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Do people actually make a living off of trading? 38 replies

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Living Off Fx

  • #101
  • Apr 18, 2010 7:51pm Apr 18, 2010 7:51pm
Quoting stjames
Hey traders, Long story short, I have been studying Forex (reading books, e-books, industry websites, etc.) for the last 9 months. I tried to soak in as much education as i could in less than a year before i began risking $.

Recently, I began trading on demo accounts testing my skills on a somewhat "real" system......
Trading 1 lot ... with $300-900 profit a day.. I'm guessing you have 30-90 pips profit a day.

I can't judge how sound your system is but my advice is to start a live account with $300 first .. see if you can make 30-90 pips a day with real money ... $3000 is too much I guess ...
  • #102
  • Jun 24, 2011 4:14pm Jun 24, 2011 4:14pm
Hi,
I am looking for pro traders trading forex for clients can you advise how to find such traders ?
  • #103
  • Jun 26, 2011 10:04am Jun 26, 2011 10:04am
Quoting corell
Hello

Can i get some feedback, can one really make a living off of FX????




Thanks
I know people who live in abundance.
  • #104
  • Jun 26, 2011 10:45am Jun 26, 2011 10:45am
Quoting stjames
To those who are trading full time, or at a profitable point, What are you currently bringing in as profits in a session/day?


I'm a full time day trader. The last time I made a new equity high was at the end of January 2011. As I only pay myself a percentage of new equity highs, I havnt been paid for almost 5 months now.

Thats the reality for most successful traders that I know. The idea that you can earn x per day is ridiculous. If thats what people want or need I hear McDonalds are hiring.
  • #105
  • Edited 3:52pm Jun 26, 2011 3:32pm | Edited 3:52pm
Quoting Razzle


I'm a full time day trader. The last time I made a new equity high was at the end of January 2011. As I only pay myself a percentage of new equity highs, I havnt been paid for almost 5 months now.

Thats the reality for most successful traders that I know. The idea that you can earn x per day is ridiculous. If thats what people want or need I hear McDonalds are hiring.
Haha , you are joking right? If not you are mixing with the wrong traders.
  • #106
  • Jun 26, 2011 4:40pm Jun 26, 2011 4:40pm
Quoting jag1966
Haha , you are joking right? If not you are mixing with the wrong traders.
No perfectly serious thanks.
  • #107
  • Jun 27, 2011 1:28am Jun 27, 2011 1:28am
Quoting Razzle
No perfectly serious thanks.
Oh ok; well then to say that traders cannot make a living by treating trading like a job is utterly Absurd.

Many many traders I know trade most days and make a very good living at it.
  • #108
  • Jun 27, 2011 6:21pm Jun 27, 2011 6:21pm
As a trader don't you want the failure rate to be really high? If 50% of traders made money won't that mean your share of the winnings will be cut down significantly? That means the true barrier (time, money invested, etc...) to entry would be really low.
  • #109
  • Jun 27, 2011 11:52pm Jun 27, 2011 11:52pm
Quoting chipstopips
As a trader don't you want the failure rate to be really high? If 50% of traders made money won't that mean your share of the winnings will be cut down significantly? That means the true barrier (time, money invested, etc...) to entry would be really low.
IMO there are just two players to worry about, yourself and the biggest money. Your job is to work out how to think ahead of the biggest money.
  • #110
  • Jun 28, 2011 12:03am Jun 28, 2011 12:03am
Quoting jag1966
IMO there are just two players to worry about, yourself and the biggest money. Your job is to work out how to think ahead of the biggest money.
I'm still new to forex so terms are not very clear to me. When you say biggest money, do you mean the large banking institutions?
  • #111
  • Jun 28, 2011 1:29am Jun 28, 2011 1:29am
Quoting chipstopips
I'm still new to forex so terms are not very clear to me. When you say biggest money, do you mean the large banking institutions?
Yes.

It is me against them, nothing else matters to me.
  • #112
  • Jun 28, 2011 1:41am Jun 28, 2011 1:41am
as long as the market moves 1 pip a day you can make money, how much money depends on how much u bet...point is id work out the minimal monthly amount of money required for you to sustain your life, work out how much you bet and therefore how many pips you require for the month. For most people it works out to be 20-25pips a day. So the main thing you should work out is how to be consistent to get 20pips a day. If you have balls, think big, then you may achieve the ferrari and yacht, but 95% of us would just like to have an easier life. What alot of people fail to realize is that you can chase millions but just doubling your daily income will change your perception of life...
  • #113
  • Dec 11, 2011 1:58pm Dec 11, 2011 1:58pm
Where do I send the application?

Quoting lizu
Hi,
I am looking for pro traders trading forex for clients can you advise how to find such traders ?
Patience is magic
  • #114
  • Dec 11, 2011 5:09pm Dec 11, 2011 5:09pm
Sounds promising...where do we send the app?
  • #115
  • Edited 8:08pm Dec 11, 2011 7:54pm | Edited 8:08pm
Quoting TheRealThing
Can this forum handle some truth? Note: this is not a negative post.

99% of my success has come from trading and working breakouts. Primarily larger breakouts. Why? They work!

When you learn that breakouts "work" as a trading concept, over the years you continually seek the best breakouts like seasoned surfers all continually seek the best waves. The best breakouts use and highly reward your acquired skills better than lesser ones. Then you stay trading in the zone where the greatest edge is and trade the best breakouts and ignore...
I have been staring at charts for last 2 years, I have small live account, tried demos but I realised that I just lose interst and don't look at the charts with demos. Although I have been profitting last 5 months or so I'm about 60% down on my total equity and I consider myself a rookie.

Anyway, here is what I wanted to say and ask. It just totally make sense to me what you said above, that best trades do come from catching the biggest break outs early on. The markets always seem to move with a breakouts when they open (that is my view from staring at 5min charts), just about all trend starts with breakouts, and often breakouts start with a fakeout. At the moment (for me) its mostly 50/50 as to which way the market will break out, because there is always a possibility of initial fakeout and breaking out the other way, although some breakouts I see certain patterns using bollinger bands, before the breakouts happen. My question is this, are the breakouts really 50/50 as to which way it will break out, and you make money on breakouts by managing the losses? Or are there setups which improves the odds on spotting which way it will breakout? Also are there mothods of spotting fakeouts? Finally do you try to predict breakouts or do you go on the confirmation.

I made a post about spotting fakeouts and breakouts couple of days ago it, didn't get a single reply. Which really got me thinking that this forum...

I'll be a very happy man if you'd shed some light on this, or at least direct me to places where I can find more about it.

Thanks in advance.
  • #116
  • Dec 12, 2011 4:53am Dec 12, 2011 4:53am
[quote=CoolJL;5213375]I have been staring at charts for last 2 years, I have small live account, tried demos but I realised that I just lose interst and don't look at the charts with demos. Although I have been profitting last 5 months or so I'm about 60% down on my total equity and I consider myself a rookie.

Anyway, here is what I wanted to say and ask. It just totally make sense to me what you said above, that best trades do come from catching the biggest break outs early on. The markets always seem to move with a breakouts when they open (that is my view from staring at 5min charts), just about all trend starts with breakouts, and often breakouts start with a fakeout. At the moment (for me) its mostly 50/50 as to which way the market will break out, because there is always a possibility of initial fakeout and breaking out the other way, although some breakouts I see certain patterns using bollinger bands, before the breakouts happen. My question is this, are the breakouts really 50/50 as to which way it will break out, and you make money on breakouts by managing the losses? Or are there setups which improves the odds on spotting which way it will breakout? Also are there mothods of spotting fakeouts? Finally do you try to predict breakouts or do you go on the confirmation.

I made a post about spotting fakeouts and breakouts couple of days ago it, didn't get a single reply. Which really got me thinking that this forum...

I'll be a very happy man if you'd shed some light on this, or at least direct me to places where I can find more about it.

Thanks in advance.[/quote

Before I answer that my question is do you really even know what a breakout represents? If you want to be successful you have to understand the underlying mechanics of the market and how to react to it.My belief is based on a methodology which teaches individuals the mechanics of the market. I suggest if you want insight you should check out a forum VSA by malcolm
  • #117
  • Dec 12, 2011 4:14pm Dec 12, 2011 4:14pm
Thanks for the link, I shall have a look at it, its a long thread so it probably a take me while.

Anyway, my understanding is that when the market is consolidating, orders build up around the support and resistant area. And when the orders become more biased in one direction and these are triggered, by some incentive, then the break outs can start. But sometimes I think, it starts by someone just clearly all the built up orders, making it possible for the price to move, when the orders aren't biases in a particular direction. But the massive breakouts I think are usually news related or some government incentive to it. Most fakeouts I usually look at them as some big player trying get the best entry possible.

I think that to sustain the breakout all the big players need to agree thats the right direction, join in, and go through a feedback cycle of taking profit and reentering.
  • #118
  • Dec 27, 2011 11:56pm Dec 27, 2011 11:56pm
Yes, I personally know two people who successfully trade for living. I am young trader and I am not there yet. However, I am truning the tide and moving toward the goal of being a professiaonl FX trader.
  • #119
  • Dec 28, 2011 9:24am Dec 28, 2011 9:24am
hopefully i don't get banned for this but i've been watching the trader here during NY sessions and i have to say he's prob the best i've seen online...oh and its free

Been living off FX for over 3 years here...but not much growth in my accounts just making enough to get by hopefully 2012 will be different!
  • #120
  • Edited 10:01am Dec 28, 2011 9:40am | Edited 10:01am
That site looks brand new. I could not see any trader. Can you elaborate?


Quoting Madness
hopefully i don't get banned for this but i've been watching the trader here during NY sessions and i have to say he's prob the best i've seen online...oh and its free

Been living off FX for over 3 years here...but not much growth in my accounts just making enough to get by hopefully 2012 will be different!
Patience is magic
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