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time commitment

  • #21
  • Sep 6, 2006 10:26pm Sep 6, 2006 10:26pm
Forex trading is an occupation, not a hobby. When I say occupation I don’t mean a profession, I mean Normandy. If you are not sure you want to spend the time to trade it is best not to start, the market will run away with your wallet (chain and all). When they say 90% of traders fail what they mean is 10% of the traders take the other 90%s money and spend it at Vegas and on sports cars. There is a reason you have to sign 20 risk agreements to open an account.

Trading for a living is an ongoing process: designing, testing, trading and repeating . Not all systems work forever, you might end up having to tweak your system or even make a new system every year. As you get better at trading you will probably want to expand your system or even trade 2 or 3 or 20 systems. Creating/researching a system does take much more time then actually trading it, but you will want to always be creating/researching.

There are 3 ways to increase your equity curve: better winrate, better payrate and more available trades. Every day you will want to improve these. Every day you will need time.

I am not trying to discourage you. if you are willing to put in the time you can get the rewards. But like everything, you need to train for it.
  • #22
  • Sep 7, 2006 9:57am Sep 7, 2006 9:57am
Quoting mattlorig
Is it possible to make long-term trades by simply doing 15 minutes of forex-related work/day?
Most anything that makes a person money takes time. A regular job may take 40 hours or more a week. Forex is no different. The more you work, the more you stand to make. After a person becomes educated with Forex and how it work, you may be able to spend less time with it. I probably spend 4-6 hours on a Day I look to Trade. I not do this every day. I study and watch, when the time looks right, then I open a position and set some Loss/Profit Limits and go doing something else. I not do this when News is lingering. Just during regular Market Motion. BUT!!!! I do look in on things from time to time to see what happening. Now, I will tell you of a Trade I made and it be working now almost 1 month. DO NOT try getting in on this now, it very volitile and moves a lot. I bought long on the USD/PLN @ 2.955 I think, been a long time. I had a 150 pip stop loss and no limit. I gave my woman some money and told her go visit her Daughter until I told her it safe to come home. Last week I commited to move the stop loss 200 pips into profit and called my woman and said it OK to come home now! : I not worry about this trade and just look in every now and then to see if it still working for me. Today I was around 900 pips +/- it moves a lot. Tomorrow it may be up 1000 or down to 700 pips, not matter as I KNOW I have 200 pips now. This a very long term trade and it took about 3 weeks before I could move the stop loss.
  • #23
  • Sep 7, 2006 10:00am Sep 7, 2006 10:00am
Quoting ItLikePoker
Most anything that makes a person money takes time. A regular job may take 40 hours or more a week. Forex is no different. The more you work, the more you stand to make. After a person becomes educated with Forex and how it work, you may be able to spend less time with it. I probably spend 4-6 hours on a Day I look to Trade. I not do this every day. I study and watch, when the time looks right, then I open a position and set some Loss/Profit Limits and go doing something else. I not do this when News is lingering. Just during regular Market Motion. BUT!!!! I do look in on things from time to time to see what happening. Now, I will tell you of a Trade I made and it be working now almost 1 month. DO NOT try getting in on this now, it very volitile and moves a lot. I bought long on the USD/PLN @ 2.955 I think, been a long time. I had a 150 pip stop loss and no limit. I gave my woman some money and told her go visit her Daughter until I told her it safe to come home. Last week I commited to move the stop loss 200 pips into profit and called my woman and said it OK to come home now! : I not worry about this trade and just look in every now and then to see if it still working for me. Today I was around 900 pips +/- it moves a lot. Tomorrow it may be up 1000 or down to 700 pips, not matter as I KNOW I have 200 pips now. This a very long term trade and it took about 3 weeks before I could move the stop loss.
What was your entry and exit criteria? Why did you get into the trade?
Mr. Trend
  • #24
  • Sep 7, 2006 10:03am Sep 7, 2006 10:03am
Quoting stockwet
I spend probably more time than I should or need to. For actual trading, I just need to know when my signal is triggered. Then, I place either a buy or sell stop order, enable my expert advisor which manages my trades and walk away. Rather, i could walk away if I wanted.

So, theoretically, I could spend about 15 minutes a day, give or take some time. Realistically, I spend more time because 1) I like it and 2) I keep meticulous track of my system which takes more time than just trading.
Wow. You sound just like me stockwet. I started smiling when I was reading your post... especially about documentation... LOL.

Being a swing trader, I shouldn't be staring at charts as much as I do. I spend way to much time just looking for more possibilities... I figure it's my evolution as a trader...sooner or later I'll quit being so glued to the charts...

My mentor and another friend both automate, and while I used to be a Tradestation guy, I don't automate anymore. They just laugh...
Mr. Trend
  • #25
  • Sep 14, 2006 1:52pm Sep 14, 2006 1:52pm
Quoting Darkstar
I love it. The guy spends ~1000 hours sitting in a classroom learning the vagaries of the Roman Empire and the volume of a cone so he can acquire an associate's degree. Then he can somehow rationalize that spending more then 30 minutes a day learning the single most lucrative profession on earth isn't "worthwhile" for him. Humanity never ceases to amaze me...
I think I'm going to print this out and sticky it to my monitor. I'm not joking.
  • #26
  • Sep 14, 2006 5:28pm Sep 14, 2006 5:28pm
What struck me as funny about this is one reason I'm getting into forex is that I LIKE sitting at my computer and tinkering with it. And I like research and analysis. I'm interacting with the computer all day and all night. I have to remind myself to move sometimes. What could be better than making more money via the computer? (I'm already in software development) It beats a lot of alternatives.

It's fun learning about the vagaries of Roman history, but it doesn't put food on the table. Well it does, but only for a small and rarified pool.
  • #27
  • Sep 14, 2006 5:44pm Sep 14, 2006 5:44pm
How much quality time is a better question... I'd say you can learn a great deal at 10-15 mins a day if this time is spent on watching and managing an actual trade...

I think it is worth far more than 1-2 hours of "studying" the fx market, systems, etc. a day.
  • #28
  • Last Post: Sep 14, 2006 6:01pm Sep 14, 2006 6:01pm
i spend hours reading and studying Forex looking on Forums whilst i wait for a trade to swing my way.. i have learnt a hell of alot so far and the more i learn the more i enjoy Forex i love it it's like what i was made for i'm dedicated so that one day i can become a full time trader not so much for the money but just because i love to trade
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