Trying to become a full-time trader

Geereg posted:
Ultimately, there is no official blueprint to becoming a consistently profitable trader. Every approach is different, and it is important to understand that the method must be aligned with the psychology of the trader. Regardless of style, I am sure every successful trader will agree with the following three statements.

1. Price action WITHOUT indicators should be the core of your trading strategy. There will always be dichotomous viewpoints on its veracity, but one MUST master these essentials. Indicators are ancillary to price action. One SHOULD NOT get lazy by looking for indicators to solve all of their problems.
 
2. Mastering money management is also paramount for your long term success. The exact tweaking will vary based on your approach. Scalpers, swing traders, and position traders MUST understand how different of money management strategies can affect their overall profits in the long run.

3. This is the kind of game where you just have to get jump in the water and learn how to swim. No matter how many books you read, or how many videos you watch. Eventually, you will never figure it out for yourself unless you go through the travails of trial and error. Books, videos, seminars, mentors, etc, are tools to reduce our learning curves. But, there isn't any better method than the school of hard knocks.

😎

myfxpt posted:

Geereg posted:
Ultimately, there is no official blueprint to becoming a consistently profitable trader. Every approach is different, and it is important to understand that the method must be aligned with the psychology of the trader. Regardless of style, I am sure every successful trader will agree with the following three statements.

1. Price action WITHOUT indicators should be the core of your trading strategy. There will always be dichotomous viewpoints on its veracity, but one MUST master these essentials. Indicators are ancillary to price action. One SHOULD NOT get lazy by looking for indicators to solve all of their problems.
 
2. Mastering money management is also paramount for your long term success. The exact tweaking will vary based on your approach. Scalpers, swing traders, and position traders MUST understand how different of money management strategies can affect their overall profits in the long run.

3. This is the kind of game where you just have to get jump in the water and learn how to swim. No matter how many books you read, or how many videos you watch. Eventually, you will never figure it out for yourself unless you go through the travails of trial and error. Books, videos, seminars, mentors, etc, are tools to reduce our learning curves. But, there isn't any better method than the school of hard knocks.

😎

I so agree with you

Hi all,

Thanks for all the great replies.

I have been been very busy in the last two months outside of my trading, but have changed my views a lot in this time too. I have been focusing on (and realising the power of) understanding price action.

I have also started a live account of which, over all, I have been slightly losing, but as @Geereg posted, you just have to learn how to swim. My plan for the year is to fund this account with 100AUD a week over the coming year and write this off as an educational expense.

I've also changed my thinking as far as forex as an investment as well. Initially, I was drawn to FX due to the possibility that you can earn a living off it. I think most people initially start for this reason too. In the last 2 months though, I am seeing it more of a long-term investment. My new 'main goal' is 1% per week, which by typical investment standards is still quite high. Most of the people I know have perhaps one or two investment properties or perhaps are holding stocks. I have my FX account. Many say that FX has a higher risk, but the idea of buying houses and having far less control or ability to manage your 'positions' I feel is much riskier. Any how, I'm digressing.

Basically, my plan boils down to the next 5 years, 5% - 10% of my salary goes towards my FX account each week with a target average return of 0.5% - 1% on my account weekly. I no longer am in a hurry to try and get this to work, and I feel I've been learning much more without the pressure of trying to know everything straight away. I've also recently started working for a fantastic company doing something I love, so working for the next few years with this investment strategy really suits. Life is good now, but I'm still dreaming and pushing for what it could be in 5/10 years time.

I've also picked up a few new clients on eLance, programming EA's and this introduces me to new perspective's and ideas as well.

I feel that there are a lot of members of myfxbook who have a lot of background knowledge in forex and word their replies in a very strong 'my way is the correct way' style, while not actually having any real 'trading for a living' experience.

While it is sometimes classified as taboo, can I ask who here actually trades as their primary source of income, or handles their own personal account which exceeds their personal yearly income?

Hi Australiaian,

Which part of Australia are you from...?

I have been trading FX for just over two years now and left a very successful IT job about 3 months to go to full time...I have worked in IT all my life and are now 47.....It is the best thing i have ever done...

The reason I ask which part of Australia you are from, i would be more than happy to catch up for a coffee and talk about my experience, as this would be easier than writing them down....I subscribed to and Queensland based FX trading room that went belly up about hmmmm 8 months ago and the Melbourne based members use to catch up monthly and discuss progress, this was great to catch up with other traders and definitely accelerate my development....

Chatting to another FX trader is always good for me, as no one else understands.....!

I'm in Melbourne....

Oh, if your not in Melbourne, i guess we could Skype...

Regards
Paul