Trading for living

[Fxnor]

Hi guys,
I have been trading in the Forex market for many years now and to be honest most people start out with the totally wrong approach and are way too positive about their own ability to make winning trades. I am not trying to put you guys down, but the fact is that there are a lot of traders losing money out there.
I think you should learn the basics and have a sound system and great money management to make money in the long run. Be realistic. You are competing against pros, that have a lot experience and to think that you can just make a living as a newbie is this market, is in my opinion very aggressive. I have see so many examples of people starting out and thinking that this will be easy and they end up paying so much money in the form of losses, before they even learn the basics. I am not saying it can't be done, but start trading with a small account to learn the basics
Please contact me at per-erik@bkcurrency.com and I can help you out. Been there, done that

[Croesus]

Hi Fxnor!

No one here at MoneyTec want to make a living with Forex beeing a "newbie"! Anyone want to learn...

[Burtakus]

If you don't truly believe that you can win at this game then you are destined to fail.

[Croesus]

Originally posted by Burtakus
If you don't truly believe that you can win at this game then you are destined to fail.

That's right. Self-mistrust is always a bad thing.

[Livermore]

Originally posted by csaunders
Thanks for the input Pete.

I believe that a Trader that is free of "I have to make so much to cover these bills for this month..." is going to be a heckuva lot more successful.

Livermore - initially I traded announcements for quite a while (exclusively) - for me this worked quite well and provided my with the vehicle to amass capital that can successfully be used for longer term trades based on technical decisions.

Livermore - What has been your strategy up till now?

I use the same strategy. PS. Which indicators do you use?

[Livermore]

Originally posted by csaunders
OK - lets hear from the experienced traders. Who here actually does make a living from trading?? I know there are guys who are IB's who manage accounts etc. - but who actually makes money from their own capital and has been doing successfully so for the past few years.

I have been trading close on 2 years now and I'm sure one of the few people that still has there capital (with a healthy growth). I do not make use of any system that is provided by guys sending out signals to poor sods that rely on these to make money. If this is the case you are tied like a baby is to its mother and totally at the sustenance giver's mercy... for me this is not a way to trade for a living. Devise your own system - maybe make use of a "bought" system - but try to understand the decision making behind the signals otherwise you'll never snip the umbilical cord - so to speak.

I'm exceptionally determined to make a success of my trading and eventually a living although I'm getting the impression that trading currencies exclusively could not be enough. For me opportunities to trade do come along in (liquid) currencies - but not every day and to make a living probably require a higher trade rate...

Are there guys out there which simply trade currencies for a living although maybe use mulitple markets e.g. futures and spot?

I'm reading the New Market Wizards at the moment and most inspirational - do yourself a favour - read it...

Good Luck

What is your strategy/system?

[Livermore]

Originally posted by peteuk
There is, without doubt, a very substantial income available from trading forex. It requires adequate capital, a workable strategy that is adhered to without exception, a deaf ear to what anyone else says or does, exceptional discipline, and nerves of steel.

Without the above requirements forget it, you'll lose in the long run.

I've been trading 2½ years full time. The first 6 months cost me a fortune and nearly my sanity. Somehow I survived and now make a very respectable income from trading. Adrenalin no longer plays a part, it's mechanical trading, win or lose it's emotionless (well nearly!)

If I can do it then anyone can

Pete

What is your strategy/system?

[Fxnor]

I agree that most people can make a good income from trading giving that they have enough start up capital. But where I think most people fail is that they are not serious enough. You have to be diseplined and really work through the details of your strategy. Can't just start and see how it goes. You need a well devloped strategy for you trading as any other business. Build your own system and learn the market, not just listen to some newsletter or trading software.
Good luck