.
Simple, straight and strong (sss)
I would like know all about your pivots point trading system, where can I find it?
Best regards and keep you up, traders community need people like you.
Yt
Popeye
Appreciate the kind words.

m
  • #157
  • Jul 1, 2009 12:58pm Jul 1, 2009 12:58pm
Quoting billye
as I know many buy and hold for a life time... (w/o leverage)

it's possible that a stock drop 10% w/o a stop/loss right? that's >2% risk?

or your suggestion is diversify portfolio by
10% of acc holding one kind of position.

so a single position variation by max 20% could only make total acc drop max 2%?

or probably the rule is only for short-term trend trading is not applying for long term investments?
I hear ya... many of my investments are dollar loss averaged.

None of my discussion applies to long term.

In this arena - my long term is 2 sessions and never more than 48 hours.

Long term investments have different rules.

Mike
  • #158
  • Jul 1, 2009 12:59pm Jul 1, 2009 12:59pm
Hi,

I have a question about lesson 7. can you please explain your 4 step system a little more in detail. I understand you use a pivot indicator. which indicator did you use to show its overbought? isnt your signal 1 and signal 2 the same thing? and was there something else that contributed to signal 4?
  • #159
  • Jul 1, 2009 1:00pm Jul 1, 2009 1:00pm
Quoting gulzaar
...If you average say even between 800-1000 pips a month, its 8-10,000 dollars!...
Don't count on that many pips, even for an average. Trade first for 6 months, like acumen says, then you can calculate a realistic average. You will likely see you need as large of an account as possible, risking as small of a percentage as reasonable, based on the actual pips you may make.
  • #160
  • Jul 1, 2009 1:03pm Jul 1, 2009 1:03pm
Quoting acumen
I certainly could not live off of a 10k account.

I manage several small hedge funds.


Mike
Hi Mike,

Well I see that my post re: the "usefulness" of "trading for a living" has been responded to in various ways. I have been attacked & labled a troll. Although I stand by the points in my original post, I didn't mean to pollute your thread in any way and if you interpret it that way then I apologize.

That said, I am curious about how you worked your way into managing "several small hedge funds"..? If you care to elaborate on how you managed to do that I'd be very interested. Specifically, what instruments are you trading in these funds? What type of return do you promote? What are the tax, regulatory, insurance implications? How did you get your first investors? Do you have employees? Etc..?

Almost anhing you might care to share would be cool.

Thanks
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