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well im a happy camper..my gut feeling... 0 replies

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Is it a happy life ahead?

  • #21
  • Jul 7, 2012 12:10am Jul 7, 2012 12:10am
Quoting pipfarming
I am looking forward to become a professional trader slowly (hope not painfully).
Let me tell you something before you start: "slowly" can be several years and thousands of trades before making any profits at all. Just a friendly advice from someone who's been trading for several years and thousands of trades.

Good luck in your journey!
  • #22
  • Jul 8, 2012 2:52pm Jul 8, 2012 2:52pm
Quoting pipfarming
I thought the books say "don't listen to any guru".
All books say different things but there's no harm in learning from people that are walking the walk!

Of course you can learn everything yourself instead which is a long and often painful (financially and emotionally) but worth it.

Once I got my head sorted and got a solid strategy (thanks bullpips) everything seemed to slot into place after 4 years!
  • #23
  • Jul 8, 2012 6:45pm Jul 8, 2012 6:45pm
Quoting Forexnuts
Seasame seeds or not, its bound to be exciting. And on the property guru's book, guess that's why we have so many books on trading online..you never know..
Yes, it is very exciting for me up to now.
  • #24
  • Edited 7:15pm Jul 8, 2012 6:49pm | Edited 7:15pm
Quoting smikester
Of course, it depends on your style of trading. If, like mine, your trades are designed to last more than a day, then there will be long periods of waiting for the right set up. If you are a scalper, or an intra day trader, then your work will be more intense. In any case, any spare time you have should be spent studying. Celebrate wins, accept losses.

I wish you all the best - work hard - get lucky.
Thank you for your comments.

I am a swing (or position?) trader, I usually close my losing positions in one day, at most 2 days, I hold my winning positions up to a week, at most 2 weeks. I am still holding my regular job at the moment. I only look after my pip farm twice a day.

Good luck to you too.
  • #25
  • Edited 10:30pm Jul 8, 2012 6:56pm | Edited 10:30pm
Quoting EG-FX
I'm no professional, but as someone who trades for a living, it becomes just like any other job. It just depends on whether or not you enjoy what you do.



It's a happy life if you're making money. Money does buy happiness... maybe not directly, but it opens the door to endless possibilities for fun and happiness. Its also a big stress reliever, not having to worry about if you have enough money to pay for anything.



I'm not sure what you meant by sad. If you think being lonely is sad, then yes, trading can be sad. Self-employed individuals...
I like trading. I only heard about forex trading last year. I enjoy reading all sorts of information on this topic. I don't find it boring to stare at charts. I guess a lot of female would find it too boring to study charts everyday.

I also have read few articles on not using SL, but I decided to use SL, I trade on daily charts, so I can afford to put SL far away from any stop hunting spikes.
  • #26
  • Jul 8, 2012 6:57pm Jul 8, 2012 6:57pm
Quoting calamardo
Let me tell you something before you start: "slowly" can be several years and thousands of trades before making any profits at all. Just a friendly advice from someone who's been trading for several years and thousands of trades.

Good luck in your journey!
Thank you.
Good luck to you too.
  • #27
  • Jul 8, 2012 6:59pm Jul 8, 2012 6:59pm
Quoting mogulmedia
All books say different things but there's no harm in learning from people that are walking the walk!

Of course you can learn everything yourself instead which is a long and often painful (financially and emotionally) but worth it.

Once I got my head sorted and got a solid strategy (thanks bullpips) everything seemed to slot into place after 4 years!
I like your signature.
I have worked out my own holy grail system.
I am not thinking any more.
  • #28
  • Jul 8, 2012 7:11pm Jul 8, 2012 7:11pm
This is Monday 09/07/2012, my third week of live trading.

First week, I lost 17 dollars, since I got nervous and evil mouse-clicking attacked my farm.

Second week, I won all my 17 dollars back and more. I am keeping evil mouse-clicking far away from my farm.

This is the third week.

My emotion is not on the winning side. My grandmother is terminally ill. We are told by doctors that she only has few weeks to live. I went to Chinese consulate this morning to apply for a visa to visit China, I'll be at her side next Monday.

I hope I can access my trading account in China. The government there banned many web-sites, I hope they are not banning my trading platform there.

Lucky I have my holy grail system. I don't need to think about my trading, I'll only be planting my orders and keeping evil mouse-clicking away from my farm.
  • #29
  • Jul 8, 2012 11:45pm Jul 8, 2012 11:45pm
I've been trading for quite a while.. I still amused to think back to my early days.. Biggest thing you've notice is that your emotionally dead inside.. At least, I am. I still enjoy it.. But, mainly the freedom of it.. You do your own thing.. your in control.. of your destiny!!


After a while.. You get used to it like anything else.. I keep saying, you do something long enough you either get good at it or you stop doing it.. Its a long road with a lot of hardship, but if it was easy then everybody would be doing it..

Biggest thing is don't over complicate then have a heart attack.. and know that, if you'll be doing it 10 years from today, you more then likely will be good!
There are those who know, and there are those who don't know.
  • #30
  • Jul 9, 2012 12:04am Jul 9, 2012 12:04am
  •  Jamz
  • | Joined May 2012 | Status: Tops and bottoms are for bikinis | 798 Posts
Good on you Pipfarming, you have created a thread with great responses. Remember you always have 1000 more trades - I have found that reassuring from someones video link. Stops should be at a technical level, not just so far away they will never be reached and happiness is relative ie: sad, rich -- happy, poor etc. Do the good trade and money will look after itself. How money gives anyone a feeling of security in life beats me but it does. Just like fools gold.
  • #31
  • Jul 11, 2012 10:10pm Jul 11, 2012 10:10pm
Quoting palabara
I've been trading for quite a while.. I still amused to think back to my early days.. Biggest thing you've notice is that your emotionally dead inside.. At least, I am. I still enjoy it.. But, mainly the freedom of it.. You do your own thing.. your in control.. of your destiny!!


After a while.. You get used to it like anything else.. I keep saying, you do something long enough you either get good at it or you stop doing it.. Its a long road with a lot of hardship, but if it was easy then everybody would be doing it..

Biggest thing is don't...
I hope I won't blow up my first account like 90% of the newbies would.

This week majors are bit ranging (my own market sentiment), I am holding on to my pips, didn't lose any up to now. I have heard that ranging market is very easy to loose pips. I also heard that forex market ranges 70% of the time. What's going on with this picture? 70% of the time people bleed out pips and only have 30% chance to win them back. No wonder 90% of the newbie would be blown out.
  • #32
  • Jul 11, 2012 10:19pm Jul 11, 2012 10:19pm
Quoting Jamz
Good on you Pipfarming, you have created a thread with great responses. Remember you always have 1000 more trades - I have found that reassuring from someones video link. Stops should be at a technical level, not just so far away they will never be reached and happiness is relative ie: sad, rich -- happy, poor etc. Do the good trade and money will look after itself. How money gives anyone a feeling of security in life beats me but it does. Just like fools gold.
Thank you for your encouragement.

Yes, I agree with you.
Winning or losing, we are all heading towards the same end.
It matters to me now because I have people I love and want to please.
If I am all alone, it won't matter any more if I am winning or losing.
  • #33
  • Jul 11, 2012 10:25pm Jul 11, 2012 10:25pm
Quoting pipfarming
I hope I won't blow up my first account like 90% of the newbies would.
You won't if you use your common sense.
Fear prevent possibilities, and so does Greed
  • #34
  • Edited 10:56pm Jul 11, 2012 10:40pm | Edited 10:56pm
It is the same as everything else in life.

IT IS WHAT YOU MAKE IT.

Some things to remember:
1. You will not get rich quickly
2. There is a long hard road ahead with a lot of hard work expected.
3. Hard work, structure, integrity, conviction and a disconnect emotionally from money are all things you will need as strong suits to become successful.
4. You probably will blow this account up sooner or later, consider it "popping your cherry" or "paying your dues"
5. Plan YOUR trade and TRADE your PLAN.

It can be wonderful and profitable or exactly the opposite. Painful and disheartening.

6. Learn to trade the Higher Time Frames first NO MATTER WHAT ANY ONE SAYS. Then if you truly want to trade short term you will only better.

7. Start trading with MICRO LOTS.

8. Go live (which you have) asap

----------------------------------

Do you think you are going to become a bank FX trader? or your own prop trader?

If you want to trade for a bank being able to write quantitative trading formulas/strategies will help as well as a masters from an Ivy Leauge school in Global Economics/Finance.

If you don't have that pretty much forget trading for a bank unless you know someone or are sleeping with the CEO's daughter/ son.

9. Study, read, read, read, read, study, test, test, read study, test, read r], research, read, read, read, research. Test.

10. Do not ignore fundamentals

11. This is hard work and not for the faint of heart. If you cannot handle stress, have a heart condition or handle losing money find another career quickly. And trade micros as a hobby.

12. DO NOT TRADE WITH ANYTHING HIGHER THAN 100:1 leverage - I suggest 50:1

Basic rules of thumb to be able to lose 5 consecutive real trades and wake up on the sixth day and trade again.

1000 USD account = trading Micro Lots = .01 or 10 cents per pip
10,000 USD account = trading mini lots = .1 or 1 USD per pip
100,000 USD account = trading standard lots = 1.0 or 10 USD per pip. So - 30 pips is a 300+ spread loss

These are just basic ground rules.

13/ Find BREOKER OR TWO that are HIGHLY regulated and OLD. Open 2 accounts
14. Never put all your eggs in one basket.
15. A real hedge is not simply selling the same pair you bought and are losing money on. It is using another financial instrument that works inversely to the one you are long or short and taking the opposing side.
NEVER HEDGE A LOSING POSITION.

16. Let the winners ride as long as possible weeks months etc. Throw your TP out the window if you stand to make 500 pips instead of the 85 you set the TP for.

17. Cut the losers short.

18. NEVER EVER trade someone else's plan. or call trade what you see and feel and setup.
in the end it is you that wins or loses - not them, and they certainly will not pay you for a loss.

19. Most EAs lose money - Signal services are ripoff scams.

20. THERE IS NO F R E E L U N C H here ever. The market can and will do whatever it wants whenever it wants and
the market can remain irrational longer than you can remain solvent. this is where your rules come into play.

XT
Luck to you.

Quoting pipfarming
Hi everyone, greetings from me - a brand new newbie.

I have been playing on my demo account for few months now, had opened my first live account for 2 weeks. I am looking forward to become a professional trader slowly (hope not painfully).

Can anybody shed some lights on the life of a professional trader for me?
Is it a happy life?
Sad life?
Chaotic life in which you are on the top of the world one day but only to become suicidal the next day?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #35
  • Jul 11, 2012 11:30pm Jul 11, 2012 11:30pm
I wouldn't say 70% of the time is range look at a weekly or daily chart,

And newbies lose because of this.

NO education or study of how to trade.
Strong emotional connection to money
OVERTRADING
Too much leverage
and
Too big position sizes.

Quoting pipfarming
I hope I won't blow up my first account like 90% of the newbies would.

This week majors are bit ranging (my own market sentiment), I am holding on to my pips, didn't lose any up to now. I have heard that ranging market is very easy to loose pips. I also heard that forex market ranges 70% of the time. What's going on with this picture? 70% of the time people bleed out pips and only have 30% chance to win them back. No wonder 90% of the newbie would be blown out.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #36
  • Edited 12:48am Jul 12, 2012 12:37am | Edited 12:48am
Quoting xtrader101
You won't if you use your common sense.
Thank you for your kind comment.

I checked your trades, You've got a lot of sense!
  • #37
  • Jul 12, 2012 12:47am Jul 12, 2012 12:47am
Quoting XTrade
I wouldn't say 70% of the time is range look at a weekly or daily chart,

And newbies lose because of this.

NO education or study of how to trade.
Strong emotional connection to money
OVERTRADING
Too much leverage
and
Too big position sizes.
Thank you for your sound advices.

I figured that I can never predict market.
Market is a bad bad cat, you'll never know which fence she's going to jump on.
  • #38
  • Jul 12, 2012 1:30am Jul 12, 2012 1:30am
Why are you trading almost or over 20 (or over 20) pairs?

It takes years just to become aware of the way the majors work together and against one another, understanding some of the minors comes with that.

There is no way that if you are a newbie you know how to trade all these exotics you are taking trades on.

Gold and Silver are their own beast.

Suggestion, start a new demo, open up the margin and equity so we can seee the risk. Pick 2 to 4 pairs and trade them only.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #39
  • Jul 12, 2012 9:09pm Jul 12, 2012 9:09pm
Quoting pipfarming
I am emotionally vulnerable.
me too..
  • #40
  • Jul 13, 2012 3:14am Jul 13, 2012 3:14am
My advice - Learn market dynamics before you try to learn to trade - it'll make the world of difference

If it helps, read the thread in my signature
We're also opening a new trading site, hopefully today, which will help you alot

and before anybody shouts me down; no, we will not be charging for it - ever

Best

If
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