Withdrawing Cash Flow from Forex | Forex Factory

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Withdrawing Cash Flow from Forex

  • #1
  • First Post: Jun 21, 2010 9:03am Jun 21, 2010 9:03am
I have been trading for some time now and my account has grown. My question is how to withdrawal funds out of the account? Do you?


1. Withdrawal a fix amount?
2. Withdrawal a percentage amount?
3. An amount based on gains for the month?
4. Some other method?

I have read in a few articles explaning Forex is capital building not cash flow generator. This is why people sell their systems or have websites offering mentoring.

Thank you for your input.
  • #2
  • Jun 21, 2010 9:44am Jun 21, 2010 9:44am
Quoting sucaba
My question is how to withdrawal funds out of the account?
I think, but i can be mistaken, that you forgot what is the purpose of money: it's purchasing power.
You withdraw funds when you need it to DO something with that money:
buying a car, putting it in a life insurance, putting it in a fixed interest account, travelling or whatever.

So, how much should you withdraw?
I would simply say: "The amount you need".

When you don't plan to do anything with your money, then you don't need to withdraw money from an ATM right?

Anyway, if your only problem, is about how much money you should withdraw, then you shouldn't worry at all

And good work for making money
  • #3
  • Jun 21, 2010 1:57pm Jun 21, 2010 1:57pm
I recommend having another complimentary income stream, anything that lets you trade your strategy as you want to, it takes so much pressure off your trading and also lets you improve your compounding by having as little as possible withdrawals.
  • #4
  • Jun 21, 2010 7:51pm Jun 21, 2010 7:51pm
Quoting Dupont
I think, but i can be mistaken, that you forgot what is the purpose of money: it's purchasing power.
You withdraw funds when you need it to DO something with that money:
buying a car, putting it in a life insurance, putting it in a fixed interest account, travelling or whatever.

So, how much should you withdraw?
I would simply say: "The amount you need".

When you don't plan to do anything with your money, then you don't need to withdraw money from an ATM right?

Anyway, if your only problem, is about how much money you should withdraw,...
I know, but I do not want to pull out too much or too little. I guess I am asking professional traders who live off their account, how do you do it? How do you determine how much to withdrawal without pulling too much.
  • #5
  • Jun 22, 2010 2:02am Jun 22, 2010 2:02am
Quoting sucaba
I know, but I do not want to pull out too much or too little. I guess I am asking professional traders who live off their account, how do you do it? How do you determine how much to withdrawal without pulling too much.
My regime is simple. Every week, if I have profit sitting there in my balance by Friday afternoon, I withdraw it all! I have only risk capital in my account now and I want to keep it that way.

Quoting sucaba
I guess I am asking professional traders who live off their account, how do you do it?
Pro traders don't make a living out of Forex. It's a high risk investment. Too risky to be your only source of income. Use forex to buy some luxuries now and then. I use it to upgrade myself up to business class airfares, new laptops, home gym equipment, electronic gadgets etc... Not for my only source of income. I earn from working, as well as some other astute investments like my real estate portfolio.
  • #6
  • Jun 22, 2010 2:03am Jun 22, 2010 2:03am
Do you not grow your capital then?
  • #7
  • Jun 23, 2010 2:00am Jun 23, 2010 2:00am
Quoting PurplePatch
Do you not grow your capital then?
I deposited enough to start with. I like to just skim the profits off the top and leave my risk capital there as margin.
  • #8
  • Jun 23, 2010 2:41am Jun 23, 2010 2:41am
Quoting oakmonster

Pro traders don't make a living out of Forex. It's a high risk investment. Too risky to be your only source of income. Use forex to buy some luxuries now and then.
lol, that's funny

To answer the OP's question though, I'd say "3. An amount based on gains for the month" but it depends on your goals and how much capital you're working with.

As far as people selling their systems or having websites offering mentoring, invariably they're only doing that because they're unable to trade profitably themselves, 99.99% of the stuff for sale is snakeoil!
  • #9
  • Jun 23, 2010 2:50am Jun 23, 2010 2:50am
Quoting pipmutt

As far as people selling their systems or having websites offering mentoring, invariably they're only doing that because they're unable to trade profitably themselves, 99.99% of the stuff for sale is snakeoil!

A case of if you can't - Teach!

But in defence of the beleaguered teacher, he may be a better teacher than a doer.

But on the whole, yes snake oil, 99.9%, not sure, just make sure you know exactly what you are buying before you hand over your cash, same as with a telly.
  • #10
  • Jun 23, 2010 3:28am Jun 23, 2010 3:28am
You have to decide it yourself, based on your personal needs
go go go
  • #11
  • Jun 23, 2010 3:43am Jun 23, 2010 3:43am
Quoting PurplePatch

But in defence of the beleaguered teacher, he may be a better teacher than a doer.
But it's the 'doing' which is the difficult part, the fundamentals and practicalities of trading, and trading systems and strategies, are all available absolutely free from literally thousands of different websites and forums such as this one.

If it were possible to learn to trade profitably from a book then we'd all be millionaires!

Academics and snakeoil sellers talk the talk.....but that's about all they do!
  • #12
  • Jun 23, 2010 3:58am Jun 23, 2010 3:58am
Agree with pipmutt option 3 as it would align your mm and risk % depending on your model of course
Those that say do not know. Those that know do not say.
  • #13
  • Jun 23, 2010 4:14am Jun 23, 2010 4:14am
Quote
I have been trading for some time now and my account has grown. My question is how to withdrawal funds out of the account? Do you?

I withdraw money via webmoney. Very easy to do that. Besides, you may put the many on your credit card
  • #14
  • Jun 23, 2010 12:37pm Jun 23, 2010 12:37pm
Quoting pipmutt
But it's the 'doing' which is the difficult part, the fundamentals and practicalities of trading, and trading systems and strategies, are all available absolutely free from literally thousands of different websites and forums such as this one.

If it were possible to learn to trade profitably from a book then we'd all be millionaires!

Academics and snakeoil sellers talk the talk.....but that's about all they do!
Yes, it's not the same as a woodwork teacher is it, where your student given the right instruction could well develop a skill that surpasses his master.

And your right they can talk the talk, but is it real talk even? But any practicable tools, training, skill improvement advice is like hen's teeth.
  • #15
  • Jun 23, 2010 1:59pm Jun 23, 2010 1:59pm
Quoting PurplePatch

hen's teeth.
hehe

True though...
  • #16
  • Jun 23, 2010 2:49pm Jun 23, 2010 2:49pm
I have to say one thing person who helped me was PTOURNIS. His Stress Free Forex system is spot on. I only spend minutes a week looking for trades. He definately not one of those snake oil salesmen. Thanks for your input.
  • #17
  • Last Post: Jun 23, 2010 4:16pm Jun 23, 2010 4:16pm
Quoting sucaba
I have to say one thing person who helped me was PTOURNIS. His Stress Free Forex system is spot on. I only spend minutes a week looking for trades. He definately not one of those snake oil salesmen. Thanks for your input.
I'm not sure but it looks like he's posted his strategy and indicator(s) for free so I can't imagine what he's selling for $4.99, lol
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