Living in different part of the world means different income levels. some countries $500/mo would be a living... So who knows what would it take to make $500? While for me that is not a living, but it would make a big difference.
- #162
- Jul 28, 2016 3:38pm Jul 28, 2016 3:38pm
{quote} Yep, was joking. Psychology is huge, agree alphac. It could be argued that it's everything, because all decisions, reactions and approaches exist in your mind. Everyone can draw a trendline, so why don't they make money? My eyes were opened when I simplified my strategy and spent more time on my focus and attitude. Before that I didn't stand a chance because I had already beaten myself. Without confidence or you will betray yourself making silly errors. You have to remain positive or this will not work. You can only become confident if you...
I think that your question makes sense and I loved the dichotomy of your question and your usernameBut if you allow me, I would like to share my view here, of course, this question is populating my mind for quite some time. I my opinion, forex can be traded for living if it is traded as a business. Any business. And now it is easier to me to understand this concept better, since I started a real business with my sister, producing fitness clothing. In a real business your gains a pretty predictable as your gross margin. You know how much your...
There are people who do trade Forex for a living, but I don't think that's the majority of the traders out there. If the statistic that 95% of traders lose money is true, that would mean that only 5% profit. How many of those 5% profit regularly enough to live off those profits?
Oh, btw: 5% is quite a lot. You just have to be the best out of 20. Look on an average street or listen to them in the pubs, I don't consider myself arrogant but I found that to be relatively easy
It's also not that far from restaurant survival rates (I'd guess) ...Anyway ... not many will achieve that goal. Not because it's so darn complicated though. They won't achieve it because their mindset is wrong. The thread starter seems to believe knowing every indicator is a step in the right direction - one very good example of a common misunderstanding about trading. People who believe they need to find that holy grail, that hidden secret are destined to fail. It requires work, finding a method to extract pips that work for you and then you choose an acceptable risk management and position sizing. Ones you have something that works most of the time you can (and should) adjust it here and there. It's not like being an architect with a rule book and the math to follow - you might still build unusable or ugly crap but it won't collapse at least
I used to run my own business. I had employees, a business partner, sales partners and all that stuff that belongs to "running your own business". I did that for more than 10 years. Good years, bad years. Mostly good though. Steered my business through the 2008 financial crisis. Sold it in 2015. Thinking about all the obstacles I came across and the practical impossibility of predicting or controlling them I came to the conclusion that trading is a lot simpler (for me) and has a much better level of control. Still, if you need a guaranteed income (not only to survive but also to be in an acceptable mood!) you better move to a country with a solid social system and look for a so called real job. Trading and running a business has a lot of things in common and are certainly not for everyone.
Oh, btw: I do not give a shit about risk:reward. Just another attempt to create pseudo mathematical rules for people who need some fallacy of certainty (IMHO). I pick trades that have a high chance of going into my direction but I do not calculate the relation of my anticipated TP to my SL. If I trade an outbreak for example, I do not even have some anticipated TP - it's an outbreak, it is supposed to come without a good-till-price tag attached. The chart tells me when to exit.
- #168
- Aug 19, 2016 8:23pm Aug 19, 2016 8:23pm
- Joined Feb 2009 | Status: Down to Earth! | 2,358 Posts
fooled by randomness in art
Meditation All Time Return:
8.9%
- #171
- Edited 10:33am Aug 20, 2016 10:14am | Edited 10:33am
- Joined Feb 2009 | Status: Down to Earth! | 2,358 Posts
fooled by randomness in art
Meditation All Time Return:
8.9%
- #175
- Aug 31, 2016 2:47pm Aug 31, 2016 2:47pm
- Joined Nov 2006 | Status: Trader | 4,417 Posts
to trade and code, keep both simple... no call to impress....h
