Anyone Trading For A Living?

a very good forum title. i always wonder the same question. now that i know there are actually full time forex trader it give me more confident and courage to continue and hopefully become one of them not too far in the future. have been trading since 2009. lost more than 4000 USD but it doesnt stop me. it make me a wiser, better trader.
To go full time, i need to make consistent 4000 USD profit per month which is twice my salary. for me this figure will cover my fear and give me confident to quit my job.
with an initial start up capital of 3000 USD, 7.5% profit every month compounding consistently, i can achieve my target in 5 years.
5 years and achieve freedom from 9-5 job, for me it seem a pretty good deal.
the problem is how to make 7.5% profit every month consistently. (this is were the skill come in, and i still trying to acquire that skill).

andrewchak posted:
a very good forum title. i always wonder the same question. now that i know there are actually full time forex trader it give me more confident and courage to continue and hopefully become one of them not too far in the future. have been trading since 2009. lost more than 4000 USD but it doesnt stop me. it make me a wiser, better trader.
To go full time, i need to make consistent 4000 USD profit per month which is twice my salary. for me this figure will cover my fear and give me confident to quit my job.
with an initial start up capital of 3000 USD, 7.5% profit every month compounding consistently, i can achieve my target in 5 years.
5 years and achieve freedom from 9-5 job, for me it seem a pretty good deal.
the problem is how to make 7.5% profit every month consistently. (this is were the skill come in, and i still trying to acquire that skill).

The hardest thing I think could be able to wait patiently for that couple of years to became a pro. trader.
I lost a little more than you during my nearly 2 years long live trading experience, I started to beame a little more patient but it is very hard when you see the price moving, the huge profit potencials in the market day by day. How to cool myself not to trade always when I want to quit my 9-5 job as quickly as possible? That is my main question. :)

andrewchak posted:
a very good forum title. i always wonder the same question. now that i know there are actually full time forex trader it give me more confident and courage to continue and hopefully become one of them not too far in the future. have been trading since 2009. lost more than 4000 USD but it doesnt stop me. it make me a wiser, better trader.
To go full time, i need to make consistent 4000 USD profit per month which is twice my salary. for me this figure will cover my fear and give me confident to quit my job.
with an initial start up capital of 3000 USD, 7.5% profit every month compounding consistently, i can achieve my target in 5 years.
5 years and achieve freedom from 9-5 job, for me it seem a pretty good deal.
the problem is how to make 7.5% profit every month consistently. (this is were the skill come in, and i still trying to acquire that skill).

That sounds like a realistic and achievable plan. All you need now is a strategy that works and (more importantly) to stick to it. Do you keep a trading diary? I've found it very helpful to put my strategy down on paper and pin it up along with my trading goals by the computer screen. I was supplementing my income from running my own biz with profits from trading - I now I supplement my income from trading with the occasional odd job.

zlion posted:

andrewchak posted:
a very good forum title. i always wonder the same question. now that i know there are actually full time forex trader it give me more confident and courage to continue and hopefully become one of them not too far in the future. have been trading since 2009. lost more than 4000 USD but it doesnt stop me. it make me a wiser, better trader.
To go full time, i need to make consistent 4000 USD profit per month which is twice my salary. for me this figure will cover my fear and give me confident to quit my job.
with an initial start up capital of 3000 USD, 7.5% profit every month compounding consistently, i can achieve my target in 5 years.
5 years and achieve freedom from 9-5 job, for me it seem a pretty good deal.
the problem is how to make 7.5% profit every month consistently. (this is were the skill come in, and i still trying to acquire that skill).

The hardest thing I think could be able to wait patiently for that couple of years to became a pro. trader.
I lost a little more than you during my nearly 2 years long live trading experience, I started to beame a little more patient but it is very hard when you see the price moving, the huge profit potencials in the market day by day. How to cool myself not to trade always when I want to quit my 9-5 job as quickly as possible? That is my main question. :)

Trading for a living, exclusively, would rock, I work nights and like what Im doing, and will till I can't. My goal is to not trade so much, I have a better % return, and leave the demo on for practice skills. The last 2 weeks or so, on demo, I messed around with other combo's of trade methods and learned to stay with what works, don't guess, and keep doing it. 2013 Goal=make a 3-5% avg per month consistently! Best in 2013 fellow trader

andrewchak posted:

To go full time, i need to make consistent 4000 USD profit per month which is twice my salary. for me this figure will cover my fear and give me confident to quit my job.
with an initial start up capital of 3000 USD, 7.5% profit every month compounding consistently, i can achieve my target in 5 years.
5 years and achieve freedom from 9-5 job, for me it seem a pretty good deal.
.

I'd like to state here:
you trade a 9 to 5 job to do manual trading.
Indeed a fortune can be made,
but what is the amount of time you're going to sit behind a pc to follow the market?
Also depends on what markets you wish to trade what hours you'll be making.

You'll give up 9 to 5, but you'll still need to do time. and maybe even worse hours then 9 to 5?
Or am I wrong here?
10 minutes each day and the daily fortune is traded and gained?

Go fulltime trading for the right reasons, you're your own boss, independant and when you screw up, it's you're own fault and fortune that goes to waste. Life of a trader isn't stress free, but you won't get stuck in traffic.

Zlion, cant agree more with you. patience is the key word but very hard to cultivate. however if we are too eager and too rush to quit our job....i found it will have a negative effect on our trading. (increase in wrong decision).

Steven Jennel, i try the trading journal....but after a few trade.....i just cant keep up with it. LAZY.......;P

good planning C (CESTRADES). 3-5% avg per month consistently. I think thats a very realistic and achievable goal. i trust tat you can do it cos u seem very patience with your trading.

Financialarts
i usually trade H1 n H4, examine the chart for 15 to 30 min, find a good opportunity to enter. if non will skip it. usually will start obeserving at GMT 6, 7, 8, 9 then 11,12,13,14. Europe session and US session (opening)
once enter will leave it and check back every hour candle formation to make sure i'm on the right track. 4 hour candle and daily candle is a must check candle.
i'm not a scalper. sometimes my trade can go to a few days. so i dont think i'll be more busy after quiting my job.
ya, we r our own boss, and if we screw up, definately we r the one to blame. that's why i need to accumulate my 3000 USD to at least 55,000 so that when multiply with 7.5% i will have 4000++ USD monthly. which is more than enough to cover all my expenses and give me a stress free zone to enjoy life.
after all FINANCIAL FREEDOM is all we r looking for right.

'andrewchak'
good planning C (CESTRADES). 3-5% avg per month consistently. I think that's a very realistic and achievable goal. i trust tat you can do it cos u seem very patience with your trading.

Thanks andrewchak, a problem of mine that I need to stop right away is trying to many different approaches. As you can see on my page, the graph, which is very helpful, shows the classic stairway bi-polar effect cause I tried several other different systems and it didn't work for me. I was thinking that there may be a better system, but you get to a point where the only thing you can improve on, is you. So i'm just going to execute the system, as is, and rock and roll!

Good luck,
live the dream

I would like traders to admit how many switched to trading full time and then lost an account and had to find a job again ?

also what is your's secret - how do you overcome bad trades ?

a) do you count on having a good accuracy, eg: r/r 1:1 50+% of good trades
b) do you double (or increase) the lots sometimes ?
c) do you increase the TP to regain some of the lost trades $$$ ?

another one - what is the best reward to risk that you can work with ?
can scalpers be profitable if they go for 10 pips with risk of 60-100 pips ?

how does the experienced trader handle long periods of loosing streaks ... eg: if you get say 3 months of losses ? are you prepared for this ? what will you do if that happens ?

Well i quit my job 2 years ago this next month! and i quit with only a 10000 account. and if my girlfriend wasnt working i would have had to get a job! I traded part time for 4 years and switched to full time! When i became sucsessful is when i took short losses and let my winning trades run. Now I dont think im somebody great or trying to brag but guess what i dont have to deal with a boss and I love trading! So dont let anyone tell you that it cant be done because I do it every week!
cheers

duzyfx posted:
also what is your's secret - how do you overcome bad trades ?

a) do you count on having a good accuracy, eg: r/r 1:1 50+% of good trades
b) do you double (or increase) the lots sometimes ?
c) do you increase the TP to regain some of the lost trades $$$ ?

Well;
IMHO; you overcome bad trades by learning what you did wrong, and stop doing it. It's all about entry and exits. You can have the most accurate sys in the world, but if you don't enter/exit right, less profit. I once made 10 trades and lost 7 of them. the 3 I made profit was 3 times my loss; that will help you overcome it.

A: Whatever works
B. The lot size depends on how strong the setup is. If I trade large lots, I always stay with the trade till closed, always short time frames, and very seldom
C. Scale in a long term position for as long as the market aloows.
Don't be greedy and get impatient.
My thoughts.
C~

Finally completed hypothetical testing based on my current rules. Over the years, my trading principle of using orderflow/AMT hasn't changed. But risk management has changed over the years to account for worst case scenario.

https://nocturnalfx.webs.com/the-system

I would consider my system to be average or slightly above average.


if you wish you trade full time with a system like this , it's best to start wtih $100k. This would be my minimum starting point based on my experience with drawdowns. Starting with $100k will at least get you above average income for Americans.

C (CESTRADES):-Thanks andrewchak, a problem of mine that I need to stop right away is trying to many different approaches. As you can see on my page, the graph, which is very helpful, shows the classic stairway bi-polar effect cause I tried several other different systems and it didn't work for me. I was thinking that there may be a better system, but you get to a point where the only thing you can improve on, is you. So i'm just going to execute the system, as is, and rock and roll!
Totally agreed with you. I had tried most of the trading system out there without any success. Lastly I develop my own system and stick to it. I only modify it to get a better result.
Financialarts:- Good luck, live the dream
Once read a motivational book that said for every success, it must start with a dream. But what makes the different is the add-on consistent action to achieve it.
duzyfx :- I would like traders to admit how many switched to trading full time and then lost an account and had to find a job again ? also what is your's secret - how do you overcome bad trades ?
a) do you count on having a good accuracy, eg: r/r 1:1 50+% of good trades
b) do you double (or increase) the lots sometimes ?
c) do you increase the TP to regain some of the lost trades $$$ ?
I don’t think anyone would quit their job to go full time trading if they don’t have the confident to make consistent profit every month to substitute the previous paycheck. And I’m sure they must have at least 6 month of reserve revenue to backup their lifestyle incase there is some bad month.
My friend, sometimes I hate to admit that I had make a bad and spontaneous decision that cos my loss. But i have to admit that i am not perfect and sometimes the market will do some crazy things that is out of our expectations.
The most important 5 trading law that I always remind myself. 1. Stoploss (never trade without stoploss cos there is always a good trade waiting for u after this bad trade) 2. Increase your accuracy (above 50% the higher the better) 3. Increase your winning losing ratio ( above 1:1 higher better, example 1:1.5) 4. Take Profit (exit strategy is very important because it determine how much is your winning) 5. Lot size (calculate it wisely so that it only cost u below 2% loss for every trade – the secret is to survive as long as you can in the game until the good trade came along)
Mervin Yoder, Tq very much for your story. It sure give me the confident to continue with my dream. i hope I will be free like you not far in the future.
C (CESTRADES):- Well;
IMHO; you overcome bad trades by learning what you did wrong, and stop doing it. It's all about entry and exits. You can have the most accurate sys in the world, but if you don't enter/exit right, less profit. I once made 10 trades and lost 7 of them. the 3 I made profit was 3 times my loss; that will help you overcome it.

A: Whatever works
B. The lot size depends on how strong the setup is. If I trade large lots, I always stay with the trade till closed, always short time frames, and very seldom
C. Scale in a long term position for as long as the market aloows.
Don't be greedy and get impatient.
My thoughts.
C~
Good point you have there. Totally agree with you my friend. “May the force of good trading be with you”
TPOTrader :- good achievement but I’m wondering how many ppl can open a 100K account……hmmmmmmm

Yes, patiente it's the clue. My traders team sometimes get to exatied for getting a very good month. And the important thing is the stability.

We have develop a system conservative taht will get 40% -60% at month with DD lower thant 10%...but we need one year to say that we have got it.

I'm posting the results. Let's see

Yes, I agree with you, min. 40-60% monthly profit is an acceptable rate why worth to do this simple but not easy forex trading. With little capital I feel that never could reach my goal (trade for a living) with only monthly 5-10% profit. So I have to grow a respectable capital first. My new plan is to make 5 pips a day with a 0.1 LOT trade volume on my $100 balance account with max. 5% risk for each trade (my leverage is 1:500). (This idea comes from another thread) With the capital growing I will raise the LOT level. Goal is $1000 after 6 month. I think it can help to be more patient with trade less (to reach daily 5 pips profit doesn't seem to be a mission impossible..:). If it works then at the end of the year it could became a $5000 account. Let' see

Yes, 'trade for a living' usually has to start with 30k at least. But if you get a system taht consistenly givi you 40-60% at month it's possible wtih much less.
Now my group of traders its getting 20-25% at month but irregular. In February we merge our system with another that they both will give 40-60% at month: https://www.myfxbook.com/members/fxsecure/high-scalper-lowplus-1-th/447051 (this a Demo and it's really forced).
The other system we're alredy offering as a managed account starting from 500$ in our website: www.forexmanagedaccounts-fxmac.com ....but you can follow it in this profile (not all the systems in our web site are here in this Myfxbook's profile)