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[fab4x]

I am doing some research in how many users on this site are doing it LIVE for a living and making money.

Like you votes please.

[jasperforex]

Trading for a living now and loving it. You could say everyday is the same but also so different if you know what I mean.

[currencia]

Jajajajaj, 70% are trading for a living and making money!!!!!!

This reminds me of the answers that blackjack and poker players give. They only remember the times they gained and refuse to admit and recall the times they get whacked into the next township. But, their wallet tells the story.

[bobnat]

I quit my job last semester and started full time trading on August 2. The transition has been more difficult than I anticipated. I've been teaching for 16 years and now I sit at home all day. I miss the contact with my colleagues and students on a daily basis. I go up to the university sometimes just to talk to my friends and I see them at least 2 nights a week, but it's still very lonely.

That being said, after 2.5 months I'm down 2%. Some of you might say, "that sucks", but I'm quite happy with my progress. My time table doesn't call for me to consistently make money for another 10 months. I figure that even if I'm down 6% at the end of 6 months, I way ahead of the curve. I'm confident that in a year I'll be making money. Maybe not as much as the university paid me, but I'll have money coming in while my equity and experience grows.

This is so much tougher than I thought. But it's also very challenging and I look foward to each new day. Now I've got to do something about the loneliness. I think I'm going to teach a few hours a week at a language school just for the social contact.

Nat

[fab4x]

Originally posted by jasperforex
Trading for a living now and loving it. You could say everyday is the same but also so different if you know what I mean.

What stradegy may I ask you use? Anyone of the those listed here in this site?

[Chameleon_X]

I look at my trading as a form of investment.
I've got a day job and have no plan on leaving it.
My current "trading mission" is to build up my account so that one day I can reach some of my goals here in life.
Buy the house of my dreams, boat, car etc.
And that is something that would not be possible if I only had my day job.

[csaunders]

Originally posted by Chameleon_X
I look at my trading as a form of investment.
I've got a day job and have no plan on leaving it.
My current "trading mission" is to build up my account so that one day I can reach some of my goals here in life.
Buy the house of my dreams, boat, car etc.
And that is something that would not be possible if I only had my day job.

This is pretty much how I see things - I earn a good income and my trading supplements my working income- and currently surpasses it- although I have no desire to trade fulltime - simply because I think I'll go nuts if I spend all day alone....

Further trading in this way is quite stress free in the sense that it does not have to pay the bills and no target has to be met - if your job marries well to trading - you are very fortunate, as I am.

I think you have to a very special individual to trade fulltime - maybe if one shares an office with others- not necessarily in the same game, it could overcome the loneliness problem although "having to make money" from trading introduces a whole new level of stress.... I respect anyone greatly that can do this.

Good luck

[currencia]

Whether you all realize it or not, you are describing exactly the reason why most traders fall for that ole addage that the trend is my friend. You want to socialize, be accepted, get along, and follow along.

Trading is a game where their is no one to blame but yourself. Trading is a lonely game. You must be diversified in your activities and you must not depend upon even one dollar that you are trading as something you cannot do without. Day trading is not an investment game; it is speculation very similar to playing blackjack or poker.

It is a rare breed of bear, monkey, or cat that can succeed at being a full time trader. Being a joiner or a follower are not good traits when it comes to trading. This is a fundamental reason why so many lose and lose and lose at this game whilst they pretend that they are winning.

Don't take this message personally, as it is not any attack on any one person.

The guy who succeeds at this game is a mountainman with a No 7 mule.

[MickMason]

Originally posted by currencia


most traders fall for that ole addage that the trend is my friend. You want to socialize, be accepted, get along, and follow along.

Being a joiner or a follower are not good traits when it comes to trading. This is a fundamental reason why so many lose and lose and lose at this game whilst they pretend that they are winning.

No surprise that I take a completely opposite view!

I believe the trend is your friend, in fact it's about your only friend, there's absolutely no mileage in bucking the trend just to be different, there's strength in numbers, what do you think moves markets? 90% lose, not because they don't want to be different and have sheep mentality, they lose because their egos cannot take a loss. They hang onto losing trades like their life depended on them, yet they grab the first profit from a winning trade because it's such a rarity and they don't want to let it slip away, that's the main reason the majority lose in the long run. After that, the next worst sins are overleverage and desperation.

Winning traders don't have any superhuman quality, they simply know how to assess and limit risk and look for comparable reward. Trading is not rocket science!

Mick

[currencia]

[QUOTE]Originally posted by MickMason

I believe the trend is your friend, in fact it's about your only friend, there's absolutely no mileage in bucking the trend. what do you think moves markets? 90% lose because their egos cannot take a loss. They hang onto losing trades like their life depended on them, yet they grab the first profit from a winning trade because it's such a rarity and they don't want to let it slip away, that's the main reason the majority lose in the long run.

Mick [/QUOT

Now there is a self admission if there ever was one that traders cannot find and employ the trend if their life or account depended upon it.

So much for that friend the trend!

[MickMason]

Originally posted by currencia


Now there is a self admission if there ever was one that traders cannot find and employ the trend if their life or account depended upon it.

So much for that friend the trend!

Well you lost me, 'self admission that traders cannot find and employ the trend', ummm, where did you read that then

You're not going to start another argument just for the sake of it are you Currencia, remember what happened the last time!

Mick

[imgunn]

Originally posted by currencia


Now there is a self admission if there ever was one that traders cannot find and employ the trend if their life or account depended upon it.

So much for that friend the trend!

Try telling that to Dunn, Henry, Seykota etc

[currencia]

Jajajja, U make your case by reciting three people,> Try telling that to Dunn, Henry, Seykota etc ?< out of 350 million in the USA alone?

Dunn, Henry, Seykota ?. What is that a new law firm in Oshkosh?

I must be behind in my reading.

[csaunders]

Originally posted by currencia
Whether you all realize it or not, you are describing exactly the reason why most traders fall for that ole addage that the trend is my friend. You want to socialize, be accepted, get along, and follow along.

Trading is a game where their is no one to blame but yourself. Trading is a lonely game. You must be diversified in your activities and you must not depend upon even one dollar that you are trading as something you cannot do without. Day trading is not an investment game; it is speculation very similar to playing blackjack or poker.

It is a rare breed of bear, monkey, or cat that can succeed at being a full time trader. Being a joiner or a follower are not good traits when it comes to trading. This is a fundamental reason why so many lose and lose and lose at this game whilst they pretend that they are winning.

Don't take this message personally, as it is not any attack on any one person.

The guy who succeeds at this game is a mountainman with a No 7 mule.

Currencia - Being a fulltime trader takes a special person - agreed. I think with trading full-time psychology probably plays the dominant role - even if you had a fantastic methodology trading part-time.

I think you read to much into my need for social contact - you pretty much say diversification is required yourself and with this social contact I assume? After all - why post on this forum ??

I don't think you are only successful as a Trader if you are full-time - part-time Traders do phenomenally well - I say part-time in the sense that there time is also spent on another income generating avenue. As you say Currencia being diversified is important - having another focus - and having another job can quite easily fulfill this requirement - otherwise forcing the issue i.e. over-trading can easily step in. Mixing with other people fulfills some basic requirements of social contact which every healthy individual requires. I've been trading "part-time" for close on 4 years now and wouldn't change it - maybe change my job / get a business although not the way I trade. I don't want a dependency on my trading income and don't want trading to consume my entire day.

I always try to put myself in the minorities shoes as well - since only the minority win - if we are to believe the stats that 90% lose. Therefore one has to be different from the majority (losers)and that does not necessarily mean going against the trend - it most of the time does mean pretty much what Mick says - being stopped out to early and not letting profits run - the market always trades in a fashion in which most will lose - i.e. fetching those stops at those obvious levels and going in areas least expected.

Good luck

[jasperforex]

Originally posted by fab4x



What stradegy may I ask you use? Anyone of the those listed here in this site?

I have just a few systems I use and that's it. I don't go looking for any more as the ones I have are good enough to make me money and that's the bottom line. For news trading I use an options system and in addition, or if the news is too minor for options, I will use normal spot fx to catch the move. For day trading I just use my own hunches and feel and this comes from gathering opinions and that's done by reading as much bulletins and financial press as I can. On top of that I have two other systems which give less frequent signals (together about 1 every week or so on average) and I use them for bread and butter trades.