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I trade my own account for a living. Tell your story

  • #21
  • Jun 17, 2012 9:00am Jun 17, 2012 9:00am
lets keep a traders meet up.may be in Singapore or Dubai?
  • #22
  • Jun 17, 2012 10:07am Jun 17, 2012 10:07am
Quoting Zorofx
lets keep a traders meet up.may be in Singapore or Dubai?
Dubai would be fine!
  • #23
  • Edited 8:01pm Jun 17, 2012 8:00pm | Edited 8:01pm
Quoting tradista
I am too, but never seem to have met one here at FF...

I personally have this thread bookmarked: http://www.forexfactory.com/showthread.php?t=88949

I don't trade the same way, but it's no nonsense and I like the way he approaches the market - no gimmicky indicators etc - it's all stuff that most of us know, but he actually does. He shows results of his live account and with the $$$ involved I'm fairly sure he lives well.

You can glean some useful info from him as well. He also doesn't post all that often - probably because he's off living a fabulous life!

I'm sure there are plenty of people that do trade for a living, but they either wouldn't be on this forum ( let's face it, many come here to learn ) - and if they are, they are likely to be in the Interactive trading threads, or here in some of the Trading discussion threads - whereas most people hang out in the Systems part of the forum ( and I reckon the concentration of people who trade for a living would be lowest in there ).

Just my 2c
- Look to the left, Trade to the right - I am the system
  • #24
  • Jun 18, 2012 2:16am Jun 18, 2012 2:16am
Quoting HiddenGap
The true measure is what econmists would call "opportunity costs". Suppose we take a person, whom we'll call him John. John has a college degree in basket weaving. At this point in his life most of the job opportunities he has found have been in the customer service field. Typically, these phone jobs pay $11.00-$20.00 an hour....

I agree, but "opportunity costs" are not only about money.
Since trading for a living I was able to move to a place with great weather, infrastructure and cost of living. I adapt my schedule so I can go out on my bike at least a few times a week.
My hardware setup is such that I can put it all in a cabin suitcase and I'm actually planning a RTW trip, spending a few weeks in every place and travelling on the weekends to allow me to keep trading as I do at home.

I would probably have a better economic retribution as an engineer (my profession) or in other entrepreneurial activity... But this level of freedom would be hard to match.

Reagrds
  • #25
  • Jun 18, 2012 3:32am Jun 18, 2012 3:32am
I trade full time from home for a living. I've been doing this for four years now though I traded part time for several years before that.

I trade just the EUR/USD market strictly on a day trading basis, looking to take 10-30 points out the market by following strong current momentum. I use a maximum 20 point stop - always there, no exceptions - and I'm quick to move the stop up to breakeven for a free trade, even if I do get scratched out many times.

Without taking large risks - I don't risk more than 1% of my account on any trade - I can now consistently make 40%-60% pa uncompounded return on capital. So, if you wanted to make $50,000 pa you'd need comfortably over $100,000 to make this viable. Preferably you want quite a lot more in reserve as you always want the ability to recapitalise if you have a bad run or do something really rash.

The biggest issue is not your method - it doesn't have to be great, it just needs to have a positive edge - it's the discipline, strict risk control and emotional stability required just to grind it out day after day without taking any big hits. Getting to this state of mind and consistent behaviour took me many years, much frustration, and a lot of losses.

It's not easy, it takes time and experience, and you do require a material capital sum. But it can be done if you really, really, want it and take it seriously like a career, not a bit of part time entertainment.
  • #26
  • Jun 18, 2012 3:43am Jun 18, 2012 3:43am
Quoting marcmarc
It's not easy, it takes time and experience, and you do require a material capital sum. But it can be done if you really, really, want it and take it seriously like a career, not a bit of part time entertainment.
Thank you for sharing, that's the kind of story that I am eager to hear, follow and learn from!
  • #27
  • Jun 18, 2012 3:47am Jun 18, 2012 3:47am
Quoting Sebastiaan76
I personally have this thread bookmarked: http://www.forexfactory.com/showthread.php?t=88949
His trade summaries are absolutely awesome! Made the calculation, some positions amount to 12 lots at a time. That is real FX Mastery to me!
Thanks for sharing Sebastiaan!
  • #28
  • Jun 18, 2012 4:13am Jun 18, 2012 4:13am
Hi

Its my 1st post in this thread..

I started trading around last year and for now I'm making a living out of fx trading. I just finished my studies in ACCA and I'm running a small shop.

Yes I've blown several accounts ($500-$800 each) in my early days trading but I've found the consistency of trading lately. Now I'm relying on my starting capital around $1500 and making some profits ever since (around $500-$700 a month). I didn't withdraw my profits to grow my capital, since my living cash flow is quite good for now.

Still having some loss here and there, but I hope I can do trading full time, and run my business as a part time job lol.. Cheers
  • #29
  • Jun 18, 2012 4:19am Jun 18, 2012 4:19am
Hello everybody,

this is my first post on this board, and I’m glad it’s on such a topic.

My relationship with all the trading biz is this one: will I be able to be consistent so to have freedom?

Because I think this is mainly the point: the accumulation of wealth is not the main focus – at least not for me or for many of those I know that got themselves acquainted with FX in the last few years. Freedom is. Freedom of being alienated from a day job, freedom to be relieved of the loan you contracted to buy an house, freedom to allow you children to attend the best schools, freedom to obey rules you set for yourself and not just withstand the mechanisms of corporations that the bigger they are, the less they count the human factor.

I see FX trading like a voyage to enrich myself by learning and confronting, rather than by earning zillions of bucks. Discipline and emotional detachment that translates in success and wisdom, that’s the biggest goal I’d really like to achieve. I think that would make me a better person. And if it will also carry as a “collateral” result a nice home in the country, a beautiful car and a decent annual income for a quiet family living… well, why not J

But certainly I do not expect things to be smooth. Indeed I’ve already blown two micro accounts, and that gives me the terms of what this is all about. As for everything on which we have tested, or will test ourselves with in life, one must be consistent, prone to learn, avoid feeling accomplished and overconfident when things go fine or depressed and understated when the market slaps you in the face. I know this has worked for me already in everything I’ve done previously, there is no reason why it should not be the same this time.

Cheers,
  • #30
  • Jun 18, 2012 6:45am Jun 18, 2012 6:45am
Quoting Andrew_S
I am making a $100 - $200 per day off a $1,000 account.
Thanks for passing by!
This is what I am talking about. Leverage helping, you only need good MM and strong discipline. Are you a scalper or are those numbers your average profit per trade, at the moment?
  • #31
  • Jun 18, 2012 6:50am Jun 18, 2012 6:50am
Quoting Madscientist
I hope I can do trading full time, and run my business as a part time job lol.. Cheers
Keep the mindset and the fighting attitude that your words reveal and I'm sure you'll make it, mate!
So what was the most difficult thing for you to achieve consistency?
  • #32
  • Jun 18, 2012 7:30am Jun 18, 2012 7:30am
hears my story, all i do is trade forex, it has supported my women and my kids, good luck to all
  • #33
  • Jun 18, 2012 7:33am Jun 18, 2012 7:33am
I posted earlier but I want to post one more thought that came to mind. They say 95% traders fail. I think that Is bs. I dont think there are only 5% successful on here. I am sure its about 60 - 70% fail. I dont believe it is because they suck, they just simply give up or they blew all their money. The ones that fail are the ones that quit the game forever.

Trading is like riding a bike. You learn...

Some people that kept on riding on their bikes became BMX experts.

The others simply just stopped riding their bikes.

The market is an instrument to make money. A bike is an instrument to get from one place to another.

Gotta use the training wheels first.
Know when to hold em, Know when to fold em!
  • #34
  • Jun 18, 2012 7:33am Jun 18, 2012 7:33am
Quoting tradista
Keep the mindset and the fighting attitude that your words reveal and I'm sure you'll make it, mate!
So what was the most difficult thing for you to achieve consistency?
Thanks tradista..

For me the hardest thing to achieve consistency is when I can't control your emotion. It has nothing to do (or maybe a little?) with the techniques and method of trading. People keep saying about this over and over again(including me), but at times I lose my self control and start over-leverage and over-trade. Over the years I saw some of my close friends made like 1000% profit in 3 months or so, because of that I'm so fired up to make money like them, just to discover that it is all pure luck.

Now thank god I did throw those attitude and I couldn't care less about my trading, just spend an hour or two to plan my trades and put down order. After that I just hang around at my shop or have fun with my friends, for me to be in front of my trading computer will stress me out. Gain or loss, who cares right? Just risk in an amount that you afford to lose, whether its 3% or 30%.

I'm still learning for now, of course I still have a lot of bad habits in trading, so if you guys have some advice, feel free to post. Thanks in advance. Cheers
  • #35
  • Jun 18, 2012 7:34am Jun 18, 2012 7:34am
Quoting PoundTrader
hears my story, all i do is trade forex, it has supported my women and my kids, good luck to all

How many Women do you support lol or do ya mean Woman.
Know when to hold em, Know when to fold em!
  • #36
  • Jun 18, 2012 7:42am Jun 18, 2012 7:42am
Quoting Madscientist
Now thank god I did throw those attitude and I couldn't care less about my trading, just spend an hour or two to plan my trades and put down order.
Quoting Madscientist
I'm still learning for now, of course I still have a lot of bad habits in trading, so if you guys have some advice, feel free to post. Thanks in advance. Cheers
I might be able to help. Most people dont realize they cant see the market because they do trade overleraged. (This means, their lot size is either too big or they might have appropriate leverage on 1 trade but they another trade(s).

I know its not get rich quick overnight. Just do me one favor and try to remove this from your thinking (you might already have). If you really truly want to see the market, trade naked charts, and just for the hell of it if not for you, do this for me. Your next trade place a 1K lot (.10 a pip). Look for a swing trade that will last 1 to days of being in that trade.

Tell me once you do this if you feel the pain in a trade or if you feel calm, relaxed, focused, and able to see the true market.

Nothing to be ashamed of to cut that trade to 1K lot just to test this out. I did it, and it truly works. You will be amazed to find yourself soon grabbing 50 pips per trade, then 100 per trade then 150 per trade and so on. You will be able to trade like the big money does. Not this measly in and out of the market for 4 to 5 pips scalping. when your account grows bigger your money is compiled much greater as well.
Know when to hold em, Know when to fold em!
  • #37
  • Jun 18, 2012 7:44am Jun 18, 2012 7:44am
Quoting goods
The ones that fail are the ones that quit the game forever.
Totally agree with you, goods!!
For me this has been a revealing journey and really changed me as a person... I am now able to endure things that I never thought I could!
Every day we must face hard decisions, frustration and anguish, we knock our head on the wall/door of doubt and desilution... but in the end what matters is that you get up and keep doing it. I think none of us should leave the game until we reach the FX FINISH line where winners are!
  • #38
  • Jun 18, 2012 7:49am Jun 18, 2012 7:49am
Quoting tradista
Totally agree with you, goods!!
For me this has been a revealing journey and really changed me as a person... I am now able to endure things that I never thought I could!
Every day we must face hard decisions, frustration and anguish, we knock our head on the door of doubt and desilution... but in the end what matters is that you get up and keep doing it. I think none of us should leave the game until we reach the FX FINISH line where winners are!
Amen bro, I been doing it for 2 years and took a 5 month leave to regain focus on my personal life. Came back trading the same but now I have greater positive consistency.
Know when to hold em, Know when to fold em!
  • #39
  • Jun 18, 2012 7:55am Jun 18, 2012 7:55am
Quoting PoundTrader
hears my story, all i do is trade forex, it has supported my women and my kids, good luck to all
Thanks for dropping by and make us see that it is indeed possible.
When you have the time, feel free to elaborate on your own story (starting capital, how many years it took you to be profitable, etc), it should only be very interesting to learn from you.
  • #40
  • Jun 18, 2012 7:58am Jun 18, 2012 7:58am
Quoting goods
... took a 5 month leave to regain focus on my personal life. Came back ..
Yeah, sometimes you have to move away from the terminal for some time... I had a similar moment that lasted about 2 month. It's good for soul I guess (and the kids like the extra time and attention!)
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