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Withdrawing Cash Flow from Forex

  • Post #1
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  • First Post: Jun 21, 2010 10:03am Jun 21, 2010 10:03am
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.
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
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.
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.
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.
Do you not grow your capital then?
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.
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!
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.
You have to decide it yourself, based on your personal needs
minrax
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!
Agree with pipmutt option 3 as it would align your mm and risk % depending on your model of course
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
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.
Quoting PurplePatch

hen's teeth.
hehe

True though...
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.
  • Post #17
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  • Last Post: Jun 23, 2010 5:16pm Jun 23, 2010 5:16pm
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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