Do full-time forex traders exist or is it just make believe?

Quote from marketsurfer:

No, you can block out your real name. Just post a few statements and state you make your living trading FX and ill STFU if the statements make sense. Just 2.

PS. I'll even plug you here-- what's your twitter account?
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I said I would post 2 statements from the rookie, the first showing he hammered the account in week 1 with an approx. 25% loss. Furthermore I said I made an inadvertent mistake when I claimed he had made $10K in a single day after 6 weeks growth - apologies to all concerned. It was interesting to see you delight in the assumption it was below $10K, but I didn't say that. I only said I was wrong. His dad had added to his account and without telling me he traded at $500/pip instead of $100/pip. Instead of making the $10K I reported he had made he actually made just over $50k in a single day.

I don't know how to put them all here in one go so I need to post them as 3 separate posts.

He trades full time, only trades the EUR/USD and this is his only source of income. As it stands, if he doesn't increase his $/pip the amount he is making pm will take him over the $1mm. There is scope for considerable growth in the amount traded per pip which currently stands at $140/pip. You're nuts if you think I need to vend anything.
 

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Quote from Humpy:

I think it is worth having a look at some quotes from George Soros, the famous forex operator.
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yes Humpy, but even famous forex traders like Soros, and famous stock traders like Buffet, made some money on the side with management fees. And you never know for sure if that was not what kept them alive during the dry days.

I know for me personally, I would not have made it as an ES trader if I didn't do a stint at the local C store on the night shift for about a year. So I guess, technically, I cannot claim I was a full time trader (since I made $8.00/hr at night during the dry year.)

Laugh if you want, without that part time job the trading account would have been slowly liquidated (just at the exact time it was about to start paying off.)

Maybe a better question would be, "Are there people out there that are willing to do whatever it takes to succeed at forex trading?"
 
Quote from oldtime:

yes Humpy, but even famous forex traders like Soros, and famous stock traders like Buffet, made some money on the side with management fees. And you never know for sure if that was not what kept them alive during the dry days.

I know for me personally, I would not have made it as an ES trader if I didn't do a stint at the local C store on the night shift for about a year. So I guess, technically, I cannot claim I was a full time trader (since I made $8.00/hr at night during the dry year.)

Laugh if you want, without that part time job the trading account would have been slowly liquidated (just at the exact time it was about to start paying off.)

Maybe a better question would be, "Are there people out there that are willing to do whatever it takes to succeed at forex trading?"
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oldtime, I also worked in a 24-hour major grocery store when I was in school. I was the sole employee at night. I wasn't trading back then, maybe just losing a couple thousand holding losing stock positions or mutual funds (never again). I didn't have a problem being something akin to a C-store clerk until one night, I was passed a note one night "Give me the money, or I'm going to blow your head off". That line of work is extremely risky -- to me, way more than dealing with financial markets.
 
Quote from Humpy:

I think it is worth having a look at some quotes from George Soros, the famous forex operator.
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Humpy, I personally don't read any books anymore. I believe there's too much misinformation or many missing pieces. Why is someone who is successful going to altruistically tell you how to be sucessful?? If people start mirroring their strategies, it will only make things more difficult for them, especially in a less liquid market like equities. Thank God for Forex!

Take one book I did read years ago - Peter Lynch. He said "to buy stocks of companies you like". Looking back on that, that seems like Russian Roulette. Just take a look at the anecdotal stats on businesses. I've also been associated with some mid-level businesses that were listed on the exchanges that blew up. I "liked" their services just fine, but I didn't trust them, as an investment.

Really, if anyone can show me a good track record following the advice of people in the MSM, I'll be happy to send them a gift to their door. It just doesn't happen. I'm convinced that financial advice from the MSM will get you slaughtered.
 
Quote from trade4you_brazi:

Humpy, I personally don't read any books anymore. I believe there's too much misinformation or many missing pieces. Why is someone who is successful going to altruistically tell you how to be sucessful?? If people start mirroring their strategies, it will only make things more difficult for them, especially in a less liquid market like equities. Thank God for Forex!

Take one book I did read years ago - Peter Lynch. He said "to buy stocks of companies you like". Looking back on that, that seems like Russian Roulette. Just take a look at the anecdotal stats on businesses. I've also been associated with some mid-level businesses that were listed on the exchanges that blew up. I "liked" their services just fine, but I didn't trust them, as an investment.

Really, if anyone can show me a good track record following the advice of people in the MSM, I'll be happy to send them a gift to their door. It just doesn't happen. I'm convinced that financial advice from the MSM will get you slaughtered.
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Peter Lynch lived in the Golden Age when anything your wife bought at the store, or your kids thought was "cool" made money
 
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