Do full-time forex traders exist or is it just make believe?
- Thread starter zbojnik
- Start date
Yes but I don't want to be mean.
Don't know. Where did my 9 month old daughter inherit the desire to whack and pull on my poor cat? She can't seem to master the art of stroking.
She's mastered the skill of telling her Daddy how brilliant he is.
I trade Forex on a regular basis and make a livable income from it. It is not my only source of income though as I have a stock portfolio and 2 businesses genrating income too. I wouldn't want trading to be my only income despite it being enough to live off of. The reason is that there are drawdown periods and that can really get to you and cause you to make emotional trades. I find that this doesn't happen to me though too often since I know that my bills and whatnot are covered by my other income whether I do well trading or not. Multiple sources of income gives me a peace of mind that benefits my trading as it makes me a lot less emotional about wins and losses.
Something that took me a while to learn was that less is more in forex. Keep risk small and over a lengthy period of time you should see your equity curve begin to ramp up (assuming your edge is consistant). Also the larger your starting balance the easier things will be for you.
I know of other forex traders who could (and one who does) solely live off of Forex. The real guys and girls who do/can do this rarely tell people. The reason being (and why I don't often talk about it) is that they get pestered constantly by people wanting them to divulge their edge and in some cases hold their hand through every friggin trade. It's annoying to say the least. So many people in forex want a free ride and to get rich quick. In reality it takes years to get a firm grasp on things.
Something that took me a while to learn was that less is more in forex. Keep risk small and over a lengthy period of time you should see your equity curve begin to ramp up (assuming your edge is consistant). Also the larger your starting balance the easier things will be for you.
I know of other forex traders who could (and one who does) solely live off of Forex. The real guys and girls who do/can do this rarely tell people. The reason being (and why I don't often talk about it) is that they get pestered constantly by people wanting them to divulge their edge and in some cases hold their hand through every friggin trade. It's annoying to say the least. So many people in forex want a free ride and to get rich quick. In reality it takes years to get a firm grasp on things.
Depends on your timeframe. If you trade intermediate-term from daily/weekly charts not so much watching may be needed intra-day.
As for losers, I really don't get what scares people so much about taking some small losses. Did you ever hear of ANY business without expenses? Me not. If you were running a restaurant would you be scared of the need to buy food fresh every morning probably only to be thrown in the trash can by the evening?
What's the problem about win rate if your whole system is well profitable and historical draw-downs are moderate?
Yes, but on larger time frames you need a much wider stop which is precisely what I am doing. You see my selection process is not quite as trivial as oldtime is arguing. I am attempting to make a trade that I expect may go against me in the short term but will move in my favor in the longer term. I won't go into all the details of my decision making, but I have a high degree of confidence with this choice given the nature of a major floating currency pair. They aren't like a stock which can move in one direction all the way down to zero.
With my day job, I don't have the luxury of being able to place trades during the day. I have to be able to make trades that I can comfortably walk away from and examine in the evening or next morning.
yes, when I first started trading forex, that's all I did, all day long, just take small losses. "Whoa, look at me, I'm a fulltime trader who gets stopped out! Not like those dumbass amateurs who just hang on."
after a while I learned just at the point I was getting stopped out is the time I should have been entering
why add pain to suffering?
it was bad enough I entered too early, and now I am going to compound that error by exiting when I should be entering?
the thing about those forex positions, they don't spoil and have to be thrown in the trash every night like the restaruant owner's fresh produce
but if it didn't sell today and nobody bought it, you sure as hell don't need to buy anymore tomorrow
My only trades in May.
Oldtime and Cornix, these are not random guess trades. Can you see why??
Oldtime and Cornix, these are not random guess trades. Can you see why??