I might also add: Know your instrument and know your market that you trade in!
GR
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when do you know your ready?
- Thread starter watchdaride
- Start date
GR
Sure, Roberk, I'll explain my trading history (that goes back to 1999 when I traded stocks in the NASDAQ) sometime between 12AM and 3AM Friday morning in between closing forex trades in my... "mini-sized" fx account.Quote from roberk:
Gamal,
I think it will help the others on this thread understand your perspective if you explained you have only been trading live (mini-forex) for a few weeks.
Can one of the moderators dump this piece of garbage thread into Chit-Chat, pls.
Saham
A little different take on "knowing when" you are ready to trade for aliving or most anything else. I recently had a test in a management class that asked us to give an explanation of the "know why" factor in 25 words or less. I didn't understand the importance of my answer until a few weeks later when we were reviewing our test. Afer re-reading my answer it made quite a bit of sense to me and explained why I was in a losing streak this week. It may also be aplicable in the question the thread starter asked and other areas as well. Here is my answer.
Knowing why gives you the ability to make the best possible decision to ensure the highest probability of sucess.
How does this relate to trading: If you do not know why you make a trade then you cannot make the decision that leads to the highest probability of success.
How does it relate to the thread starters questions: If you know why you are ready then and only then can you make a decision that gives you the highest probability of success. Furthermore, if you are asking others if you are ready then you yourself do not know why you are ready and you are setting yourself up for failure.
Bottom line, if you do not know why you are doing it then stop and figure out why.
Knowing why gives you the ability to make the best possible decision to ensure the highest probability of sucess.
How does this relate to trading: If you do not know why you make a trade then you cannot make the decision that leads to the highest probability of success.
How does it relate to the thread starters questions: If you know why you are ready then and only then can you make a decision that gives you the highest probability of success. Furthermore, if you are asking others if you are ready then you yourself do not know why you are ready and you are setting yourself up for failure.
Bottom line, if you do not know why you are doing it then stop and figure out why.
Quote from watchdaride:
To the fulltime traders ( that make a profit)
What was the turning point that gave you the confidence to go full time. I have been trading forex for aprox 18 months and have some trading rules I stick with and have been profitable 4 months in a row . Making a small profit consistenly and waiting for the right trade was hard trying the control . Controlling greed and patience was the hardest hurdle for me and sticking to a plan. Anyway is there any advice from fulltime traders you could give to someone thinking of going fulltime?
i'm still not sure i can do this full time! i usually make a paycheck, but if i were a gambler, i wouldn't bet on it. lol
No offense, Burt, but this starting to become forum masturbation.Quote from Burtakus:
A little different take on "knowing when" you are ready to trade for aliving or most anything else. I recently had a test in a management class that asked us to give an explanation of the "know why" factor in 25 words or less. I didn't understand the importance of my answer until a few weeks later when we were reviewing our test. Afer re-reading my answer it made quite a bit of sense to me and explained why I was in a losing streak this week. It may also be aplicable in the question the thread starter asked and other areas as well. Here is my answer.
Knowing why gives you the ability to make the best possible decision to ensure the highest probability of sucess.
How does this relate to trading: If you do not know why you make a trade then you cannot make the decision that leads to the highest probability of success.
How does it relate to the thread starters questions: If you know why you are ready then and only then can you make a decision that gives you the highest probability of success. Furthermore, if you are asking others if you are ready then you yourself do not know why you are ready and you are setting yourself up for failure.
Bottom line, if you do not know why you are doing it then stop and figure out why.
I'm outah here -
Later, Threadstarter ... and, good luck.
Gamal [clicking unsubscribe from this stupid thread]
I thought it was a great thread... until some whiners came in and started to try to use their little pencil dicks to pee pee on me girlie style.Quote from illiquid:
It was a great thread until some one lot trader came in with some garbage advice, thx.
Well, the threadstarter definitely is on the right course to being a trader, but I think he/she is just a little too out there with the hesitation.
I mean... it's just not... evolved... enough for my taste.
Anyway, later on, Il. (of course the whiners will probably be all over me that I posted this last post after I said I unsubscribed... but I unsubscribed at the same time you posted so I wanted to reply so... whiners, hold your pee pee girlie fire.)
Sam
Perhaps we are able to have some decent discussion again without the profanities.
One thing I have learned is that the market teaches respect and humility. If you have either too much or none then you'll be finished before starting. It is not a matter of IF, it is only a matter of WHEN.
But back to watchdaride:
For me not knowing your system it will be hard to tell if you are ready or not. One thing you will have to do is determine how many trades you have done, what the statistical deviation of the results of those trades can be and if the statistical deviation at 1 it still is giving you a positive result.
I designed a system, tested it on ~ 1700 trades (started out as a system with 3200 trades) over three years and I papertraded it for three months before going live. It broke down after three months when last year March the range started to contract.
One suggestion I want to make is to have multiple systems before you go full time, systems that are not correlated so that when a system stops working you'll have another system to carry on with.
One thing I have learned is that the market teaches respect and humility. If you have either too much or none then you'll be finished before starting. It is not a matter of IF, it is only a matter of WHEN.
But back to watchdaride:
For me not knowing your system it will be hard to tell if you are ready or not. One thing you will have to do is determine how many trades you have done, what the statistical deviation of the results of those trades can be and if the statistical deviation at 1 it still is giving you a positive result.
I designed a system, tested it on ~ 1700 trades (started out as a system with 3200 trades) over three years and I papertraded it for three months before going live. It broke down after three months when last year March the range started to contract.
One suggestion I want to make is to have multiple systems before you go full time, systems that are not correlated so that when a system stops working you'll have another system to carry on with.