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[PittsburghFX]

I have been focusing more on bills and debt lately and would be interested in the opinions of the people on MoneyTec forums.

[KaliKali]

Pitt,

I would offer this advice: If you are trading profitably, then trading is only a good thing, as long as your trading profits are more money or equal to money you are/could be earning some other way. If you aren't yet trading profitably but sincerely desire to do so, continuing your trading education in a low or no cost way, is also a good thing. If the time you are spending educating yourself to trade is taking away from more important things (and only you and your family can be the judge of that, no one else- certainly not strangers on a forum ), then you may either want to suspend or end your trading education, or reduce the time spent on it to make it work better for your life.

You probably knew all that already. I don't think debts have to much to do with it myself unless you are using money to trade with you could pay off debts with, (and even that is subjective) or eliminating income from other sources while you learn to trade that you could be paying off debt with. You are obviously a well-educated person, from reading your other posts, but trading for yourself has posed some psychological difficulties for you. Therefor trading with small account may be a great way for you to train yourself to deal with these things.

Good luck to you in finding the answers you seek.

Kali

[fairwind]

Hi Pitt and others,

Being debt free and retired and owning our own home has its advantages, a lot less pressure to perform in trading. That doesn't mean I am not diligent, far from it. I spend up to 12 hrs a day in study and trading.

Bills and debts ( mortgage, education etc ) are always a worry for the young family man/woman. To have a constant income is very attractive as opposed to (possibly) irregular income from trading.

I have met too many guys who have gone off into business, had the family struggling to meet daily needs of food, clothing, education etc, only to go broke. I couldn't do that to my family at the time ( 30+ yrs ago ).

[mishak]

Trading does not fit for the majority of people

[forexc]

Originally Posted by mishak

Trading does not fit for the majority of people

Wise words, I'm pretty sure if you invest what you can afford to lose you have a better chance to be a successful trader

[comenow]

Originally Posted by PittsburghFX

I have been focusing more on bills and debt lately and would be interested in the opinions of the people on MoneyTec forums.

Hi there,

I am afraid that you are setting yourself up to receiving a lot of cliched advice. Most of the stuff people will say to you will assume that you will fail at this business. Debts are a problem only if you end up a losing trader. Therefore, there is no relationship between where you get your money to trade and trading success. This is because the type of person who succeeds at trading is very unlikely to be the type who gets purturbed by debts and bills. You need a lot of courage to trade successfuly and people who are afraid of being unable to pay the bill are in the wrong business.

So if you have the skills and the courage, just go fo it. Life is too short to waste worrying about petty things like debts.

[PittsburghFX]

Originally Posted by fairwind

Hi Pitt and others,

Being debt free and retired and owning our own home has its advantages, a lot less pressure to perform in trading. That doesn't mean I am not diligent, far from it. I spend up to 12 hrs a day in study and trading.

Bills and debts ( mortgage, education etc ) are always a worry for the young family man/woman. To have a constant income is very attractive as opposed to (possibly) irregular income from trading.

I have met too many guys who have gone off into business, had the family struggling to meet daily needs of food, clothing, education etc, only to go broke. I couldn't do that to my family at the time ( 30+ yrs ago ).

This is so true. I realize more and more that it will be time before I can feel like taking risk as I have before. If I had 15k free and clear from a happenstance in my life, I would trade. I have a very good strategy that I took away from working at FXCM, but it has its risks, but using a weekly frequency helps to lessen it. The catch is having enough margin to weather it out. I have an excellent Scalping and Picking strategy that uses the market against itself and not taking advantage of brokers, but by using other indicators in the market. The past few months have been so dead with volitilty though its not worth risking. Can you all remember Euro's 200 pip moves in 3 seconds, man those were the days!!!!

[ampris2000]

200 pips in 3 seconds? man i probably would be wiped out by now!

i have noticed 200 pip moves on the 3 hour chart though (the whole week).


I trade successfully on the 3 hour chart no problem. I lost alot when i was trying to do the "pips per day" thing.

[PittsburghFX]

I think that this post proves my point why most people fail at trading. My poll did what I had predicted. With the majority of people saying that It doesn't matter since trading for a living is what will happen. I had over 5000 clients and about 10 actually did it.

[TommyT32]

Pitts
That works with any business even car sales out of 10000 maybe 100 are doing great. That is just the way it is. I have lost 1500.00 but I still trade it was learning. It will take time to work the bugs out of me.

[mikead_61]

I think the debt situation is not that important - what's important is the amount of free time on one's hands and a sufficient amout of money to service the debt for some time worry-free.

Let me elaborate a bit. I'm not a successfull trader yet - I'm in the oscilation phase right now - or maybe just a stopover on the way down :-( But my buddies realize a potential of trading and are asking - can I do it? My answer to them is usually "prolly no" - I just tell them that for trading you need 1st - a peace of mind, no financial pressure, i.e. one should have enough money on his/her checking account to be able to service all the debts for 2-5 years (that's what learning period will prolly take), and 2nd - ample time to learn all about the market(s) and sit and observe the market(s).

And how one regular (not a super) man can handle this situation? - virtually impossible. If you work - you do not have time, if you do not work - you have bills to pay and no income, which puts TREMENDOUS pressure on your trading.