- Joined Oct 2012 | Status: Trade Small, Win Big | 4,988 Posts
If you are good at something, never do it for free--Joker
Are you a trend trader or a counter-trend trader? 29 replies
Baby pips style academy for other financial markets? 6 replies
from retail trader to full-time trader 17 replies
Discipline Trader and Voice Trader EA/IND 16 replies
DislikedFeel better Cat. Thank all of you for your answers. My problem\dilemma is - how can I work to become a pro trader while maintaining a full time job? right now I don't have a day job- transitional period of some studying. Maybe I should look for a part time job.Ignored
Disliked{quote} What works is trading a higher timeframe (H1, H4 or D1). With those kinda timeframes you have the time to look at your currencies that you trade only once in a while and miss not so much as if you would trade in a 1 min, 5 min or 15 min timeframe. That also gives you time to study more about becoming a better trader, better strategies and different Setups that you can trade. D.Ignored
DislikedThe waiting game. That's a tough one. To all full time traders how many hours do you work a day ? Whats your routine is like (after the open) ? When do you walk out and have a break ?Ignored
Disliked{quote} yes thanks. currently I trade mostly out of the 1 hour chart. The problem is if you go to the higher time frames- don't you have to leave much more space for stop losses?Ignored
Disliked{quote} Yes you do. In the beginning use smaller lot sizes until you figure the right strategy out that suits you. When you do that long enough, you will hit the right entries with much less stop loss then before. You'll see. Smaller lot sizes don't hurt you as much as bigger ones do, so start with that. D.Ignored
DislikedThe waiting game. That's a tough one. To all full time traders how many hours do you work a day ? Whats your routine is like (after the open) ? When do you walk out and have a break ?Ignored
Disliked{quote} What works is trading a higher timeframe (H1, H4 or D1). With those kinda timeframes you have the time to look at your currencies that you trade only once in a while and miss not so much as if you would trade in a 1 min, 5 min or 15 min timeframe. That also gives you time to study more about becoming a better trader, better strategies and different Setups that you can trade. D.Ignored
DislikedThe waiting game. That's a tough one. To all full time traders how many hours do you work a day ? Whats your routine is like (after the open) ? When do you walk out and have a break ?Ignored
Disliked{quote} I'd disagree with this. I understand that if a person has a full-time job then only having limited available time to trade/learn to trade, makes trading the higher timeframes more realistic, but the best way to study becoming a trader is to take trades. And lots of them. A person isn't going to be able to test anywhere near the volume he needs to by studying even a broad set of live H1 charts. There's just not enough setups. In my view the best way to hone one's skills (on demo at first obviously) is to study and trade M5/M15 charts. With...Ignored
DislikedLots of people get into forex and onto these forums to seek advice, and others that get all annoyed by their questions is also understandable; but haven't those poeple started the same way as those "newbies"? So, that's all from me to that subject. D.Ignored
Disliked{quote} People certainly do seek advice. And the important thing for those that were newbies once but now have at least the benefit of a few years trading under their belt is to uphold their moral obligation to be honest and totally realistic about the major pitfalls that every newbie is going to face. When I started out I paid a guy for charts and access to his online room. He told me that it would take me about 6 weeks to learn to trade. I wish he'd been more honest with me.Ignored
Disliked{quote} If you go to page 32 of this thread, you'll see my post on this.Ignored
Disliked{quote} The whole thing is a learning process. If you tell a child not to touch the hot plate, eventually it will touch the plate and burn it self. That is human natur. Some traders just have to touch the hot plate. When you start with trading it all is so magically and all you see are opportunities to make lots of money. But reality always looks different. (the hot plate) You just can't safe everybody. D.Ignored
DislikedA random thought of mine is the lack of time new traders put into position sizing and management. It is an important skill to learn how to be brutal with your losers. Kill them immediately if they do not perform as expected. Then, have the patience to let your winners mature. If you trade full time, It is only a matter of which bar is the daily, weekly, monthly, or yearly low. I use a price stop to determine my position size, but that stop is a black swan type of stop. Day to day stops should be time stops in my view. Let winners run the whole month,...Ignored
Disliked{quote} I apologise. Should have looked first. Hope you're feeling better today !Ignored
Disliked{quote} I placed Buy and Sell Stops around my fast MA - +/- 10 pts as suggested by Medici - the stops, not the butterfly! and that solved the problemIgnored