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are you trading for a living?

  • #21
  • Oct 20, 2010 8:19am Oct 20, 2010 8:19am
Quoting asos101
if i may add what you also need is a "master-plan", that combined with a profitable system will make you realise your goals.
sometimes the monster is not the market but our own impatience.
Yes, but I have to say my only plan is to survive... you have to stay in the game.... so its no so much about how much profit you make and how fast....
My goal is very small profits but over a timespan of at a minimum maybe 3+ years....

My Masterplan = surviving + compounding.

Then, if I survive for some years I have an amount of money that allows "Trading for a living".... only then... it will be a long way...
this pig cannot be slaughtered for ever... or can it?
  • #22
  • Oct 20, 2010 9:23pm Oct 20, 2010 9:23pm
Are you trading for a living? No, but They are.
  • #23
  • Oct 21, 2010 4:09am Oct 21, 2010 4:09am
Trading for a living? I wish, currently I run my own online business and in my spare time I play around with Forex. Obviously there is a lot of money in it and a decent amount of people make a living off it, just look around this board and you can see plenty of succesful people.
  • #24
  • Oct 21, 2010 4:03pm Oct 21, 2010 4:03pm
Quoting JackCas
Trading for a living? I wish, currently I run my own online business and in my spare time I play around with Forex. Obviously there is a lot of money in it and a decent amount of people make a living off it, just look around this board and you can see plenty of succesful people.
How do you know they are successful?
  • #25
  • Oct 26, 2010 6:47am Oct 26, 2010 6:47am
It is every traders dream to make trading a living. Although it is initially difficult, it is doable. In order to do that, you must need a startup capital. You can't open a very meager account and say I want to make a living from that! That would be an exercise in futility to say the least. The next thing to consider is finding the right system. A good system is basically your key to success. Other factors to consider are money management, risk and reward, and of course discipline.
  • #26
  • Oct 26, 2010 3:06pm Oct 26, 2010 3:06pm
Welcome to Forex Supermax. I hope you have an enjoyable time searching for your system. Most of us have gone through this process. I have to disagree with you that a good system is the key to your success. Instead, focus on the last thing you mentioned: your discipline. If you can close a loser the minute you see it, and hang onto a winner until it runs its course, then you may use the following system, and do alright...

1. If the pair is trending up, buy
2. If the pair is trending down, sell

You might do a little better with something fancier. But I'm still trying to improve my behavior once I'm in the trade. Its our own behavior that kills us.
Disregard all prognostications.
  • #27
  • Oct 26, 2010 8:18pm Oct 26, 2010 8:18pm
Quoting Pidgeon
Welcome to Forex Supermax....
Thanks for the welcome Pidgeon. I absolutely agree! making it in this business takes a whole lot of discipline. Discipline indeed will separate you between success and failure.


  • #28
  • Oct 27, 2010 1:29am Oct 27, 2010 1:29am
Quoting forexmick
I burned that bridge. I have quit my job and trade fulltime for a living. I personally know well more than 10 traders who make a living by trading. http://www.forexfactory.com/showthread.php?t=229204
probably another Jacko alias ..... man Jacko is as crafty as they come
  • #29
  • Oct 27, 2010 3:36pm Oct 27, 2010 3:36pm
Quoting Pidgeon
Welcome to Forex Supermax....


So.... the chance to gain or loss is 50/50, right??? if it's so ..... why 95% of traders (not 50%) fail to gain???
Okay, let's have fun...
  • #30
  • Oct 29, 2010 12:39am Oct 29, 2010 12:39am
I feel like living solely living off of Forex is a dangerous strategy unless you have a good amount of savings.
  • #31
  • Oct 29, 2010 2:46am Oct 29, 2010 2:46am
Quoting chalupas
I feel like living solely living off of Forex is a dangerous strategy unless you have a good amount of savings.
yes, thats why you should reinvest part of your forex-earning in some lower-yielding but less risky ventures..
this pig cannot be slaughtered for ever... or can it?
  • #32
  • Oct 29, 2010 3:54am Oct 29, 2010 3:54am
I completely agree, that trading with low deposits is just wasting of time and money... Before I was starting in forex trading for several times and never could understand what was the main reason of my losses. I was just not thinking about the real risk of trading, which makes just impossible to get really significant profit from trading with small accounts
  • #33
  • Oct 29, 2010 4:51am Oct 29, 2010 4:51am
Quoting Vlad
You can easily become a millionaire with forex. If you are a billionaire, that is.
..............................................

www.deadcount.blogspot.com
lol

true

why a billionaire would want to DO FOREX is beyond me anyway...
this pig cannot be slaughtered for ever... or can it?
  • #34
  • Oct 29, 2010 5:17pm Oct 29, 2010 5:17pm
Quoting georgem
yes, thats why you should reinvest part of your forex-earning in some lower-yielding but less risky ventures..

Like what? Subprime housing?
  • #35
  • Edited Oct 30, 2010 10:40am Oct 29, 2010 6:32pm | Edited Oct 30, 2010 10:40am
Quoting Vlad
well... who wouldnt want to be a forex millionaire. Bragging rights I guess. Still, the joke stands ( and its mine)

................................................................
www.deadcount.blogspot.com
I wrote a long answer to Vlad. Then I thought why bother, it has all been said before.

If you want to win at forex treat it like a business. Statistically most business starters fail just like wannabe forex traders.

They can only succeed with guts and determination. Sadly it seems only 5% appear to have those qualities.

My wife and I run our own businesses, I have built up and sold many since going self employed at the age of 22. Almost without exception everyone we employed thought that if we sold £1000 of product, £500 was profit (buy it for a pound, sell it for two pounds). They magically forgot about running costs, wages, rents, etc, etc. Everyone I met that had failing businesses had unrealistic goals and a ill conceived business plan (ring any bells with forex failures?). I kid you not, that is why 95% fail, they are clueless.

My point is, just as in life and business, only the exceptional small percentage that have a plan and are determined to succeed against all the odds will win at this forex game. You have to carve out your own edge. Treat learning to trade like an apprenticeship, be prepared to work 15 hour days, 7 day weeks for years if necessary and you will be rewarded. Carry on Vlad, the joke is yours.
  • #36
  • Oct 29, 2010 10:35pm Oct 29, 2010 10:35pm
hihi, i'm a newblie & certainly no master but i've personally known someone who's trading (not teaching) FX for a living, she has years of experience in trading different instruments before choosing FX as the main one.

like many people here, it would be the ultimate dream for me to be able to live off trading forex & quit from the regular job or having to work for people. but my personality is such that i prefer to have variety in my life, including what i do to make a living, so i hope to start my business while trading as an additional means of income while working for myself.

in the meantime, to me, i'm planning to trade as an additional income & let the account compound till a substantial capital is built up. then reflect on the next step, this is what i'm planning to do
  • #37
  • Nov 11, 2010 3:42pm Nov 11, 2010 3:42pm
Quoting JohnFX_King
I completely agree, that trading with low deposits is just wasting of time and money... Before I was starting in forex trading for several times and never could understand what was the main reason of my losses. I was just not thinking about the real risk of trading, which makes just impossible to get really significant profit from trading with small accounts
what do you think is a reasonable minimum amount to start with?
Okay, let's have fun...
  • #38
  • Nov 12, 2010 2:02am Nov 12, 2010 2:02am
I completely agree with the poster who alluded that your ability to trade for a living is directly related to how much trading capital you have.

If you start with $10k (USD) - assuming you're a consistent, conservative trader, it's enough to make a small amount of change on the side, but certainly not enough to live off.

Logically (and conservatively), my opinion is that you would need a significant amount of capital to trade for a living. And by significant - I mean at least $100k.

There are plenty who tell you you that they've turned $10k in to $100k or more, but those people are far and few between. In my humble opinion, trading for a living is about mitigating risk and being consistent - not looking to risk half your account to double your account.

I think the idea is just to be realistic and logical. If you've traded for a while, you know how good or not good your are. You know how much you can live off of. From there, it's not terribly difficult to gauge whether it's realistic for each individual trader to assess whether he/she has the means to trade for a living.
  • #39
  • Nov 12, 2010 2:53am Nov 12, 2010 2:53am
Quoting twelve.eight
I completely agree with the poster who alluded that your ability to trade for a living is directly related to how much trading capital you have.

If you start with $10k (USD) - assuming you're a consistent, conservative trader, it's enough to make a small amount of change on the side, but certainly not enough to live off.

Logically (and conservatively), my opinion is that you would need a significant amount of capital to trade for a living. And by significant - I mean at least $100k.

There are plenty who tell you you that they've turned...
Good comments Twelve.

The problem I have with starting with 100K account size is that you will most likely lose it all anyway with bad money management etc.

Starting with $100 micro and trading pennies using strict mm as you go, never risk more than 1 or 2% per trade, then doing it time and time again everytime you blow the account would be a better way to learn IMHO. You WILL blow a few accounts but the time you take to do it will get gradually longer and longer hopefully.

If and when you finally have a good trading method that is consistently growing the micro account consider adding to it maybe.

I am sure many intraday traders on FF regularly make 1 or 2% a day. Even without compounding thats $2k a month on a $10k account.

It isn't easy but it is do-able with practice and absolute discipline.

Never give up. Good luck all.
  • #40
  • Nov 12, 2010 10:12am Nov 12, 2010 10:12am
Quoting jag1966
I am sure many intraday traders on FF regularly make 1 or 2% a day. Even without compounding thats $2k a month on a $10k account.

It isn't easy but it is do-able with practice and absolute discipline.

Never give up. Good luck all.
Not easy is an understatement.

Not only would I say that not many intraday traders on FF clear 20% a month, I would say that not even a handful of traders on these forums (or anywhere for that matter) can consistently perform even close to that.

By that math, compounding monthly - your account would clear $70k in a year, and $1 mil in a little over 2 years (assuming you don't take any profits). From $10k to $1 mil in 27 months is not something you commonly see.
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