Yeah.. Like every other forum!! I came here seeing hilmy83 started a thread here. He made around 300-400% in 2 months and people are bashing his trading style. Losers just wanna take down others with them. I learned a long ago, never to wrestle with a pig. You get dirty, and besides, the pig likes it.
Trading full time from home.
- Thread starter bluejack
- Start date
Yeah.. Like every other forum!! I came here seeing hilmy83 started a thread here. He made around 300-400% in 2 months and people are bashing his trading style. Losers just wanna take down others with them. I learned a long ago, never to wrestle with a pig. You get dirty, and besides, the pig likes it.
Oh, Forex EAs are pretty much all a joke...I agree. And while backtesting has limitations and never guarantees success (all systems fail at some point), it at least gives an indication that you may have an edge. If you're relying on forward testing only, I'd suggest keeping really good records and taking notes. But don't jump to conclusions too quickly either. It's very easy to make rules or adjustments ("that didn't work yesterday so I'll try something else today") that have no statistical basis.
At least we know a successfully backtested system worked at some point. And you can test rule changes over years of data to see if they really work. With forward testing only, you don't know if you have a real edge until you've been in the game for a long time.
Continue what you're doing with a decent sized account, but don't go full-time yet. When you're ready to go full-time, you won't have to ask people about it on a message board.
At least if you go full-time - make sure you have savings put aside for at least 3 months such that you're not dependent on extracting money from your account to live on.
At least if you go full-time - make sure you have savings put aside for at least 3 months such that you're not dependent on extracting money from your account to live on.
You're likely smart enough to know that you're gonna have to scale up a TON to replace your tax-adjusted income (large curve). Of course, when you do your returns are gonna come WAY WAY down, assuming they're still positive after all-in costs, from your penny-ante test run.
(my guess is most traders do not even know the full extent of their total expenses. academic studies have repeatedly proven this beyond all doubt)
Assuming you're still positive after ALL costs, and you can trade all day every day and still pay all of you ongoing monthly expenses (large curve), then you still have a tax liability that must be paid as estimated qtrly payments of your previous yrs returns/income.
Nothing more painful than watching new-to-the-game DIY'er's quit their day jobs, bust ass all yr learning how to trade size (large curve), learning how to deal with all the emotional highs and lows of trading size (large curve), and then, maybe, finally eek-out gain/income (large curve).
Now, since you've quit your job you've foregone that income.
But your tax liability remains. How ya gonna pay it? Sell-off other assets? Most new traders (and many vets) have to liquidate their trading accts to satisfy their tax liability. Wifey ain't gonna be too happy when she has to pay your tax bill. Now ya gots to go back to work to grub up another stake. Suxx for you. Emasculating too.
The wise guy would take it slow, trade ever-increasing size until such time that you've grown emotionally in terms of trading for a living while meeting all your obligations, and have replaced your day job income..and then repeat this process for several yrs...like, at least 5 yrs. Do not rush this process.
And don't delude yourself by thinking you guys are more well off than you are because you may have decent sized tax-deferred accts. Use those assets NOW to begin to generate income that you will need later in life...such as Class A Multi-Fam apartment buildings, bigger the better, 250+ doors (by far the best investments I've ever made, both the Asset and the Income/Rents only go up, plus tax benefits are unreal)...something other than only passively invested in the share mrkts.
Grass is always greener my man. There's nothing in this world that pays well that is easy to do. Think long and hard before you go down this path. But if you do, don't be a dumbass about it.
G/L
(my guess is most traders do not even know the full extent of their total expenses. academic studies have repeatedly proven this beyond all doubt)
Assuming you're still positive after ALL costs, and you can trade all day every day and still pay all of you ongoing monthly expenses (large curve), then you still have a tax liability that must be paid as estimated qtrly payments of your previous yrs returns/income.
Nothing more painful than watching new-to-the-game DIY'er's quit their day jobs, bust ass all yr learning how to trade size (large curve), learning how to deal with all the emotional highs and lows of trading size (large curve), and then, maybe, finally eek-out gain/income (large curve).
Now, since you've quit your job you've foregone that income.
But your tax liability remains. How ya gonna pay it? Sell-off other assets? Most new traders (and many vets) have to liquidate their trading accts to satisfy their tax liability. Wifey ain't gonna be too happy when she has to pay your tax bill. Now ya gots to go back to work to grub up another stake. Suxx for you. Emasculating too.
The wise guy would take it slow, trade ever-increasing size until such time that you've grown emotionally in terms of trading for a living while meeting all your obligations, and have replaced your day job income..and then repeat this process for several yrs...like, at least 5 yrs. Do not rush this process.
And don't delude yourself by thinking you guys are more well off than you are because you may have decent sized tax-deferred accts. Use those assets NOW to begin to generate income that you will need later in life...such as Class A Multi-Fam apartment buildings, bigger the better, 250+ doors (by far the best investments I've ever made, both the Asset and the Income/Rents only go up, plus tax benefits are unreal)...something other than only passively invested in the share mrkts.
Grass is always greener my man. There's nothing in this world that pays well that is easy to do. Think long and hard before you go down this path. But if you do, don't be a dumbass about it.
G/L
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LMAO.. yeah, right..!! and you are here spending your time to bash others.
Well I posted 30 runs to this site with the time stamp showing on the front end. One was a daily gain of >$2MM. Taking pics of my screen with my phone, one video as well.
destriero is a pro and those numbers are likely accurate.LMAO.. yeah, right..!! and you are here spending your time to bash others.
Thank You. I will go full-time only if we can easily manage the monthly expenses with my spouse's salary, hoping that would ease the mental pressure on me.
Have you seen his verified account? come on.. trade calls can be done with micro or mini accounts too..
I have no dog in this fight, but it will be interesting to see if any proof is provided for destriero. I've seen a few people here claim to be "big players" and millionaires (with lots of true believers buying into their every word), but have yet to see any evidence.