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Day Trading for a Living

  • #341
  • Jul 8, 2012 1:45pm Jul 8, 2012 1:45pm
Quoting GDR3k
I imagine they weren't best pleased when the money got took away!
Mate I vaguely know, got caught with a Hooker and found out blown 17K on them, the wealth was on the Wifes side so he got cut off left penny and hooker less, attempted suicide shortly after that no idea since.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #342
  • Jul 8, 2012 1:46pm Jul 8, 2012 1:46pm
Quoting Turveyd
Everything paid for 33 standard pips to you, WOWSA's $50 per pip ??

I'm trying to build upto 60pips per day at $2 per pip which would pay my bills and everything ( £1200 UK based on a 4 day week ), obviously I'll keep increasing the lot size to $10 maybe $20 but $50+ ecccks, $2 is scarey enough.

100pips per week at $5 would ofcourse pay my way just, looking more realistic
I'm currently down to around US$13,181 and it seems so difficult to make it pay bills eventually. If I could consistently make 2% a day, .......
No longer trading forex. Looking for full time job.
  • #343
  • Jul 8, 2012 1:47pm Jul 8, 2012 1:47pm
Quoting Turveyd
Mate I vaguely know, got caught with a Hooker and found out blown 17K on them, the wealth was on the Wifes side so he got cut off left penny and hooker less, attempted suicide shortly after that no idea since.
17k on brass, christ!
  • #344
  • Jul 8, 2012 1:52pm Jul 8, 2012 1:52pm
Quoting Turveyd
If you can't trade, write a book!

What are your problems ??
Quoting GDR3k
I'll stick to my H.P Lovecraft

I've not read any books about trading psychology.

If you don't mind me asking, what trading problems are you having?
Thanks for asking. I'll talk more about my problems if you guys don't mind me coming into your conversations. I just found this thread and going back the pages to see how other full-time traders are doing. I like this thread, as people are aiming to pay bills through trading. I've had conversations, even deep discussions with others but in the end they had comfortable day jobs while fiddling with a tiny account and really not in the same situation as mine. I like what I see here, a common theme to pay bills by trading.
No longer trading forex. Looking for full time job.
  • #345
  • Jul 8, 2012 1:57pm Jul 8, 2012 1:57pm
Quoting mmaker
Thanks for asking. I'll talk more about my problems if you guys don't mind me coming into your conversations. I just found this thread and going back the pages to see how other full-time traders are doing. I like this thread, as people are aiming to pay bills through trading. I've had conversations, even deep discussions with others but in the end they had comfortable day jobs while fiddling with a tiny account and really not in the same situation as mine. I like what I see here, a common theme to pay bills by trading.
Yeah no worries pal, we're all here to help each other, its us against the market.

  • #346
  • Jul 8, 2012 2:04pm Jul 8, 2012 2:04pm
Quoting GDR3k
Yeah no worries pal, we're all here to help each other, its us lot against the market.

Cool. I just mentioned above that I'm down to US$13,181 to start Monday. If you've read Mark Douglas' book, I'm that boom-and-bust trader, worked my live account up to spectacular gains, and then took it down in steep losing streaks. Forced myself to break from live trading in between, managed to double a $5K demo account over 6 months, and thought I'm back in business. But still ran into same old problems when live cash. My equity curve is so zig zag you can almost chart it for head-and-shoulders and harmonic patterns, lol. I'm really scared to lose on Monday, that's how big my problem is now. That's all I'll say for today. I'm reading the pages and will tell more tomorrow.
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No longer trading forex. Looking for full time job.
  • #347
  • Jul 8, 2012 2:07pm Jul 8, 2012 2:07pm
Quoting mmaker
I'm currently down to around US$13,181 and it seems so difficult to make it pay bills eventually. If I could consistently make 2% a day, .......
I'm not trying to make 2% per day, I'm a high risk kinda guy so 60pips per day * $3 = $180 = £110 per day = £660 per week = enough.

Have got some account growth required to get there, but double it and I'll be happy to trade $3 per pip easy, doing $1 - $2 already.

* my SL's are SO small generally it's not a huge issue.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #348
  • Jul 8, 2012 2:10pm Jul 8, 2012 2:10pm
Quoting mmaker
Cool. I just mentioned above that I'm down to US$13,181 to start Monday. If you've read Mark Douglas' book, I'm that boom-and-bust trader, worked my live account up to spectacular gains, and then took it down in steep losing streaks. Forced myself to break from live trading in between, managed to double a $5K demo account over 6 months, and thought I'm back in business. But still ran into same old problems when live cash. My equity curve is so zig zag you can almost chart it for head-and-shoulders and harmonic patterns, lol. I'm really scared...

Demo isn't the same as real, lower your lot size if you can to reduce the fear and greed, master trading at that level then slowly increase the lot sizes until it's wageable, yes it's a period of reduced income but better that than losses and repeating the same errors.

Doing the same for a day or 2 this week, maybe the entire week to crack taking trades with the trends, knocked off 4 pairs I watch to stop getting confused.

Agree on the US vs the markets, they all work together so should retail.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #349
  • Jul 8, 2012 2:15pm Jul 8, 2012 2:15pm
Quoting mmaker
Cool. I just mentioned above that I'm down to US$13,181 to start Monday. If you've read Mark Douglas' book, I'm that boom-and-bust trader, worked my live account up to spectacular gains, and then took it down in steep losing streaks. Forced myself to break from live trading in between, managed to double a $5K demo account over 6 months, and thought I'm back in business. But still ran into same old problems when live cash. My equity curve is so zig zag you can almost chart it for head-and-shoulders and harmonic patterns, lol. I'm really...
What trading method are you using? and what makes you get in a trade at a certain price/area?
  • #350
  • Jul 8, 2012 2:15pm Jul 8, 2012 2:15pm
Quoting Turveyd
I'm not trying to make 2% per day, I'm a high risk kinda guy so 60pips per day * $3 = $180 = £110 per day = £660 per week = enough.

Have got some account growth required to get there, but double it and I'll be happy to trade $3 per pip easy, doing $1 - $2 already.

* my SL's are SO small generally it's not a huge issue.
Sure, I didn't want to ask directly your account size, so I use my own example to say that I'm hoping to pay bills like yours if I could just make 2% a day on my account. I'm past that stage of "high risk high gains" as my account suffered. My bills are about yours.
No longer trading forex. Looking for full time job.
  • #351
  • Jul 8, 2012 2:22pm Jul 8, 2012 2:22pm
Quoting mmaker
Sure, I didn't want to ask directly your account size, so I use my own example to say that I'm hoping to pay bills like yours if I could just make 2% a day on my account. I'm past that stage of "high risk high gains" as my account suffered. My bills are about yours.

Hovering around the $400 mark, 2% won't cut it, yes my account needs to explode, so initially high risk it then I'll keep the lot sizes the same increase slowly but at lower and lower risk levels for sustainability later in the game.

Current work bookings and delays on payments puts me at 3 - 4 months before I need a wage, loads of time
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #352
  • Edited 2:40pm Jul 8, 2012 2:23pm | Edited 2:40pm
Quoting GDR3k
What trading method are you using? and what makes you get in a trade at a certain price/area?
I'm embarrassed to tell you my methodology. I took a course and did so well during that 6 months demo account that I bragged loudly about how I doubled the $5K demo. They actually made me a "moderator" in a forum so I can give advice to newbies who took the same course. Needless to say, I found out that those star-traders who boasted and tried to teach newbies, were really themselves on demo, like me. And when we traded on live account, who knows? I admit I lost on live account so I'm here to learn from scratch and not going to boast about what I already knew. I'm just going to read what you guys are doing.

I'm studying Mark Douglas' 2007 DVDs for next week and that's about all I will care about this guru. Had to give him the benefit of doubt that he can coach traders ...... but I've already read his two books and not much hope for these DVDs (no I didn't pay for them).
http://pixhost.me/avaxhome/34/ff/001fff34_medium.jpeg

Please don't bash Mark Douglas. I'm the one who's losing and the problem.
No longer trading forex. Looking for full time job.
  • #353
  • Jul 8, 2012 2:26pm Jul 8, 2012 2:26pm
Quoting mmaker
Sure, I didn't want to ask directly your account size, so I use my own example to say that I'm hoping to pay bills like yours if I could just make 2% a day on my account. I'm past that stage of "high risk high gains" as my account suffered. My bills are about yours.

Your boom to bust is most likely, you find something that is working in those market conditions you exploit and make a stack off it, market conditions change, you don't which means many losses.

The first few losses can't be helped, but spot them early sit back and ask yourself the question is my method still working ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #354
  • Jul 8, 2012 2:28pm Jul 8, 2012 2:28pm
Quoting mmaker
I'm embarrassed to tell you my methodology. I took a course and did so well during that 6 months demo account that I bragged loudly about how I doubled the $5K demo. They actually made me a "moderator" in a forum so I can give advice to newbies who took the same course. Needless to day, I found out that everyone who boasted were really on demo, like me. And when we traded on live account, who knows? I admit I lost on live account so I'm here to learn from scratch and not going to boast about what I already knew. I'm just going to read what...

Most of us are demo account billionaires, no fear no greed = pure logic and easy fake profits which sucker people into going hard and losing badly.

The trick is trading the same, without second guessing yourself just like your on demo, been failing at this for years, but starting to get there finally.

Most people on this forum are demo traders.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #355
  • Jul 8, 2012 2:32pm Jul 8, 2012 2:32pm
Quoting mmaker
Glad to see some full-time traders and working up the lot sizes to pay monthly bills. Just a question:

Do you guys believe in Mark Douglas' book Trading in the Zone? Did anyone read it?
I have had this book about 6 months, found it quite interesting when I first bought it but never finished it. Around 3/4 of the way through it, just never get time to finish it.
  • #356
  • Jul 8, 2012 2:44pm Jul 8, 2012 2:44pm
Quoting Mossy68
I have had this book about 6 months, found it quite interesting when I first bought it but never finished it. Around 3/4 of the way through it, just never get time to finish it.
Give it a go, finish the book and tell me if it helped you. He had a huge reputation helping big-time Chicago floor traders so give him the benefit of doubt. I'll like to hear your experience after reading it to the end. The advice and "solution" is in the last chapter.

People like to say, those who can't trade -- teach. But he has helped floor traders who trade much much larger lot sizes than most people in this forum can imagine. So he is not just a book seller. Finish the book to give it justice. Then share your experience if you like. If it helped you, then I know I'm beyond help .....
No longer trading forex. Looking for full time job.
  • #357
  • Edited 4:56pm Jul 8, 2012 3:07pm | Edited 4:56pm
Quoting mmaker
I'm embarrassed to tell you my methodology. I took a course and did so well during that 6 months demo account that I bragged loudly about how I doubled the $5K demo. They actually made me a "moderator" in a forum so I can give advice to newbies who took the same course. Needless to say, I found out that those star-traders who boasted and tried to teach newbies, were really themselves on demo, like me. And when we traded on live account, who knows? I admit I lost on live account so I'm here to learn from scratch and not going to boast about what I already knew. I'm just going to read what you guys are doing.
There is order amongst what seems like random chaos, believe me.

People try to over complicated trading, when to trade is right infront of your own eyes on your charts and if you're willing to look hard enough, its there to be seen. There are predetermined price areas on each pair where I believe the big money orders are (where the price changes direction...order amongst the chaos), however, knowing exactly which area the price will reverse at, the crystal ball doesn't tell me that however if the trend is down you wait to get in short after a pullback to one of the levels, and vice versa, checking back as far as my charts will allow have put these areas in stone though, for me atleast. For us mere mortal retail traders, the best we can do is 'ride with the move'.

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  • #358
  • Jul 8, 2012 4:09pm Jul 8, 2012 4:09pm
Quoting GDR3k
There is order amongst what seems like random chaos, believe me.

People try to over complicated trading, when to trade is right infront of your own eyes on your charts and if you're willing to look hard enough, its there to be seen. There are predetermined price areas on each pair where I believe the big money orders are (where the price changes direction...order amongst the chaos), however, knowing exactly which area the price will reverse at, the crystal ball doesn't tell me that, checking back as far as my charts will allow have...

Me I spot buyers and sellers live then join the buyers or sellers which if I do with the current market direction, not against then I do very well and rarely lose.

Other times I'll jump on a short term direction and just like you ride it for a bit.

Trading is only hard cause we over complicate it and make it hard IMHO!!

Nearly open, maybe already ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #359
  • Jul 8, 2012 4:14pm Jul 8, 2012 4:14pm
Quoting Turveyd
Me I spot buyers and sellers live then join the buyers or sellers which if I do with the current market direction, not against then I do very well and rarely lose.

Other times I'll jump on a short term direction and just like you ride it for a bit.

Trading is only hard cause we over complicate it and make it hard IMHO!!

Nearly open, maybe already ??
GBPUSD's daily pivot is right at the whole number area of 1.55, so I'm expected quite a big bounce off this and will be looking to short it after london open should the price reach there and go through the usual pattern of stall and reverse... 1.54 is looking very nice indeed.
  • #360
  • Jul 8, 2012 4:27pm Jul 8, 2012 4:27pm
Quoting GDR3k
GBPUSD's daily pivot is right at the whole number area of 1.55, so I'm expected quite a big bounce off this and will be looking to short it after london open should the price reach there and go through the usual pattern of stall and reverse... 1.54 is looking very nice indeed.
Down trend is in, might be much lower than 1.55 by the time london opens.

Should have all Monday free to trade, watch as I get a call out
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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