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

  • #41
  • Apr 3, 2011 1:33pm Apr 3, 2011 1:33pm
Quoting Paulus
Sam

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


P
Excelent post Paulus, I never told anyone about trading endevours untill recently when i told some close freinds.

Its almost imposible to try and explain to people who have no understanding about markets what its all about. Most people have massive misconceptions about what it really is, some will say "oh thats very dangerous, you should watch what you are doing" personally i dont feel that trading is in anyways dangerous as i have controled my risk and will continue to do so.

There is nothing dangerous about someone who earn 50k+ depositing a $1000 of disposable income and trading micro account. But it just takes one or two heros to deposit everything they have and max a few credit cards while they are at, lose the lot and then this is what the public fixes on. "you can lose your house!"

the other type of people are the ones who think trading is all supercars and hot chicks, again for most this is not the case.

Best approach is to keep your trading career to yourself and only tell others when you truly believe you can succeed. better still keep them guessing as to where your getting all the money, and your not even working a day job.
  • #42
  • Apr 3, 2011 4:35pm Apr 3, 2011 4:35pm
Yes.. a new week begins,
and Tokyo just open a couple of hours ago

I going to take few days away from the chart
and than start testing my strategy again, with a fresh mind
  • #43
  • Apr 4, 2011 1:16am Apr 4, 2011 1:16am
I'm not sure why, but a lot of my posts on this thread seem to be going into a moderation queue and then disappearing, but as Paulus reminds us of Edison, The most certain way to succeed is always to try just one more time.

When I read this thread yesterday, all I could think of was that I am in sam1741’s shoes, but reading the thread helped me today and though I finished on a negative overall, it was well within what is acceptable for me and I felt I was making inroads. Of course I am more than aware of the fact that one good day means nothing, as I have been there before, but it has been a hell of a long time since I have had a negative day and still thought it to be quite a good day.

Jas
Trading Journal
  • #44
  • Edited 4:46am Apr 4, 2011 3:41am | Edited 4:46am
You have learnt its gonna take a little longer and a little more effort than you first thought. You have successfully completed your first year of the greatest challenge of your life

Inserted Video
BTC Return This Year: na
  • #45
  • Apr 4, 2011 4:03am Apr 4, 2011 4:03am
Quoting M.A.C.Doug
Its gonna take a little longer and a little more effort than you first thought. You have successfully completed your first year of the greatest challenge of your life

http://www.youtube.com/watch?v=yy0I9WKWp44
I agree – it is going to take much longer than I thought – so much so, that I’m getting a job while I become consistent with my trading.

You must be referring to me being successful because I am still here after a year right? As I certainly haven’t made a profit yet.....

Cool vid btw

Jas
Trading Journal
  • #46
  • Apr 4, 2011 5:16pm Apr 4, 2011 5:16pm
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...
This is by far. Hands down, absolutely the best bit of advice in all of trading “it’s sometimes not the system or the method but the emotions and the mind that does the damage”
Most excellent!!! Paulus

If I could humbly add 2 more items that may help deal with the damage...

Understanding trade management. What to do once you get into a trade... If the market does this, I do that... If the market does that, I do this. Having a plan once you are in the trade (instead of blindly letting it do its thing... Very common in most system) Example... A move of the initial stop to break even plus a tick or pip. This will create a scratch trade (no loss even com’s) when the market turn against. To put another way... w=letting a winner turn to a looser. The question is when to do that?? I use a 75% rule. If reaches 75% of my target I move to BE plus a tick/pip. Now if the market turns back onto me... I don’t care. This leads to my second point: This ability to scratch a trade (s) that would normally create a loss puts you in a position to have an expectancy much lower say, 40% or 50% and be a profitable trader... Given the appropriate risk/reward and… The RR does not have to be that great either. This understanding and the ability to apply will work for Sam.

I have mentored a close friend who trades stock. It took me a while to get him to believe in this as he was so focused on the methods, indicators, gurus, etc. Once he got this he began to build his own method around this and is now just beginning to become profitable. Why??? Because he knows what he will do once he is in the trade. We can get in anywhere, get out anywhere… It’s what we do while we are there that makes or break us.

This is where the true practical application of this statement emerges: “it’s sometimes not the system or the method but the emotions and the mind that does the damage”


Paulus, as I said earlier.. A truly great statement!! Thanks
  • #47
  • Apr 4, 2011 5:31pm Apr 4, 2011 5:31pm
Copied from an earlier post of mine:

Bottom line is that you either have a plan for your exits, or you don't.

--- If you don't, then your exits will be almost certainly made on a whim, and/or on the basis of emotion.

--- If you do, and the plan has proven itself profitable, then you'll develop the confidence to trade it consistently. Ultimately, disciplined execution can come only from a belief that what you're doing works profitably, and that belief can come only from experience.

If you have difficulty keeping to the plan, then set your SL, TPs and/or trailing stops (or if it's more complex, have an EA written), and walk away. Automated exits reduce both screen-time and worry. And that way, if the losses accumulate over time, you know that it's your plan that's faulty. The only reason to exit manually is if you believe you can forecast probable market behavior, and thus adjust your exit points, as the trade progresses.

Don't overleverage yourself emotionally. If the money swings are making you uncomfortable, trade smaller position sizes.

Know your risk. If you're not completely comfortable with the worst case outcome of your proposed trade, then either adjust the risk, or don't make the trade.

Intellectually, it's that simple. If, for whatever reason, you can't find it within yourself to put the theory into practise, well, the harsh truth might be that trading is not for you. You need to decide whether it's better to quit, or to continue to waste your time and lose money.
  • #48
  • Apr 5, 2011 2:13am Apr 5, 2011 2:13am
Quoting hanover
Copied from an earlier post of mine:

Bottom line is that you either have a plan for your exits, or you don't.

--- If you don't, then your exits will be almost certainly made on a whim, and/or on the basis of emotion.

--- If you do, and the plan has proven itself profitable, then you'll develop the confidence to trade it consistently. Ultimately, disciplined execution can come only from a belief that what you're doing works profitably, and that belief can come only from experience....
What you say in your last para was probably what I was thinking for quite some time - but recently I have made a conscious decision to keep persevering - I think it will pay off in the end.

Jas
Trading Journal
  • #49
  • Apr 5, 2011 6:00am Apr 5, 2011 6:00am
To the author of the thread. I think people who is profitable trades that trades for living don't spend a lot of time on forums.
Almost got it or far far away. Result is the same - you didn't get it!
  • #50
  • Apr 5, 2011 6:04am Apr 5, 2011 6:04am
Quoting MarkRox
To the author of the thread. I think people who is profitable trades that trades for living don't spend a lot of time on forums.
maybe .. some of them having time and financial freedom, they kindly visit forums to give beginners (like me) some advice...
  • #51
  • Apr 5, 2011 7:07am Apr 5, 2011 7:07am
Quoting sam1741
maybe .. some of them having time and financial freedom, they kindly visit forums to give beginners (like me) some advice...
I agree – I have certainly received a lot of help from members on forums in the last couple of weeks. I started on OANDA’s forums and someone there referred me here.
Sam1741 – how did you do on the markets today?
Jas
Trading Journal
  • #52
  • Apr 5, 2011 10:48am Apr 5, 2011 10:48am
Quoting TraderinSD
. The question is when to do that?? I use a 75% rule. If reaches 75% of my target I move to BE plus a tick/pip. Now if the market turns back onto me... I don’t care.
Another way to look at this: not where you are going, but where you have been.

I move my stop loss to breakeven plus 2 pips at R1/S1, (sell half to lockin profits) and then at R2/S2 move the stop loss to R1/S1 plus 15 pips, and continue moving it up (R2/S2 + 15 pips at R3/S3). This allows room for elliot waves. It doesn't maximize the exit returns, but I think very differently than most people. I only lose out at the last wave by the differential between previous SR line plus 15 pips and the high point of the trend.

I like to lock in profits and then move stop loss up as the trend continues ( I trade non-yen NY daily with H4 and M30 as trend and entrance).
  • #53
  • Apr 5, 2011 12:19pm Apr 5, 2011 12:19pm
Quoting jasfx
What you say in your last para was probably what I was thinking for quite some time - but recently I have made a conscious decision to keep persevering - I think it will pay off in the end.

Jas
Trading Journal
Jas,

Good luck, my friend, I wish you all the best.

I hope that I didn't discourage you in any way. It can take a long time to find a way of becoming profitable, but if you enjoy trading and can make $$$ at it, then obviously all of the time and effort is worth it.

The point I was trying to make is that every trader must find some way of overcoming personal gremlins that lead to his making 'emotional' exits. If he can't do that, then progress will ultimately become impossible, and quitting will save him further time, effort and money.

David
  • #54
  • Apr 5, 2011 6:12pm Apr 5, 2011 6:12pm
Quoting jasfx
I agree – I have certainly received a lot of help from members on forums in the last couple of weeks. I started on OANDA’s forums and someone there referred me here.
Sam1741 – how did you do on the markets today?
Jas
Trading Journal

Thanks Jas... I feel FF forum is quite helpful too..

I did not trade since monday.. taking some break
however cant resist looking at the chart and news and wondering why like this...
  • #55
  • Apr 5, 2011 10:23pm Apr 5, 2011 10:23pm
Quoting ptownboi
Another way to look at this: not where you are going, but where you have been.

I move my stop loss to breakeven plus 2 pips at R1/S1, (sell half to lockin profits) and then at R2/S2 move the stop loss to R1/S1 plus 15 pips, and continue moving it up (R2/S2 + 15 pips at R3/S3). This allows room for elliot waves. It doesn't maximize the exit returns, but I think very differently than most people. I only lose out at the last wave by the differential between previous SR line plus 15 pips and the high point of the trend.

I like to lock in profits...
A most excellent point ptownboi. It is all about how one manages the trade. IMHO this is the true key to trading. If you can master this one technique this will serve you well in any market and any method. Of cousre each of these will have their own personality as mentioned earlier but trade management is essential / "key" Each can develope their own style, like you have. Unfortunitely I have met many who have not done this in their trading and they are having a tough go of it.
  • #56
  • Apr 5, 2011 11:24pm Apr 5, 2011 11:24pm
Quoting TraderinSD
A most excellent point ptownboi. It is all about how one manages the trade. IMHO this is the true key to trading. If you can master this one technique this will serve you well in any market and any method. Of cousre each of these will have their own personality as mentioned earlier but trade management is essential / "key" Each can develope their own style, like you have. Unfortunitely I have met many who have not done this in their trading and they are having a tough go of it.
trade management or money management alone is not the key. You need an edge where odds are slightly in your favor. If you don't have that, trade and money management will not save you from the ultimate destruction of your account, it will just postpone it.

But if you have an edge, trade and money management, can definitely reduce your losses. The edge gives you the profits you seek, and the trade and money management will cut your losses making you net profitable.
  • #57
  • Apr 6, 2011 1:59am Apr 6, 2011 1:59am
Quoting sam1741
maybe .. some of them having time and financial freedom, they kindly visit forums to give beginners (like me) some advice...

This description sounds like a dream.


If you would have time and financial freedom - would you visit forums? Or you would better to spend time with your friend and family?
  • #58
  • Apr 6, 2011 6:09am Apr 6, 2011 6:09am
Quoting hanover
Jas,

Good luck, my friend, I wish you all the best.

I hope that I didn't discourage you in any way. It can take a long time to find a way of becoming profitable, but if you enjoy trading and can make $$$ at it, then obviously all of the time and effort is worth it.

The point I was trying to make is that every trader must find some way of overcoming personal gremlins that lead to his making 'emotional' exits. If he can't do that, then progress will ultimately become impossible, and quitting will save him further time, effort and...
Thanks David and no you didn’t discourage me in anyway, I’m still relatively thick skinned – not that your comment warranted so. Sometimes though, you do need people to point out the obvious to you, especially if you are blinkered into thinking you know best and I am the first to admit that I sometimes need such pointing out....

I’ve mentioned this before, but I have got a lot of help by reading these forums recently – help that is, in getting my head straight – I still have a good few months to go proving to myself that I can be consistently profitable with my trading, but I am hopeful – and when I come across people like you, its a reminder to me to stay on the straight and narrow.

Btw, in my scalping, the gremlins, as you put it, rear their ugly face to try and make me emotionally both enter & exit trades – so I have to make twice the effort to stay clear of em – today’s session was the first in a very long time where I was actually successful in doing this.

Jas
Trading Journal
  • #59
  • Apr 6, 2011 6:15am Apr 6, 2011 6:15am
Quoting sam1741
Thanks Jas... I feel FF forum is quite helpful too..

I did not trade since monday.. taking some break
however cant resist looking at the chart and news and wondering why like this...
Sam1741 – you have to resist that urge or you are not going to get that break that you need/want – I am speaking from experience. For example, it was so tough for me today to physically not enter a trade, but I managed to stay out.

I don’t know when you actually started trading, but don’t make the same mistakes I made, it only ends up taking much longer to get this right......again, I am speaking from experience and I’m yet to get it right....

Jas
Trading Journal
  • #60
  • Apr 6, 2011 6:24am Apr 6, 2011 6:24am
Quoting TraderinSD
........................I have mentored a close friend who trades stock. It took me a while to get him to believe in this as he was so focused on the methods, indicators, gurus, etc. Once he got this he began to build his own method around this and is now just beginning to become profitable. Why??? Because he knows what he will do once he is in the trade. We can get in anywhere, get out anywhere… It’s what we do while we are there that makes or break us.
TraderinSD – another valuable reminder to me – you made me think about this – the difference in my case is that what I do before entering a trade is just as important as, as you say, what I do while I’m in a trade......

Jas
Trading Journal
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