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are you trading for a living?

  • #41
  • Nov 12, 2010 10:48am Nov 12, 2010 10:48am
Quoting twelve.eight
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.
Yes, 1% a day sounds easy and small... and it might be sometimes... but its all about consistency..

I find 1% is very high goal.

For us compounders, when we take 250 trading days in a year:

... 1% a day consistently means (1.01^250) = 12 times amount of money after a year.
... 2% a day consistentyl means (1.02^250) = 141 times amount of money after a year... (crazy)

But those are quite unrealistic... it sounds scary...
Lets adjust the numbers a little bit:

... 0.4% a day = 2.7 times amount of money after a year
... 0.5% a day = 3.5 times amount of money after a year
... 0.6% a day = 4.5 times amount of money after a year

My goal is more in these "fractions of percent a day"... or more like 1-2% a week... I will be the happiest trader in the world if I can reach this goal.

But lets agree: compounding is the way to success.
this pig cannot be slaughtered for ever... or can it?
  • #42
  • Edited 11:14pm Nov 12, 2010 9:15pm | Edited 11:14pm
I wasn't going to bother with another reply because I have nothing to prove. With regards making 1% per day and turning 10k into a million in a year or whatever, I never meant to portray that at all.

One last comment though, it is a bit of a ramble so I apologise in advance.

When I started in forex I made a point of finding profitable traders to learn from. For me the only way to know they were the real deal was to trade with them in a live room environment, this way I could watch them call trades in real time and feel their pain if they entered losing trades etc.

So far I have been in five different, "payed for" live rooms each one to learn different styles of trading. Scalping, trend trading support and resistance, Fundi trading, Fibonacci trading and also what can only be described as a moving average crossover trading room. There are many other good rooms I considered, Candlesticks, Elliott waves etc but I had learned enough by then.

Subscription based live rooms have a habit of attracting not only newbies but also already profitable traders that want to improve their game, scalpers that want to learn trend trading for example. One scalper I knew would call trades every 10 minutes it seemed and he would trade 12 - 18 hours a day, his stops were tight therefore he could risk substantial amounts per trade. He traded like a machine, I got the impression he had a nice sized account (his wife had a severe shopping addiction lol), lets say he made 5 or 10% of his 50k account per day, he may have needed to withdraw it daily to keep his wife happy but he still made his chosen percentage per day.

It doesn't take long to work out the pro traders from the newbs.

There are plenty of retail traders making regular daily profits out there, they all have differing pain thresholds to risk percentage.

1% profit a day was a figure I pulled from a hat, it all depends on account size obviously. One guy I traded with had a $20k account, that was all he was prepared to risk with his broker. His stops were between 20 and 40 pips his targets were always three to one RR. He would risk $4k to make $8-12K per trade, he could do this on average at least once a day five days a week. Way back then he had a 60% win rate, his trade and money management was brilliant. Three years later he tells me his win rate is now nearer 80%.

You meet some very interesting people in these live rooms from every walk of life, ex bankers, pilots, military, lawyers, surgeons etc. People trading from boats, beaches, poolside etc. It is what you make it, ask the right questions and you can succeed.

Live rooms are great but everything you need can be found on FF for free, whatever suits you.

Trading is no different to any other skill, it takes patience, discipline and determination.

Good luck.

P.S. If I hadn't known for a fact many many people make money trading I would have probably given up many times. My motto has always been, "If others can do it so can I".
  • #43
  • Nov 12, 2010 10:42pm Nov 12, 2010 10:42pm
Quoting jag1966
I wasn't going to bother with another reply because I have nothing to prove. With regards making 1% per day and turning 10k into a million in a year or whatever, I never meant to portray that at all.

One last comment though, it is a bit of a ramble so I apologise in advance.

When I started in forex I made a point of finding profitable traders to learn from. For me the only way to know they were the real deal was to trade with them in a live room environment, this way I could watch them call trades in real time and feel their pain if they entered...
Cheers to that
lowest draw down possible please.
  • #44
  • Nov 13, 2010 12:40am Nov 13, 2010 12:40am
this guy is really making a massive return just from forex trading, at least for me...http://favoritefx.blog107.fc2.com/....too bad i dont know japanese..
  • #45
  • Nov 13, 2010 10:18am Nov 13, 2010 10:18am
Quoting jag1966
"If others can do it so can I".
Awesome post Jag1966.. brilliant..

You have a nice attitude and it matters a lot.

"Two men look out the same prison bars; one sees mud and the other stars".
  • #46
  • Mar 30, 2011 5:16am Mar 30, 2011 5:16am
Quoting damosdmf
profitable traders yes pros no
or you can say it this way, No pros yes pro fitable traders, either way it makes sense.

~Tim
  • #47
  • Mar 30, 2011 5:46am Mar 30, 2011 5:46am
Quoting King Singh
Awesome post Jag1966.. brilliant..

You have a nice attitude and it matters a lot.

"Two men look out the same prison bars; one sees mud and the other stars".
I know this quote about two men. But don't remember where it is from.
  • #48
  • Mar 30, 2011 10:00pm Mar 30, 2011 10:00pm
Quoting JohnFX_King
I know this quote about two men. But don't remember where it is from.
Langbridge, Frederick This quote is about attitude

The same can be said of trading forex, I look at it as a way to earn money, where as some of my friends look at it as a way to loose money!

~Tim
  • #49
  • Mar 31, 2011 8:52am Mar 31, 2011 8:52am
Quoting tim112779
Langbridge, Frederick This quote is about attitude

The same can be said of trading forex, I look at it as a way to earn money, where as some of my friends look at it as a way to loose money!

~Tim
The market is weird. Every time one guy sells, another one buys, and they both think they're smart.

Mark.
Almost got it or far far away. Result is the same - you didn't get it!
  • #50
  • Mar 31, 2011 2:55pm Mar 31, 2011 2:55pm
Quoting MarkRox
The market is weird. Every time one guy sells, another one buys, and they both think they're smart.

Mark.
That's the essence of the market. Without different views of market participants and different aims, a market would not exist. It would become obsolete.

Doesn't sounds weird to me, sounds to me like humans interacting.
  • #51
  • Sep 17, 2020 6:00am Sep 17, 2020 6:00am
Yes, I am trading for living. I started forex as a part time. But now, it is the main income source of me.
  • #52
  • Sep 17, 2020 11:40am Sep 17, 2020 11:40am
Quoting georgem
{quote} Yes, 1% a day sounds easy and small... and it might be sometimes... but its all about consistency.. I find 1% is very high goal. For us compounders, when we take 250 trading days in a year: ... 1% a day consistently means (1.01^250) = 12 times amount of money after a year. ... 2% a day consistentyl means (1.02^250) = 141 times amount of money after a year... (crazy) But those are quite unrealistic... it sounds scary... Lets adjust the numbers a little bit: ... 0.4% a day = 2.7 times amount of money after a year ... 0.5% a day = 3.5 times...

At the very least a couple % a month is reasonable.

Think of it like this, 1% of $5,000.00 is $50.

So getting a consistent $50 a week is a very reasonable thing. I average about $500 a month at least.

I tend to have about a 3 out of 4 success rate. Cut your losing trades fast and let your winning trades run.
Love to talk on Discord: DividendGamer#1324
  • #53
  • Sep 17, 2020 3:42pm Sep 17, 2020 3:42pm
Quoting Varkeer
{quote} At the very least a couple % a month is reasonable. Think of it like this, 1% of $5,000.00 is $50. So getting a consistent $50 a week is a very reasonable thing. I average about $500 a month at least. I tend to have about a 3 out of 4 success rate. Cut your losing trades fast and let your winning trades run.
Can you be more specific give us some numbers about how many trades you suggest,position size etc etc,so i can make $50 a week with $5,000.00 capital.
Thanks
Whether you think you can, or you think you can't,you're right. H.F.
  • #54
  • Sep 17, 2020 5:08pm Sep 17, 2020 5:08pm
That is too easy to do, not holding someone's hand like that.
Love to talk on Discord: DividendGamer#1324
  • #55
  • Sep 17, 2020 8:00pm Sep 17, 2020 8:00pm
Making a living with forex trading is very possible but it takes patience, determination and a lot of learning along the way. Without knowledge and skills it is not possible to survive in forex.
  • #56
  • Sep 17, 2020 11:41pm Sep 17, 2020 11:41pm
Quoting Varkeer
That is too easy to do, not holding someone's hand like that.
So can you or cannot?
Whether you think you can, or you think you can't,you're right. H.F.
  • #57
  • Sep 18, 2020 1:10am Sep 18, 2020 1:10am
Quoting Simply-Me
{quote} So can you or cannot?
Of course he/she can't. Read though his barrage of posts to threads over the past few days. Take a look at his/her profile...not one single live trade to be seen....hell...not even one single chart....ever!!! Just a BS artist.....nothing more!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #58
  • Last Post: Sep 19, 2020 9:47am Sep 19, 2020 9:47am
Quoting realjumper
{quote} Of course he/she can't. Read though his barrage of posts to threads over the past few days. Take a look at his/her profile...not one single live trade to be seen....hell...not even one single chart....ever!!! Just a BS artist.....nothing more!
hehehe so this character Varkeer,instead of answering my question rather started ignore me.
I couldn't care less about it , but it just confirmed your words.
Whether you think you can, or you think you can't,you're right. H.F.
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