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How to make a living with trading?

  • #181
  • Mar 20, 2017 6:39pm Mar 20, 2017 6:39pm
Quoting 9jatrader
Some traders misunderstand what it takes to be profitable and live on Forex trading profits. They believe that having fat account would certainly make them profitable. If you don't have strategy and know how to trade you would watch you fat account disappear like smoke before your very eyes. Some also want to be George Soros overnight by using standard lot size to trade micro account.
One VERY good reason to start relatively small, even if you have access to more money, is to see what it feels like to LOSE. Like you say, to "watch your account disappear like smoke before your very eyes." I've had that happen a few times now, but fortunately never much money. The most has been about $250 at once.... had a couple of small trades open, just watching them move a little up and down, when suddenly... boom, a major spike and suddenly that account balance that had been moving at a snail's pace goes into turbo mode... the WRONG direction. And within seconds it's gone. That's NO FUN, of course, and makes you wanna scream... "What are you DOING?!" But since it was a small amount, the main aggravation is that it wiped out a lot of WORK... it was the time factor that bugs me the most. You spend several days, maybe a week or two slowly building things up, and then it's all gone in a matter of minutes. VERY aggravating... but I can only imagine how much worse it would feel if it was a lot of money. So yeah, having experienced this on a small scale a few times made me realize I do NOT, EVER want to experience it on a large scale. In other words, I think I'm learning my lessons without getting destroyed in the process.
  • #182
  • Mar 20, 2017 6:43pm Mar 20, 2017 6:43pm
Quoting 9jatrader
Take this from Albert Einstein: "The most powerful force in the universe is the compound interest"
Albie be livin' the thug life...

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  • #183
  • Mar 20, 2017 6:46pm Mar 20, 2017 6:46pm
Quoting PiranoTrader
I already gave up the idea that someone will notice me here on FF, Myfxbook or Fxstat...
Don't you give up too easily? Considering you registered on FF in Nov 2016 and hardly made 50 posts so far, I'd say you've not been trying hard at all... Oh wait! Why not make the last effort and open a discussion thread, with a TE attached? Stir some interest, gather free publicity. And why not have a PAMM already running too, just in case... If your results ever match your soft marketing skills, someone might actually be interested Good luck!
mind over matter
  • #184
  • Mar 20, 2017 6:53pm Mar 20, 2017 6:53pm
Quoting 9jatrader
FXCM offering contest, another way to raise $$$. Deposit as little as $50. Has anyone contested and won from any broker?
I was with them for awhile, before they stopped handling American accounts. (Something to do with settling a fraud lawsuit.) But yeah, their trading contest was pretty cool. Top 5 percentage gainers each month won cash... from $250 for 5th, all the way to $5K for 1st. They have a leader board that shows the top 50 of the supposedly over 10,000 traders entered each month. A few months ago I was in 12th place with a couple days left in the month (then messed up at the end).... so that felt really good even though I knew I wasn't gonna win anything. So if you're not in the US, I guess FXCM is still an option... and they're pretty good.
  • #185
  • Mar 20, 2017 6:56pm Mar 20, 2017 6:56pm
Quoting ensale
{quote} I would run the other way from anything that FXCM does!
Well, they ran away from ME (seeing how they had to dump US traders) so I don't have to worry about it anymore.
  • #186
  • Mar 21, 2017 2:50am Mar 21, 2017 2:50am
Quoting Pipalicious
{quote} 1) Build a 'good' track record (good = dealing with all conditions -> high vol, low vol, fast/low markets, ranging, consolidating, trending,etc...). 2) Setup a professional looking website where the center piece is your - continually growing - track record. 3) Become IB for multiple brokerages. 4) 'Aspiring' traders register on your website under you IB number. 5) From (4) select the ideal candidates to give them access to your system/s on an NDA basis. 6) Let them trade your prop systems as you collect comms of spreads as an acting IB....
One of the most constructive comments. Thank you!
Interesting option.
  • #187
  • Mar 21, 2017 2:59am Mar 21, 2017 2:59am
Quoting alphaomega
{quote} Nope. I can't make my strategies available for subscribers. Apparently their platform cannot handle my trading style. Almost all of my trades are quick scalps with high leverage for a few pips, mostly during news releases and when the volatility is at least 2 times higher than average. I never hold positions overnight. I fact my average trade duration is only 5 minutes. The explanation they give is that this type of trading is considered "unscalable" for copy trading. For some stupid reason(s) they cannot replicate my trades. Other platforms...
If you're into HFT you might find this docummentary interesting:
Inserted Video

Retail wil never be able to compete with institutional.
  • #188
  • Mar 21, 2017 3:10am Mar 21, 2017 3:10am
Quoting ensale
{quote} I would run the other way from anything that FXCM does!
FXCM nowadays known as scam broker.
Risk comes from not knowing what you're doing.
  • #189
  • Mar 21, 2017 3:13am Mar 21, 2017 3:13am
Quoting Ratmach
{quote} One VERY good reason to start relatively small, even if you have access to more money, is to see what it feels like to LOSE. Like you say, to "watch your account disappear like smoke before your very eyes." I've had that happen a few times now, but fortunately never much money. The most has been about $250 at once.... had a couple of small trades open, just watching them move a little up and down, when suddenly... boom, a major spike and suddenly that account balance that had been moving at a snail's pace goes into turbo mode... the WRONG...

Hehe, one of the best comments here. I totally agree. I have very similar experience and burning an account is no joke.
  • #190
  • Mar 21, 2017 3:17am Mar 21, 2017 3:17am
Quoting kosmo
{quote} Don't you give up too easily? Considering you registered on FF in Nov 2016 and hardly made 50 posts so far, I'd say you've not been trying hard at all... Oh wait! Why not make the last effort and open a discussion thread, with a TE attached? Stir some interest, gather free publicity. And why not have a PAMM already running too, just in case... If your results ever match your soft marketing skills, someone might actually be interested Good luck!

OK, i was a little fast with that statement. Im not giving up. Especially because a few commentators gave me some good ideas for my next steps.
Thanks
  • #191
  • Mar 21, 2017 3:21am Mar 21, 2017 3:21am
Quoting PiranoTrader
{quote} If you're into HFT you might find this docummentary interesting: https://www.youtube.com/watch?v=kFQJNeQDDHA Retail wil never be able to compete with institutional.
seen that a few years ago.. if you can't beat them, join them...

Although there is a chance we can catch up in my opinion, we just need innovators..
It's in fear when people show what they truly value.
  • #192
  • Mar 21, 2017 5:36am Mar 21, 2017 5:36am
Quoting ensale
{quote} seen that a few years ago.. if you can't beat them, join them... Although there is a chance we can catch up in my opinion, we just need innovators..
Ugh, to compete with all that capital and info hehe .... I don't think so. I think the HFT or news trading is out, because brokers learned all the tricks how to fuck a trader (slippages, requotes, gaps, spreads, ...). I have a friend who started trading news 10 years ago. He says that was easy money back then when brokers were not prepared. But now he says it's almost impossible (at least with no or very low costs for feeds etc.). So that means very hard bread for smaller retail traders.
Also I dont understand scalping. Im not saying it can't be profitable on the longer run but catching 5 pips profit with 1 pip spread means you have to beat 20% before breaking even. A big number to overcome on the long run.
  • #193
  • Mar 21, 2017 5:41am Mar 21, 2017 5:41am
Quoting ensale
{quote} seen that a few years ago.. if you can't beat them, join them... Although there is a chance we can catch up in my opinion, we just need innovators..
0 chance
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #194
  • Mar 21, 2017 6:23am Mar 21, 2017 6:23am
Quoting michisuperfr
{quote} 0 chance
check out renaissance technologies.
It's in fear when people show what they truly value.
  • #195
  • Mar 21, 2017 6:31am Mar 21, 2017 6:31am
Quoting ensale
{quote} check out renaissance technologies.
Yes exactly...

How do you want to compete with such guys as a retail trader? Some of the smartest minds on the planet are working for them and they have equipment and data which is worth millions/billions of dollars.

Maybe I understood your post wrong
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #196
  • Mar 21, 2017 7:13am Mar 21, 2017 7:13am
Quoting michisuperfr
{quote} Yes exactly... How do you want to compete with such guys as a retail trader? Some of the smartest minds on the planet are working for them and they have equipment and data which is worth millions/billions of dollars. Maybe I understood your post wrong
you did,, the guy started as a mathematician.. and obviously that's not the full story
It's in fear when people show what they truly value.
  • #197
  • Mar 21, 2017 7:30am Mar 21, 2017 7:30am
Quoting ensale
{quote} you did,, the guy started as a mathematician.. and obviously that's not the full story

That is exactly what I ment when I started this thread hehe
  • #198
  • Mar 21, 2017 9:45am Mar 21, 2017 9:45am
Quoting PiranoTrader
Hi, I've been trading for few years now and being "consistantly profitable" is not the biggest problem I have. The problem I have is with low trading capital. Some friends advised me to open a small live pamm account and connect it with trade explorer, myfxbook, fxstat, ... to prove that I can trade. So I did that a few months ago. As I was told getting the funds for consistant traders shouldn't be a problem ("the money will find you if you are good" I was told, hehe). But apparently it is a problem (at least for me) because I don't even know what...
Check out Fundseeder.com Jack Schwager discusses FundSeeder, a free platform to find undiscovered worldwide trading talent
http://www.opalesque.tv/hedge-fund-v...k-schwager-4/1
  • #199
  • Mar 22, 2017 2:04am Mar 22, 2017 2:04am
Quoting CARP.BLUFFS
{quote} Check out Fundseeder.com Jack Schwager discusses FundSeeder, a free platform to find undiscovered worldwide trading talent http://www.opalesque.tv/hedge-fund-v...k-schwager-4/1
If they hunt for talent, know that your money will have to be sacrificed first.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -47.1%
  • #200
  • Mar 22, 2017 2:11am Mar 22, 2017 2:11am
Quoting 9jatrader
{quote} If they hunt for talent, know that your money will have to be sacrificed first.
LOL! Your right about that!

I checked out blufx yesterday, instant funds given, 50k.. here's the Catch ! £240 a month including vat, + it takes two years to get to a million dollar account and with 1:2 leverage...

Not worth it but who knows.
It's in fear when people show what they truly value.
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