Trading for living

[peteuk]

Where are all the millionaires? Not sitting in front of a computer on a Sunday morning, that's for sure, prolly out on the yacht or down on the ranch

[Livermore]

Originally posted by peteuk
Where are all the millionaires? Not sitting in front of a computer on a Sunday morning, that's for sure, prolly out on the yacht or down on the ranch

Maybe they sit in front of a computer on the yacht or ranch?

[biggpipin]

Originally posted by Livermore


What about yourself, stranger?

im not making millions in Forex. ive made my money in land. but i am considering getting into Forex full time. the only thing stopping me is that i am having a hard time finding successful traders! if you go on a stocks forum, and ask how many people are making a living trading, there will 20 or 30 guys on there telling you that they have been able to make a great living. not in forex though. either forex is an extremely over-hyped market, or the people who make money keep to silent.

[krnce]

Hi biggpipin

I have noticed on these threads that you have to watch what you say regarding how well you do.

I found I had to start small, as my account grows I increase the size of my trades. For me though i have to see the money in my account for the size of the trade. So when I withdraw some funds, i will be trading a smaller amount till it increases again.

For a large land owner, you would be able to trade higher amounts thus make more money. Like they say the more you have the more you make.

Just my opinion

[Burtakus]

Also keep in mind that for every one FX trader there are probably a hundred stock traders. So it is natural that only a couple FX traders here would say the trade for a living and on a stock board 20-30 say they trade for aliving.

I do not trade for a living right now. I do intend on building up to the point that I can or else I wouldn't have started trading in the first place.

[biggpipin]

Originally posted by krnce
Hi biggpipin

I have noticed on these threads that you have to watch what you say regarding how well you do.

ive noticed this too. why is this? are people worried the irs is watching these boards?

[krnce]

Possibly but I do notice that the ones you think are doing good are ready to jump on the latest and greatest

Just my opinion

Ps. it has been a while since i have been to the bahamas but i loved the conk salad.

[csaunders]

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