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Daily Blog/Vlog: FU*K IT, I QUIT (my 9-5 day job)! 104 replies

How many pips or % to quit? 17 replies

20pips a day and I will eventually give my day-job away 39 replies

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

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I finally quit my day job!

  • #41
  • Jul 28, 2012 7:22am Jul 28, 2012 7:22am
hi ramy3. hope you can decide what's best for you. we are just onlookers here. decision is still yours and you know what you want for your life. stay positive to reach your goals in life.
botsog
  • #42
  • Jul 28, 2012 11:26am Jul 28, 2012 11:26am
Quoting Fudomyo

the regulations are changing rapidly.

this doesn't mean you can't make money while the ride lasts, but you're behind the curve.
Hey Fudomyo my friend, very interesting piece........
Memories caught in time but never forgotten
  • #43
  • Jul 28, 2012 11:40am Jul 28, 2012 11:40am
Quoting ShanB
Very few people can trade for a living. 90% of the people who responded to this trade can't trade for a living. These are the wrong people to be asking for advice lol.
True, someone even gives advices when they've never done it. How can they give advices when they haven't done something?

Like trading, it can't be tought, just go for it and experience it yourself.
  • #44
  • Jul 28, 2012 11:47am Jul 28, 2012 11:47am
Quoting Fudomyo
this is probably the worst time to become a full time trader for any number of reasons.


this doesn't mean you can't make money while the ride lasts, but you're behind the curve.
With negative thinker and probably currently losing trader, the money-making years always in the past.

Just like the market, when it has always done its course, they wish that they could've in...
  • #45
  • Jul 28, 2012 12:05pm Jul 28, 2012 12:05pm
Quoting duyk20
With negative thinker and probably currently losing trader, the money-making years always in the past.

Just like the market, when it has always done its course, they wish that they could've in...
Sounds like you're right, especially about the "glorious days are behind us" kind of attitude.
  • #46
  • Jul 28, 2012 12:41pm Jul 28, 2012 12:41pm
Quoting isaacyassar
I'm 26 and I’ve been a fulltime trader since about 3 years ago.

I became a fulltime trader because I want to be free with my time (no rules no boss other than myself), I want to do something different than people in my natural circle, and I followed my intuition.

I have faced easy, difficult, and nightmare mode of trading but I stick with the profession because the reason I came here in the first place, remembering the good sides of the job, and I always find a way to have faith in myself, my future, what I do, and how I do it. And as...
Do you have a mortgage, loan or dependents?
  • #47
  • Jul 28, 2012 12:44pm Jul 28, 2012 12:44pm
Quoting ramy3
Hi,

I am just wondering if any of you out there actually did quit their day job to live of trading. What did you guys go through, what made you take the step? How did you deal with each new aspect of it? What where the biggest hurdles you went thru? What would you recommend doing and not doing? Are you happy with your decision? Did any of you go back to work after?

I am curios because I am actually contemplating doing this in the near future. I have been profitable for well over two years now. I trade in the day (6 to 8 hrs) and work at night,...

what is your daily target / weekly or monthy in pips / $$$$
  • #48
  • Jul 28, 2012 12:52pm Jul 28, 2012 12:52pm
Quoting 5percent
It's very dependable on what you are searching for. It's a very tough choice as well. You don't get to see a pay cheque or credit balance into your bank account every month, no bonus etc etc.

I was holding a full time job just few months back, there are plenty of room for career progression, promotion, increase pay, and best is that i have up to 32 vacation leave per year. My bosses like me, and wants to move me around different department and promise me the future that's upon me.

However, weighing on EBSI.

Employee
Business owner
Self-employed
Investor...

desktop i went from making 1000 dollars a day with 10k account to blowing my account renerting with same broker and that broker turned out to be pfgbest now i am trading .25 lots with fraction of money i had with pfgbest target is 125 to 200 dollars or 50 pips a day
  • #49
  • Jul 28, 2012 12:53pm Jul 28, 2012 12:53pm
just to earn a 125 a day and you wont see the check till 2weeks later greed must be eliminated at all means
  • #50
  • Jul 28, 2012 12:55pm Jul 28, 2012 12:55pm
Quoting 5percent
It's very dependable on what you are searching for. It's a very tough choice as well. You don't get to see a pay cheque or credit balance into your bank account every month, no bonus etc etc.

I was holding a full time job just few months back, there are plenty of room for career progression, promotion, increase pay, and best is that i have up to 32 vacation leave per year. My bosses like me, and wants to move me around different department and promise me the future that's upon me.

However, weighing on EBSI.

Employee
Business owner
Self-employed
Investor...

brought tears lolll forex is no joke some people are finish before they can start these article writers / funds will tear you apart
  • #51
  • Jul 28, 2012 4:05pm Jul 28, 2012 4:05pm
No-can-do ... I don't like that one. Reminds me a CHF interest rate cut back in early 2009 that hurt my short GBP/CHF position very much. How time flies eh.
May I recommend two others instead with "S" and "first" -
Sade - Never as good as the first time
Simply Red - Remembering the first time

Quoting reynuevo
Can I have a request? pls post sheryl Crow- First cut is the deepest..
forget about tomorrow, just steal away into the night
  • #52
  • Jul 28, 2012 4:21pm Jul 28, 2012 4:21pm
Quoting 5percent
it's very dependable on what you are searching for. It's a very tough choice as well. You don't get to see a pay cheque or credit balance into your bank account every month, no bonus etc etc.

I was holding a full time job just few months back, there are plenty of room for career progression, promotion, increase pay, and best is that i have up to 32 vacation leave per year. My bosses like me, and wants to move me around different department and promise me the future that's upon me.

However, weighing on ebsi.

Employee
business owner
self-employed
investor...

or do you have a mastermind with somone example sharing ideas on trades?
  • #53
  • Jul 28, 2012 4:36pm Jul 28, 2012 4:36pm
Let's not forget that forex is a zero-sum game, someone's winnings must be someone elses losses.

From my personal perspective, trading for a living is just wishful thinking, unless you found a "holy grail" strategy which does not exist.

I'm very surprised that some People talk about trading for a living, since I don't think it's possible on the long run.

There is another Point why trading for a living is nonsense: There are plenty of other ways at which the likelyhood of makeing Money is much higher than by trading, for example by starting a business.

Also, let's not forget that there isn't one single famous Person that got rich by trading. Warren Buffet is not a Trader, he's an Investor. Bill Gates and Carlos Slim are businesspeople.

If you see someone driving a Ferrari and asking him what he's doing for a living, he certainly will no tell you that he's a trader. So stop dreaming guys and go to work, it's 1000 times better than trading.
Forex is a losers game.
  • #54
  • Jul 28, 2012 6:25pm Jul 28, 2012 6:25pm
Most answers to this thread are not from full-time traders, like this one:

Quoting trader121
[...]
I'm very surprised that some People talk about trading for a living, since I don't think it's possible on the long run.
[...]
All you nay-sayers, I have to disappoint you: It is possible to do it.

But... in my opinion, it is far from easy.

I switched to trading full time by developing an automated strategy which was very profitable in backtest and I found it to be also very profitable in live trading. It took me only two weeks to write this strategy (after searching for years). In my first 6 months of trading I made 800% trading aggessively, taking lots of trades with high leverage (1:20 up to 1:40). My biggest drawdown was 12% (far too much).

In this time I found out how to reduce risk and therefore I decreased the number of trades and the leverage. Usually I go with 1:10 up to 1:20.

Nowadays I am expanding my knowledge and I am trying to create new trading strategies. I find this is very time consuming and difficult.

I am not a natural born trader nor a bright mind. Therefore I have to look at what successful traders do. And then I try to develop my own ideas from what I learned watching them. I developed a successful strategy by studying the winners of the automated metatrader championship. I read many books. I watched many successful traders.

There is no single way to success. No one will serve you a risk-free income on a silver platter. However, the more you know, the better your chance to become successful.

About a year ago, I stumbled upon a free site where an extremely successful day trader shows his trades every day. He explains almost nothing. He makes dozens or even hundreds of trades per day, so it is difficult to understand what he is doing. From watching him, I picked up several new ideas. Did I manage to use any of this new ideas to create a new profitable trading strategy for myself? Not really, because I found his style of trading not suitable for me. Unlike him, I am not the type of trader with nerves of steel. That does not mean accepting huge drawdowns. He does not let that happen. Instead, he can easily take ten small losses in a row and then happily place the eleventh trade. Ok, at some point he is pissed off - for example after losing 70K in only a few minutes - and then he will leave his trading screen for the rest of the day. Or even for the rest of the week.

He started 10 years ago with 10.000 USD. Now he trades with 10 million USD or even more. I saw him make 700K in two successive days each. I saw him make 350K with a single trade in crude oil (30 lots). All in real time. It is possible. But easy? No. He has many losing trades, too.
He mainly trades S&P. He explains nothing. You probably won't like it. I should add: you probably won't believe it.
If you want to take a look anyway:
http://www.tradeitdontdateit.com/live/

You have been warned.
But yes, it is possible.
But most of you still won't believe it.
  • #55
  • Jul 28, 2012 6:42pm Jul 28, 2012 6:42pm
Quoting silverheat
i quit my job to trade fulltime, after nearly a year trading at home i got sick of it, it was so plain boring, i felt and became more and more like a retiree, i found out i didn't want to trade fulltime, i just had the wrong job at that time, so i thought about what i really wanted to do and i got myself what i wanted, i still trade though, but i like solving problems, the acknowledgement that comes with it, being part of a team ... producing something of value.

but that's me, everyone has to find out for himself what's best for him
You just broke my BS detector, I just had to say that because if you're smart enough to trade for a living you should be smart enough to adjust your trading to your needs.
  • #56
  • Jul 28, 2012 10:44pm Jul 28, 2012 10:44pm
Quoting TraderJF
But most of you still won't believe it.
If you are making tons of money trading why would you bother with internet videos? Complete with McDonald's ads even?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #57
  • Edited 11:26pm Jul 28, 2012 10:46pm | Edited 11:26pm
Quoting swingtraderf
You just broke my BS detector, I just had to say that because if you're smart enough to trade for a living you should be smart enough to adjust your trading to your needs.

I think you might just be offended that someone actually finds trading bat sh*t boring. Which it is, I'm in a similar boat. Actually the more profitable I got the more the whole "trading for a living" thing wore off. I'm still looking for the part where he said he quit trading for good? I don't believe he did, just stopped full time trading from what I gather. I think you might call that adjusting trading to suit ones needs.

There's a million ways to make money and live "the good life" if you put your mind to it. Trading has opened me up to all sorts of new business ideas. If you can truly gauge the concept of Price, Supply and Demand and the games involved in the competition for profit you can adapt your "trading mind" to any area in life.

These markets right now are laced with poison for the mis informed. We are sitting in a pressure cooker (and have been for some time now) which at some point has to explode. Our faithful leaders can tread water all they want but no one is invincible and at some point their legs will give out, and the end result will be interesting.

Someone mentioned that retail forex is doomed. I'm not sure about that although some valid points were made. Retail trading as we know it is perhaps doomed, but when one King falls there is always another waiting in line to take it's place.

There will still be a strong demand for FOREX price speculation and so even if our current structure were to change dramatically in the way of leverage restrictions barriers to entry etc. There will still be profit to be made by offering market price speculation to punters. Perhaps we will see a structure much like spread betting or more conventional types of gambling. Who knows.

I have no idea what will happen, but whatever will be will be. I can understand it would be rather depressing for a lot of traders who have worked their asses off, sacrificed a lot, been to hell and back to learn to trade profitably, just for that to be taken away. It's easy to assume the worst when the worst is what we fear.

Anyway, just gotta roll with the punches, fear mongers have been alive and well on this forum since it was first created, but the charts keep ticking and the world keeps turning. Extreme views are held and forced upon us, but somewhere there is always a middle ground where things simply are what they are. Destruction breeds creation, It's evolution baby.
H.D
  • #58
  • Jul 28, 2012 11:29pm Jul 28, 2012 11:29pm
Quoting Hilar
I think you might just be offended that someone actually finds trading bat sh*t boring. Which it is, I'm in a similar boat. Actually the more profitable I got the more the whole "trading for a living" thing wore off. I'm still looking for the part where he said he quit trading for good? I don't believe he did, just stopped full time trading from what I gather. I think you might call that adjusting trading to suit ones needs.

There's a million ways to make money and live "the good life" if you put your mind to it. Trading has opened me up to...

you forgot one thing the world is ending dec 21 2012.. lmaooooooooooo
  • #59
  • Jul 29, 2012 12:16am Jul 29, 2012 12:16am
I am Alarico, 28 years old , trading forex from last 5 years(2007), well well, very tuff ride in last 5 years but yet enjoyed it coz i deed some thing which i wanted to do, learnt so many things every day and now I am glad to say now I can make money out of this market without any hasle, my future plans is to settle down is some nice place and start some real business as well, coz forex dont need lots of time in a day......

not living with my parents coz they didnt understood any thing about forex and always thought its a gambling thing.

but I plan to gift them some nice car and invite them to my house in order to describe this is not gambling but some thing solid.
No place for mistakes
  • #60
  • Jul 29, 2012 12:23am Jul 29, 2012 12:23am
Quoting acacia357
you forgot one thing the world is ending dec 21 2012.. lmaooooooooooo
thats BS.....
No place for mistakes
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