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I trade my own account for a living. Tell your story

  • #261
  • Dec 8, 2013 4:30am Dec 8, 2013 4:30am
Quoting jmn5611
{quote} I trade full time. I think. How do you define full time?
Explained above.
That's pretty much a usual 40 hours per week, usually + some more.

*Full-time workweek:
30 hours or more, according to the definitions in the Affordable Care Act. "The Fair Labor Standards Act (FLSA) does not define full-time employment or part-time employment. This is a matter generally to be determined by the employer."*

I work for myself thus my definition which perfectly applies.
The single most important factor is having control of your own life.
  • #262
  • Dec 8, 2013 4:33am Dec 8, 2013 4:33am
Quoting bradu
jmn, he has defined already.. {quote} i think it is everybody`s dream..
I told you!
Quoting Mikkk01
{quote} oh yes, I like my 'dreamland'
The single most important factor is having control of your own life.
  • #263
  • Dec 8, 2013 4:51am Dec 8, 2013 4:51am
Quoting Mikkk01
{quote} Explained above. That's pretty much a usual 40 hours per week, usually + some more. *Full-time workweek: 30 hours or more, according to the definitions in the Affordable Care Act. "The Fair Labor Standards Act (FLSA) does not define full-time employment or part-time employment. This is a matter generally to be determined by the employer."* I work for myself thus my definition which perfectly applies.
Oh, well that's not fair. What about us millipeders? I only have to set trades once a day, and that takes five minutes. I think the definition should be amended to people who are in the market full time.

Why would someone want to sit in front of a monitor for 8 hours a day and maybe make money. May as well get a job with a sure fire paycheck. I thought trading was supposed to be about freedom? Being a desk jockey at home versus being a desk jockey in an office park boils down to location only. That is just my opinion.
If you are good at something, never do it for free--Joker
  • #264
  • Dec 8, 2013 5:19am Dec 8, 2013 5:19am
Quoting jmn5611
{quote} Oh, well that's not fair. What about us millipeders? I only have to set trades once a day, and that takes five minutes. I think the definition should be amended to people who are in the market full time. Why would someone want to sit in front of a monitor for 8 hours a day and maybe make money. May as well get a job with a sure fire paycheck. I thought trading was supposed to be about freedom? Being a desk jockey at home versus being a desk jockey in an office park boils down to location only. That is just my opinion.
What I wrote is exactly self-defined.
My congratulations to you!
I trade LTF - I sit in front of the monitor much less though I must be around.
Wanna ask that question - go apply for amendments in FLSA!
The single most important factor is having control of your own life.
  • #265
  • Dec 8, 2013 5:26am Dec 8, 2013 5:26am
Quoting Mikkk01
{quote} What I wrote is exactly self-defined. My congratulations to you! I trade LTF - I sit in front of the monitor much less though I must be around.
You would not congratulate me if you knew how many blind alleys I went down

I did it just like everybody else. Except I fell into the deepest hole first. I found W D Gann first. That took ten years of my life right there. It's not that Gann does not work. It is that he sent his readers on a thousand wild goose chases.
If you are good at something, never do it for free--Joker
  • #266
  • Dec 8, 2013 5:33am Dec 8, 2013 5:33am
Quoting jmn5611
{quote} You would not congratulate me if you knew how many blind alleys I went down I did it just like everybody else. Except I fell into the deepest hole first. I found W D Gann first. That took ten years of my life right there. It's not that Gann does not work. It is that he sent his readers on a thousand wild goose chases.
I will congratulate you, though, that you've managed to sort it out no matter how bad it was!
The single most important factor is having control of your own life.
  • #267
  • Dec 8, 2013 5:39am Dec 8, 2013 5:39am
Ahh trading my own account for a livin...that's a dream that might come true in 10-15 years.

I've tought about this but the figures are way too big for me. 1st of all, I would be happy with 100-150$ / day. that's 10-15 pips w/ 1 lot. Not hard at all. But since MM is the most important thing in FX, risking 1% /trade would mean that my account should be 10.000$ at least (100K$ would make me feel comfortable ). And that's a lot of money that I don't have )
So, the best way to achive this goal is building a very powerful statement over 12-24 months and then beg for cash from investors.

2nd, I would never start trading for a living unless I have somewhere in a bank account a decent amount of cash to pay the bills and hookers ) for at least 6 months.

We all thrive for this life style, that's why we are are , right? But it's damn hard...
  • #268
  • Dec 8, 2013 5:45am Dec 8, 2013 5:45am
Quoting Chicky
{quote} I don't know if consistently making 10% per month with maximum drawdown of 20% is not crazy than what else is. I have been very generous in asking for the return, drawdown and the 12 month period. That would be something quite different from this one. The following is not crazy, but a consistent 10% is indeed crazy. {image} {image}

So you have no issues with someone turning 2.8K into 45K in a month to win a contest from the look of it ( this is a demo account but close enough ), so that's 1600% in a month, but you don't believe 10% per month consistently can be done ? Errrrrrrrr what.

How about we just do 1600%, 2 to 3 times in a row then retire ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #269
  • Dec 8, 2013 5:47am Dec 8, 2013 5:47am
I used to think like this for a while... trading my own account... making 1000+ a day eventually... but you know many people aren't actually cut out for forex imo... I am one of them... you can learn the skills and the rules but you can't learn to be successful...

Now I have taken that theme away from my head and I am doing better - not trading for a living and now I don't wish to... additional income on the side and treating always as secondary has made me more sane, less stressful and more successful...

This may be the right approach for people to go.. and who knows... before you know it your account will be bigger than you expected and your secondary income would eventually exceed day job... good luck and always remember to not let this game rule your life...
  • #270
  • Dec 8, 2013 5:57am Dec 8, 2013 5:57am
Quoting BooG
Ahh trading my own account for a livin...that's a dream that might come true in 10-15 years. I've tought about this but the figures are way too big for me. 1st of all, I would be happy with 100-150$ / day. that's 10-15 pips w/ 1 lot. Not hard at all. But since MM is the most important thing in FX, risking 1% /trade would mean that my account should be 10.000$ at least (100K$ would make me feel comfortable ). And that's a lot of money that I don't have ) So, the best way to achive this goal is building a very powerful statement over 12-24 months...

Start thinking 3-5% risk and 50pips per day so $3 per pip to make your $150, do that with a $2000 account, few months cash in the bank you could in theory build even a $500 account $1 per pip, into a $2000+ and therefore a wageage account.

Tis all about the hookers baby, yes they sound expensive compared to a relationship at first, but 3 months down the line the relationship is costing you way more and your not getting anything from it and paying for hookers aswell as, woman!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #271
  • Dec 8, 2013 6:08am Dec 8, 2013 6:08am
Quoting Turveyd
{quote} So you have no issues with someone turning 2.8K into 45K in a month to win a contest from the look of it ( this is a demo account but close enough ), so that's 1600% in a month, but you don't believe 10% per month consistently can be done ? Errrrrrrrr what. How about we just do 1600%, 2 to 3 times in a row then retire ??
Turv, I think what he meant is: it was a gamble, though, a lucky one. And opposed it to possibility of being 'lucky' [by his definition] for a year.
The single most important factor is having control of your own life.
  • #272
  • Dec 8, 2013 6:13am Dec 8, 2013 6:13am
Quoting tradista
{quote} Hell, you just found out what my life's purpose is
Then we can agree to disagree. What you call SAS (slow and steady) mode, I call GRQ (get rich quick) mode. Your SAS expectations are even more unrealistic than my GRQ expectations when I started Forex. I have no doubt you have a better edge than I did though.

I wish you good luck. May all your dreams come true
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #273
  • Dec 8, 2013 6:13am Dec 8, 2013 6:13am
Quoting Mikkk01
{quote} Turv, I think what he meant is: it was a gamble, though, a lucky one. And opposed it to possibility of being 'lucky' [by his definition] for a year.
BUT BUT BUT BUT BUT there is no such thing as LUCK!!!

This is off someone who believe if they trade at 1% risk for long enough with a method that's pretty much 50/50 eventually they'll get a lucky run and make some money.


If you can make 1600% then the same person could no doubt make 10% per month for every with no real issues I'd bet.

I want 8% per day, I even managed it 2 out of the 4 days I traded last week.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #274
  • Dec 8, 2013 6:18am Dec 8, 2013 6:18am
Quoting Turveyd
{quote} BUT BUT BUT BUT BUT there is no such thing as LUCK!!! This is off someone who believe if they trade at 1% risk for long enough with a method that's pretty much 50/50 eventually they'll get a lucky run and make some money. If you can make 1600% then the same person could no doubt make 10% per month for every with no real issues I'd bet. I want 8% per day, I even managed it 2 out of the 4 days I traded last week.
wow wow wow

Hey, Turv, I never said I agreed with him!
The single most important factor is having control of your own life.
  • #275
  • Dec 8, 2013 6:26am Dec 8, 2013 6:26am
Quoting Mikkk01
{quote} wow wow wow Hey, Turv, I never said I agreed with him!

But it's not about luck, it's about ability, time spent staring at a screen screen going crazy and just keep going cause although you might be chasing the dog up the totally wrong path, hopefully your learning something that'll put you on the right path later.

If someone tells you it can't be done, there really telling you, they've tried and given up, if you look at the 1600% account in a month, if they can do it, you can do it, you click the mouse just the same as they do.

Never give up!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #276
  • Dec 8, 2013 6:32am Dec 8, 2013 6:32am
Quoting vox dei
{quote} Then we can agree to disagree. What you call SAS (slow and steady) mode, I call GRQ (get rich quick) mode. Your SAS expectations are even more unrealistic than my GRQ expectations when I started Forex. I have no doubt you have a better edge than I did though. I wish you good luck. May all your dreams come true
Ho-ho-o.
When I found Forex, next day I opened real money account and quadrupled it in an hour! I was thinking I'll be a billionaire by the end of the month... till I blew it up the next hour.
The single most important factor is having control of your own life.
  • #277
  • Edited 6:50am Dec 8, 2013 6:37am | Edited 6:50am
Quoting Turveyd
{quote} But it's not about luck, it's about ability, time spent staring at a screen screen going crazy and just keep going cause although you might be chasing the dog up the totally wrong path, hopefully your learning something that'll put you on the right path later. If someone tells you it can't be done, there really telling you, they've tried and given up, if you look at the 1600% account in a month, if they can do it, you can do it, you click the mouse just the same as they do. Never give up!!!
Absolutely!

“Whether you think you can, or you think you can't - you're right.” ― Henry Ford
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The single most important factor is having control of your own life.
  • #278
  • Dec 8, 2013 7:00am Dec 8, 2013 7:00am
Quoting Turveyd
{quote} Start thinking 3-5% risk
I'm sorry but that's too much in my opinion. Let's go median, 4% risk / day. Multiply that by 5 and, at the end of a bad week I'm down 20% of the account. That's bound to fail someday.

Quoting Turveyd
{quote} and 50pips per day
I tried this for an account manager job. But it was TP >50pips/trade ,SL <50pips & 20 trades within a week.Failed miserably.

The beauty of FX is that you can get in with any account size, but the success rate & account life expectancy is directly proportional to the amount of cash. As a counter example take GoogleTrader's trade explorer 1k$-> 1mil$ and beyond in 5 days )
It takes big money to make big money... unless you're a genius and invent something that changes the world. Unfortunately there's no wheel in FX that needs to be invented.

As for the girlfriend 'n hookers business, if you find a rich girl that loves you a lot, all the problems go away ) and if you're lucky she might pinch in a couple of grand for your "Account for a living".
Green pips to all and don't let the dream die!
  • #279
  • Dec 8, 2013 7:10am Dec 8, 2013 7:10am
Quoting BooG
{quote} I'm sorry but that's too much in my opinion. Let's go median, 4% risk / day. Multiply that by 5 and, at the end of a bad week I'm down 20% of the account. That's bound to fail someday.
Prove that!
5% isn't at all that much.
Some people around risk 50% - blow-up is inevitable, though considering that initial capital is 1/10 of what the're willing to risk it's a valid strategy. http://www.forexfactory.com/showthread.php?t=444377
I'm not even beginning with martingale except for the note that it can be profitable if you use it right with blow-up of account as an expected outcome... One guy was trying to prove me wrong so hard that he even programmed some tester which, in turn, did otherwise
http://www.forexfactory.com/showthre...66#post7143366
The single most important factor is having control of your own life.
  • #280
  • Dec 8, 2013 7:18am Dec 8, 2013 7:18am
Quoting BooG
{quote} I'm sorry but that's too much in my opinion. Let's go median, 4% risk / day. Multiply that by 5 and, at the end of a bad week I'm down 20% of the account.

And on a good week your up 20%, stop worrying about the negative side, I presume your trying to trade profitably, so you'll have more 5 day wins than 5 day losers and you'll account will go up.

And that's based on 1 trade per day, think 5 trades average per day.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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