MoneyTec Traders Community Forum - View Single Post

csaunders · 01-02-2004, 16:00

Hi pqdzung,

Sorry for the REALLY belated reply but your post has only come to my attention now - you'll probably only read this a couple of months down the line... but maybe some others can benefit

At the end of the day all Traders have to most probably start part-time - I cannot see one dropping the current 9-5 and diving head-long into FX-trading without a clue as to whether it can support the current lifestyle and bills that are there to pay....reality check!

Trading part-time is NOT EASY - FX is all about timing - how can one enter the market at the right time if you can't keep an eye on proceedings:
One can put limit orders in or stops to execute at certain prices - where you perceive resistance/support to be - another methodology is to trade announcements i.e. trade movement around announcements which are made at certain times throughout the week e.g. non-farm payrolls (guarenteed to get some movement come Friday out of this one....) The second way probably is a bit easier...

All I can say is devise a strategy and stick to it - no breaking of the rules. For me it was particularly hard having to limit myself to one trade in a month and the rest of the time price watching....although the market dictates, and I follow. If the market allows me to make more trades then so be it otherwise I wait. There is some phenomenal comments made by very successful traders in Market Wizards where one trader likened his trading to a cheetah in a hunt - only if the circumstance is 100% correct or favourable does the cheetah attempt the hunt - why because resources (energy) - is valuable. This can be likened to your capital - it is your most precious resource - without it, you're gone.

Since writing my earlier posts I have been going from strength to strength and far out-earning my 9-5. My only concern at this point is having to depend on my trading income to pay bills. This introduces a different mindset - I feel quite strongly that one of the reasons I am so successful is that I don't really care if I make a loss - the capital in my account I don't equate to paying my water & lights or paying off my car... Maybe Pete can give some input here or other full time traders. (I have to admit I really thought we had more on this forum...)

At the end of the day the ideal scenario for me would be: A stable income derived from some other source which is not dependent on your time - this income should cover all bills etc and so take the weight of these responsibilities off your mind. This leaves one free to trade without expectation, and for me this freedom will provide a very profitable trading path to great wealth.

Anyway good luck with your trading - don't be in a rush. Longevity (which means keeping your capital even through the torrid times) is the key to success - if you can still be around 5 years from now I can guarentee you would have made some decent money.

Now - back into a crouch I go waiting for the next unsuspecting Impala

Cheers,
Cliff

01-02-2004, 16:00	#56
csaunders level 3 Join Date: Sep 2003 Posts: 160 Downloads: 0 Uploads: 0 Rep Power: 0	Real, real late answer!!! Hi pqdzung, Sorry for the REALLY belated reply but your post has only come to my attention now - you'll probably only read this a couple of months down the line... but maybe some others can benefit At the end of the day all Traders have to most probably start part-time - I cannot see one dropping the current 9-5 and diving head-long into FX-trading without a clue as to whether it can support the current lifestyle and bills that are there to pay....reality check! Trading part-time is NOT EASY - FX is all about timing - how can one enter the market at the right time if you can't keep an eye on proceedings: One can put limit orders in or stops to execute at certain prices - where you perceive resistance/support to be - another methodology is to trade announcements i.e. trade movement around announcements which are made at certain times throughout the week e.g. non-farm payrolls (guarenteed to get some movement come Friday out of this one....) The second way probably is a bit easier... All I can say is devise a strategy and stick to it - no breaking of the rules. For me it was particularly hard having to limit myself to one trade in a month and the rest of the time price watching....although the market dictates, and I follow. If the market allows me to make more trades then so be it otherwise I wait. There is some phenomenal comments made by very successful traders in Market Wizards where one trader likened his trading to a cheetah in a hunt - only if the circumstance is 100% correct or favourable does the cheetah attempt the hunt - why because resources (energy) - is valuable. This can be likened to your capital - it is your most precious resource - without it, you're gone. Since writing my earlier posts I have been going from strength to strength and far out-earning my 9-5. My only concern at this point is having to depend on my trading income to pay bills. This introduces a different mindset - I feel quite strongly that one of the reasons I am so successful is that I don't really care if I make a loss - the capital in my account I don't equate to paying my water & lights or paying off my car... Maybe Pete can give some input here or other full time traders. (I have to admit I really thought we had more on this forum...) At the end of the day the ideal scenario for me would be: A stable income derived from some other source which is not dependent on your time - this income should cover all bills etc and so take the weight of these responsibilities off your mind. This leaves one free to trade without expectation, and for me this freedom will provide a very profitable trading path to great wealth. Anyway good luck with your trading - don't be in a rush. Longevity (which means keeping your capital even through the torrid times) is the key to success - if you can still be around 5 years from now I can guarentee you would have made some decent money. Now - back into a crouch I go waiting for the next unsuspecting Impala Cheers, Cliff __________________ Show me the money!!!