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Addicted to forex trading affecting studies and career

  • #1
  • First Post: Edited 3:01pm Mar 2, 2010 2:43pm | Edited 3:01pm
I started forex trading in Oct 09. At that time, i was left with 3 papers to become an internal auditor.

But i got addicted to forex trading and now it is march 2010 and i have still not completed my 3 papers.

My family is yelling at me to complete my studies and get up a proper career oriented auditing job which will pay my bills and keep me busy.

I am getting some success in forex but given my tiny account, i am not making enough money to pay any sort of bills.

Just looking at a 15 minute candle, i see thousands of dollars spinning in that candle. On screen, it looks to be an easy money.

What should i do?

Choice 1- Complete studies, get the job and trade on larger time frames (swing/position trading. No day trading)

Choice 2- Dedicate myself completely in forex trading, keep studies and job search pending, keep trying 1-2 trades a day making about 80-100 pips a day.

If i could try day trading for a year, i may evenually get some sort of success. The quality of life is great in forex trading at home.

If i start a regular full tme job, i will have to work 10-12 hours a day in stress under a boss. I dont like the horrible quality of life which comes with job.

Advice appreciated.
  • #2
  • Mar 2, 2010 2:56pm Mar 2, 2010 2:56pm
i dont like working either, no one does but i have just got a fulltime job working 10 hour days. I think its in your best interest to finish ur studies and start working. working fulltime is hard, but if you trade daily's theres still enough time to look at a chart 1 or 2 times a day to place trades etc plus gives u less time to stuff the trade up by touching it lol.

the only thing that gets me through each day is knowing the money i am making will help build my capital which will eventually help me be able to trade forex with a big account in which ultimately that is how money is made trading.

working doesnt have to be forever just keep that in mind. thats what i do
  • #3
  • Mar 2, 2010 2:59pm Mar 2, 2010 2:59pm
Quote
i dont like working either, no one does but i have just got a fulltime job working 10 hour days. I think its in your best interest to finish ur studies and start working. working fulltime is hard, but if you trade daily's theres still enough time to look at a chart 1 or 2 times a day to place trades etc plus gives u less time to stuff the trade up by touching it lol.

the only thing that gets me through each day is knowing the money i am making will help build my capital which will eventually help me be able to trade forex with a big account in...

Yup mate..tough life working 10 hour a day with so much politics around.

I like your confidence...With money saved, you can trade more lots helping you to built giant surplus faster.

I wonder when i can make around $ 3 million from forex trading and retire peacefully.
  • #4
  • Mar 2, 2010 3:04pm Mar 2, 2010 3:04pm
With 3 papers left to go you might as well finish the studies. If you can't follow through and complete things in life you won't follow through in trading.

Are you going to trade and just as you reach the finish line, quit? How many other times in life were you close to the finish line and said F' it and did something else?

Finish what you start.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5
  • Mar 2, 2010 3:05pm Mar 2, 2010 3:05pm
Best answer: Man UP

Compromise: Switch to daily timeframe and set trades and forget them.
  • #6
  • Mar 2, 2010 8:42pm Mar 2, 2010 8:42pm
Quoting kingfisher
I started forex trading in Oct 09. At that time, i was left with 3 papers to become an internal auditor.

But i got addicted to forex trading and now it is march 2010 and i have still not completed my 3 papers.

My family is yelling at me to complete my studies and get up a proper career oriented auditing job which will pay my bills and keep me busy.

I am getting some success in forex but given my tiny account, i am not making enough money to pay any sort of bills.

Just looking at a 15 minute candle, i see thousands of dollars spinning in...
Go for choice 1 and if you do that well you can have your cake and eat it too: Learning how to trade without financial pressure is definitely the way to go, and you can gradually make the transition to full time trading if you are successful in a 'part time' capacity. (This is what worked for me). If this choice is available, you would be bloody mad to choose anything else.

You have only been trading for 5 months, and you may be caught up in the illusion of initial success, which often doesn't last - read the first post in this thread to see what I am talking about.

http://www.forexfactory.com/showthread.php?t=222471
  • #7
  • Mar 4, 2010 9:20am Mar 4, 2010 9:20am
Kingfisher, you have drank the coolaid, spit it out now!!!!!

I posted earlier somewhere (not sure where) that once you realize the power of compounding you will make your goal to learn all you can with demo and have the "job" getting you to the pnt that you can live off the markets.

see king, allot of these people, especially on public forums are trying to take a small amnt of money and grow it to parity. doing this is very possible if you are willing to work for less than min wage for the first 1-2 yrs. not many have that discipline and even fewer have that time with lack of funds. I have certain things in my life (mowing the lawn for ex.) that I have the ability to do, but hire out, due to the fact it is just not cost productive. I can be doing other things that have a greater %ror. lol.

you need to be learning how to trade with proper expectations and earn your startup with what you already know how to do. That being said, I have a solid belief that people that believe you have to have an "edge" are still on the grail search. the only thing in markets that is for sure is that nothing is for sure; however there are some very basic principles that if followed can be the gift that keeps on giving. inertia in a market is a law of physics the trend can only truly change when allot of energy is afforded. The cliché of "trend is your friend" is probably(for me) the most consistent structure of any market. tricks are truly identify the trend and look at the market with clear vision, not a magnifying glass. (ie short term trading).

I challenge anyone to show me a short term trading approach (ie 5min-1hr) that has kept them successful for over 5yrs. I have been around the block several times. I also have or can give you systems that on paper or back testing seem to give positive return, but as in the movie "top gun" don't write checks your body(mind) cant cash.
It is almost impossible to maintain that level of calm for long periods of time. Some can most can not.

also ask yourself this one question. If these %ror were possible over long periods of time what would the outcome be? who would they be? and are the people or institutions that it would be possible for have anything that you don't? (ie. info, and more importantly timing of that info).

If forex is a 0 sum game (and it is) then how are all the institutions making money if the funds only come from the 2% of retail traders ( and judging by this site most of them are profitable if not extremely profitable) and the hedging of large international companies?

3 ways to make money long term

1. investing
2. position trading (building positions that last for hrs to weeks)
3. market inefficiency with expectancy not probability (this one is the hardest to keep longterm as your ability to see loopholes in markets that most of the time close when exposed remains a constant battle)
  • #8
  • Mar 4, 2010 1:56pm Mar 4, 2010 1:56pm
Quoting LasVahGoose
With 3 papers left to go you might as well finish the studies. If you can't follow through and complete things in life you won't follow through in trading.

Are you going to trade and just as you reach the finish line, quit? How many other times in life were you close to the finish line and said F' it and did something else?

Finish what you start.
truth
  • #9
  • Mar 4, 2010 8:05pm Mar 4, 2010 8:05pm
If you are that close to finishing it than finish it. Forex will still be here when you do finish it
  • #10
  • Mar 5, 2010 3:53am Mar 5, 2010 3:53am
Quote
With 3 papers left to go you might as well finish the studies. If you can't follow through and complete things in life you won't follow through in trading.

Are you going to trade and just as you reach the finish line, quit? How many other times in life were you close to the finish line and said F' it and did something else?

Finish what you start.

Right. I will finish the studies. Thanks for your guidance.
  • #11
  • Mar 5, 2010 3:55am Mar 5, 2010 3:55am
Quote
The cliché of "trend is your friend" is probably(for me) the most consistent structure of any market. tricks are truly identify the trend and look at the market with clear vision, not a magnifying glass. (ie short term trading).

Very right. As an example: lets say one has shorted G/U in jan at an average of 1.62.

Short G/U at 1.62.

Cover it at 1.40.

2200 pips

2200 pips x 10 standard lots = US $ 220,000

Repeat the calculations with this year E/U short, last year A/U long.
  • #12
  • Mar 5, 2010 3:57am Mar 5, 2010 3:57am
Quote
Go for choice 1 and if you do that well you can have your cake and eat it too: Learning how to trade without financial pressure is definitely the way to go, and you can gradually make the transition to full time trading if you are successful in a 'part time' capacity. (This is what worked for me). If this choice is available, you would be bloody mad to choose anything else.

You have only been trading for 5 months, and you may be caught up in the illusion of initial success, which often doesn't last - read the first post in this thread to...

I agree...The thread which you have created contain golden words for new and experienced traders.
  • #13
  • Mar 5, 2010 11:12am Mar 5, 2010 11:12am
Quoting kingfisher
Very right. As an example: lets say one has shorted G/U in jan at an average of 1.62.

Short G/U at 1.62.

Cover it at 1.40.

2200 pips

2200 pips x 10 standard lots = US $ 220,000

Repeat the calculations with this year E/U short, last year A/U long.

I GET SOOOO PISSED OF at all these self professed gurus here at FF. I cant say that they all are full of it, but If you fall into one of my category's then, ok, if you dont and you have some "system of Ta or indicators then you are a "Micheal Jordan or bill gates of trading, because your telling me you have 25% returns for month after month for yrs after yrs (BULL SHIT)
  • #14
  • Mar 5, 2010 9:47pm Mar 5, 2010 9:47pm
There's an element of gambling in Forex, I think has affected your brain and giving you the addictiveness
  • #15
  • May 21, 2010 2:51am May 21, 2010 2:51am
If you love yourself, go get and a job.
  • #16
  • May 21, 2010 12:27pm May 21, 2010 12:27pm
Quoting kingfisher
I started forex trading in Oct 09. At that time, i was left with 3 papers to become an internal auditor.

But i got addicted to forex trading and now it is march 2010 and i have still not completed my 3 papers.

My family is yelling at me to complete my studies and get up a proper career oriented auditing job which will pay my bills and keep me busy.

I am getting some success in forex but given my tiny account, i am not making enough money to pay any sort of bills.

Just looking at a 15 minute candle, i see thousands of dollars spinning in...

My recomendation is not doing any of this 2 choices, you better do this:

- Complete studies while trading on larger time frames
- If you make the same pips that with day trading: get the job and continue trading on larger time frames
- If you can't make the same pips, after you complete the studies, begin another time to day trading.
- If you get rich by day trading: congratulations.
- If you lose everything (this is a possibility that you have to be aware, because in long term 95% of traders fail), get the job and forget Forex or return to trade on larger time frame if this doens't affect too much to your job.

This is the best you can do IMO.

Regards.
  • #17
  • May 21, 2010 1:35pm May 21, 2010 1:35pm
I'd say finish your papers first. Then, trade forex. If you're successful, you won't need a job. If you are not, you'll be qualified for a job.
  • #18
  • May 22, 2010 5:00am May 22, 2010 5:00am
Mr. T gets a vouch.

Kingfisher gets to finish his 3 papers. It will take years to become profitable, and that's if the market is able to hold your interest for that long.

Good luck, fisher.

MM
  • #19
  • May 22, 2010 5:30am May 22, 2010 5:30am
read this thread before forex is gonna spoil your life

http://www.forexfactory.com/showthread.php?t=62076

sorry with sevearl months or even years i dont see anyone who can make money constantly in this market

unless your genius.....
  • #20
  • May 30, 2010 5:13am May 30, 2010 5:13am
Quoting kingfisher
[i][size=1]I started forex trading in Oct 09. At that time, i was left with 3 papers to become an internal auditor.

But i got addicted to forex trading and now it is march 2010 and i have still not completed my 3 papers.

My family is yelling at me to complete my studies and get up a proper career oriented auditing job which will pay my bills and keep me busy.

I am getting some success in forex but given my tiny account, i am not making enough money to pay any sort of bills.

Just looking at a 15 minute candle, i see thousands of dollars spinning...

Hi,

 I think you need to assess your realistic situation. I don’t know you and you financial backing, hence I’d propose:

Case A:

You have sufficient financial backup. You and neither your parents would raise a brow or think twice even if you lose US$ 20,000 in Forex. 'Coz probably your's or your household's income is ten times of this amount per month and there's nothing to worry about.

 In such scenario, go ahead with a full time trading personal business.
Case B:

[Still in the Rat-Race and fascinated by the glitter of the Forex world]

 In this case, switch to Daily or Weekly TF. Complete your education, get a descent job work hard and save money for next 10 yrs. Alongwith this, trade the Daily charts. In this scenario, you’re avoiding major financial burden as well as you’re not deprived of trading.

 Best of Luck
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