Only 5% can live off FX trading. Those who find their path, will live in ever lasting prosperity.
Interesting thread. I believe I can easily make a living off just forex, however, at the current time a prefer not to. I easily match my paychecks from my current job each month with forex, and do not mind working. I work in the banking industry and I have a great team of employee's and managers. Going everyday to work for me is a pleasure and not a burden. On top of it all, my desk job permits me to trade forex. However I am still young and I do not intend to stay here all my life. My passion has acually been to fly since I was a little kid, and...
Did you actually become a pilot 9 years later??
- #147
- Mar 16, 2014 3:04pm Mar 16, 2014 3:04pm
{quote} What a ridiculas answer. Come back in 2 years time and then tell us how you are doing. lol, I don't know what's funnier. The fact that a 4 month winning steak is classes as being successful or that $300 enough to live off. Get Real !!
in one off the cites in IRAN the rent for 2 bedroom is 5M per year that equal of 5K in United Arab Emirates (Dubai) and that equal of 1K euro
Normal Doctor his salary in Iran is (1M to 2M) per month that mean 1K in Dubai that mean 200 euro only in the month so
only imagine :nerd:
- #149
- Mar 17, 2014 5:01am Mar 17, 2014 5:01am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,712 Posts
Let it turn and find your entry.
- #151
- Edited 7:16pm Apr 4, 2014 6:59pm | Edited 7:16pm
- Joined Sep 2006 | Status: ... | 8,112 Posts
Right, I know this is an OLD thread and an old post but never the less the contents are still effective. .......
Of course that doesn't mean that he's infallible, that his strategies might not have lost some of their effectiveness with the demise of the carry trade, or that there aren't more knowledgeable traders than him. Nobody is omniscient.
I nonetheless believe that there's a lot of wisdom in his post. The "make 1 million by having $10m in winners, and $9m in losses" is very apt, for most trend following systems, which form a large part of his modus operandi.
He explained the reasoning behind his Powerball claim further in post #58. Whether true or not, it does highlight the fact that very few traders have strategies, or are able to adapt their strategies so that they remain effective, to maintain a consistent level of income for a period of more than 30 years.
You say "Steer clear of the poster who make statements without PROOF." On that basis, readers should ignore any comments made by you and me also.
- #152
- Apr 4, 2014 7:33pm Apr 4, 2014 7:33pm
- Joined Jan 2010 | Status: overcaffeinated.... | 1,345 Posts
si hoc legere scis nimium eruditionis habes
- #154
- Edited 11:45pm Apr 4, 2014 11:26pm | Edited 11:45pm
Yes they can, and do, but they always have a plan with a simple trading strategy.
Know your Fundamentals and marry it to Price Action. Use only 1 or 2 Indicators to give you Alerts. Never auto-trade off Experts. I've been doing this for 14 successful years, but I was lucky to have had a mentor who taught me the simple, good stuff.
For example, my good woman
trades FX and she has a daily objective of 10% her balance, then she stops. This is compounded over the month to give her a sizeable tax-free, income. Her Plan only requires 2-3 hours a day and then she does her passions which are making pearl jewellery, and rock climbing (not at the same time!). What my point is, is that successful traders have a Plan and stick to it and NEVER think of the $$$ and so don't get sucked into the Profit/Loss trap. Think of % increase on your Equity, then losses are much easier to handle.
In this game we are our own worse enemies, as patience and emotions can drive you to be an obsessive chart-chaser - then you will fail spectacularly .
NB
Avoid buying Forex Robots - they simply do not work.
Know your Fundamentals and marry it to Price Action. Use only 1 or 2 Indicators to give you Alerts. Never auto-trade off Experts. I've been doing this for 14 successful years, but I was lucky to have had a mentor who taught me the simple, good stuff.
For example, my good woman
trades FX and she has a daily objective of 10% her balance, then she stops. This is compounded over the month to give her a sizeable tax-free, income. Her Plan only requires 2-3 hours a day and then she does her passions which are making pearl jewellery, and rock climbing (not at the same time!). What my point is, is that successful traders have a Plan and stick to it and NEVER think of the $$$ and so don't get sucked into the Profit/Loss trap. Think of % increase on your Equity, then losses are much easier to handle. In this game we are our own worse enemies, as patience and emotions can drive you to be an obsessive chart-chaser - then you will fail spectacularly .
NB
Avoid buying Forex Robots - they simply do not work.
10% every day? That doubles the balance in 2 weeks, compounding effect not included. Can you confirm I got you well ?
Otherwise, agree rules and patience to stick to them are absolute pre requisite. But my main struggle is thinking in probabilities.
Otherwise, agree rules and patience to stick to them are absolute pre requisite. But my main struggle is thinking in probabilities.
Yes they can, and do, but they always have a plan with a simple trading strategy. Know your Fundamentals and marry it to Price Action. Use only 1 or 2 Indicators to give you Alerts. Never auto-trade off Experts. I've been doing this for 14 successful years, but I was lucky to have had a mentor who taught me the simple, good stuff. For example, my good woman
Patience is magic
- #156
- Apr 5, 2014 6:03pm Apr 5, 2014 6:03pm
- Joined Jan 2010 | Status: overcaffeinated.... | 1,345 Posts
....... For example, my good woman
si hoc legere scis nimium eruditionis habes
- #158
- Apr 8, 2014 5:47pm Apr 8, 2014 5:47pm
- Joined Aug 2010 | Status: Chaos is a ladder | 1,268 Posts
"To hold, you must first open your hand. Let go." - Lao Tzu
