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Work Vs Trade

  • #61
  • Jan 11, 2015 7:08pm Jan 11, 2015 7:08pm
if you love both, then do it. if your dont, dont do it.
  • #62
  • Jan 16, 2015 8:42am Jan 16, 2015 8:42am
Hi all, this is my first post even though I've joined FF quite a while ago. (This is what happens when you have no plan and no idea what you're doing )
While back I've managed to make some money but then, naturally, lost it all in FX, got sucked in into paying for 'training', alas it ended up being a scam. Got myself new job, which is pretty demanding and welcomed to world my baby boy. Thus for some time, there was no time for FX in my life.
In any case, at this point in my life I have a bit of money which I can loose and don't cry about it, child a bit older and I am more than motivated to get back to FX, I look at it as a hobby.
now to stick to the point of this thread. Technically i am 9 to 5er (EST), so what I have been doing is get to work 1h-2h earlier so i can trade 'in peace'. Typically I try to ride daily trend, only stay in the market for 1-2hrs ( to tell you the truth can't handle it any longer just yet ). Working on my mental side, take small profit and get out as I totally believe that "God gave man everything except enough". I've learned that waiting for "more" is not a good idea. This said, I managed to double my modest investment of 100 bux. So far, this has been working for me and I sure hope it will continue.
Nice you all. I'll continue to lurk in the background and post time to time
  • #63
  • Feb 5, 2015 4:24am Feb 5, 2015 4:24am
Quoting regalraven
I recently quit my day job after working out that 15 pips per day replaces my salary and I can work from home. This is going to be my first month relying on my trades only... so my fingers are crossed.
How did this work out for you?
I know nothing of the stock exchange but willing to learn
  • #64
  • Feb 17, 2015 2:23am Feb 17, 2015 2:23am
For me personally having a regular job is vital until you become constantly profitable in Trading. I made the mistake of quitting my day job and venturing into trading full time, turned out to be a very bad decision. You are under constant pressure to earn and even a minor loss can be demotivating. It may be tough to manage your job and concentrate on trading at the same time, but you have to take it slowly.
  • #65
  • Mar 4, 2015 6:44am Mar 4, 2015 6:44am
i have a real, physical job and just started trading for quite some time now as to have sort of secondary income, hopefully. even though i will be able to profit on my trades, i think i won't quit my physical job. its just not healthy. well, at least i can enjoy the best of both worlds (the real world and the virtual one)
  • #66
  • Mar 5, 2015 10:52pm Mar 5, 2015 10:52pm
I have always asked about this as well.
I think it can be quite hard to be a forex trader a job. Sure trading with mobile can help a bit, but it's not like trading forex as full time trader.
  • #67
  • Mar 5, 2015 11:06pm Mar 5, 2015 11:06pm
The same about me. How long does it take to trade fro yoy? I realized that actually trading requires lots of time and I spend all my spare time learning about frorex trading and looking at charts.
  • #68
  • Mar 6, 2015 1:25am Mar 6, 2015 1:25am
That really depends on how much you can earn and your account balance in forex. I think that is the key.

Just imagine, you have a big balance in your forex, you can earn 1% profit monthly from your balance, stable every month, and your 1% profit can cover 2 - 3 months of your normal daily job salary.
Then why not you just quit your job?
If you ask me to code/fix your EA... it's probably not for free...
  • #69
  • Mar 6, 2015 1:34am Mar 6, 2015 1:34am
Quoting radityo.ardi
That really depends on how much you can earn and your account balance in forex. I think that is the key. Just imagine, you have a big balance in your forex, you can earn 1% profit monthly from your balance, stable every month, and your 1% profit can cover 2 - 3 months of your normal daily job salary. Then why not you just quit your job?
Perhaps if your balance is really big it's possible to earn enough money just forex trading.
  • #70
  • Mar 6, 2015 4:21am Mar 6, 2015 4:21am
I trade 5 minute charts and work. There is nothing better than a cAlgo bot.
I actually quit my job, but had to go back again to work when the markets moved into ranging. Now I've mastered both trending and ranging. So hopefully I'll have the CHOICE to work - coz I like my job. But I also have to.
  • #71
  • Mar 6, 2015 9:54am Mar 6, 2015 9:54am
Quoting CIORIMAU--
It is possible to trade forex and work at 9 to 17.Can you agree that with you works a lot you have to be a long term trader?
I believe it is possible to work 9-5 and still be a successful trader. After all trading requires only a couple of hours. In my opinion, you can use the weekend to analyse the market and come up with target currencies which you could trade during the week.

Alternatively, you could choose to trade on the weekly chart, which means you shield yourself from the daily hustle and bustle of following up what happens from here and there.

And finally, you could do auto-trading (whereby you only use a about half hour) to set up your trades for the week, or even sometimes a month. Then after that you only need to monitor if anything fundamental changes that could force you to alter your system rules.
  • #72
  • Mar 9, 2015 5:45am Mar 9, 2015 5:45am
Hi Guys, this is for the whole thread,

I just took up Trading to add something my career. I was a full time DJ but as many know the industry doesnt pay a lot especially if your just starting out and it can be quite hard.

This is one of the main reasons why I wanted to take a new direction. Ive researched about online FX trading and there is potential to make large amount of profits, but yes theres always going to be risks but thats something most traders will pick up whilst trading. I've been trading for that past 3 months now and traded last Friday for the Non-Farm Payroll over in the US. I made some good profits on the US instruments on this trade. I currently use this as a secondary income for the moment and once i'm more confident and consistent with my trades i plan to take this full time.

How's was everyone else experiences start out? any tips what to look out for? or trading strategies?
  • #73
  • Mar 10, 2015 4:53pm Mar 10, 2015 4:53pm
I have a 9 to 5 jobs and I daytrade. I do not do it while working as my job requires too much focus but rather in the evening, I'm in the NY time zone so after dinner I trade the tokyo market from 7-8pm to 11-midnight. I am sleeping while europe is happening, working while the US session is on and I am pretty terrible at swing trading so I ain't got much of a choice. Scalping the begining of tokyo I have to be mindfull of my cost/spread vs the volatility/price range as I dont want to be paying too much for no movement. If the ATR of the 8PM to midnight candle is lower on average then 10 times the spread it becomes pretty hard to make money from my experience so usually I just end up trading UJ EJ or the australian stock index, whichever has the better ATR to spread ratio for that time period. It is a little taxing but if you love trading it's doable

I am looking more and more into futures, gold and copper seem to move a lot during asia but the spread on CFDs are a little too high to my liking, If someone can inform me what the spread is like on E-mini gold/copper contract during the begining of asia session that would be great, cant seem to find this info anywhere somehow..
It's not about what you make, it is about what you don't lose
  • #74
  • Mar 11, 2015 7:14am Mar 11, 2015 7:14am
From my experience the most successful traders have been the ones who also have a full time job. Why?

Reason 1 - The are emotionally more stable. They do not rely on an income from trading, have less pressure and ultimately make better decisions.
Reason 2 - Most trade off 1hour+ timeframes usually only placing a couple of trades a week. This removes the noise from the charts and they are never rushed.
Reason 3 - Stop losses and profit targets are usually pre defined and the trade is left to run it course.
Reason 4 - They are more patient unlike most day traders who often go searching for opportunities instead of letting the market come to them.

These are some of the reasons why I think traders with full time jobs are more successful.

I now only make on average a couple of trades a week. I spend most of my time analysing the charts waiting for the trade. My equity curve is a lot more smooth, I enjoy trading much more, I can do the things I love and I don't have to sit and watch the screens all day. This is what I call sustainable trading. A normal 9-5 job is a lot more easier that a 9-5 day trading job!!!!
  • #75
  • Mar 11, 2015 7:36am Mar 11, 2015 7:36am
Well... come here to learn something. I just blew my first account but in minimal deposit which is $100usd.
Trying to balance my college assignment, thesis and then fx is not easy. I get really emotional after i lost a lot.
Don't really have the time to analysis or study the market while juggle with a bunch of workload from college.
I guess i have a long way to discipline myself.

@richieforex
ill take not on those reason.
  • #76
  • Mar 11, 2015 8:13am Mar 11, 2015 8:13am
Quoting 50percent
I trade 5 minute charts and work. There is nothing better than a cAlgo bot. I actually quit my job, but had to go back again to work when the markets moved into ranging. Now I've mastered both trending and ranging. So hopefully I'll have the CHOICE to work - coz I like my job. But I also have to.
care to share what is the cAlgo bot?
  • #77
  • Mar 11, 2015 8:21am Mar 11, 2015 8:21am
I agree with Richieforex hugely. I work a full time job and then trade on the side, and it helps for the reasons he said. I don't rely on the income, and I think that lets me make my decisions easier. If I did rely on that income, I think I would probably second guess myself all the time worrying about whether i would actually win the trade.
  • #78
  • Mar 11, 2015 10:26am Mar 11, 2015 10:26am
Quoting richieforex
From my experience the most successful traders have been the ones who also have a full time job. Why? Reason 1 - The are emotionally more stable. They do not rely on an income from trading, have less pressure and ultimately make better decisions. Reason 2 - Most trade off 1hour+ timeframes usually only placing a couple of trades a week. This removes the noise from the charts and they are never rushed. Reason 3 - Stop losses and profit targets are usually pre defined and the trade is left to run it course. Reason 4 - They are more patient unlike...
I tell you what...
A normal 9-5 job doesn't make me emotionally stable in trading...
I'm one of many examples...
If you ask me to code/fix your EA... it's probably not for free...
  • #79
  • Mar 11, 2015 1:30pm Mar 11, 2015 1:30pm
Quoting jakeparkin
I agree with Richieforex hugely. I work a full time job and then trade on the side, and it helps for the reasons he said. I don't rely on the income, and I think that lets me make my decisions easier. If I did rely on that income, I think I would probably second guess myself all the time worrying about whether i would actually win the trade.
I agree with part about relying solely on trading. i.e it can make you emotional at times. However, I believe that you do not necessarily have to work 9-5 to enjoy emotionless trading. You never know the kind of day you could have at work, and then it all trickles down to your trading activity. On the other hand, I think the key here is diversifying your investments. Trade in FX, Invest in Stocks, real estate and bonds if you can. That is a good source of providing stability in your income streams, which then provides calm when trading.
  • #80
  • Mar 12, 2015 5:46am Mar 12, 2015 5:46am
Quoting wazokao
Well... come here to learn something. I just blew my first account but in minimal deposit which is $100usd. Trying to balance my college assignment, thesis and then fx is not easy. I get really emotional after i lost a lot. Don't really have the time to analysis or study the market while juggle with a bunch of workload from college. I guess i have a long way to discipline myself. @richieforex ill take not on those reason.
Most people learn more from losing than winning so try to understand why you blew your account and become a part trader as a result.

In your case if you really want to trade but have not got the time to learn, find yourself someone who is already successful and copy their trades. Based on your current commitments I would suggest a swing trader. You can make a bit of money whilst learning some of the principles.

Then when you have got time, devote it to learning and refining a strategy that suits you. When confident you can make consistent profits it will be time to go it alone.
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