Trading for living

[phreak]

I'm new to FOREX, have been trying demo accounts for the last 3 months. I've found out that it's not a big deal for me to make $50-100 a day or sometimes even hundreds of dollars during a major move. Normally I place 2 orders (4 lots each), so my used margin is around $400, with tight stops. I trade EUR/JPY, EUR/USD mostly, sometimes USD/CHF, GBP/USD. Does anybody have similar experience? I'm thinking about opening an account with $1000 and start trading for living. Do you think my expectations are too high?

[lvmxk]

There have been many messages about that in demo account someone have made 1000's of $$$, but when they open real account they lose their money, because all under it is psychology

[peteuk]

If your strategy works, and you observe all the money management and risk/reward rules then there is no reason why anything should change on a live account.

However, it will take a lot of discipline to adhere 100% to your trading system when using real money, it's easy to click away $100 on a demo but not so easy with real cash, the temptation is to hold onto losing trades in the hope they will come good, and an urge to grab profit as soon as it's on the screen.

Plan the trade and trade the plan, do not deviate from that and you stand a good chance of success. Stray from your plan and you are likely to lose.

Good trading!

Pete

[russeller]

most here have traded successfully on a demo account first ... to find out how different it is trading with real money..... before you quit your day job ...... try reading 'trading for a living' by Alexander Elder .... it's not to discourage your abbitions but rather to help you keep a realistic healthy view on what your getting into. A lot of people make a little extra money trading currency ... very very few are actually able to make a living at it.

know yourself first ......

[russeller]

... and use a spelling checker when you post ... ( I keep forgetting my fingers don't know how to spell very well .. )

[grunwald]

phreak
your goals are very nobel but how realistic? To make a living with a starting capital of 1000$ is,well, ambitious. Trade part time, for a while at least untill first serious drawdown, because it will happen. At that point decide on a future course of action.
Good luck.

[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

[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