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Day Trading for a Living

  • #1,001
  • Aug 3, 2012 2:10pm Aug 3, 2012 2:10pm
Ctrader is by Spotware right ??


With the spread GU spread 2.4pips EU 1.3pips all in, so not a huge saving.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,002
  • Aug 3, 2012 2:32pm Aug 3, 2012 2:32pm
Well, atleast the week is positive sadly only 1 trade and +10pips LOL
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,003
  • Aug 3, 2012 2:57pm Aug 3, 2012 2:57pm
Need. Better entry method, market pulls back against trend quickly how do you determin a good entry while not taking to much of a risk GDR ?

I'm okay if it hovers at the bottom for 10mins then I get in tight SL and bobs your uncle, my 20lwma works well for slow moves but fast I always get left behind and most seem to be fast these days.


Not something you can practice in back test unless you've got a tick chart simulator I guess.

Dow went from 72 to 102 in 7 mins reversing off 500ema badly. Method kinda called the top to *

Advice oh wise 1 ?



* can't rule out coincidence Ofcourse lol
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,004
  • Aug 3, 2012 5:44pm Aug 3, 2012 5:44pm
Quoting chiwi
hi guys,

i'm new here in forexfactory
i would like to ask if anyone of you trades for a living.. meaning someone who doesnt have a job and trades FX full time?

i'm planning to do this really soon.. in a few weeks time. what would you guys suggest for me to do first. a little bit scared coz i'll treat this as a business.

Thanks guys.
I would say think twice.. no, rather don't think at all, just don't do it. You might be scared because you feel it is not right, and is dangerous for you (and maybe for your family). So ask yourself, what is it that you are afraid of. If the answer is that you are afraid of loosing your well being, family life, monthly income from which you can put food on the table. Than step away, and think twice.. maybe trade small, build your equity from your spare money. If you don't have spare money, get some (work)!
  • #1,005
  • Aug 3, 2012 6:13pm Aug 3, 2012 6:13pm
Okay to stop me flipping around 8 charts then forgetting to go back, I'm reducing my work load to just DAX and 1 Forex pair so which pair ??

EU or GU is the question :-

EU tighter SL ( I like ), respected the Daily Pivot better recently atleast.

GU trends better which is a bonus if I actually trade my method, if I don't then chop is better so EU.


I can have 2 charts on my PC, Ipad and Note easy same time just zoom into 1 chart when it's near trade time, no flicking around no forgetting the plan.

No point having more setups if I never take them hey!!

Opinions on the 2 ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,006
  • Edited 1:29am Aug 4, 2012 12:50am | Edited 1:29am
There are commissions on cTrader on opening a trade and closing it but it and the average spread is under 0.3 from what I've seen on all the majors and having MT4 up aswell certainly helps to identify levels or areas.

I'd probably go for GU or GJ given their movement of pips in higher in a single move on average compared to EU and others and they're better for scalping aswell. Quite liking this S/D trading style compared to my normal method, its keeping me active all day on the charts instead of waiting around usually bored for that one or two trades.

For better entrys in the smaller timeframes I'd say use supply & demand levels. This website can explain it better than I ever can ---> http://www.advantagesignals.com/inde...and-resistance it has a chart of the 4hr but it works on any timeframe and you'll notice the same patterns of movement in that picture on that site on all timeframes, even down to the 1m.

If you'd like I can post some charts from recent days with S/D levels (or what I believe to be S/D levels and the trades I made yesterday using these levels) highlighted on the smaller TF...infact I've put a chart below, its from GU from yesterday on the 1m TF of London open, look at that site I posted above ^^^^ so you can understand why I've highlighted the areas on the chart, as you can see theres plenty of opportunitys for scalping once you can identify these levels.

The chart is zoomed out but if you look at your own charts you'll see what I mean and you'll be able to identify these levels.

The bottom chart is 1hr EU, I never traded that move.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: SupplyDemand.jpg Size: 76 KB
Click to Enlarge Name: supplydemand1.jpg Size: 73 KB
  • #1,007
  • Aug 4, 2012 4:14am Aug 4, 2012 4:14am
I am a day trader but not able to make profit for living. I am making profit but it is not sufficient for living expenses. I am a part time trader so far only for this reason.
  • #1,008
  • Aug 4, 2012 5:46am Aug 4, 2012 5:46am
GDR

GJ is to expensive spread wise sadly for my likings ruins my risk to reward ratio.

EU has never been a good pair for me but it's looking better recently and tighter spread its a tricky 1.

Dax is a no brainier and my main focus some days forex or indexs will move well so best to have 1 of both.

You seem to have stopped trading indexs recently ? Advantage hasn't been as good though recently.

Supply and demand reading it is part of what I do those V bottom scare the hell out if me so only take the slower moves something I'm working on.

Smaller lot size, bigger SL and second position if it goes against me might be the solution thinking on it.

Scalping on a small account to keep awake waiting for your 1 or 2 big trades could be the solution and earn some extra hooker disposable money to.


So far got Monday and Wednesday clear for trading at home, Tuesday and Thursday out but can use Note Friday booked up.


MUST try harder lol
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,009
  • Aug 4, 2012 5:58am Aug 4, 2012 5:58am
Going with eu reason the V moves are slower and less V like compared to GU so more time to get in after the reversal.

Both charts up means I can watch / trade at clients as I just stick the phone on the desk and they won't notice it
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,010
  • Aug 4, 2012 6:02am Aug 4, 2012 6:02am
Quoting Turveyd
GDR

GJ is to expensive spread wise sadly for my likings ruins my risk to reward ratio.

EU has never been a good pair for me but it's looking better recently and tighter spread its a tricky 1.

Dax is a no brainier and my main focus some days forex or indexs will move well so best to have 1 of both.

You seem to have stopped trading indexs recently ? Advantage hasn't been as good though recently.

Supply and demand reading it is part of what I do those V bottom scare the hell out if me so only take the slower moves something I'm working...
Yeah I've not traded much of anything recently as I've been quite busy during the days, the boredom of it all is getting to me again so thats why I'm looking into alternative methods of trading the smaller timeframe so I'm busy most of the day, instead of sat around waiting and I'll just combine the two methods or just switch over to the one I prefer the most, keeping ones brain occupied!
  • #1,011
  • Aug 4, 2012 6:45am Aug 4, 2012 6:45am
Quoting GDR3k
Yeah I've not traded much of anything recently as I've been quite busy during the days, the boredom of it all is getting to me again so thats why I'm looking into alternative methods of trading the smaller timeframe so I'm busy most of the day, instead of sat around waiting and I'll just combine the two methods or just switch over to the one I prefer the most, keeping ones brain occupied!
I've been profitable a few times the boredom then gets to me which then kills me, it is the final problem to solved, why I'm more scalpy aswell although will hold for long moves when possible.

I guess trading with bigger and bigger lot sizes will only keep it exciting for so long, why I trade 8 charts at once to reduce the boredom, but should just trade 2 and trade them really well I guess.

Do both and take some days off and spend the money you earn having fun, which having money enables.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,012
  • Aug 4, 2012 8:08am Aug 4, 2012 8:08am
Quoting Turveyd
I've been profitable a few times the boredom then gets to me which then kills me, it is the final problem to solved, why I'm more scalpy aswell although will hold for long moves when possible.

I guess trading with bigger and bigger lot sizes will only keep it exciting for so long, why I trade 8 charts at once to reduce the boredom, but should just trade 2 and trade them really well I guess.

Do both and take some days off and spend the money you earn having fun, which having money enables.
I'm quite enjoying this S/D on the lower timeframe trading, more so than waiting around for one or two entrys per day, gonna transfer more money into my ecn account from my mt4 account on monday and smash it.
  • #1,013
  • Aug 4, 2012 8:14am Aug 4, 2012 8:14am
Quoting GDR3k
I'm quite enjoying this S/D on the lower timeframe trading, more so than waiting around for one or two entrys per day, gonna transfer more money into my ecn account from my mt4 account on monday and smash it.
Awesome, sounds like fun atleast.

Not enough of a pip saving and can't trade Dax for me to switch over really, I've got 1 click / double click trading via FXCM anyway.

The HTML5 version, ie web browser would likely work well on a Ipad / Android Tablet to if you wanted to be less tied to the desk I can try both out if you want. The new Google Nexus 7 for £200 would likely be ideal for the job or just use it as a 2nd screen along side your PC.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,014
  • Edited 8:39am Aug 4, 2012 8:20am | Edited 8:39am
Quoting Turveyd
Awesome, sounds like fun atleast.

Not enough of a pip saving and can't trade Dax for me to switch over really, I've got 1 click / double click trading via FXCM anyway.

The HTML5 version, ie web browser would likely work well on a Ipad / Android Tablet to if you wanted to be less tied to the desk I can try both out if you want. The new Google Nexus 7 for £200 would likely be ideal for the job or just use it as a 2nd screen along side your PC.
I'll be getting more screens soon, gonna get one of them multi 6 screen stands. I don't mind being sat at a desk provided I'm doing something or keeping busy and like I said being sat there all day waiting is mind numbing stuff lol, so gonna just do this scalping for a while plus the benefit for me is it allows me to make precise entrys (edit - with very low risk with much bigger R:R overall), plus I made quite alot of pips on friday doing this so may aswell keep at it.
  • #1,015
  • Aug 4, 2012 1:01pm Aug 4, 2012 1:01pm
Quoting GDR3k
Quite liking this S/D trading style compared to my normal method, its keeping me active all day on the charts instead of waiting around usually bored for that one or two trades.

For better entrys in the smaller timeframes I'd say use supply & demand levels. This website can explain it better than I ever can ---> http://www.advantagesignals.com/inde...and-resistance it has a chart of the 4hr but it works on any timeframe and you'll notice the same patterns of movement in that picture on that site on all...
Have you signed up for the signal service? I looked at the website but I didn't find any info on the people behind it. Do you know anything about them? Is it possible to see the chart of the 4hr without signing up for the service?

Thanks.
  • #1,016
  • Edited 1:24pm Aug 4, 2012 1:03pm | Edited 1:24pm
Quoting mary4x
Have you signed up for the signal service? I looked at the website but I didn't find any info on the people behind it. Do you know anything about them? Is it possible to see the chart of the 4hr without signing up for the service?

Thanks.
Hello, no I've not signed up for it, I found that link off another website, here is the image I was on about...I really don't know why they plaster their website address on it....I should really create my own with different timeframes, hmmm...then sell the method on ebay with pictures of fit women and ferraris and make millions!!!! /sarcasm

http://www.advantagesignals.com/imag....R./image1.jpg
  • #1,017
  • Aug 4, 2012 1:34pm Aug 4, 2012 1:34pm
Hmmm... I'm looking forward to where this will go. Can't use MT4 because the spreads are too high?
  • #1,018
  • Aug 4, 2012 1:36pm Aug 4, 2012 1:36pm
Quoting mary4x
Hmmm... I'm looking forward to where this will go. Thanks.
The same patterns of price movement shown on that 4hr chart work all the way upto monthly TF and all the way down to even the 1 minute TF.

And yes you can use it on MT4 or any trading platform, but for scalping I prefer ECN as spreads are much lower, even if you have to pay commission.

  • #1,019
  • Aug 4, 2012 1:57pm Aug 4, 2012 1:57pm
Okay, thanks. Will stay tuned.
  • #1,020
  • Aug 4, 2012 2:34pm Aug 4, 2012 2:34pm
Setup to support 6 screens sounds good to me remember you can get USB graphic cards £80 area which can run 6 screens or something off much easier than internal cards.

I like the idea of being mobile and still able to trade hence Note or in bed watching Vids on the ipad.

Timing is so crucial to that kinda service by the time you get / read a signal its likely to late.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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