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Is it a happy life ahead?

  • #81
  • Oct 31, 2012 5:37am Oct 31, 2012 5:37am
Quoting scfx
all depends if you can actually become consistent or not...
I believe everyone can. Depends on efforts, experience and knowledge. The thing is what your life will look like after you became professional.
  • #82
  • Nov 1, 2012 2:45am Nov 1, 2012 2:45am
The Forex market, like any other Financial market, has unlimited possibilities for a trader to make money. But there is a catch; you could also lose as much.

Everybody knows that but in order to really understand and feel the emotional charge of the Forex market you need to trade.
Make sure, before you spent your savings, that you have the right tools needed to be able to trade successfully. Educate yourself sufficiently, read and read some more because there is no magic trick that will suddenly make you a profitable Forex trader.
PS the reading part may take a good 6, month and then the 6 month demo trading. Don’t invest a dime if you don’t feel confident that you know what you doing.
  • #83
  • Nov 8, 2012 8:02pm Nov 8, 2012 8:02pm
Quoting scfx
all depends if you can actually become consistent or not...
You are so right!
The secret is consistent.
My holy grill is consistent, it doesn't change according to market. I am happy and peaceful under any market situation.
  • #84
  • Nov 8, 2012 8:09pm Nov 8, 2012 8:09pm
Quoting meng88
I believe everyone can. Depends on efforts, experience and knowledge. The thing is what your life will look like after you became professional.
I got it easy.
I am reading "trading in the zone".
I consider myself extremely lucky to have cracked it without blowing my first trading account.
I am not going professional. I don't need to quit my current job for trading bigger. My trading style doesn't demand a lot of time or energy.
  • #85
  • Nov 8, 2012 8:16pm Nov 8, 2012 8:16pm
Quoting kickbackfx
The Forex market, like any other Financial market, has unlimited possibilities for a trader to make money. But there is a catch; you could also lose as much.

Everybody knows that but in order to really understand and feel the emotional charge of the Forex market you need to trade.
Make sure, before you spent your savings, that you have the right tools needed to be able to trade successfully. Educate yourself sufficiently, read and read some more because there is no magic trick that will suddenly make you a profitable Forex trader.
PS the...
Thank you for your kind advice.
I think trading forex is the easiest business on earth. Maybe the 90% newbie who failed never had done any business. Any business other than trading involve more risk and demand far more energy and patience. Business people usually don't get margin calls when they are about to fall. So they fall harder than blow one account.
  • #86
  • Nov 8, 2012 9:09pm Nov 8, 2012 9:09pm
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?
You have to abide a system that's without emotional or so called human's instinct, obey the rules u set and guidelines to follow strictly, a system that have a good mm, rr, dd. Don't think about making money from the Forex Market as a beginner, let alone an experienced trader-> because majority are still losing and not being able be to consistent.

learn the other's mistakes, learn about yourself and your mistakes, forgive yourself and get over it, learn not to question the market movements, learn to follow it wherever it goes, ignore fundamental debation, see price as indication.

In your first few weeks/month as a live trader you should learn to be consistent about risk control and risk management, how to protect your account and dd, and losses per day, don't think about gain, live trading is too different from demo trading due to emotions involved and adrenaline that may cause fear/sentiment and biasedness in trading, learn low frequency trades instead of many too many trades to lead into more mistakes/losses.

For instance, if you only have 1-2 set up a day, its either u are wrong 50% of the time, but more trades you are wrong even more as market moves in pips up down, not always 1 time up 50 to hit your tp, it can up down 20 + 20- and hit your stop loss more frequently or not.

when u are able to maintain breakeven records, soon u will capture the genes of sniping better probability trades.
  • #87
  • Nov 9, 2012 3:25am Nov 9, 2012 3:25am
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?
I think that this depends on a trading strategy which you use... If you have to stare on the charts for many hours every day and your strategy makes you nervous then this is not a happy life IMO
  • #88
  • Nov 12, 2012 2:02am Nov 12, 2012 2:02am
Quoting pipfarming
I think trading forex is the easiest business on earth. Maybe the 90% newbie who failed never had done any business. Any business other than trading involve more risk and demand far more energy and patience.
I don't actually think so. I studied economics and made some business plans... And I know that in comparison with real business Forex can be more risky. Depends on a lot of conditions of course. The percentage of failed newbie in business is also about 90%, but it's number after 5 years of work. Forex newbies give up even sooner.
  • #89
  • Nov 22, 2012 2:41am Nov 22, 2012 2:41am
Hi Pipfarming,

Congrats to finding success so early on! Like you, I am a newbie in this, learning, testing on demo and trying on a micro-account. Unlike you, I had blown my account before and took a break of a few months to relearn again. Reopened a live account again and luckily, still surviving for the past 3months. However, the profits are pathetic so i shall not mention.

Do you care to share your route to success and by success, how good are you doing??
My plan is to let this be my full time business as well but am still a long way off...
  • #90
  • Nov 23, 2012 4:32am Nov 23, 2012 4:32am
Before you quit your job to trade the market full time, you need to ask yourself two important questions:

1. Have you been consistently profitable every month trading the market?
2. Are your profits enough to pay for your expenses every month?
  • #91
  • Dec 18, 2012 12:37pm Dec 18, 2012 12:37pm
Quoting 5percent
You have to abide a system that's without emotional or so called human's instinct, obey the rules u set and guidelines to follow strictly, a system that have a good mm, rr, dd. Don't think about making money from the Forex Market as a beginner, let alone an experienced trader-> because majority are still losing and not being able be to consistent.

learn the other's mistakes, learn about yourself and your mistakes, forgive yourself and get over it, learn not to question the market movements, learn to follow it wherever it goes, ignore fundamental...
Thank you very much for your kind advice.
I shall come back to your wise words time and time again in the future.
"a system that have a good mm, rr, dd" - what is "mm, rr, dd"?
  • #92
  • Dec 18, 2012 12:42pm Dec 18, 2012 12:42pm
Quoting metroman
I think that this depends on a trading strategy which you use... If you have to stare on the charts for many hours every day and your strategy makes you nervous then this is not a happy life IMO
I shall surely avoid staring at charts nervously for hours a day!
I can understand why people scalp. There sure has a lot of potential in making $$$ on small pip moves.
But, I can't see myself mastering this art in near future.
  • #93
  • Dec 18, 2012 12:44pm Dec 18, 2012 12:44pm
Quoting pipfarming
Thank you very much for your kind advice.
I shall come back to your wise words time and time again in the future.
"a system that have a good mm, rr, dd" - what is "mm, rr, dd"?

MM money management
RR Risk to return
DD Direct Debit to refund the account frequently LOL Or Due Diligence.

Been trying real hard to beat this sucker recently, getting better and better while account drifts lower with just bad random chance on the trade I do play, trading is truely the hardest most sole destroying ( other than woman I guess there ) thing you'll ever attempt.

But the upside, if you can beat it in a M1 day trading way consistently ( the hardest but also most profitable by a long shot ), even from a small account you can pretty much make as much as you'll ever need ( not ferrari money most likely ), but 50-60K per year area.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #94
  • Dec 18, 2012 12:48pm Dec 18, 2012 12:48pm
Quoting pipfarming
I shall surely avoid staring at charts nervously for hours a day!
I can understand why people scalp. There sure has a lot of potential in making $$$ on small pip moves.
But, I can't see myself mastering this art in near future.

Same as any moderate stress job really, except unlimited holidays, pick your own hours much more money and you could just trade 4hours per day 2 days per week and still make way more than most people make in a week.

I'd say years but if your open to being taught not many people are then weeks using my method and likely profitable before i get there using my own system, mainly due to not having to unlearn bad habits which you will surely learn trying to solve on your own.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #95
  • Dec 18, 2012 12:52pm Dec 18, 2012 12:52pm
Quoting meng88
I don't actually think so. I studied economics and made some business plans... And I know that in comparison with real business Forex can be more risky. Depends on a lot of conditions of course. The percentage of failed newbie in business is also about 90%, but it's number after 5 years of work. Forex newbies give up even sooner.
I'll have to stick to my opinion here.
Forex newbies walk away with less wounds than other business where you put in not only your money and time but also hard work, I mean real work, which involves more than sitting at home and staring at monitors.
  • #96
  • Dec 18, 2012 12:59pm Dec 18, 2012 12:59pm
Quoting Salvius
Hi Pipfarming,

Congrats to finding success so early on! Like you, I am a newbie in this, learning, testing on demo and trying on a micro-account. Unlike you, I had blown my account before and took a break of a few months to relearn again. Reopened a live account again and luckily, still surviving for the past 3months. However, the profits are pathetic so i shall not mention.

Do you care to share your route to success and by success, how good are you doing??
My plan is to let this be my full time business as well but am still a long way...
I am a real newbie, this is my first year of trading live and I have lasted for 6 months without blowing my first account (micro-account too, can't handle any bigger stress, already reached my stress limit).

I am not good at all, still learning.
My success of not blowing my account is due to luck.
  • #97
  • Dec 18, 2012 1:02pm Dec 18, 2012 1:02pm
Quoting pippepper
Before you quit your job to trade the market full time, you need to ask yourself two important questions:

1. Have you been consistently profitable every month trading the market?
2. Are your profits enough to pay for your expenses every month?
Thank you very much for your questions.
I shall come back to them whenever I feel like to quit my job!
  • #98
  • Dec 18, 2012 1:10pm Dec 18, 2012 1:10pm
Quoting Turveyd
MM money management
RR Risk to return
DD Direct Debit to refund the account frequently LOL Or Due Diligence.

Been trying real hard to beat this sucker recently, getting better and better while account drifts lower with just bad random chance on the trade I do play, trading is truely the hardest most sole destroying ( other than woman I guess there ) thing you'll ever attempt.

But the upside, if you can beat it in a M1 day trading way consistently ( the hardest but also most profitable by a long shot ), even from a small account you can...
Thanks!

I want to beat this sucker too!
M1 chart 50-60K per year sounds wonderful!
I'll look into it in 5 years time, maybe, if I am still not beaten.
  • #99
  • Dec 18, 2012 1:12pm Dec 18, 2012 1:12pm
Quoting Turveyd
Same as any moderate stress job really, except unlimited holidays, pick your own hours much more money and you could just trade 4hours per day 2 days per week and still make way more than most people make in a week.

I'd say years but if your open to being taught not many people are then weeks using my method and likely profitable before i get there using my own system, mainly due to not having to unlearn bad habits which you will surely learn trying to solve on your own.
Do you teach people free of charge?
  • #100
  • Dec 18, 2012 1:19pm Dec 18, 2012 1:19pm
Quoting pipfarming
Thanks!

I want to beat this sucker too!
M1 chart 50-60K per year sounds wonderful!
I'll look into it in 5 years time, maybe, if I am still not beaten.

In 5 years time you'd of followed so many blind alley ways, learned so many bad habits, got well to emotional about it all and it'll take you another 5years of hard work even with a system / method to get there.

Self Employeed, business is more stress stress you can't control if people don't give me contracts / support calls I don't make money, trading it's entirely upto you.

Some business's involve handing over a lot of money to put at risk, Forex can be learned on a budget, demo at first or on and off.

50K-60K GBP is my target, 40pips per day average, $10 per pip take some days off and hey presto. you can trade at $100 if you have the balls scarey enough at $3 per pip!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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