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Trading for a Living - Cliff Notes

  • #521
  • May 5, 2010 10:39pm May 5, 2010 10:39pm
Quoting ak4x
you can find mike at thefxpivotpoint.com in the commercial section. he can't post here in the general discussion section anymore.
Thanks AK for pointing out where to find mike
Trade on your own risk Plan your trade&trade your plan dont be a
  • #522
  • Aug 18, 2010 12:46am Aug 18, 2010 12:46am
Quoting acumen
Yep... I was pretty sure it was headed back to the PP... so I should have held on, but I trade the open like a terrier who just finished an 8 ball.
I just re-read this thread for the first time since last year.
Great thread.
  • #523
  • Jan 18, 2011 6:23am Jan 18, 2011 6:23am
I disagree with acumen's point that you cannot make a living from a small account.

In the last year I made over £30 000 from a £10 000 account. I am leveraged at 5:1 which I believe is a reasonable amount for my attitude towards risk.

I average about 25 pips per day.

It was never always like this. I had been demo trading for two years prior to being profitable but have only since last year had the balls to go live with real money at stake.

Luckily I was successful.

I am going to take about £10k from my £30k in profits which will leave me with £20k. Levraging that amount again I finally have a decent sized account to play with.
  • #524
  • Jan 18, 2011 7:23am Jan 18, 2011 7:23am
Quoting kuzco
Luckily I was successful.
I think it would be fair to say that you are one of the lucky ones although I do note that you did your preparation in demoing for two years.

It's not often I hear success stories. Well done to you.
Nothing worth having is easy.
  • #525
  • Jan 18, 2011 10:09am Jan 18, 2011 10:09am
Quoting Patience
I think it would be fair to say that you are one of the lucky ones although I do note that you did your preparation in demoing for two years.

It's not often I hear success stories. Well done to you.
Thank you.

What helped me more then anything was reading chapter 7 (or 8) in Mark Douglas's book Trading in the zone.

The chapter is called "thinking in probabilities".

It changed the way I traded almost overnight.
  • #526
  • May 15, 2011 9:34am May 15, 2011 9:34am
Quoting cobraforex
What, in your opinion, is the best way to learn to trade the FX market?

 

  1. Public threads
  2. Books, videos etc.
  3. Mentor
  4. Own experience
  5. Paid systems
  6. Seminars

You can chose and add as much as you want to answer that question, but the pros you know, how did they come to the trading success they archive?

I rarely come on these forums anymore but I stumbled across this thread and wanted to reply to this - I'm sure considering the age of the post many have already replied!

From my own experience I would definitely attend a seminar or two, read heaps of books and follow the TA and PA on this forum.

After a few years of doing this with a demo or small live account congratulate yourself, you've just taught yourself how NOT to trade. That isn't a negative, you need to learn this before you can truely learn how to trade.

Now, wipe the slate clean, filter out all the TA and PA and study price moves on a single pair, study plain charts and watch the markets. I'd recommend you do this a certain time of day that suits you, or a certain 'window' of time. Stick to it. Stick to a single major pair, keep things simple.

It might take you 6 months, it might take 6 years, whatever it takes over time you'll either 'get it' or you won't.

Trading can be very simple if you understand why so many people make it difficult.
"I made all my money by selling too soon"
  • #527
  • May 15, 2011 9:52am May 15, 2011 9:52am
Quoting Bleek
From my own experience I would definitely attend a seminar or two, read heaps of books and follow the TA and PA on this forum.

After a few years of doing this with a demo or small live account congratulate yourself, you've just taught yourself how NOT to trade.
rofl, i think you just broke some hearts. i'm an unprofitable stooge, but i know this is about as true as it gets. as is said in 'clerks'... "that's beautiful, man".
Congratulations ScalaFX for coming out of the closet!
  • #528
  • May 25, 2011 9:09pm May 25, 2011 9:09pm
Quoting Bleek
I rarely come on these forums anymore...
hey Bleek, i'm very interested with your trading system. hope could chat with you sometimes. could you share me your e-mail? Thanks
Be the market
  • #529
  • Sep 7, 2011 8:38am Sep 7, 2011 8:38am
Quoting acumen
Monday + 20 PIPS
Tuesday + 27 PIPS
Wednesday + 74 PIPS
Thursday + 37 PIPS

So far this week.

Notice... no 200 PIP day bullshit.

Win a little day and day out... let compounding do the rest.
All of us would do well to listen very carefully to what Acumen says here.
  • #530
  • Dec 9, 2011 6:22am Dec 9, 2011 6:22am
Quoting TradeWell
Flashing lights aren't necessary. You basically just need to know where the pivots are. There are options for calculating based on New York or London closes, for instance, and they can be divided into mid-pivots as well. They are actually based on simple math. We may hear more from acumen on this also, perhaps in a lesson.
Its not hard, just Google pivot point calculater and you'll find the simple calcs and even a website that will do it for you. Or if you're really lazy just go here:
http://www.actionforex.com/markets/p...2010040846445/
  • #531
  • Last Post: Aug 30, 2013 6:53pm Aug 30, 2013 6:53pm
We should trade without emotions because emotions are killer of trade and we can loose everything if we can not control our emotions.
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