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Should I quit trading forex? 219 replies

Profitable traders: Would you quit trading for your career? 25 replies

Do you continue your search after you have found a profitable strategy? 11 replies

Quit Job , go Back to School, Trade Forex? 33 replies

Attachments: I have a profitable trading strategy. Should I quit my job?
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I have a profitable trading strategy. Should I quit my job?

  • #21
  • Quote
  • Jul 8, 2012 11:45am Jul 8, 2012 11:45am
Quoting Custos
well, if you gonna quote something, then do it in a correct way: "patience Daniel-san"
oops... got a karate kid fan in the house... sorry!
tradewith60
  • #22
  • Quote
  • Jul 8, 2012 11:45am Jul 8, 2012 11:45am
as Intu stated:

include:

win percentage
st. deviation of wins
st. deviation of losses
st. deviation of both
avg. win size (in pips)
avg. loss size (in pips)
number of trades in a year
number of all trades
number of pips made up to date

and I'll get back at you with the numbers for your expectancy etc.

From what you've stated it looks good but there can be hardly any sure analysis should you quit or not without those numbers.

Kind regards
  • #23
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  • Jul 8, 2012 11:50am Jul 8, 2012 11:50am
One last question, you said you have never allowed more than a 10% loss in the past 5 months?

Have you actually taken a 10% loss on a trade in the past five months?
(or has a 10% loss on a trade NOT APPEARED in the last five months)

If you have had the discipline to cut a trade loss at 10% in the last five months
and work forward from there.... then
  • #24
  • Quote
  • Jul 8, 2012 11:50am Jul 8, 2012 11:50am
Hi can we talk in private Yun. I run a CTA in Shanghai and I would love to talk to you in private. My personal email is [email protected]
  • #25
  • Quote
  • Jul 8, 2012 12:19pm Jul 8, 2012 12:19pm
Quoting Intu
One last question, you said you have never allowed more than a 10% loss in the past 5 months?

Have you actually taken a 10% loss on a trade in the past five months?
(or has a 10% loss on a trade NOT APPEARED in the last five months)

If you have had the discipline to cut a trade loss at 10% in the last five months
and work forward from there.... then
I mean temporary loss. I set a max goal to 15%. I use 10 times at most leverage, it means I can wait a 100pips stop loss. fortunately, only once the temporary draw down is 70pips and reverse back, that is US oil on June 30 and is the second time I have to keep the position over night(weekend). I use double guards to ensure a sure-win strategy. The first guard (short term usually 5 min) failed and second guard (mid term, usualy 1 hour) works. Now I know how to set smaller stop loss to cut the temporary draw down and hence loss will not accumulate and the first guard will sure to work next time.
  • #26
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  • Jul 8, 2012 2:06pm Jul 8, 2012 2:06pm
I would advice you- never quit your job, that is a gainful employment, since your salary is that much.
but one thing you should remember is "having mulitple streams of income" that is no matter how much you are paid and no matter how much you make from forex trading, never quit either of the two.
keep both of them and at the end, you will be glad you did especially when some unpleasant circumstances rises up.
  • #27
  • Quote
  • Jul 9, 2012 9:12am Jul 9, 2012 9:12am
I would personally take the more enjoyable way, but that's just me, with no family to support. Take a sabhatical like others have adviced before me and see if you really feel yourself fullfiled as a full time trader. That's the whole point, I guess.
  • #28
  • Quote
  • Jul 9, 2012 10:43am Jul 9, 2012 10:43am
Quoting yunben
My strategy is very simple. It is a sure-win strategy. But it requires long time observation on different market condition, and good money management. I think if it works forever, it is very easy to earn over 30% yearly. Actually I am quite wondering why so many hedge fund can't earn over 20% yearly. I don't think one can easily copy other's strategy easily.

I know there are many good traders who earn more, but I just don't wanna lose. I only earn 10-20 pips each time. I also trade crude oil. it has different feature but still follows the strategy...
Thanks for your answer. Anyway how old are you and do you already have a family? I think that point is very important for you to make decision too . Best regards from Asia
  • #29
  • Quote
  • Jul 9, 2012 11:04am Jul 9, 2012 11:04am
I'm in a similar boat as you, but I already made my decision: I won't quit my job until Forex brings in MORE money that my day job. I never want to trade having to fear for my financial existence...the mental stress would be too much.

I saved up around 1.5yrs of living expenses allowing me to keep my current lifestyle without having to compromise...and in a year I'll have around 3 years of savings. We'll see if I want to give it a shot then
  • #30
  • Quote
  • Jul 9, 2012 11:28am Jul 9, 2012 11:28am
Quoting yunben
My strategy is very simple. It is a sure-win strategy. But it requires long time observation on different market condition, and good money management. I think if it works forever, it is very easy to earn over 30% yearly. Actually I am quite wondering why so many hedge fund can't earn over 20% yearly. I don't think one can easily copy other's strategy easily.

I know there are many good traders who earn more, but I just don't wanna lose. I only earn 10-20 pips each time. I also trade crude oil. it has different feature but still follows the strategy...
Indeed that is a good strategy.. I just finished a book called The Lazy Way of Forex Trading, and the author who is a full time trader said that Forex trading is just like a marathon running, the most important thing is not make huge profit, but rather how to be able to minimize loss and keep on going..

Well, if i were you i know it's risky but i think i will want to make this a fulltime job if i have master that strategy..

Anyway thanks for sharing your strategy..
  • #31
  • Quote
  • Jul 9, 2012 5:20pm Jul 9, 2012 5:20pm
I'd not leave the main job on your place. Sooner or later your strategy will stop generating this profit and you can even lose everything. I know strategies that were profitable for 1-2 years but their equity charts dropped to 0 at the end.
  • #32
  • Quote
  • Jul 9, 2012 6:55pm Jul 9, 2012 6:55pm
I would most definitely encourage you NOT to go full time, with the results you've posted here. This is not realistic trading, you WILL experience losses, and when you do you may be very glad that you did not go full time. Get some experience, figure out how to deal with your inevitable losses, develop a better system, build a higher account balance so that you can trade for fun, not with "scared money."

Quoting yunben
Hi, I am a senior engineer in an IT company with salary about USD$60,000. I have been trading Forex/gold/oil at part time after work time for two years. I developed a good strategy and applied it (it is countertrend). For the last 15 months, it works perfectly and makes consistent profit. The system includes when to enter the market, how to set stop loss, how to set stop profit. The temporary loss can be set to 15% with margin.

The past profit is listed monthly as follows. part time trading only (manual trading after working hour).

Forex.com...
  • #33
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  • Jul 10, 2012 5:17am Jul 10, 2012 5:17am
I suggest you get a new job at zulutrade and let us the followers grab some of your profits by following your signals.
  • #34
  • Quote
  • Jul 10, 2012 5:21am Jul 10, 2012 5:21am
whuupps, the men in trenchcoats have extracted my original post. If one has to ask this question to a bunch of people that you can't really rely on then keep your job. You are not mature enough to trade for a living. These forums are for AA type meetings. The yelpers that cry that only 1% make it should be enough to send shivers down your spine. Or 97% of traders are losers. This is the Internet. The person you are relying on are probably in and out of some form of rehab.

Tip: only you know if your system works. Grow a pair and make a decision.
  • #35
  • Quote
  • Jul 10, 2012 7:40am Jul 10, 2012 7:40am
Quoting dforant1
whuupps, the men in trenchcoats have extracted my original post. If one has to ask this question to a bunch of people that you can't really rely on then keep your job. You are not mature enough to trade for a living. These forums are for AA type meetings. The yelpers that cry that only 1% make it should be enough to send shivers down your spine. Or 97% of traders are losers. This is the Internet. The person you are relying on are probably in and out of some form of rehab.

Tip: only you know if your system works. Grow a pair and make a decision....

Thank you Cpt. Obvious

Surely the objective of this thread was to hear the thoughts of those who have made the switch to full time trading and how they managed the process.
  • #36
  • Quote
  • Jul 11, 2012 5:24am Jul 11, 2012 5:24am
Quoting Dreamliner
I would most definitely encourage you NOT to go full time, with the results you've posted here. This is not realistic trading, you WILL experience losses, and when you do you may be very glad that you did not go full time. Get some experience, figure out how to deal with your inevitable losses, develop a better system, build a higher account balance so that you can trade for fun, not with "scared money."
Hi, These two accounts are live. I trade during London afternoon time which is evening (after work time) in Singapore. Actually my strategy never fail, as long as money management is good enough, it can always beat the market. I guess only when my account balance is over 200K(now my capital for investment is only about 150K). Then I would try full time. trading is an interesting hobby for me. I trade trend reverse, so the first enter must be careful and size should small. That is why I use two accounts. one small account for aggressive trading, the other bigger account is for safe trading. This works perfectly.

You can check my statement in May 2012. You can find profits from all trading pair are positive. That is really a sure-win strategy.
Attached Image (click to enlarge)
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  • #37
  • Quote
  • Jul 11, 2012 8:09am Jul 11, 2012 8:09am
Now I'm CONVINCED you should not trade full time. Wait until you get some experience, take some hits, gain some understanding of the market. There is no system that works all the time, and unfortunately by your marketing it here some newbies will be all over you to learn your method. Rookies beware: a system that never loses is not a profitable system long-term, and will eventually drain your account.

So, no, I would strongly encourage you not to trade full time until you gain some experience and some understanding of the market.

Quoting yunben
Hi, These two accounts are live. I trade during London afternoon time which is evening (after work time) in Singapore. Actually my strategy never fail, as long as money management is good enough, it can always beat the market. I guess only when my account balance is over 200K(now my capital for investment is only about 150K). Then I would try full time. trading is an interesting hobby for me. I trade trend reverse, so the first enter must be careful and size should small. That is why I use two accounts. one small account for aggressive trading,...
  • #38
  • Quote
  • Jul 11, 2012 9:00am Jul 11, 2012 9:00am
Quoting Dreamliner
Now I'm CONVINCED you should not trade full time. Wait until you get some experience, take some hits, gain some understanding of the market. There is no system that works all the time, and unfortunately by your marketing it here some newbies will be all over you to learn your method. Rookies beware: a system that never loses is not a profitable system long-term, and will eventually drain your account.

So, no, I would strongly encourage you not to trade full time until you gain some experience and some understanding of the market.
Well said.
  • #39
  • Quote
  • Jul 11, 2012 10:10am Jul 11, 2012 10:10am
Quoting Dreamliner
Now I'm CONVINCED you should not trade full time. Wait until you get some experience, take some hits, gain some understanding of the market. There is no system that works all the time, and unfortunately by your marketing it here some newbies will be all over you to learn your method. Rookies beware: a system that never loses is not a profitable system long-term, and will eventually drain your account.

So, no, I would strongly encourage you not to trade full time until you gain some experience and some understanding of the market.
He didn't say his system never incur losses. With money management and trading price action, he has a good edge and could be profitable in long run.
  • #40
  • Quote
  • Jul 11, 2012 12:23pm Jul 11, 2012 12:23pm
He hints at a very high win-rate system...
and so far (maybe) has only had one really bad drawdown 25%.

The worst case scenarios will come eventually.
Quoting yunben
... but I just don't wanna lose.

Quoting yunben
There is one max temporary 25% draw down in Feb, ... Finally it turns back
Quoting yunben
I use double guards to ensure a sure-win strategy
If he had to take that 25% loss for some reason (or chose to)...
his gain for the fifteen months would be much less impressive.

He had just increased his fund (to $34000) in Jan. from about $7000.
With that drawdown he was essentially risking all of his profits for the previous
months at that point (-25% of at least $34,000).
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