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Addicted to forex trading affecting studies and career

  • #21
  • May 31, 2010 8:06pm May 31, 2010 8:06pm
Im in the same boat man. It's gotten to the point where I won't even consider a career beside forex. It can be stressful that's for sure
  • #22
  • Jun 1, 2010 5:26am Jun 1, 2010 5:26am
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...
I would stay with your studies and get a job. I resigned from my job a few years ago to trade full time and it was a disaster. The pressure to make money to pay my bills clouded my judgment and the trading suffered. I am now working again and trading longer term charts (4H and Daily) on a demo account until I can prove to myself that I am profitable. Once I've done that I will switch to real money on the longer time frames and look to build the account up taking advantage of compound interest. I realise this may take 3-5 years. I've written about my experiences on my blog www.keymoo.info/trading. You might find it interesting.

You may also find it interesting to construct a spreadsheet with the following columns:

MonthNumber, AccountBalance, WithdrawalAmount

Increase your account balance with a % return (suggest another cell on the spreadsheet so you can play with the values). Then have another cell where you withdraw a percent of your profits. Watch how the account grows (insert a chart) when you do not withdraw money in the account. The effect is quite dramatic.

Lesson here is - get a job, learn to trade without the pressures of having to pay bills and compound your account - if your account grows, steadily increase your trading size. If you are drawing on your account for income, the length of time to build up your capital becomes unbelievably longer.

HTH,
keymoo
  • #23
  • Jun 3, 2010 6:27pm Jun 3, 2010 6:27pm
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...
Quoting kingfisher
I have been trading for last 3 weeks live. I am a student trying to become an internal auditor. I feel service career is more satisfying then a trading career.

I am trading all alone in my room sitting in front of my PC for 8-10 hrs a day. Trading does not involve any social skills, no friendship circle (like office friends), no value addition, no career skills.

In a service career, i will interact with so many office friends, will have a well defined career, can visit different places for assignments and will have overall satisfaction and better...
Didn't you say you would prefer a Service career over a Full-time Trading career? What's with the change of heart?

My advice to you is:

1) Finish University
2) Work in a Job
3) Trade Forex part-time

Forex is a 24-hour market, there is trading opps at anytime. Start with Demo trading. Once you established a track record on your Demo, then move over to rl trading. And then you can decide whether trading is really something that you want to do full-time, if yes, then you can quit your job and start full-time trading.

Trading is just like any business, it's best you get into it once you have something established. In other businesses, it's clients. In trading, it's proven track records.

Hope this helps.
Make your losses in demo. Earn your profits live.
  • #24
  • Jun 6, 2010 12:21am Jun 6, 2010 12:21am
I was making a big mistake when I started trading in forex.

I was really excited and forget to control my emotion.
Trading too much, dont really care about my work.
The worst is when I got loss, I felt disoriented and it was disturbing my career!

Luckily, I realized that quickly.
Now I'm back to demo trading again (which is not wrong), build trading method, and try to trade like without emotion like a robot
  • #25
  • Jun 7, 2010 1:25am Jun 7, 2010 1:25am
Choice 1, you are better off in the long-run
Trade what you see, not what you think.
  • #26
  • Jun 7, 2010 2:10am Jun 7, 2010 2:10am
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...
Finish your papers and then come back to forex. The Forex will still be here when you have finished.
  • #27
  • Jun 7, 2010 2:34am Jun 7, 2010 2:34am
bguguen Mar 04 at 18:53 Hey macdoug, names Bryan i was wondering if you would be willing to tell me which program you are using for EA to make such good trade, im a 17 year old student and im really looking forward to make some money possibly for my college studies

macdoug Mar 06 at 01:40 Hey Brian
I have some bad news, what you are asking for is simply not possible. You would need at least 50k, preferably 100k or more and be an elite level trader. The best fund managers achieve about 50% return per annum with most ecstatic with anything above 10%. Many of these professional traders make much less than this or achieve negative returns. Do you really believe you can outperform the very best in this business as a sideline to pay your way through college?
I started just like you believing I could make some quick easy money. Everyone starts like this and all the brokers and forex trainers make it look easy. The average size of a forex trader account is 5k. The average life of a forex trading account is 3 months. I know one broker reporting a 99.8% failure rate. If you really wanted to succeed in this business where almost all who come fail, you will need to set aside years and years to practice in which all you do is lose money with no garrantee of ever seeing a single dollar of profit ever. The same effort could easily see you become a doctor or a lawyer or anything else. These are the facts.This is the reality. It is addictive and can ruin your life just like gambling. I myself have been trying for 4 years and I am down about 30k and even if I do make it back one day I wil never get the years back I have taken from my family in pursuit of this folly.
You have three choices,
1. forget college and set aside 5 years fulltime on learning to trade, I can point you in the right direction should you choose this option
2. disregard everything I have said and continue in your quest to pay your way though college by trading Fx
3. Forget you ever saw forex, pay your way through college by providing a service for others for which you are paid. Look for opportunities in life to give love instead of take profit.
I highly recommend option 3 though I think option 2 is the most likely
Good luck
Doug
BTC Return This Year: na
  • #28
  • Jun 7, 2010 4:50am Jun 7, 2010 4:50am
finish ur studies - take the advice of us guys.
  • #29
  • Jun 7, 2010 9:35am Jun 7, 2010 9:35am
Quote
I started just like you believing I could make some quick easy money. Everyone starts like this and all the brokers and forex trainers make it look easy. The average size of a forex trader account is 5k. The average life of a forex trading account is 3 months. I know one broker reporting a 99.8% failure rate. If you really wanted to succeed in this business where almost all who come fail, you will need to set aside years and years to practice in which all you do is lose money with no garrantee of ever seeing a single dollar of profit ever. The same...

Great post, Doug. I have been following your post for past so many months and you guide lost souls like me quite well.

You are very right- I am not gaining anything from trading. I will be needing couple of years of practice so that neurons and synapses in my brain gets tuned to day trading volatility.

I have restarted preparation for my papers and i will get a job and grow in the career of my choice. The trading will continue part time.

One question to you- Do you trade Australia ASX indices? I have been now watching stock indices and i think i am more inclined in trading indices then forex.

Any financial trading instrument, i now firmly believe can take 4-5 years of practice to understand its nuances.
  • #30
  • Jun 7, 2010 9:40am Jun 7, 2010 9:40am
Quote
Didn't you say you would prefer a Service career over a Full-time Trading career? What's with the change of heart?

My advice to you is:

1) Finish University
2) Work in a Job
3) Trade Forex part-time

Forex is a 24-hour market, there is trading opps at anytime. Start with Demo trading. Once you established a track record on your Demo, then move over to rl trading. And then you can decide whether trading is really something that you want to do full-time, if yes, then you can quit your job and start full-time trading.

Trading is just...

Yes..In a proper career, atleast i will get a pay cheque, will have a friend circle and with the growth in world economy, i can grow.

In 2000, World Output/GDP was $ 28 trillion. Right now world output is $ 60 trillion. So, someone who has started a career in 2000 has ample opportunities to grow because world economy has doubled itself in last 10 years.

By 2039, world output/GDP will be $ 200 trillion. So, if i start a career/job in 2010, i can grow multiple times in next 3 decades by world economy will grow by 2.5 times.

But frankly speaking, life in trading is quite good. I can work in a pyjama, stay at home, no boss, no office politics, no traffic. Trading business is quite good.

I am now studying every day, trying to finish the papers and will hope i get some job to go on with life.

Trading a small account will continue though i am moving to stock indices now.
  • #31
  • Jun 7, 2010 9:47am Jun 7, 2010 9:47am
Thanks to every one for their valuable time.

The trading business is good but after working on it for few months, well i cant pay my bills. Some money came, some money lost but bottomline is i cant pay my bills.

My parents retire in 5 years and i am expected to pay utility bills and general household expenses.

I am now studying every day and trying to clear pending papers. I will have to struggle in trying to get a job but i am over the next 10 years, i am sure i can rise in my chosen field of auditing.

I have also started to watch DJII and i am more inclined in trading DJII. I will continue to watch stock indices and will self train my self to handle day trading stuff.

I have come to a conclusion, trading is an intuition. You use left side of brain for analytical calculations and right side of brain for intuition.
  • #32
  • Jun 7, 2010 9:53am Jun 7, 2010 9:53am
Good luck buddy
Trade what you see, not what you think.
  • #33
  • Jun 8, 2010 12:05pm Jun 8, 2010 12:05pm
Quoting kingfisher

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
Anyone who see thosands of dollars in a 15 minute candle must finish their studies.
  • #34
  • Jun 8, 2010 1:15pm Jun 8, 2010 1:15pm
Advice appreciated.[/quote]

Life is about adapting to your enviroment

so never sell yourself short

always improve, not everything you want goes the way you want so you must be adaptive.

who knows you do this course end up doing the job and like it or find a girlfriend, friends, and enjoy life.

working helps build your social life
its not just an 8 hour a day thing

however saying that even i would like not to work and make friends another way if possible
  • #35
  • Last Post: Jun 8, 2010 1:23pm Jun 8, 2010 1:23pm
I have a small account to after much failer on many stratagies i really just use my eyes now and trade as it comes long time or short
how really i feel a trade is going

I had £10 in my account left
I had no money to put more in
now ive made that £10 into £500 pound

trust me that didnt happen over night

has taken ages

I trade more than one trade a day

maybe 5

looking to get 200 pip range for each trade

takes two to three days if things are going good

so you make the money that way quicker

and can off set the bad ones with good trades ( thou i try avoid that and hate seeing the bad ones) however bad ones somtimes can turn good
but thats a judgement call

Im addicted to forex too, I cant give it up.

why ? because I dont give up
im stubborn as hell
and want to be successfully no matter what.

It is hard but you get smarter all the time in this game
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