Make a living trading FOREX?
- Thread starter mjl
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Quote from 3121:
how do you trade when you suck at poker. it's all the same schtick
I had to look up 'schtick', I'm not sure I've got the meaning right even now!
I dunno, I've never thought of poker as a game of skill, it seems to rely on luck too much, but I guess there must be professional players who have an edge that's based on more than bluff.
Do you play poker?
Have you ever been to Vegas?
Quote from 3121:
how do you trade when you suck at poker. it's all the same schtick
So trading and playing poker is interchangeable? If so, then why not make a living off poker instead of trading??
After you make a trade, the dealer doesn't wait for everyone else to place trades, come back and ask if you want to double up, or raise the bet, shit if the dealer ever asked me something like that I would take my business elsewhere.
But who knows, you may be a good trader and poker player, so kudos.
I guess I am too attached to binomial probabilities to play poker. Go figure.
Imagine gambling without the Asians!
Sorry, poor taste.
Quote from davidmaria1:
Imagine gambling without the Asians!
Sorry, poor taste.
Great taste, nothing like a nice bit of raw fish while you're gambling!
i have been hearing positive feed backs from a friend who invested in forex. I am not a trader but I am thinking a lot if i should really start a career in forex trading. I am totally convinced that this is a great way to make money however only very few ever does that. It scares me but I really wanted to give it a try.
In a different forum that I am currently following, they were debating whether a mentor is worth your buck. Should a newbie get a forex mentor? Any suggestions who is a great forex trader/mentor?
In a different forum that I am currently following, they were debating whether a mentor is worth your buck. Should a newbie get a forex mentor? Any suggestions who is a great forex trader/mentor?
I live and breathe autotrading forex, and have done it for a very long time. I assure you it can be done, and money can be made.
That being said, it is the number one thing I enjoy most in life. I love every part of it, think about it every waking moment, and go to sleep thinking about how to solve that evenings little problem. I just love the whole thing. Combine that with the fact that I can write code as easy I am writing this little post. It comes easy to me, and I really, really enjoy writing code too.
So the point of that whole paragraph is that for some reason I am built for it, and it works for me. When I meet people at seminars and things and they find out what I do, everyone wants to do it too and ask how to start.
The best analogy I could think of is playing the violin. If you wanted to play the violin for a living, you could take lessons, read every book, hire a mentor and the whole nine yards.
But, if you are approaching it like a job, I can tell you that the violin thing will never work out for you. It's one thing to make sound come out of a violin, and an entirely different thing to make music come out of it. But if you truly love it, and have some talent, you will get music to come out of it (not just that scratchy sound that hurts our ears).
So ask yourself how much you really enjoy forex and trading. If you do enjoy it, then hire a mentor, buy every book, it won't matter. You will enjoy the process, have fun the whole way, and eventually you will make music.
Lastly I can say that autotrading is only "a way" of trading. Paramount to all trading is money management. I see people with commercial EAs blow out their accounts because they we were underfunded, and see others doing well and surviving the ebbs and flows. I also know some who cracked things like FAP, made it their own and are doing really well. But those people use awesome money management, have multiple EA's and don't live or die by any EA or any trade.
But bottom line to it all is to do what you love.
Trader 5of7
That being said, it is the number one thing I enjoy most in life. I love every part of it, think about it every waking moment, and go to sleep thinking about how to solve that evenings little problem. I just love the whole thing. Combine that with the fact that I can write code as easy I am writing this little post. It comes easy to me, and I really, really enjoy writing code too.
So the point of that whole paragraph is that for some reason I am built for it, and it works for me. When I meet people at seminars and things and they find out what I do, everyone wants to do it too and ask how to start.
The best analogy I could think of is playing the violin. If you wanted to play the violin for a living, you could take lessons, read every book, hire a mentor and the whole nine yards.
But, if you are approaching it like a job, I can tell you that the violin thing will never work out for you. It's one thing to make sound come out of a violin, and an entirely different thing to make music come out of it. But if you truly love it, and have some talent, you will get music to come out of it (not just that scratchy sound that hurts our ears).
So ask yourself how much you really enjoy forex and trading. If you do enjoy it, then hire a mentor, buy every book, it won't matter. You will enjoy the process, have fun the whole way, and eventually you will make music.
Lastly I can say that autotrading is only "a way" of trading. Paramount to all trading is money management. I see people with commercial EAs blow out their accounts because they we were underfunded, and see others doing well and surviving the ebbs and flows. I also know some who cracked things like FAP, made it their own and are doing really well. But those people use awesome money management, have multiple EA's and don't live or die by any EA or any trade.
But bottom line to it all is to do what you love.
Trader 5of7
oh that's B*S*
Who were they complete suckers who were told to trade on 100:1 leverage?
It's like any other business. Most wil lfail due to stupidity...some make it.
------------------------------------------------
What I can say is I have a friend who used to work at a large (300+ employee) online forex firm, and he says that nearly 100% lose their capital within 6 months//////
Who were they complete suckers who were told to trade on 100:1 leverage?
It's like any other business. Most wil lfail due to stupidity...some make it.
------------------------------------------------
What I can say is I have a friend who used to work at a large (300+ employee) online forex firm, and he says that nearly 100% lose their capital within 6 months//////
I understand the "statistics" that nearly 100% of traders fail.
I have a unique perspective in that I can actually see our clients accounts and see who is doing well, and who isn't.
I can honestly say that I *don't* see anywhere near those statistics. Yes, we've had a few blow out accounts, and almost all of them were due to the same commercial EA that's around, and used poor money management.
But for the rest of the accounts, they are no where near blowing out! Some of them are drawn down, but they have been up too. Some are consistently up.
But it is in fact that I don't see anywhere near the "statistics", and we have a seriously statistically significant amount of accounts, and they show now signs of blowing out. None.
So I have to ask, either the statistics are B*S* or the brokers are doing things to make those "statistics" come true. We all know the truth.
So before slinging B*S*, consider what's underlying it.
Plus, if you do even a smidge of math, you will know that even a slight shift in the wl ratio can cause the utter failure of any EA/strategy. And, stop hunting destroys a wl ratio as it forces you to take full stops.
5of7
I have a unique perspective in that I can actually see our clients accounts and see who is doing well, and who isn't.
I can honestly say that I *don't* see anywhere near those statistics. Yes, we've had a few blow out accounts, and almost all of them were due to the same commercial EA that's around, and used poor money management.
But for the rest of the accounts, they are no where near blowing out! Some of them are drawn down, but they have been up too. Some are consistently up.
But it is in fact that I don't see anywhere near the "statistics", and we have a seriously statistically significant amount of accounts, and they show now signs of blowing out. None.
So I have to ask, either the statistics are B*S* or the brokers are doing things to make those "statistics" come true. We all know the truth.
So before slinging B*S*, consider what's underlying it.
Plus, if you do even a smidge of math, you will know that even a slight shift in the wl ratio can cause the utter failure of any EA/strategy. And, stop hunting destroys a wl ratio as it forces you to take full stops.
5of7