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I have a profitable trading strategy. Should I quit my job?

  • #121
  • Feb 25, 2014 10:40pm Feb 25, 2014 10:40pm
when i quit my job to continue my trading i find i was more caution with my trades then i was when i was working in other words i was taking more risk knowing i had a back up,you have to be sure your mind set and system stays the same. good luck either way you go
  • #122
  • Feb 26, 2014 6:31am Feb 26, 2014 6:31am
Quoting Patrik_Forex
{quote} NO the strartegy may be profitable today, tommorrow and etc, but can be a moment when it wouldn't be so.
Yeah very good advice here. We need a back up always to play safe
  • #123
  • Feb 26, 2014 8:06pm Feb 26, 2014 8:06pm
Quoting coolnessinc
First of all, congrats on the success! You're strategy looks great! I (and probably most of the people reading this) hope to be where you are one day! Secondly, why not wait a little while longer? See if you can make enough to cover 2-3 years worth of your families expenses AND have capital to trade with. I always figured that if I got that good I would pull 2-3 years worth of income out of my trading account and put it into some kind of no-risk savings account and then give my 2 weeks notice. That's just my 2 cents! Best of luck to you however...
Thank you very much, dud! You are right. I will wait one more year to take a look. My strategy failed once this month for the last 11 months. But overall loss is not very big about 4-5%. This is actually good for me to learn from this experience upgrade my strategy to 2.0. Hope no large draw down again.
  • #124
  • Mar 1, 2014 8:10am Mar 1, 2014 8:10am
I'm totally new to this game. My background is the building trade, after a spinal operation I had alot of time on my hands so decided
to cable on a demo program, so no experience and then joint the basic rules to make money was to buy low and sell high,
So I sat in front of the monitor and studied the busiest times of the day for trading and stuck to one pair,
After 3 days I made £82,000, I did lose £20 000 but managed to get it back!
Because of my limited knowledge and keeping things simple was this the reason for the success?
Any advice or comments ts would be appreciated !!!!
  • #125
  • Mar 2, 2014 3:49am Mar 2, 2014 3:49am
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The Black Swan: The Impact of the Highly Improbable
  • #126
  • Mar 2, 2014 5:49am Mar 2, 2014 5:49am
I believe everyone on this thread has a winning system, but our lack of patience, discipline and a certain degree of greed prevents us from walking away from our job security to tackle this full time. We all have a draw full of war stories and and I'm no different than anyone else.

I can sit down all day Sat. and Sun. to review the past week and know that if I had only stuck to my plan, I would have had a moderate degree of success.

You can't go full time AND re-visit the charts at the end of the week. You have to believe 100% in you decisions and learn to live with the results.

Forex in the largest carrot I've ever seen hanging on a very fine piece of thread...I only want to nibble on it, not choke!

Keep your job... enjoy your time with the charts and the time with your family.

Green pips to all,
Zane
Zane
  • #127
  • Mar 2, 2014 8:40am Mar 2, 2014 8:40am
Quoting yunben
{quote} Thank you very much, dud! You are right. I will wait one more year to take a look. My strategy failed once this month for the last 11 months. But overall loss is not very big about 4-5%. This is actually good for me to learn from this experience upgrade my strategy to 2.0. Hope no large draw down again.
Talk to any successful, full time, does it for a living trader, money manager or broker and you will never hear that word.

Keep your job dude....you do not have faith in your system!!!

And why is this in the Rookie section?
Zane
  • #128
  • Mar 2, 2014 8:56am Mar 2, 2014 8:56am
Quoting yunben
{quote} I use two accounts, one is Oanda for aggressive and trial strategy. The other is Forex.com. Usually trade the same currency pair. There is one max temporary 25% draw down in Feb, 2012 when I traded E/J, I worked over weekend. Finally it turns back and earn 15% 1 hour later just before I went to work on monday. That is a lesson for me. Although I know my strategy can work even with this hard time, I would limit my temporary loss to 15% at most. After that, I win each trading round and...
Can't believe how gullible people are. Read the words again and digest this time.

If the system works with the "temp. 25% draw down in Feb 2012" then how in the world can you "limit it to a minimum of 15%" and then claim to "never allow more than a 10%" for the future?

Your stop loss and draw down are part of a system. Change one and the entire system changes.

OMG line up the Muppets. My question is how many rookies drank the cool-aid.

Zane
  • #129
  • Mar 2, 2014 2:41pm Mar 2, 2014 2:41pm
Quoting zane gray
{quote} Talk to any successful, full time, does it for a living trader, money manager or broker and you will never hear that word. Keep your job dude....you do not have faith in your system!!! And why is this in the Rookie section?
You should recommend everyone in this FORUM to keep their jobs.

Nobody can honestly leave their jobs and think they can make a living in a gambling scheme.

Now I understand why Jordan Belfort got high all day long, he just could not keep his consciousness in peace, after a scamming a lot of people on a daily basis.

I'm completely sure that 100% of CEO's of FOREX BROKERS have probably the same problem.
The Black Swan: The Impact of the Highly Improbable
  • #130
  • Mar 2, 2014 6:02pm Mar 2, 2014 6:02pm
Quoting MapleLeaf
{quote} You should recommend everyone in this FORUM to keep their jobs. Nobody can honestly leave their jobs and think they can make a living in a gambling scheme. Now I understand why Jordan Belfort got high all day long, he just could not keep his consciousness in peace, after a scamming a lot of people on a daily basis. I'm completely sure that 100% of CEO's of FOREX BROKERS have probably the same problem.
Ditto!
Zane
  • #131
  • Mar 3, 2014 7:26am Mar 3, 2014 7:26am
Did you mean conscience?


Quoting MapleLeaf
{quote} You should recommend everyone in this FORUM to keep their jobs. Nobody can honestly leave their jobs and think they can make a living in a gambling scheme. Now I understand why Jordan Belfort got high all day long, he just could not keep his consciousness in peace, after a scamming a lot of people on a daily basis. I'm completely sure that 100% of CEO's of FOREX BROKERS have probably the same problem.
  • #132
  • Mar 3, 2014 7:30am Mar 3, 2014 7:30am
Good good point, drawdown is critically overlooked as a measurement as to how successful a trading strat actually is. Fwiw I look for nothing bigger than 3/4% as the absolute worse DD if risking 0.5% per trade. IMHO beyond that the trading strat cannot possibly be reliable. At 25% it defines the user as a reckless gambler.



Quoting zane gray
{quote} Can't believe how gullible people are. Read the words again and digest this time. If the system works with the "temp. 25% draw down in Feb 2012" then how in the world can you "limit it to a minimum of 15%" and then claim to "never allow more than a 10%" for the future? Your stop loss and draw down are part of a system. Change one and the entire system changes. OMG line up the Muppets. My question is how many rookies drank the cool-aid.
  • #133
  • Mar 3, 2014 8:49am Mar 3, 2014 8:49am
Wow,
I am new to Forex, and my dream was to be able to trade and make money out of it, coz it sounds quite cool and independent. But now that I am seeing how crazy the market can be, I love the experience but I do not think I'll ever have the courage to quit my job and put my faith in Forex's hands :-). Think I am being more realistic now, though I still like my dream.. :-)
  • #134
  • Mar 3, 2014 1:32pm Mar 3, 2014 1:32pm
Quoting nence
Wow, I am new to Forex, and my dream was to be able to trade and make money out of it, coz it sounds quite cool and independent. But now that I am seeing how crazy the market can be, I love the experience but I do not think I'll ever have the courage to quit my job and put my faith in Forex's hands :-). Think I am being more realistic now, though I still like my dream.. :-)
Well done. I'm glad to open your eyes and save someone's money from this DISASTER...

For those asking me why I spend some time writing my message, you can see now. It actually works. You see people? Yeah, you people asking me always the same question. Here is the answer.

Ciao.
The Black Swan: The Impact of the Highly Improbable
  • #135
  • Mar 3, 2014 5:55pm Mar 3, 2014 5:55pm
Quoting nence
Wow, I am new to Forex, and my dream was to be able to trade and make money out of it, coz it sounds quite cool and independent. But now that I am seeing how crazy the market can be, I love the experience but I do not think I'll ever have the courage to quit my job and put my faith in Forex's hands :-). Think I am being more realistic now, though I still like my dream.. :-)
Nothing wrong with a dream. Just make sure it's realistic. The Forex market, like any other legalized gambling process, is set up to be very alluring to anyone with the dream of becoming rich. The leverage alone suggests a "once in a lifetime chance" to hit it big while the broker sits behind the big curtain like the Wizard of OZ and skims a fraction from the millions flowing across his desk. He's the only one getting rich and rightly so, he took the risk of setting himself in that position so he deserves it.

Here's the gig: Read my first line in post 126 and I'll explain further.

If I told you that if I flipped a coin 100 times and I could guarantee that 51 of those flips would land on heads, would you ever bet on tails? I would hope not but you never know.
Now, what if I told you that the outcome would only be $10.00 lest's say for every 100 flips. You would probably disregard the system and look further on for a "profitable" strategy that suited you needs. Problem is, that you needs or in this case your "dream" is being manipulated by the factor of greed and you can never see this forest beyond those types of trees.

Find one thing and do it well 51/49 and you will be not only financially secure but mentally capable of handling the success that awaits you in the future.

I don't focus on the "rate on return" but rather the win ratio to confirm I have a winning system.
As I write, I'm sitting in a draw down and I'm comfortable knowing that based on 100s of trades before, this will be another in the series of moves designed to produce the same outcome...a better than average win ratio.

Base hits win the game...swing for the fence and you may find yourself in the minor league

Green pips to all
Zane
Zane
  • #136
  • Mar 4, 2014 12:19am Mar 4, 2014 12:19am
Quoting zane gray
{quote} The Forex market, like any other legalized gambling process, is set up to be
True dat Sir, FOREX is a gambling scheme.

I'm glad A LOT OF people finally start accepting REAL FACTS.

Ciao.
The Black Swan: The Impact of the Highly Improbable
  • #137
  • Mar 4, 2014 1:30am Mar 4, 2014 1:30am
By "Making money out of it" I meant to say- being able to support your needs without a job, being able to work the hours you want, in any given period of the day- that sounds like the "dream", being sooo independent, and that is what got me involved in trading. I am most definitely not denying the factor of -human greed- but as I said, being quite new to Forex, I haven't reached that level yet.. I am sure I am no exception but I suppose greed comes sneaking in later in your trading sessions, probably as you become more confident.
Thanks for your advices guys
  • #138
  • Mar 4, 2014 7:48am Mar 4, 2014 7:48am
Quoting nence
By "Making money out of it" I meant to say- being able to support your needs without a job, being able to work the hours you want, in any given period of the day- that sounds like the "dream", being sooo independent, and that is what got me involved in trading. I am most definitely not denying the factor of -human greed- but as I said, being quite new to Forex, I haven't reached that level yet.. I am sure I am no exception but I suppose greed comes sneaking in later in your trading sessions, probably as you become more confident. Thanks for your...
Nence, I left my Full Time job almost 2 years ago and have been trading a Live account profitably going on 15 months now. Financially I am doing much better then when I worked for the "Man" and have the Freedom to do as I please and travel as I want. While my trade positioning has grown with my account size I cannot say I have gotten greedy. IMO, the road to building wealth in Forex is having good money management, finding something that works for YOU (NOT someone else) and repeating the same things over, and over, and over.......
  • #139
  • Mar 4, 2014 8:16am Mar 4, 2014 8:16am
Quoting yazzie
{quote} Nence, I left my Full Time job almost 2 years ago and have been trading a Live account profitably going on 15 months now. Financially I am doing much better then when I worked for the "Man" and have the Freedom to do as I please and travel as I want. While my trade positioning has grown with my account size I cannot say I have gotten greedy. IMO, the road to building wealth in Forex is having good money management, finding something that works for YOU (NOT someone else) and repeating the same things over, and over, and over.......
Yazzie,
Your is an inspiring story.... I hope more people think like you, not only regarding Forex but everyday life
Thanks
  • #140
  • Mar 4, 2014 8:58am Mar 4, 2014 8:58am
not sure why with such a loser mindset one still choose to stay in FF......

must be due to his golden heart to wake up stupid newbies, lol

really, how can you make it without faith?

Quoting MapleLeaf
{quote} True dat Sir, FOREX is a gambling scheme. I'm glad A LOT OF people finally start accepting REAL FACTS. Ciao.
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