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Profitable traders: Would you quit trading for your career?

  • #21
  • Sep 4, 2013 4:13pm Sep 4, 2013 4:13pm
Quoting forexsaint
{quote} Well i dont mean disrespect/being impudent for anyone's profession here. Just in case. But i felt (i might have been wrong) as if you actually thought (or may be still think) that profitable traders(esp. full timers) are some useless scum people to the community So i just posted my opinion/comments about the questions you asked (in a public forum) As simple as that. Good luck and happy contributing

Oh man it was the complete opposite never mind .. and Good luck
Winners never quit and quitters never win. Vince Lombardi
  • #22
  • Sep 4, 2013 4:18pm Sep 4, 2013 4:18pm
Quoting umairbhatti2
I have read Many threads of different people, I am doing trading in Gold from last few years But to be frank all of you I didn't earn a single penny from it ..I make huge money huge profits but at the end after an year if I calculate I have lost more money and infact too much.. Iwant to know any of trader here who actually earn some money from trading not for a month or two but I need a yearly result like after an year how much money He/She actally earns (only Profits) Hoping for your quick responses Guys.

If you're talking consistently profitable traders then yes they do exist. but they take low risks to keep the train on lines. I know many that end every month with profit and on yearly basis too but in such cases we're talking about an annual return of 60-80% and believe men when I say it. those are really experts. So, speaking of that ridiculous percentage I suggest you open a diary shop and you could make even more if you don't wanna risk
Winners never quit and quitters never win. Vince Lombardi
  • #23
  • Sep 4, 2013 7:26pm Sep 4, 2013 7:26pm
Quoting umairbhatti2
I have read Many threads of different people, I am doing trading in Gold from last few years But to be frank all of you I didn't earn a single penny from it ..I make huge money huge profits but at the end after an year if I calculate I have lost more money and infact too much.. Iwant to know any of trader here who actually earn some money from trading not for a month or two but I need a yearly result like after an year how much money He/She actally earns (only Profits) Hoping for your quick responses Guys.
it is possible. here are a few tips i've learned personally from a decade of trading:

1) risk management: i typically risk .5 to 1% per idea, period. when i first started out, i blew out 2 accounts because i kept adding to losing positions thinking they will average out and break even. NEVER add to a losing position, only add to a winning positions.
2) get an edge: work hard to get an edge over other traders. don't believe in anyone who says they have a 90% winning ratio, they are lying or will blow up one day. what i mean by edge is a strategy that is 60% winning ratio with risk reward of at least 1 to 1.5.
3) manage your emotions: once you set a trade up, stick to your trading strategy. don't get out because of an emotional response.
4) get a mentor if possible. there are some mature profitable traders here willing to offer you some free advise, make friends with them.
5) trade long term time frames. for some new traders, it is tempting to try and extract every trading opportunity in intraday time frames, where in fact it is better if you stick to higher time frames like 4hour and daily charts. there are a lot of noise in intraday charts and the winning traders will always be the banks who front run their client's orderflow.

good luck.
Data Miner
  • #24
  • Sep 5, 2013 6:38am Sep 5, 2013 6:38am
Quoting FX Rainmaker
{quote} 5) trade long term time frames. for some new traders, it is tempting to try and extract every trading opportunity in intraday time frames, where in fact it is better if you stick to higher time frames like 4hour and daily charts. there are a lot of noise in intraday charts and the winning traders will always be the banks who front run their client's orderflow. good luck.
With that I totally agree .... Salute you wherever you are
Winners never quit and quitters never win. Vince Lombardi
  • #25
  • Sep 5, 2013 6:58am Sep 5, 2013 6:58am
I used to have trouble with a belief that "trading adds no value to society" which was given to me by some people on a spirituality/conciousness forum. I've got rid of it as I find it unuseful, unhelpful and untrue for the following reasons.

Becoming a full time successful trader opens doors that being a 9-5 worker simply doesn't. Attaining the time and resources to really find a true purpose in life is something trading can facilitate. I believe that not doing this and staying in a 9-5 career would be doing a dis-service to society and the planet.

I'm interested in getting involved in concious capitalism and investing time and money into people with good ideas for businesses that can and are changing the way things get done in a way that everyone wins.

The problem with trading is that people identify us with greedy Wall st bankers that caused the meltdown where we're just finding a way to live life on our terms. We pay taxes, we buy stuff...

When I have this conversation with some do-gooder holyer-than-though who sticks a label on me because of this I ask them what they're actually doing to bring about positive change. 9 times out of 10 they're just complaining and telling other people how they should live their lives.

I'm doing something positive - and that's trading
Anything can happen.
  • #26
  • Last Post: Sep 5, 2013 7:45am Sep 5, 2013 7:45am
Quoting cristiano7
Would you quit trading to focus on your career .... . Let's be honest here guys .. . We Are Not Doing any good to our countries economies Nor adding any value to the community we live in ... by trading ... Do we ? . Please correct me if I'm wrong.
My trading results in taxes paid, things purchased, restaurants frequented, investments made, schools paid for, etc all of which benefit my community. Tell me how this is not adding value to my community.
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