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Trading for a living

  • #1
  • First Post: Mar 9, 2015 2:31am Mar 9, 2015 2:31am
Do you think having a good system can make you trade for living?
  • #2
  • Mar 9, 2015 2:34am Mar 9, 2015 2:34am
I am a at home trader since 2.5 years, so for me: yes
And I think it is not the system, it is your own experience.
In my opinion you have to take decisions with cross-purposes, even with a good system.
  • #3
  • Mar 9, 2015 11:44am Mar 9, 2015 11:44am
well i just started on retail trading on fx even thou i reg for this forum 3 years ago..previously worked in a fund house. Totally different in terms of hardware like no more bloomberg, reuters..haha.

I don't even know where to see live quote on us 2 years yield right now.

yes i agreed with roxx12...its not the system but a good system def helps.
  • #4
  • Mar 9, 2015 11:21pm Mar 9, 2015 11:21pm
it's not enough to have good strategy. the most important is experience and keep calm your emotions. I have friends, I gave them some good profitable strategies, but they was losing anyway. I allocate a certain amount and trading accounts. Put 5% on each of them and go all in. profit
  • #5
  • Mar 10, 2015 1:59am Mar 10, 2015 1:59am
Quoting KyleSP
it's not enough to have good strategy. the most important is experience and keep calm your emotions. I have friends, I gave them some good profitable strategies, but they was losing anyway. I allocate a certain amount and trading accounts. Put 5% on each of them and go all in. profit
I mean it is not new, but the emotions are very important. I did the same with two friends and they also lost. They got angry and, for example, after 4-5 losers ina row they stopped trading for a few days. Sometimes maybe it is good to stop (relaxing, searching for faults, waiting for the market for better exits...) but it is not correct to blame the market.
In my opionion this is very easy to say, but very hard to understand
  • #6
  • Mar 10, 2015 2:07am Mar 10, 2015 2:07am
good thread title

someone who has the knowledge and skills in terms of value, and then utilize to get the excess, then it certainly will be.
any commodity, and not just currency.
we don't predict, we only ride
  • #7
  • Mar 10, 2015 4:59am Mar 10, 2015 4:59am
Experience that controls emotions, that execute better positions, that makes a successful trader.

The problem in circumstances may affect emotions, even if there's a 10 year experience, the mood is not up some days, that's why not to trade when angry, not focused, something in life is worrying you disturbing concentration.
  • #8
  • Mar 10, 2015 8:52am Mar 10, 2015 8:52am
I have to write
1. U do need to know the forex works, what drives it up, down, so this takes really some time expirience, even on demo accounts.
2. U do need to know yourself (this should actually be the point one), all your reactions, what drives you, your goals, limits...etc
3. U must be certain in you, your decisions, not your friends or some other who say so, yes listen to them, then think by you for you
4. U never play with leverage
5. U never trade under emotions and Fear has no place in forex
6. U must learn to be patient, how to wait on trade direction
7. U should not be greedy
8. and the most important thing, U must admit to you, your love ones, that you love, adore to trade...if you do not feel that way, well I think you can trade, but not for living.

All the best and great trading,
tayette
Per aspera ad astra
  • #9
  • Mar 10, 2015 9:09am Mar 10, 2015 9:09am
Although experience is a single word, it involves everything a trader will pass through in the trading journey, especially the sensation of market direction, not to enter the market at this time, this happened before don't repeat same mistake, repeat same winning entries, at end history always repeat itself but in other circumstances if not similarly in life just as price action does in market trading.
  • #10
  • Mar 10, 2015 9:16am Mar 10, 2015 9:16am
Quoting Ed-Forex
Although experience is a single word, it involves everything a trader will pass through in the trading journey, especially the sensation of market direction, not to enter the market at this time, this happened before don't repeat same mistake, repeat same winning entries, at end history always repeat itself but in other circumstances if not similarly in life just as price action does in market trading.
well said... also so true
Per aspera ad astra
  • #11
  • Mar 11, 2015 3:31am Mar 11, 2015 3:31am
Good knowledge and proper practice about Forex trading will make trading for living sure.
  • #12
  • Mar 17, 2015 2:41am Mar 17, 2015 2:41am
do you trade fixed lot size everytime? or do you adjust your trade size systematically as well?
  • #13
  • Mar 17, 2015 7:52am Mar 17, 2015 7:52am
Quoting imagine925
Do you think having a good system can make you trade for living?
No. I think "having a good system" is very, very low on the list (if it's there at all) of attributes which enable people to trade successfully for a living.

I think issues like trading-education, understanding, experience, patience, discipline, and so on, are overwhelmingly more significant.

"Systems" don't really make money: people do.

I'd back someone with real trading-education, understanding, experience, patience, discipline and no system, over someone with "a good system" but without those attributes, any day of the week. The latter individual won't be able to make a living from her/his "good system", because s/he'll be lacking the necessary skills to turn the good system into "a living".

I'd even go so far as to say that in the thoroughly practical sense to which your question implicitly refers, there's no such thing as a "good system", in trading: there are just people who are educable enough to develop the skills needed to trade for a living and people who can't.
  • #14
  • Mar 17, 2015 8:35am Mar 17, 2015 8:35am
Quoting Xela
{quote} No. I think "having a good system" is very, very low on the list (if it's there at all) of attributes which enable people to trade successfully for a living. I think issues like trading-education, understanding, experience, patience, discipline, and so on, are overwhelmingly more significant. "Systems" don't really make money: people do. I'd back someone with real trading-education, understanding, experience, patience, discipline and no system, over someone with "a good system" but without those attributes, any day of the week. The latter...
exactly
we don't predict, we only ride
  • #15
  • Mar 17, 2015 9:01am Mar 17, 2015 9:01am
Quoting Xela
{quote} No. I think "having a good system" is very, very low on the list (if it's there at all) of attributes which enable people to trade successfully for a living. ......
So true.
People offten forget that forex is in its true fundamental only and just people. Money is actually just a product of peoples decisions.
Nothing more.
Per aspera ad astra
  • #16
  • Last Post: Apr 7, 2015 6:00am Apr 7, 2015 6:00am
Quoting Xela
{quote} No. I think "having a good system" is very, very low on the list (if it's there at all) of attributes which enable people to trade successfully for a living. I think issues like trading-education, understanding, experience, patience, discipline, and so on, are overwhelmingly more significant. "Systems" don't really make money: people do. I'd back someone with real trading-education, understanding, experience, patience, discipline and no system, over someone with "a good system" but without those attributes, any day of the week....


Similar to "Gun don't kill people, people do"
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