Trading for a living :)

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

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: http://www.markettraders.com
CEO/President: Jared F. Martinez. Course: The 10 Keys to Successful Trading

The second company is: Profit Trade FX. Web site: http://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

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!

You can see these courses if they are even run by professional traders can only tell you how they did it. You need to learn how you trade and adapt your style to find the best way to make money in the market. If you can’t make money in the market, then you always have the option of running seminars
. If you want to learn it takes time, If you can’t have patience in learning the market you may have problems when u trade it.

I just turned fulltime Oct1. I created a budget to live on. Then based on past performance I projected when I would double that before going fulltime. I wanted to take half of the profits and keep the rest to re-invest.

Now that everything is on the line, I’m finding that I’ve become a little more timid or not able to pull the trigger as I use to. Thus I’m not hitting my income goals. I know it’s only been a week but the pressure just mounted and I’m trying to deal with it. The other thing that happened is I have more free time and I’m probably doing way to much analysis than I used too. This is probably contributing to my inability trade also.

Why not? If you never post, you’ll always be newbie according to the numbers. but I think you already have the wisdom to trade.

I saw on another post that you have a system already. Your comments above tells me that you also have a grasp of the pyschological factors on trading.

All you need to do now is put in some cash and try it out for real. If you treat your live account EXACTLY the way you treated your demo account, why would the results be any different?

Thanks pal

I wired Oanda some funds today, my real trading should start very soon. I am not too exited, I am just going to trade my plan, no more no less. The marked will decide the outcome.

I really wish you the best of luck, still… I am not sure you need luck

Best,
Eriksson