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

oldtime said:
you can make a lot of progress on a warm summer night (or a cold winter night for that matter) just thinking about how differently you treat your losses from your winners.

Most of us are quick to take our winners because we don't believe we deserve them since we have lived such evil lives.

And we are slow to take our losses because after all, we have tried to be good.

When it moves against us we are hardcore, courage out the ass, nobody can scare us

and as soon as it moves in our favor we are like scared rabbits, take it and get the hell out of there
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Exactly
 
Nighthawk said:
Check out www.fxim-markets.com .

They consist of

a) institutional FX Brokerage (Prime Brokers ABN Amro, BNP Paribas, HSBC)
b) 2 or 3 FX hedge funds
c) FX Managed Account Platform (more than 120 money managers in one database)
d) FX Hedge Fund formation services

I would describe them as a "FX asset class" boutique firm.
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What is your connection with them ??
 
I started trading forex in April 2004 after about 3 months of demo trading with Oanda. I deposited $1,000 1:50 leverage, trading 0.25/pip. I below up my account in the following 3 months due to mostly bad money management and position sizing. I deposited $3,000 in late August 2004 and another deposit of $10,000 a few months later. I worked that account up to just shy of $120,000 by March 2011 when the Japanese tsunami hit. Now, I'm not a wealthy individual nor I can claim to be a really good trader, but I was consistent, learned my lessons from every loss and bad trade. I will never forget this, I was long USD/JPY about 65 lots (layered from 85.00 all the way down to about 80.00), I was up all night watching the market, I probably lost 5lbs that night as the tsunami was ripping through. Now it's 4:00pm the next day, NY time, BTW I live Vancouver, BC Canada, I think the JPY was holding just under 80.00 I get off the computer to go to the bank. I come back home less than half an hour or so later if I remember correctly, and there it was. The 400 pip move from 79 and change to about 76 (this is when the market is at the thinnest, Australia is mostly active), I got margined called. I lost $110,000 roughly. When I sat down at the computer, looking at the screen, I had just about $10k left in my account.......I was devastated.
I took a break, maybe 3 months or so, focused on school, other things. Today I'm back to about $120K (and this is why I'm posting my experience as this figure was an important turning point my trading career) from the $10k or so that I was left with after that soul crushing hit, (well a little less than $120K since I've been taking money out here and there to pay some bills). Again, I'm not a really good trader, nor I claim to know everything there is about Forex or the financial market, but here are my points:
1) You should know yourself, if you're disciplined, hard working and willing to learn from your mistakes, then you have chance in making it as a trader.
2) Money management is the most important skill that a trader should master
3) Don't give up! shit happens,
S.
CFA, CMT, BBA Finance (30yrs)
(I do have a day job)
 
@seaofash Did you have a hard stop in place which failed to trigger, or did you not put the stop in? I haven't been trading FX for all that long so this is something I'd really like to know.
 
@justrading. I did have stops that one time but the market moved so fast and erratic that the stop didn't trigger properly.

Generally I don't use stop losses. Now there is gonna be people here that say "that's a terrible mistake", well I have a different opinion and trading style that works for me, there is always going to be a tail risk (black swan?) But with good money management and experience you will be better off without stop losses. Of ourselves that's my opinion and thats got me here so far.
 
Thanks @seaofash , it is troubling to know. I always thought that the stops would work, perhaps with more slippage in a very fast market, but work all the same. I do try to limit exposure to individual crosses so that should help, but I will have to be more careful about correlations then.
 
kricka said:
Hi Doggyfx,
do not know exactly what you are talking about. If you are talking about the robot all the information is on the website listed on my profile. There are no patterns but there are parameters that are changeable according to your own risk management preferences.
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So I can adjust only MM parameters right? no volume, volatility, S&R automatical breakout order triggering??
 
LOL

the answers here vary so much

Yes

You can make a living trade FOREX, even a good living

Its kind of like poker. A LOT of people think its all luck. WRONG. Its 100% money management

You CAN'T win 100% of your trades, hell if you can get anywhere near that you are a GOD.

Just trade smart, don't be reckless. Watch your trades closely.

Cut your losses & track your trades

Good luck,
 
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