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Is anyone here earning a living, just with forex trading?

  • #21
  • Apr 2, 2011 2:22pm Apr 2, 2011 2:22pm
Moving your stop loss to break even ASAP has helped me a bit.

I think that to start with you shuold only do trading to supplement your job income, if you try to start making a living straight away you will put yourself under alot of pressure in order to succeed quickly.

Im not convinced trading demo is worth it, since it has no emotional attachment, theres loads of trades ive taken in demo that i know i wouldnt of done in real because I know there was no risk in the demo trade.

Its better to trade real money at the minimum lot until you know your good at this.
  • #22
  • Apr 2, 2011 5:47pm Apr 2, 2011 5:47pm
Quoting sam1741
hi all...

I mean, average Joe just like me, who put aside some money and start trading, can we earn a living from trading forex?

Not the big institutes and rich one who have billions in their capital


Is just that after a year and 3 months learning, and demo on forex, i started to doubt i can make any money from it.

I have several demo account, the best one have some earning from the initial deposit, but what confusing to me is..

- if i follow any system, i will lose money
- if i i follow any sets of indicators, i will lose money
- if...
Like some of the other comments we have all been there, done that !. It comes down to time in front of the screen. Stop moving from one method to the other “big mistake " IMHO. Keep it simple... The best traders I see keep it very simple. Take what you have learn up to this point and begin to apply it in your own way.

What makes trading so difficult is that each pair, index, stock, commodity, ETF, etc, etc. has its own personality. Time in front of the screen will help you begin to see that.

The one thing that helped me turn to the corner was a "true gut understanding and absolute belief" of this... Rule #1... Preservation of Capital + Rule #2 Trade Management = Profitability... When is doubt refer to rule #1....

No matter what your method or system you use, following these principals will give you confidence and make you profitable in the long run.
  • #23
  • Apr 2, 2011 7:58pm Apr 2, 2011 7:58pm
hi Custor,
yes, i am reading trading books.. and after some times, i feeling all of them are talking about the same thing..

would appreciate if you could suggest some material for me to read please. Thanks.


Quoting Custos
well, you are just reading trading books. That is not what I was talking about. I personally am reading up on market structure, fundamental forces driving the markets, mass behavior, behavioral finance, statistics, game theory,...

should give you material to read for the upcoming years.
  • #24
  • Apr 2, 2011 8:00pm Apr 2, 2011 8:00pm
Thanks.. i guess we start on the same place too. I was started to learn forex by reading everything on babypips ..

consistency is what i looking for too, i thinking myself even if i can get 0.5% gain each month, but can keep it consistence , it will be good enough, but so far i cannot achieve it.

Is good that you are starting to gain from your account.. i hope to see that on me sometimes too...

Quoting gimmie3pips
Well the first thing you need to do is get rid of the negativity, if you are convinced no matter what you do you will lose, guess what?....you will lose.
You have to get out of the mindset that everything you do is a losing proposition.

once you do that you need to define your risk and your goals and be very disciplined with whatever system you decide to use.

I started out trading micro forex a few weeks ago and although i have some experience with trading the stock market I still had a rough time jumping to Fx. I finally have a system thats...
  • #25
  • Apr 2, 2011 8:01pm Apr 2, 2011 8:01pm
Thanks Paul.. i will keep that in mind..
i will stop for few days and start again with fresh mind and thinking

Quoting Paulus
I forgot and its rather clishe but very important from a mental point of view
try to make sure your winners are at least twice the size of losers

A very simple way of doing this is just to tie it into your MM

$2000 bank
Risk 5% per trade = $100
EU - 10$ per pip so stop loss 10 pips
Therefore TP is 20 pips
therefore the 15min time frame up may be seen as the best

Thats at its bare basics on top of that you have to decide

Is this the best place for my stop loss ?
Is the TP achievable ?

With all the metal positive thinking in the world unless...
  • #26
  • Apr 2, 2011 8:02pm Apr 2, 2011 8:02pm
hi TraderinSD, thanks, i agree with you too, everyone have their own different method that works for them.. so far i have few of mine too, they all looks pretty impressive if i look on past data but when come to live they all not work out.

but i will keep in mind the rules you share. I think this is important

Thanks


Quoting TraderinSD
[color=black][font=Verdana]Like some of the other comments we have all been there, done that !....
  • #27
  • Apr 2, 2011 8:13pm Apr 2, 2011 8:13pm
Don't be confused , just need to face with this feeling and pass it . This is one of things everyone need to come over while learning forex , so you're not alone .
In fact , I tried to buy many system , robot , learning about candle , about patterns , about news , try to combine indicators ...ect , but now after 2 years experienced , tested most of them , FAILED many times and lost much funds in this industry , I got what I was looking for and understood more about trading . I'm trading WITHOUT any lagging indicators , no trendline , no news , no MACD , no patterns....just using simple chart to trade , everyone like to buy low and sell high , but I like to buy high and sell low , just simply market go up , we go long , market go down , we sell , the most important thing is how can you know if its momentum is UP or DOWN ? It's key .
NOTHING IS IMPOSSIBLE , relax your mind , search google "How to not hurry" , take a break , play some mini games, watch funny videos , take a shower ....then sit down and continue our forex journal with clear mind

Good Trading
Regards
  • #28
  • Apr 2, 2011 8:37pm Apr 2, 2011 8:37pm
honestly, what I think could be happening here Sam.....

Is your ego is getting broken----- hopefully you are not offended by me saying this, but I believe that I have a point.... because this happened to me.

My first year of trading, the motivation that kept me going, was my strong will/ego. I always told myself "I will beat the market" or "i am going to figure out a system that will be profitable, no matter what, i will find a system,, create my own even"..........

Right now the market is kicking your ASS! It is beating you up so bad and smashing your ego..... you are being beat up by the market........

do not worry though,, this is what makes you disciplined,,,,
you will keep getting your ASS pounded over and over again,,,,
and then one day you will refrain from placing a bad trade,,,
because you dont want you ASS to get kicked,,,,,,

its like a little kid being spanked by his dad every time he disobeys,,,
but hang in there, one day you will do the spanking!

Am I right?
  • #29
  • Apr 2, 2011 9:04pm Apr 2, 2011 9:04pm
hi Tim and HoangTuan,

Yes.. hard to admit.. i think i am being beaten..

Somewhere last year i have this bad feelings too.. i cant describe it.. its mixture of beaten, tired, frustration, anger, loss, confusion

Then that time i get over it, start with something simple, then , i saw profit.. i even having a good time trailing my stop and be happy when SL being hit..

Then lately the market beats me again..
then this feeling comes back again.. and once again i am confused..










Quoting HoangTuan
Don't be confused , just need to face with this feeling and pass it . This is one of things everyone need to come over while learning forex , so you're not alone .
In fact , I tried to buy many system , robot , learning about candle , about patterns , about news , try to combine indicators ...ect , but now after 2 years experienced , tested most of them , FAILED many times and lost much funds in this industry , I got what I was looking for and understood more about trading . I'm trading WITHOUT any lagging indicators , no trendline , no news...
Quoting tim112779
honestly, what I think could be happening here Sam.....

Is your ego is getting broken----- hopefully you are not offended by me saying this, but I believe that I have a point.... because this happened to me.

My first year of trading, the motivation that kept me going, was my strong will/ego. I always told myself "I will beat the market" or "i am going to figure out a system that will be profitable, no matter what, i will find a system,, create my own even"..........

Right now the market is kicking your ASS!...
  • #30
  • Apr 3, 2011 4:54am Apr 3, 2011 4:54am
Quoting Paulus
Hi Sam

How to answer a question like this in a few lines....I cant !

If we all went to trade school and progressed through trading like an apprentice with an instructor passing out yearly and moving onto the next step we would probably all pass out as traders that make consistent money

But we dont do that ... we are all individuals at home gleaning what info we can from the net and other traders on what to do when and why.

An electrician will take 4 years to pass out
A vet 7 years to pass out
A Royal Marine 9months then a couple years continuation...
would you please tell me what you mean with diversity..?

thanks in advance
Learning is a Journey Not a Destination
  • #31
  • Apr 3, 2011 5:24am Apr 3, 2011 5:24am
Quoting sam1741
hi Tim and HoangTuan,

Yes.. hard to admit.. i think i am being beaten..

Somewhere last year i have this bad feelings too.. i cant describe it.. its mixture of beaten, tired, frustration, anger, loss, confusion
Sam

This is a normal feeling we see so many other people so called making it and yet we hit a wall

Big things here is to remember the market doesn't see you ..it moves where it wants to go to a certain degree..its not hunting you out running you into the ground

When I 1st started trading live I would be extremely nervous my bowls turned liquid I sweated and had terrible butterflies in my stomach

I would click on the buy button and as soon as I was in 1 tick of profit close....I was trading ftse index futures at that time not forex.I would then have to go and wash my hands and rinse my face .. and then sit down and face the pain again

It really was that bad and I went through hell every day,Im being honest here and I havnt told any one this before but the main reason for this was a terrible sense of potential failure I had told all my family and friends just how wealthy I was going to be being a big time trader and its so easy..

Every week they would ask ' hows the trading...how much you made' in my mind I knew I had lost..it was a nasty situation and the pressure just piled onto me.

I have taught many people to trade its not just about clicking the mouse and taking 20 pips its about handling your mind and emotions, and the pressure of what others are seeing

I have trading money for friends and traded spare accounts for large traders and Im telling each endeavor brings its own demons....My self I stopped both as I found [eoples expectations were to high

You give a return of 40% one month they expect that every month ..a loss of 5% that week I would be on the phone justifying why..

Dont place your self under un due pressures tell people your on a learning scheme taking a couple of years .. no promises are to be made and like all businesses your going to start small and build.

take the pressure away from your self and this will help relax you

Find an edge and carve out some rules

Start with micro contracts and build up

I ran an experiment with a friend of mine you had serious problems clicking the mouse I asked him to post me trades win or loss every day for 3months..at the same time I stuck a pin in the calendar roughly a month into the proposed venture and took not of the date.

When the 3 months were over I told him he went live on the date I selected I didnt tell him..his results were as constant as the period before the date...If I had told him in 1month we are going live his results would of been different.................This impressed on us both thats its sometimes not the system or the method but the emotions and the mind that does the damage

P
  • #32
  • Apr 3, 2011 6:09am Apr 3, 2011 6:09am
Quoting FFStudent
would you please tell me what you mean with diversity..?

thanks in advance
Diversity is just an index doing the opposite to an indicator..and so showing strength or weakness..

I will post a chart to help if thats ok with every one here..but please I dont and Im sure Sam doesnt want this to be taken over with systems and approaches

I only look at double tops and bottoms with diversity if some thing is up trending you will see loads of diversity but its more risky so I need as in this example a double bottom

This from price action tells me perhaps sellers have given up and buyers may take over

therefore my SL will be 1 pip below A with my TP twice of the SL which gives me B
Attached Image (click to enlarge)
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  • #33
  • Apr 3, 2011 6:25am Apr 3, 2011 6:25am
[quote=Paulus;4517993]Diversity is just an index doing the opposite to an indicator..and so showing strength or weakness..

Tank you very much gentleman
Learning is a Journey Not a Destination
  • #34
  • Apr 3, 2011 8:07am Apr 3, 2011 8:07am
Just to clarify, this is referred to as divergence. Here's a link for an explanation http://www.investopedia.com/terms/d/divergence.asp


[quote=FFStudent;4518009]
Quoting Paulus
Diversity is just an index doing the opposite to an indicator..and so showing strength or weakness..

Tank you very much gentleman
  • #35
  • Edited 9:30am Apr 3, 2011 8:53am | Edited 9:30am
I have been trading for almost five years and I am getting closer to making a profit. Trading is all about discipline and finding a method that works for you. Develop a strategy that you feel comfortable with and stick to it for a while. Decide what conditions need to be met to enter a trade, how much money you can afford to lose on the trade, and under what conditions will you exit the trade. Develop a plan and stick to it long enough to decide if it works for you. If you try two or three trades and they all lose, don't give up. Stick to your strategy and keep records on your trades so that you can go back and analyse your trades. You will learn a lot about your level of discipline when you go back and look at when you entered and exited a trade. Very often you will see that you entered or exited too soon, usually not based on your strategy but on emotion. For many people (me included) this is the most difficult thing to overcome but is essential to making a profit. Every move you make has to be based on the rules that you will use to trade. Also, don't over complicate your strategy. Simple strategies can be more effective for some people as it is easier to stick to your plan. Too many pieces of information tend to make the process more confusing.
  • #36
  • Apr 3, 2011 9:33am Apr 3, 2011 9:33am
Thanks Paul,
i couldn't agree more. sometimes the emotions control what we do.. i guess i have to prevent that from happens.. and the stress too..




Quoting Paulus
Sam

This is a normal feeling we see so many other people so called making it and yet we hit a wall

Big things here is to remember the market doesn't see you ..it moves where it wants to go to a certain degree..its not hunting you out running you into the ground

When I 1st started trading live I would be extremely nervous my bowls turned liquid I sweated and had terrible butterflies in my stomach

I would click on the buy button and as soon as I was in 1 tick of profit close....I was trading ftse index futures at that time not forex.I would then...
  • #37
  • Apr 3, 2011 9:35am Apr 3, 2011 9:35am
Thanks Paul, is ok this could give us some revision too.

After looking at your explanation and chart, I think diversity = divergence / convergence
not sure am i correct.


Quoting Paulus
Diversity is just an index doing the opposite to an indicator..and so showing strength or weakness..

I will post a chart to help if thats ok with every one here..but please I dont and Im sure Sam doesnt want this to be taken over with systems and approaches

I only look at double tops and bottoms with diversity if some thing is up trending you will see loads of diversity but its more risky so I need as in this example a double bottom

This from price action tells me perhaps sellers have given up and buyers may take over

therefore my SL will be...
  • #38
  • Apr 3, 2011 10:09am Apr 3, 2011 10:09am
yes thats it ..same thing different word

P
  • #39
  • Apr 3, 2011 10:17am Apr 3, 2011 10:17am
cool.. i still remember my basics...
  • #40
  • Apr 3, 2011 12:39pm Apr 3, 2011 12:39pm
Quoting Paulus
Sam

This is a normal feeling we see so many other people so called making it and yet we hit a wall

Big things here is to remember the market doesn't see you ..it moves where it wants to go to a certain degree..its not hunting you out running you into the ground

When I 1st started trading live I would be extremely nervous my bowls turned liquid I sweated and had terrible butterflies in my stomach

I would click on the buy button and as soon as I was in 1 tick of profit close....I was trading ftse index futures at that time not forex.I would...
Ok - I have just finished reading this whole thread - and I have to say Paulus - you have made me and I'm sure, Sam1741, feel a hell of a lot better.........another week of trading begins tomorrow!
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