If that's your attitude, then it may not be a good idea for you to trade until you lose that emotional attachment to money. It'll cloud your judgment.Sorry to bump this up. I'm planning to use Forex as my full time job. What if you have loosing weeks? How do they cope up with that? I mean, we got bills to pay.
Do full-time forex traders exist or is it just make believe?
- Thread starter zbojnik
- Start date
For myself, I don't pay any commissions when trading in the spot FX market and I can also control how small or big I trade instead of being tied to a fixed amount of currency.
Sorry to bump this up. I'm planning to use Forex as my full time job. What if you have loosing weeks? How do they cope up with that? I mean, we got bills to pay.
You have to learn to manage a volatile income.
The ideal is to sweep your account regularly and have someone else manage the cash - this is actually a "job".
Don't underestimate the cost of spread. If a market moves 60 pips in a day and you pay 3 pips spread to enter and exit, that's 6 pips or 10% of the day's range. I've worked in markets at an institutional level for years so I fully appreciate the cost of spread. Banks on the other hand are market making and therefore earning the spread all day. On $1b+ worth of flow. You can do the math.
If you're going to give trading a go full time get a broker with tight spreads and you'll have given yourself a major advantage. I use Pepperstone out of Australia, there spreads are about as tight as I've seen. No complaints.
If you're going to give trading a go full time get a broker with tight spreads and you'll have given yourself a major advantage. I use Pepperstone out of Australia, there spreads are about as tight as I've seen. No complaints.
Maybe you should consider "Swing Trading" and work. This will alleviate the "bills to pay" pressure. In trading you may have a bad run, personally I'm on month 4 of a bad run. It takes alot of money in savings and a shoe string budget to survive.
Sorry to bump this up. I'm planning to use Forex as my full time job. What if you have loosing weeks? How do they cope up with that? I mean, we got bills to pay.
Maybe you should consider "Swing Trading" while working. This will alleviate the "bills to pay" pressure. In trading you may have a bad run, personally I'm on month 4 of a bad run. It takes alot of money in savings and a shoe string budget to survive.
I'm personally contemplating if it's time to go full time after being a FX student for 7 years. I've always been a star employee, thinking it's time for me to make money for myself and like to share a few things I've picked up over the years.
Going full time doesn't mean you are actively looking at the charts in excess of 8+ hours a day. I actually spend a good amount of time combing over the news, anticipating how the market will react to upcoming news. I also review my trades, good or bad to see if there's anything I missed.
I trade off the 1hr chart. To me, this provides the best trading cues, but this is for me, not necessarily everyone else, but my profit % has improved trading off of this, this is my style that I've developed.
I dont' necessarily agree that all trades must be opened via limit orders. But I do believe to always wait for a better entry when looking at the chart, esp if you just missed a move, DON'T chase it! But exits should almost always be Limits or Stops, unless you want to cash out and walk away for the day.
My goals aren't huge, I have a daily cap of 5 trades and a maximal profit amount to keep my trading to a minimum. It is true, overtrading will kill your account. I do better at 5 trades than 10 trades. 5x20pips is still 100pips a day.
I still ponder if I should have a part time job on the side to maintain some solid income, but if I can keep what I have going, it might not be necessary and I can look into making money with another type of business.
I welcome any feedback since I'm here to get my head checked..lol.
Going full time doesn't mean you are actively looking at the charts in excess of 8+ hours a day. I actually spend a good amount of time combing over the news, anticipating how the market will react to upcoming news. I also review my trades, good or bad to see if there's anything I missed.
I trade off the 1hr chart. To me, this provides the best trading cues, but this is for me, not necessarily everyone else, but my profit % has improved trading off of this, this is my style that I've developed.
I dont' necessarily agree that all trades must be opened via limit orders. But I do believe to always wait for a better entry when looking at the chart, esp if you just missed a move, DON'T chase it! But exits should almost always be Limits or Stops, unless you want to cash out and walk away for the day.
My goals aren't huge, I have a daily cap of 5 trades and a maximal profit amount to keep my trading to a minimum. It is true, overtrading will kill your account. I do better at 5 trades than 10 trades. 5x20pips is still 100pips a day.
I still ponder if I should have a part time job on the side to maintain some solid income, but if I can keep what I have going, it might not be necessary and I can look into making money with another type of business.
I welcome any feedback since I'm here to get my head checked..lol.
Definitely get a part-time job...even better...full-time