Is it a happy life ahead? | Page 6 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

No Requirements to Be Happy 15 replies

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

Very happy and excited to have found this place! 10 replies

Is it a happy life ahead?

  • #101
  • Dec 18, 2012 1:20pm Dec 18, 2012 1:20pm
Quoting pipfarming
Do you teach people free of charge?

Hmmmmm well I am really POOR at the moment, nah free not a scammer hate em, quite a few have mastered my previous methods there quite simple and doing a lot better than I am, I have a thread with my thoughts in, the method works combination of just bad random chance and me not using it right at the moment.

Can you forget everything you've learned, have you got say time 8am - 10am ish GMT then 14:00 - 16:00 GMT ?? those are the best times.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #102
  • Dec 18, 2012 1:27pm Dec 18, 2012 1:27pm
Interestingly I did try teaching a really stupid mate ( male ) and a super intelligent mate ( female ).

Stupid mate picked it up followed instructions, didn't worry to much and was doing pretty well before getting bored and lost interest.

Super intelligent girlie, tried to go it alone, wouldn't listen, refused to take losses and would 4x's her account then lose it all on 1 trade, to much pride to take a loss, or SL's cost her frequently so didn't like using them.

Shame on both.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #103
  • Dec 19, 2012 1:16pm Dec 19, 2012 1:16pm
Quoting Turveyd
Interestingly I did try teaching a really stupid mate ( male ) and a super intelligent mate ( female ).

Stupid mate picked it up followed instructions, didn't worry to much and was doing pretty well before getting bored and lost interest.

Super intelligent girlie, tried to go it alone, wouldn't listen, refused to take losses and would 4x's her account then lose it all on 1 trade, to much pride to take a loss, or SL's cost her frequently so didn't like using them.

Shame on both.
Well, how can I say no to free teaching?
Please feel free to teach us newbies here.

I have a question, what does it mean by "margin level (%) 4850% ?
Is it too risky? or is it too conservative so that it is limiting my capital growth?
  • #104
  • Dec 22, 2012 3:38pm Dec 22, 2012 3:38pm
During this 6 months of my live trading, I have learnt much more than my 6 years in Uni. Apart from economy, accounting, risk management, psychology of myself, I also learnt 3 big lessons which cost me pips from my pipfarm.

Lesson 1:
"No exit plan needed because I am right"
I am not always right, even if I am always right, people who trade wrongly can push price so far away, far more than what I can handle. So I need exit plans, always.

Lesson 2:
"I have stop loss I can increase lots now"
Stop loss didn't get triggered until price gone 60 pips away. I guess I can blame my broker. But it's me who trusted my SL to the broker. It's my pipfarm, it's my responsibility. If my broker ran away with my money. It's still my failure.

Lesson 3:
"I am good at trading I can increase lots now"
I am not good at trading. It turned out that I was just lucky.

I planted 777 seeds to my pipfarm 6 months ago, I now still have 685.

I am happy up to now!
  • #105
  • Dec 22, 2012 7:56pm Dec 22, 2012 7:56pm
Quoting pipfarming
During this 6 months of my live trading, I have learnt much more than my 6 years in Uni. Apart from economy, accounting, risk management, psychology of myself, I also learnt 3 big lessons which cost me pips from my pipfarm.

Lesson 1:
"No exit plan needed because I am right"
I am not always right, even if I am always right, people who trade wrongly can push price so far away, far more than what I can handle. So I need exit plans, always.

Lesson 2:
"I have stop loss I can increase lots now"
Stop loss didn't get triggered until price gone...
1. I keep my exit 5 + spread these days, mainly trade DAX though for 1pip spread helps keep the cost down, get SL'd and re enter 3mins later 5 pips lower than SL so it's a nice saver more often than not.

2. Only been slapped with that once this year, a few weeks ago over tripled my worst case lose very annoying stupid 3pm news time, I have hold over news to stop this, but random news spikes still happen.

3. no such thing as luck, but even bad methods have periods where they work well, maybe method suited those conditions, which later kill you, this is a MAJOR HEADACHE!!! yes cracked it, ohhhh hang on nothing but losses.

-92 seeds in 6 months is pretty damn good, most people get emotional, move the SL, average down, fight the market and blow a huge dent in the account trying to hard not to lose in the first few weeks, your WAYYYY better than I was first 6months!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #106
  • Dec 22, 2012 11:45pm Dec 22, 2012 11:45pm
Quoting Turveyd
1. I keep my exit 5 + spread these days, mainly trade DAX though for 1pip spread helps keep the cost down, get SL'd and re enter 3mins later 5 pips lower than SL so it's a nice saver more often than not.

2. Only been slapped with that once this year, a few weeks ago over tripled my worst case lose very annoying stupid 3pm news time, I have hold over news to stop this, but random news spikes still happen.

3. no such thing as luck, but even bad methods have periods where they work well, maybe method suited those conditions, which later...
Thank you!

I agree with your point 3. Stratigies working in ranging market will eat your pips in trendy market. Likewise strategies developed for trendy environment will send you to heartache-land in ranging days. Strategies likely to work on any market condition are focused on being safe, not growing fast.

My dilemma at the moment is:
Do I want to be safe?
Or
Do I want to grow fast and fall fast if I am not lucky?
  • #107
  • Dec 23, 2012 6:53am Dec 23, 2012 6:53am
Quoting pipfarming
Thank you!

I agree with your point 3. Stratigies working in ranging market will eat your pips in trendy market. Likewise strategies developed for trendy environment will send you to heartache-land in ranging days. Strategies likely to work on any market condition are focused on being safe, not growing fast.

My dilemma at the moment is:
Do I want to be safe?
Or
Do I want to grow fast and fall fast if I am not lucky?
For the being safe you need to be rich already or it's just not worth it, so go hard keep the account at hobby expense level so you don't waste to much and just keep going.

I'm down $22 last week, couldn't catch 1 good runner but a 30 pip run will make me $40 for risking 8, hopefully get a Few winners and bring the stats back in line.

I trade off mainly the immediate live direction using a 15sma envelope 0.002% I think so 3-4 pips maybe 0.001% for GU, chop is a killer so just trade at times where the market is having the best moves, but that time is fast and scared so you will wait for slower then lose my erreor till recently.

Will put some new chart pics up in my journal later, think its changed since last posted them, pop in and say hi and see if its any use to you.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #108
  • Dec 23, 2012 8:10am Dec 23, 2012 8:10am
Prepare for the Exciting rides....enjoy when you profits and cut loss if you can before too late. Happy Journey!

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?
  • #109
  • Dec 23, 2012 8:31pm Dec 23, 2012 8:31pm
Just curious..at what point do you decide to cut your losses (as applicable to new traders)? Given the thread topic, just wondered if newbies bother to wait for retracement signs or do they exit the trade immediately when the market seems to head in a diff direction?
  • #110
  • Dec 23, 2012 8:43pm Dec 23, 2012 8:43pm
Quoting Forexnuts
Just curious..at what point do you decide to cut your losses (as applicable to new traders)? Given the thread topic, just wondered if newbies bother to wait for retracement signs or do they exit the trade immediately when the market seems to head in a diff direction?
It's a tricky 1, depends on your method, got to work out over all, what your better off doing and stick to that regardless of how it looks at the time pretty much.

If not for Spread costs it would be a simple answer of exit you can always get back in again, but they are the enemy and add up real fast



Short term Momentum trader here, Momentum turns against me and I'm better off out so I should exit!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #111
  • Dec 24, 2012 7:58am Dec 24, 2012 7:58am
Quoting pipfarming
Is it a happy life?
Yes.

I wouldn't, however, wish away the years that I worked in an office because although I didn't really like the work, you meet lots of interesting people and, if you are lucky, some lifelong friends. I don't believe money can replace that.
Nothing worth having is easy.
  • #112
  • Dec 24, 2012 8:29am Dec 24, 2012 8:29am
After 7 years of vested interest. It is not easy. You have roller coaster emotions of happy and sad and anger.
It sucks if you are not cool about losing, as long as you do not lose your shirt over it.
Forex Price Action Hacked - Price Action Rockstar
  • #113
  • Dec 24, 2012 5:47pm Dec 24, 2012 5:47pm
Quoting Turveyd
It's a tricky 1, depends on your method, got to work out over all, what your better off doing and stick to that regardless of how it looks at the time pretty much.

If not for Spread costs it would be a simple answer of exit you can always get back in again, but they are the enemy and add up real fast



Short term Momentum trader here, Momentum turns against me and I'm better off out so I should exit!!
Fair enough, for a short term momentum trader, you would be trading on smaller time frames and you would have to react faster to the way market reacts. But apart from strategy, most of the newbies make the rookie mistake of exiting a trade just when it seems that the market is going elsewhere..As you said, before opening a trade, you need to have a fixed strategy, a definite idea on rate/pricing movements and make your move. And yeah, if you keep exiting trades just 'cause the market moves against you, you'll end up wiping out that account.
  • #114
  • Dec 24, 2012 6:24pm Dec 24, 2012 6:24pm
Quoting Forexnuts
Fair enough, for a short term momentum trader, you would be trading on smaller time frames and you would have to react faster to the way market reacts. But apart from strategy, most of the newbies make the rookie mistake of exiting a trade just when it seems that the market is going elsewhere..As you said, before opening a trade, you need to have a fixed strategy, a definite idea on rate/pricing movements and make your move. And yeah, if you keep exiting trades just 'cause the market moves against you, you'll end up wiping out that account.

Like I said it's a tricky 1!

If the market keeps moving against you making you exit then you've got a entry issue.

You'll never now how far it's going to move, just take what your method gives you, sometimes it's 5 pips and sometimes it's 50 pips.

Instincts are to have a big SL say 20pips then as you get slapped a lot to TP 3 - 10pips on the first stall, you'll get a good win rate but the losses wipe out many profits, got to flip it, SL 3 - 10pips and if trades can and do hit your 20SL then can hit your 20TP ( although need to move say 25pips to get to 20TP rather than 15pips to get to SL but yeah, spreads love em )
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #115
  • Dec 25, 2012 3:16am Dec 25, 2012 3:16am
I will say yes, it is a happy life. For me at least. Besides trading I have a lot of free time which allows me to learn, explore and do new things. I don't know how many people can say the same. If I had to choose, I wouldn't do it any differently.
  • #116
  • Dec 26, 2012 1:32pm Dec 26, 2012 1:32pm
Quoting genie
I will say yes, it is a happy life. For me at least. Besides trading I have a lot of free time which allows me to learn, explore and do new things. I don't know how many people can say the same. If I had to choose, I wouldn't do it any differently.
Can you tell us more ? how long to make it ? how you did? what did you do?
Thank you very much in advance
  • #117
  • Dec 26, 2012 8:47pm Dec 26, 2012 8:47pm
I have been actively trading currency for over 8 years now, I have been trading live for just over 3 years. I am 28 years old and I'm NOT a millionaire! I am not going to tell you some unrealistic story about how I now live in a mansion and fly a private jet to some exotic place to have breakfast. I have nothing to sell and I am only writing this because I wanted the truth when I was a newbie many years ago.

I had worked very hard for over 10 years in retail, helping to find solutions for customers. I was the type of worker who was 100% dedicated to the company I worked for, skipping on my lunch breaks to keep serving customers, never taking sick leave or holiday pay. I always had a dream of leaving full time work and taking control of my life. I always dreamt that I could live off my profits of forex trading. So, in 2010 I quit my job before I had a mental break down. I moved back in with my mother and spent the whole year trading and building my forex business. I was successful in living off my forex profits! I had done it...

Trading forex for me was about creating a lifestyle, NOT BECOMING RICH! and I'm not rich.
Here's the twist, I got what I always wanted, I would go for a bike ride, I would go to the library and read books, go to coffee shops and relax, I would sit down the beach and listen to music. However, I was bored out of my mind. The truth is, trading is great but it is not a form of happiness, all your worries and expectations do not disappear once you make it. the best way to explain what its like to trade forex is this, it is a journey good and bad. but thats why its so fantastic. I still have bad days, or bad months but it is like any business out there. You grow and adapt organically as time goes on. you make a mistake and you change and tweak your business to learn from your mistakes.

I am happy, but I am also still a normal person. I got sick of being alone in my bedroom looking at my computer, so in 2011 I got a job at a bottle shop, where I work part time, I can have a laugh, I can be stimulated by customers but I don't need to bring my work home. it is a social life for me in a way.

I am now happier because I can watch the markets, I can still go to the beach in the morning, and then I go to work for a couple of hours and be amongst it then I'll come home and see how the markets fair. not everything is about the money, it is about designing your desired lifestyle and learn to trade to compliment your lifestyle. it is about balance and having freedom.

I hope this helps you, I would never give up trading, it is my hobby and my passion and I am grateful that its working for me. BUT I earn't it. I did the hard yards, I made the mistakes, I pulled my hair out. I felt all the crappy feelings, but it has made me into a humble person.

understand what you want trading to do for you, for me it was lifestyle. Forex trading is exactly like going out and buying a business, coffee shop, restaurant, newspaper route, lawn mowing business etc. it will take years for your business to advance into a profitable one. Nobody buys an ice cream van thinking in 2 years from now they will become a millionaire, so why have that mentality with trading??

1. create a lifestyle vision
2. have realistic expectations
3. create a criteria on how you want your business
4. develop a system in which obeys your criteria
5. create achievable goals
6. make mistakes
7. learn from mistakes

Good luck, I hope I didn't ramble to much. But that is my experience with forex trading. I am not rich but I am happy, healthy, humble and have a lifestyle that people around me think is impossible.
You will become a successful trader, the question is "WHEN"
  • #118
  • Dec 26, 2012 11:00pm Dec 26, 2012 11:00pm
Quoting ChrisBradley
I have been actively trading currency for over 8 years now, I have been trading live for just over 3 years. I am 28 years old and I'm NOT a millionaire! I am not going to tell you some unrealistic story about how I now live in a mansion and fly a private jet to some exotic place to have breakfast. I have nothing to sell and I am only writing this because I wanted the truth when I was a newbie many years ago.

I had worked very hard for over 10 years in retail, helping to find solutions for customers. I was the type of worker who was 100% dedicated...
Excellent and insightful post. This is more or less my goal as well....it's nice to be wealthy but my realistic goal is simply freedom. Working a 9 to 5 that you hate is not freedom.
  • #119
  • Dec 27, 2012 5:19am Dec 27, 2012 5:19am
Quoting ChrisBradley
I have been actively trading currency for over 8 years now, I have been trading live for just over 3 years. I am 28 years old and I'm NOT a millionaire! I am not going to tell you some unrealistic story about how I now live in a mansion and fly a private jet to some exotic place to have breakfast. I have nothing to sell and I am only writing this because I wanted the truth when I was a newbie many years ago.

Iur business to advance into a profitable one. Nobody buys an ice cream van thinking in 2 years from now they will become a millionaire,...
Thanks for that Chris and FYI, you did not ramble and its made perfect sense to all traders here and the newbies..thanks for taking the time and look forward to reading more of your posts, trading strategies etc..
  • #120
  • Dec 28, 2012 7:01am Dec 28, 2012 7:01am
Quoting ChrisBradley
...
Thank you for taking the time to write in clear terms how you see things.
It is always instructive to listen to how people made it, how long it took them,
what they did. Nothing beats listening to other real experiences (
I would even welcome scammers, liars, manipulators and masters at deception
trading experience - I guess unprofitable otherwise no need to scam! ) as long
as they were truthful , but as we all know scammers
and psychopaths share many similarities, and these kind of people are best
avoided.

I hope we get other people to post their views.
0 traders viewing now