DislikedThere are many super trader here in this forum that are not only making money by themselves but also helping greatly to other trader to earn a livlihood from trading.Ignored
Here's the answer to "Can I make a living from forex" 262 replies
Living in China, trading for a living 18 replies
Forex Trading for a living... anyone? 143 replies
Just Curious...Has anyone here consistantly made $$$ trading with Forex.com? 4 replies
is it a game or job?anyone makes his living by forex? 16 replies
DislikedThere are many super trader here in this forum that are not only making money by themselves but also helping greatly to other trader to earn a livlihood from trading.Ignored
DislikedNo, No retail traders make money long term. Sorry, but hey keep dreaming the dreamIgnored
Disliked{quote} ok, I had better get a real job and earn pennys while the company makes pounds I now see the light, thankyou mr higurashi for waking me from this dreamIgnored
that's it!
per trade and per term management is simple.
myself as a day trader do it like this:
2% per trade equity.
7% loss per day Balance.
that simply means every time I enter I prepare to kiss2% goodbye (it's a lot more easy if you consider the money as lost the moment you place the order)
and if I hit on my trading day a 7% drawdown, I'm done for today.
trust me, it only gets worse from there.
some can have 3 losers in a row but knowing the 7% will hit if I fuck up the next one, I will be very careful on making decisions.
compounding:
let's assume you make 5% this month
the maximum amount of withdrawing should be never more than 2% (your trade risk)
doing that your withdrawal will cause a 2% balance drawdown but keeps a gain of 3%.
so can you live off trading?
if your 2% withdrawal (this btw counts as losing trade) on the day you do it.
is so large that you can pay all the bills. Then yes, you reached the goal.
so let's assume your cost of living is 3000$
that means if your trading account holds 60.000$ you can easy live from just being a trader.
so compounding without withdrawal until 1 losing trade is the same amount as the amount of money you need to live.
that is the point where you reached the top 10
simple