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How to make a living with trading?

  • #221
  • Mar 26, 2017 1:43pm Mar 26, 2017 1:43pm
Quoting cfta
...Why would any skilled trader want to become an institutional trader? Go to an office every day and being told what and how to trade, sure it can pay good money but for my part it can't buy my time or freedom which I get from being an independent trader if I succeed...
Agreed. I think most of us, we're working 80 hours a week learning trading to avoid working 40.
  • #222
  • Mar 26, 2017 1:58pm Mar 26, 2017 1:58pm
One thing that is a important in trading for a living is that you need to have the capital to trade all 28 iterations of the major global currencies. If this gets done, you are by default also trading all major news from all central banks, all major global indices, oil, and gold, as there are correlations in some pairs to all of those things. If you are not trading everything, you may be stuck in a range bound EU pair while the Yen pairs are running away. Spread your opportunities to maximize them.
If you are good at something, never do it for free--Joker
  • #223
  • Edited 2:47pm Mar 26, 2017 2:01pm | Edited 2:47pm
Quoting jmn5611
One thing that is a important in trading for a living is that you need to have the capital to trade all 28 iterations of the major global currencies. If this gets done, you are by default also trading all major news from all central banks, all major global indices, oil, and gold, as there are correlations in some pairs to all of those things. If you are not trading everything, you may be stuck in a range bound EU pair while the Yen pairs are running away. Spread your opportunities to maximize them.

Certainly i agree in general about diversification across multiple pairs, however i have yet to find a one size fits all strategy for all pairs
I live entirely from the growth of my personal trading account
  • #224
  • Mar 26, 2017 2:18pm Mar 26, 2017 2:18pm
Quoting guybaker
{quote} Certainly i agree in general about dicersification accross multiple pairs, however i have yet to find a one size fits all strategy for all pairs
Don't trade by fixed strategies. Read the charts and react accordingly. Knowing your price action inside out will enable you to trade all pairs across all time frames.
  • #225
  • Edited 2:38pm Mar 26, 2017 2:27pm | Edited 2:38pm
Quoting jen101
{quote} Don't trade by fixed strategies. Read the charts and react accordingly. Knowing your price action inside out will enable you to trade all pairs across all time frames.

Not my style, all of my execution is pre-programmed
I live entirely from the growth of my personal trading account
  • #226
  • Mar 26, 2017 3:57pm Mar 26, 2017 3:57pm
Quoting guybaker
{quote} Not my style, all of my execution is pre-programmed
That is why all EAs ultimately fail.
  • #227
  • Mar 27, 2017 2:16am Mar 27, 2017 2:16am
Quoting RondaRousey
{quote} Prove that all EAs ultimately fail. Where is your source? EAs are based on strategies. You might as well say all strategies ultimately fail including your own. Barring any human error, computer glitches; if an EA can make profits during black swan events, news events and the most adverse conditions as wells as the good times and there is no martingale in use, when does it fail?
There's plenty on this site if you look. I'm not going to piss on your bonfire. You will learn. Good bye.
  • #228
  • Edited 2:42am Mar 27, 2017 2:32am | Edited 2:42am
Quoting jen101
{quote} There's plenty on this site if you look. I'm not going to piss on your bonfire. You will learn. Good bye.
plenty of them fail but how do you know that all of them do ? Also, couldnt the same thing be said about the type of discretionary strategies you mentioned in your previous post ?
  • #229
  • Mar 27, 2017 2:40am Mar 27, 2017 2:40am
In a nut shell Forex is a business with a bit of gambling any one that thinks otherwise is a real gambler.

I have been trading for three years straight my first year i wrote 45K profit and last year close to 300K whilist working full time.

I lost about 100K toward the end of last year for a few reasons.
1) trading when to many events where happpening.
2) Getting cocky.
3) Not being disciplined.

Every day for 5 days a week, i am to make $650.00 dollars a day with a float of 20K.
Thats almost a 200K wage.
  • #230
  • Mar 27, 2017 2:55am Mar 27, 2017 2:55am
Quoting jen101
{quote} That is why all EAs ultimately fail.
Well, mine is home grown and back tested to 2008 and trading forward since 1 December 2015 with essentially the same results, I agree that there is probably no strategy that will work forever, so it is important to monitor the performance to see when things are going outside of expected results.

The problem I have with discretionary trading is that it is impossible to test, and frankly I believe a lot of people trading that way are gambling without even knowing it.
I live entirely from the growth of my personal trading account
  • #231
  • Mar 27, 2017 3:12am Mar 27, 2017 3:12am
Quoting metta87
{quote} plenty of them fail but how do you know that all of them do ? Also, couldnt the same thing be said about the type of discretionary strategies you mentioned in your previous post ?
Reactionary. Like driving.
  • #232
  • Mar 27, 2017 3:28am Mar 27, 2017 3:28am
Quoting jen101
{quote} Reactionary. Like driving.

Even driving in the end will be performed better by a machine than a human... All skills can be encapsulated into code and in so doing are more reliably executed. The human element of trading is at the system design time, the creative time, the inspirational time, execution and testing are much better done (in my view) by robots.
I live entirely from the growth of my personal trading account
  • #233
  • Mar 27, 2017 3:40am Mar 27, 2017 3:40am
Quoting RondaRousey
{quote} Reactionary. Like driving.

Are you profitable ?

Could you teach your "Price Action" skills?
I live entirely from the growth of my personal trading account
  • #234
  • Mar 27, 2017 3:48am Mar 27, 2017 3:48am
Quoting guybaker
{quote} Could you teach your "Price Action" skills?
1. Buy low Sell high
2. Buy high Sell higher
3. Sell high Buy low
4. Sell low Buy lower
You came here for the truth and let me unveil it for you
  • #235
  • Mar 27, 2017 3:50am Mar 27, 2017 3:50am
Quoting RondaRousey
{quote} 1. Buy low Sell high 2. Buy high Sell higher 3. Sell high Buy low 4. Sell low Buy lower
lol
  • #236
  • Mar 27, 2017 3:51am Mar 27, 2017 3:51am
Quoting RondaRousey
{quote} 1. Buy low Sell high 2. Buy high Sell higher 3. Sell high Buy low 4. Sell low Buy lower

Yeah thanks for that about as much use as the mantra "Don't loose money"

So I repeat, are you profitable?
I live entirely from the growth of my personal trading account
  • #237
  • Mar 27, 2017 7:25am Mar 27, 2017 7:25am
Quoting guybaker
{quote} Even driving in the end will be performed better by a machine than a human... All skills can be encapsulated into code and in so doing are more reliably executed. The human element of trading is at the system design time, the creative time, the inspirational time, execution and testing are much better done (in my view) by robots.
I think it all depends. If it's a 90 year old who can't even walk, can't see and high on prescription medication or a lorry driver who hasn't slept for 48 hours, then definitely yes, computer is better.

A fox runs out in front of you. Do you swerve into a ditch to avoid it? No, of course not.

A child runs out in front of you. Do you swerve into a ditch to avoid him/her and risk your own life? Of course you do.

How can the computer tell the difference between a fox and a child?

You're in Calais driving through the gauntlet of illegals brandishing iron bars trying to make you stop. They run out in front of your car. Computer stops the car. Uh oh, wrong thing to do!

That's why I believe it is hard to beat human discretion.

As for PA, what I use is pretty commonplace. I particularly have an eye for patterns. It's quite simple, if x happens you know y will follow.

Anyway, all the best.
  • #238
  • Mar 27, 2017 7:31am Mar 27, 2017 7:31am
Quoting jen101
{quote} I think it all depends. If it's a 90 year old who can't even walk, can't see and high on prescription medication or a lorry driver who hasn't slept for 48 hours, then definitely yes, computer is better. A fox runs out in front of you. Do you swerve into a ditch to avoid it? No, of course not. A child runs out in front of you. Do you swerve into a ditch to avoid him/her and risk your own life? Of course you do. How can the computer tell the difference between a fox and a child? You're in Calais driving through the gauntlet of illegals brandishing...
I agree with the sentiment you deliver your argument, far to many have surrounded to robots in a sense.
It's in fear when people show what they truly value.
  • #239
  • Mar 27, 2017 7:34am Mar 27, 2017 7:34am
Quoting guybaker
{quote} Well, mine is home grown and back tested to 2008 and trading forward since 1 December 2015 with essentially the same results, I agree that there is probably no strategy that will work forever, so it is important to monitor the performance to see when things are going outside of expected results. The problem I have with discretionary trading is that it is impossible to test, and frankly I believe a lot of people trading that way are gambling without even knowing it.
You said it all!
  • #240
  • Mar 27, 2017 7:58am Mar 27, 2017 7:58am
Quoting jen101
{quote} How can the computer tell the difference between a fox and a child?.
Foxes have fur, long noses, run on four legs, paws, no clothes, etc etc etc. There is nothing "special" about human perception, nothing that cannot be reproduced and improved upon, nature has done it via evolution, we in the end will do the same and better by design, machines are limited by our current software and hardware, they have already taken over from humans in many fields, driving will be no different, and as for trading which has many fewer inputs than driving, it has already happened for the most part.
I live entirely from the growth of my personal trading account
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Dulof