[Isamu]

Hi guys,

Just read a thread that was really interesting, and touched on something that I would like to ask.

Someone said that they will be trading full time for a living later on this year, and I find myself in the same position. The question that I have is:

When trading for a living, how to do you pull your profits out and still have your account grow? (I'm not sure if I worded that correctly, do you take out what you need each month for bills and let the rest grow?)

Thanks for you imput!

~isamu

[doc]

If your questioning these things, don't trade for a living just yet. Make sure of your equity management system prior to even considering trading for a living. Perhaps you're in a position to jump right back into your career right where you left it if unsuccessful at trading for a living. If that's the case please ignore this post.

The other thing you must consider is the market will do what the market will do. Do Not be too eager to leave something secure and jump into something not so secure. Your emotions and therefore your success are directly tied to the size of your margin account. If you see you're account dwindling for whatever reason and also know your bills are do next month, then your emotions will interfer with your ability to trade affectively. You will start breaking all your trading rules and find yourself pounding the pavement for another full time job. Greed will keep you in too long and fear will take you out of a trade too soon leading to breaking your well proven trading rules.

If you want to trade full time you must ask yourself how much you need in the bank to be comfortable psychologically. Once you have answered this honestly and completely accepted this, then and only then trade full time. You must be completely honest with yourself. The amount is up to you. And when you only have that amount left because your trades/methods or whatever has gone against you, then you must get another full time job while re-establishing that comfort zone.

What that zone is...well that's up to you. You can not ask anyone else what it is for them. Some might say 1 year's salary, others 5 year's, others, a guaranteed retirement sum of cash...is it 50 thousand, 100 thousand, 1million, 5 million, 1 billion? That's up to you.

You must look at trading for a living as just another job. There is nothing special about it. You must manage your finances just the same as if you worked at McDonalds flipping burgers for a living. You must ask yourself among other things; can I afford to work at the job for my lifestyle, am I willing to adjust my lifestyle if needed, and am I guaranteeing myself a retirement with the lifestyle I want for my future.

Good Luck on Your Trades, Enjoy Riding Those Waves, and Remember We Are Our Brothers Keeper

Take Care

[Isamu]

Thanks Doc,

Your posts always are well thought out and require thought and time to digest. I must say I am able to jump back into my career should my trading not go as planned the first time around, I don't intend to go full time right away, but in the near future. Yeah and I can honestly say that I have a buffer built up that I'm comfortable with and can also honestly say that I do follow a strict equity management regime.

I guess what really answers my question is your last paragraph, it's nothing special, just a job like any other, except maybe the "freedom" that everyone would associate with trading. But yeah it made me think.

Thanks for your reply Doc.

~isamu

[cambista]

Hello everyone,

I’m a forex trader beginner and I’m going to take a Three-Days Workshop in Quebec, Canada, and I have to decide between 2 companies that are giving the workshop:

The first company offering the workshop is: Market Traders Institute. Web site: www.markettraders.com
CEO/President: Jared F. Martinez. Course: The 10 Keys to Successful Trading

The second company is: Profit Trade FX. Web site: www.profitradefx.com
Name of the course: ProfiTrade FX's 3-day workshop. Giving by Michel Julien (a professional trader)

As you must know those workshops are expensive and I don’t want to waste my money with bad course. However the second company is offering the course 1,000 USD cheaper than the first one…

Please I would like to know if anybody have already taken the workshop with one of the companies mentioned …..Does anybody know those companies ? Are they reliables companies?

I have to decide by next Wednesday, so please help me…

Thanks a lot for your help,

Cambista

[slowtrader]

Hi, I think you should not put yourself under this much short time limt to take decision (to spend big money). Shop around, take people's opinion who took course. There's always another train to catch. These seminars are not going to go away. They will continue to offer. So step back and get more info. I have no experience with these seminars. I went to Market Traders free one hour seminar. Didn't impress me, so decided not to look further. So in short this is not exact answer to your question but opening another direction to think.

Thanks.

[eternalfuture]

Hi Cambista,

I'm curious. If the second company offers USD1000 less than the first, then how much is the fee for the first?

FX trading is mostly learned through trading, not just reading books or listening to people or attending seminars/workshop.

Throughout the internet. There are free learning resources.

For semi-real-trading experience, you can use demo accounts.

When you established some kind of trading methodology that suits your personality, step further. Try mini account.

When you still successful in trading mini account, try regular account.

I'd rather read books, but not all books, about trading, than going to seminars.

Save your money for buying books AND trying trading mini account, after you tried demo accounts, of course.

Hope this helps.

Good luck!