Living Off Fx

they have scheduled live trade sessions about once a week but they just remodeled the site to make it more interactive i think...

...a tiny version of FF lol

yea very new site, not many traders...but good to keep an eye on new sites...

This is what i dream of, and not having to talk to people all day!!!

TheRealThing,

It does not appear that you are very active on this site anymore. However, I wanted to thank you for your post on 7 Feb 2007.

You wrote:
"I wish someone had illuminated for me what I was in for 25 years ago when I got serious. It wouldn't have stopped me for a second, but it would have helped me prepare for the future differently."

I am not new to the concept of trading, but I am still very much a beginner. Your post did indeed affect how I will prepare for a future in trading.

I understand the odds that I will trade for a living are low. However, I love trading and the only thing I want to do is get better at managing my capital and reading the price action. I crave it.

Hopefully as I get better the odds of me experiencing success will improve as well.

Thanks

Got nowhere with the link. Any news ?

YES

I am from india and interested if forex trading from thailand as it is illegal in india.kindly guide me on this.

Im working on a few different methods that involve daily PA. I am typically a short time frame trader kind of guy (5M to 1HR) but daily will allow one to be more free with their time.

The trade will breathe a little bit but usually the trend is very strong once certain signals are hit, in my case it involves relative currency strength.

Yes, if you treat forex trading like a professional business rather than a "gamble".

Illegal? Then how does your brother Sunil Mangwani do trading from Mumbai ?

Well, I understand that to became professional needs a time. Could you tell me the right steps to do it faster and how much time is necessary for stand on own feet with Forex?

epic post.

I plan to become a fulltime trader and this is what i need. A real introspective post from an insider.
I am doing what I can and more to work at it and make sure i'll turn out fine..

thanks agian

I wonder, how much capital do you need in order to start trading for a living?

The benefit you expect monthly x 20 = minimum account size

I don't get it, I have read (don't remember where), that minimum you need 100k.

Per your calculation, I came almost half of it.

Before trying trading for a living why don't you start with a small investment to check whether you can get good return or not.
If you are very good at trading I don't think that you need 100K investment.

Yes, that's what I'm going to do.

Thanks

if I had 100k to invest in forex I don't think I'd ask someone on an online forum for his blessing

Good Luck Mate

Right, I know this is an OLD thread and an old post but never the less the contents are still effective. I must say that I was a bit low after reading it. Although my main account is greatly up, I'm having a bad month and this post kind of hit a raw nerve with me. After thinking about it and having a good sleep I realised that "Therealthing" has/had become a victim of his own observations.

A few comments really do need picking up on :


Quote........


“thought I better tell those who think that trading can replace their job have the better odds winning the Powerball. Really! There are hundreds more who have won big in the Powerball than actually earn their money from private trading. Thinking otherwise is denying reality and the facts. It is easy to ignore because the facts about trading are difficult to dig out, and only the determined care to find out anything or succeed at anything worthwhile.”

I know Therealthing answered this by comparing cash but let’s look at the real stats. According to the huffingtonpost (wherever that is) the chances of winning the powerball is 1 in 175 million (http://www.huffingtonpost.com/ronald...b_3288129.html). Ok, I don’t know how many retail traders there are in the US but considering that in the US there are around 120 Million that are employed. That would mean that no one could make money trading fx if what therealthing says is true. Well we know that’s not true because Therealthing told us he makes money so I think it’s safe to completely dismiss this statement as there is NO evidence to back up his claim. Conclusion, statement is total rubbish. !!

Another quote......

“Private, profitable traders (those who've done the above) can tell you their edge immediately, and can prove it. Unfortunately, this set of traders is very small, estimated a few years ago by a research company at less than 800 in America--- and most of you reading this will never among them. And that is not a bad thing. That doesn't mean that you won't make money from your trading. You might even have more richness in your life by doing something else than trade.”

What research company? Ok, I know this statement was made 7 years ago. But from what I believe, this figure was and is never known. It would have helped if there was some reference to clarify the statement at the time but alas, there wasn’t. Conclusion, a general statement with no proof hence, utter rubbish !!


Another quote.......

“I will tell the only way a trader is able to make $1,000,000 from trading.

Here's an example of 10 thousand trades. Of these trades, you might lose on 6000 of them for small losses, win on 3800 of them for moderate profits, and win fairly big on 200 of them. You make your million from this series of trades by losing only $9 million on your total of losing trades while making $10 million dollars on your total of profitable trades.”

Forget the big figures and let’s make this realistic and talk percentages. What this guy is saying is that to make $100 you need to earn $1,000 and loose $900. Well to me that’s a 10% return on a $10,000 account. What hasn’t been said is over what period of time? I would be disappointed if I didn’t clear 10% in a month. On one hand he is correct if the timeframe he is on about is within a month. But as he didn’t qualify anything and we are left presuming he meant just generally. Well if that’s the case then the figures do not stack up. If his system is generating such piss poor return, then no you will not make a million. Here’s how you make a million, clear $100,000 a year profit for 10 years. That’s one of many, many ways. It is possible, not easy (and no, I’m not a millionaire) but I don’t think it’s as improbable as this guy makes out. The strategy to make money is consistent profits and compounding. Whether you make a million or not is down to many factors, account size, time, psychology etc etc but ultimately, if you can see a way of making 100,000. Then why not a million?

Another quote.......

“Everyone posting has a motive, even me. Most motives are simple self promotion, aspiring traders trying to make themselves feel good, look smart. A few posters have the motive to help others. Many figure that if they can't win, maybe they can help someone else and that makes them a winner somehow. Maybe so. But likely it is a case of the blind leading the blind.

I'd bet you'd rather make money from trading the markets the way things really are, not the way some very literate, but non-winner says they are. Think of that the next time you read a "helpful" post. 99.9% odds the post is from a non-winner.”

Completely correct and completely agree. Steer clear of the poster who make statements without PROOF.


Amongst the crap, there is a lot of sense being spoken in the post. A hell of a lot. I should highlight these quotes but I really don’t have time. I have written my post to encourage those out there to ‘look’ for your edge and don’t be so easily swayed by opinion and fabrication that is negative. The say 90% of people who attempt trading fail. I don’t know if this is correct and as I said, I don’t think anyone knows. I would think that it is probably somewhere in that region and my reasoning is because most newbies will see trading as “gambling with indicators”..... It really isn’t. But even at 90%, that means in room of 100 people, 10 can trade.

Good luck and remember!

Until you have found and proven your edge. Practice safe trading and wear a demo account !