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Trading for a living. Are we forex-ready?

  • #1
  • First Post: Edited Sep 21, 2011 1:09pm Oct 22, 2010 5:05am | Edited Sep 21, 2011 1:09pm
Trading for a living - is it reallly possible for a trader like me to achieve the needed level to earn enough for a living? Am I forex-ready?
My friend and me, we are dedicated forex traders. We've decided to join our efforts and experiences to prove ourselves that we are forex-ready. In this journal we will post our demo trades. The account starting balance is $ 10 000,- We decided to use one method for our setups. The method is a unique, very effective 4hr, trend following, low risk way of entering the market, and 2-3 r/r way of exiting it.
The same trades we do on our real account which is smaller!


Wish us good luck!

Peter
Jesus Christ is my only Lord !
  • #2
  • Oct 23, 2010 7:08am Oct 23, 2010 7:08am
Hi Hipcio,

Yes, you surely can trade for a living, but not the way you are starting. Business is not an adventure, but a type of career that people start to achieve their financial needs. So is forex. It is a business.

It doesn't really matter if you have a great 4H strategy that works well. Until you fix your psychology, you or your friend cannot make it in this industry.

It is also sad to see you are starting wiith a demo. This will not help you build the right psychology. Real money is real money, and when you hit SL with real money, your heart burns. It is very very tough to build the same emotion while trading demo.

Sorry if my post breaks your heart, but I thought it was better to break it now, rather than 3-6-9-12 monnths later (that is, if you are still there in the "game").
  • #3
  • Oct 23, 2010 7:31am Oct 23, 2010 7:31am
Quoting candlepips
Hi Hipcio,

Yes, you surely can trade for a living, but not the way you are starting. Business is not an adventure, but a type of career that people start to achieve their financial needs. So is forex. It is a business.

It doesn't really matter if you have a great 4H strategy that works well. Until you fix your psychology, you or your friend cannot make it in this industry.

It is also sad to see you are starting wiith a demo. This will not help you build the right psychology. Real money is real money, and when you hit SL with real money,...
seconded
  • #4
  • Oct 23, 2010 9:28am Oct 23, 2010 9:28am
Quoting candlepips
Hi Hipcio,

Yes, you surely can trade for a living, but not the way you are starting.
Quote
Ok, it is Your point of view.
Business is not an adventure, but a type of career that people start to achieve their financial needs. So is forex. It is a business.
Quote
I do agree. It is not an adventure for us either. We do trade this method on our real accounts and our results encouraged us to start this journal.

It doesn't really matter if you have a great 4H strategy that works well. Until you fix your psychology, you or your friend cannot make it in this industry.
Quote
I am not sure I can understand this last sentence - what do You mean we can not make it in this industry?

It is also sad to see you are starting wiith a demo.
Quote
We use demo for the needs of this thread only. We make the same setups on our real accounts but smaller ones.
This will not help you build the right psychology.
Quote
Here, I do not agree with You. Demo trading one method can build or improve the confidence.
Real money is real money, and when you hit SL with real money, your heart burns. It is very very tough to build the same emotion while trading demo.
Quote
We treat it as a business, we are not looking for emotions here and as we trade the same trades on our real acc. we are motivated enough

Sorry if my post breaks your heart, but I thought it was better to break it now, rather than 3-6-9-12 monnths later (that is, if you are still there in the "game").
Being in the game usually does not break the heart
Jesus Christ is my only Lord !
  • #5
  • Oct 23, 2010 10:00am Oct 23, 2010 10:00am
Quoting Alihuzaifa
seconded

where there is a will there is a way...slowly but surely

Best
Peter
Jesus Christ is my only Lord !
  • #6
  • Oct 23, 2010 10:39am Oct 23, 2010 10:39am
Quoting candlepips
It is also sad to see you are starting wiith a demo. This will not help you build the right psychology. Real money is real money, and when you hit SL with real money, your heart burns. It is very very tough to build the same emotion while trading demo.
I understand this statement, and agree to a certain extent, but I also disagree. I think demo can be a powerful tool allowing you to hone in your skills while teaching patience and self control before opening a real account. I know there's been alot of arguments and discussion on this topic in FF. Just my 2 cents.

Good luck with your trading Hipcio!
  • #7
  • Oct 23, 2010 1:11pm Oct 23, 2010 1:11pm
just would like to know what is your expected gain per month if you're going to trade for living in Poland.

and what is real starting deposit would be?
  • #8
  • Oct 23, 2010 1:18pm Oct 23, 2010 1:18pm
Quoting Jcpfx
I understand this statement, and agree to a certain extent, but I also disagree. I think demo can be a powerful tool allowing you to hone in your skills while teaching patience and self control before opening a real account. I know there's been alot of arguments and discussion on this topic in FF. Just my 2 cents.

Good luck with your trading Hipcio!
Thank You Jcpfx,

for Your support
When I was starting my first real acc. I have made a mistake trying varioux methods life without getting needed experience and confidence on demo. This method we trade now has been tested on demo first with some ecouraging results so we decided to continue life on small acc. We really do belive in demo practice importance.

Best wishes,
Peter
Jesus Christ is my only Lord !
  • #9
  • Oct 23, 2010 1:30pm Oct 23, 2010 1:30pm
Quoting akukaya
just would like to know what is your expected gain per month if you're going to trade for living in Poland.

and what is real starting deposit would be?
It is a good question kukaya!

The minimum - as we it estimate it - would be $700 monthly - as the cost of living is concerned.
So, we belive that $10.000 as a balance might occur to be enough to start, but we may be wrong.

Thank You for asking,

Peter
Jesus Christ is my only Lord !
  • #10
  • Oct 23, 2010 2:06pm Oct 23, 2010 2:06pm
O, Kurwa!!

Shelter/rent is cheap, gasoline, clothes, food cost alot of $$$ in Polska... I guess it all depends where you are in Poland anyway..



700$USD/ = 2000ZT..
lowest draw down possible please.
  • #11
  • Oct 23, 2010 2:10pm Oct 23, 2010 2:10pm
Quoting ehrek
O, Kurwa!!

Shelter/rent is cheap, gasoline, clothes, food cost alot of $$$ in Polska... I guess it all depends where you are in Poland anyway..



700$USD/ = 2000ZT..
It can be enough move back to Poland and try Yourself

Best
Peter
Jesus Christ is my only Lord !
  • #12
  • Oct 23, 2010 2:29pm Oct 23, 2010 2:29pm
For those of You who would like to move to Poland because of the low cost of living, might be interesting

a movie

Peter
Jesus Christ is my only Lord !
  • #13
  • Oct 23, 2010 2:52pm Oct 23, 2010 2:52pm
but how much do poles earn?
  • #14
  • Oct 23, 2010 2:54pm Oct 23, 2010 2:54pm
Meaning average per year.
  • #15
  • Oct 23, 2010 2:58pm Oct 23, 2010 2:58pm
Quoting qwertymyfx
Meaning average per year.

As far as I know the minimum salery is $6000 per year and average about 14-15 thousand usd a year.

Peter
Jesus Christ is my only Lord !
  • #16
  • Oct 23, 2010 3:07pm Oct 23, 2010 3:07pm
Quoting hipcio
For those of You who would like to move to Poland because of the low cost of living, might be interesting

a movie

Peter

Hey hey now, we don't need any outsiders in our country... don't go promoting it


I'm aware of the cost of living, and I enjoy vacationing in Poland, and being cash flush after visiting a Kantor.

I was born there and would move back in a heartbeat, if only my wife (who is also Polish) would allow it.. she feels our son will have a better future here in Canada.. I need to be a bit more selfish and tell her how much more money I can be making exploiting more market sessions, and not sleeping in during the European opens.

Qwerty:How much do people make?? It depends where you are in Poland.. Here are a few professions/careers I can list off for you;

Where I am from, Jaroslaw - south eastern part of Poland.. a NURSE will make $2000-2500ZT a month, that is the equivalent of 850-900$CDN (2.7 / 2.9 ZT exchange rate, it fluctuates) canadian Dollars..

Doctors will make 6000-7000ZT working at a hospital, and a dentist charges $300ZT for a ROOT canal, and 70-100ZT for a cavity.. ( i got a lot of dental work done last year )

Lawyers are pretty poor, I met a few last year.. they certainly aren't as cash flushed as they are here in Canada.. drove shitbox cars and lived in crummy apartments..

My wife, before I met her... worked in sales at a retail store, and made approximately 750ZT/month.. (yes.. she hit the lottery when she met me...)

Overall, its pretty fucked up! especially with the inflation, and taxes.

I went to the BMW Store, and checked out the new BMW X5 ///M , and it costs $500,000zt..$178,000USD a Porsche Panamera was 750,000ZT (267.000$$ USD) for the turbo...
lowest draw down possible please.
  • #17
  • Oct 23, 2010 3:12pm Oct 23, 2010 3:12pm
Oh yeah, and if you try and live in a major city like warsaw, Krakow, etc.. its $$$$$$$$$..

more expensive to live there then Toronto, or NYC!!!!!!
lowest draw down possible please.
  • #18
  • Oct 23, 2010 3:19pm Oct 23, 2010 3:19pm
Quoting ehrek
Hey hey now, we don't need any outsiders in our country... don't go promoting it


I'm aware of the cost of living, and I enjoy vacationing in Poland, and being cash flush after visiting a Kantor.

I was born there and would move back in a heartbeat, if only my wife (who is also Polish) would allow it.. she feels my son will have a better future here in Canada.. I need to be a bit more selfish and tell her how much more money I can be making exploiting more market sessions, and not sleeping in during the European opens.

Qwerty:How much...
It is great to have You here - You are very well informed - yes that is all tru, I am not updatet so well with the Porshe and BMW prices - not my shelf.

Best wishes for Your wife !

Peter from Cracow
Jesus Christ is my only Lord !
  • #19
  • Oct 23, 2010 3:24pm Oct 23, 2010 3:24pm
Quoting hipcio
When I was starting my first real acc. I have made a mistake trying varioux methods life without getting needed experience and confidence on demo. This method we trade now has been tested on demo first with some ecouraging results so we decided to continue life on small acc. We really do belive in demo practice importance.
Yes, I hear you. I seem to go into self-destruction mode with small live accounts. Maybe due to the frustration and greed of trying to grow the small account faster than I am able too.
  • #20
  • Oct 23, 2010 3:53pm Oct 23, 2010 3:53pm
Quoting Jcpfx
Yes, I hear you. I seem to go into self-destruction mode with small live accounts. Maybe due to the frustration and greed of trying to grow the small account faster than I am able too.
Yes, that is the problem that I could call mine also, and I expect strict following one well defined method, as the only way to face the small account challenge.

Peter
Jesus Christ is my only Lord !
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