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Trying to become a full-time trader

Dirk (Quick100)
Oct 28 2012 at 12:38
posts 247
good luck bro and
always good trading

brokersstaragent
Oct 29 2012 at 07:06
posts 29
Good luck, man :) Master your risk management skills and trust them.

The Fine Art of Investment
Dar Verer (mistificator)
Oct 30 2012 at 18:15
posts 453
I suggest you have a look at order flow trading with manipulation points. I am trading every day for 3 years and tried all sorts of styles, methods and systems, and this is the stuff that always works, nothing else does. Beware of 'new systems' as they might well work but they exploit some market anomaly that is temporary this is why almost all these latest and greatest EAs and system stop working after a short while. You need something that is based on very principles of the markets. Google tape reading, 'Reminiscents of Stock Operator', Bank manipulation trading, order Flow trading, etc. Good luck.

Was mich nicht umbringt, macht mich stärker.
buttercake
Oct 30 2012 at 22:27
posts 5
mistificator posted:
I suggest you have a look at order flow trading with manipulation points. I am trading every day for 3 years and tried all sorts of styles, methods and systems, and this is the stuff that always works, nothing else does. Beware of 'new systems' as they might well work but they exploit some market anomaly that is temporary this is why almost all these latest and greatest EAs and system stop working after a short while. You need something that is based on very principles of the markets. Google tape reading, 'Reminiscents of Stock Operator', Bank manipulation trading, order Flow trading, etc. Good luck.

Never heard about order flow trading, intriguing.

FTU James (Jaypipin)
Nov 01 2012 at 18:15
posts 80
Australian thanks for your lifestory that was a long insight into your current status. I think your in the early stages of trading, you have way too much going on, 7 points you made i dont know where to begin so ill lay it down as it comes from the horses mouth.

Dont worry about a time frame, a strategy should not be dependant on a time frame, think of it as a x-y chart, as x(time) goes up so your increasing your time frame, so to will (y) go down, in that your roi and involvement decrease. It is all a sliding scale. The lower the time frame the more tension you will experience.
That said you cannot test with conviction any strategy more than several months back on a 1 min or 5 or 15 min. So be warned what you see now wont occur next year.

Take 2009 for example the ranges (size of price movement) was extreme, most traders would lose their shirt because they have stop losses too close etc. And there are more reasons to have a higher time frame. Testing is essential, depending ofcourse if you are quantitative or fundamental trader.

From what you said you seem to be doing both, i dont advise this. backtesting news and charts are two different beasts, unless you really put in the time. I think they should be left seperate. trade charts for what you see and test that and keep it as a strategy and be disciplined. Forget the news, it will come and go, but if you can stay in a trade and live out a news event and say so what if it falls, then you are in control, how can you daily live in fear of the news, your nerves wont last.

The longer you stick about you will find long term success comes with a higher time frame. be sure to test thouroughly. I also dont subscribe to pips, some pairs give thousands (USDNKK, USDZAR etc) and then again, not always 1% is the way to go.

1- have a fool proof strategy that you bought or borrowed or created then test it till the cows come home, then demo it till your blue in the face. Start a myalpari account, you can then create a demo through that portal and the demo runs till infinity, well until left alone for more than a month. Most brokers only offer 1 month, which is understandable.
2- have a spreadsheet with money management practises. maybe sticking to under 1% for a few years is a good idea
3- know what your game is, are you a scalper (let me add there are short term methods which i use which can be very profitable, but they tire you out) Sitting in front of screens all day is not my idea of fun. So i have higher time frames. Hint: be versatile, have money with different brokers, use different strategies etc
4- start slow, then as you have made double what you started with, save that and go with higher risk and continue to pull out and save or reinvest elsewhwere
okay thats enough from me.. adios and bon chance

We are all faced with a series of great opportunities, brilliantly disguised as unsolvable problems - John W Gardener
James_Bond
Nov 05 2012 at 15:09
posts 556
Jaypipin posted:
1- have a fool proof strategy that you bought or borrowed or created then test it till the cows come home, then demo it till your blue in the face. Start a myalpari account, you can then create a demo through that portal and the demo runs till infinity, well until left alone for more than a month. Most brokers only offer 1 month, which is understandable.
2- have a spreadsheet with money management practises. maybe sticking to under 1% for a few years is a good idea
3- know what your game is, are you a scalper (let me add there are short term methods which i use which can be very profitable, but they tire you out) Sitting in front of screens all day is not my idea of fun. So i have higher time frames. Hint: be versatile, have money with different brokers, use different strategies etc
4- start slow, then as you have made double what you started with, save that and go with higher risk and continue to pull out and save or reinvest elsewhwere
okay thats enough from me.. adios and bon chance


Excellent and very safe approach! I would add that sometimes you can get ahead of yourself, so always take a minute and look at your progress - don't rush to trade real money nor take big risks.

David (RollingStones74)
Nov 12 2012 at 06:49
posts 76
Jaypipin posted:
1- have a fool proof strategy that you bought or borrowed or created then test it till the cows come home, then demo it till your blue in the face. Start a myalpari account, you can then create a demo through that portal and the demo runs till infinity, well until left alone for more than a month. Most brokers only offer 1 month, which is understandable.
2- have a spreadsheet with money management practises. maybe sticking to under 1% for a few years is a good idea
3- know what your game is, are you a scalper (let me add there are short term methods which i use which can be very profitable, but they tire you out) Sitting in front of screens all day is not my idea of fun. So i have higher time frames. Hint: be versatile, have money with different brokers, use different strategies etc
4- start slow, then as you have made double what you started with, save that and go with higher risk and continue to pull out and save or reinvest elsewhwere


Well said! I would also add: continue learning. It's better when you see that you always have aims. Be it writing EA or using fundamental analysis.

If you want to end up with a nonaverage net worth, a “learn from someone else” attitude is paramount. Putting your ego aside and admitting that you don’t know it all isn’t easy, but it is the mindset of true winner ----Paul Tudor Jones.
Aaron (aaronmdr)
Dec 19 2012 at 07:35
posts 16
I suggest you search who are the traders who have consistently made money for the past 3-4 decades and are still around. As an earlier poster said, money/risk management is crucial. Focus on protecting your capital and the gains will follow. Trading is like poker, you need money to be in the game. Without money, you can't bet.

And yes, with a 30% profits/mth target your account will blow up sooner or later. Compounding long term is the way to go. Hint: Ed Seykota turned $5000 into $13 million over 13 years.

The trend is your friend!
David (RollingStones74)
Dec 20 2012 at 08:23
posts 76
aaronmdr posted:
I suggest you search who are the traders who have consistently made money for the past 3-4 decades and are still around. As an earlier poster said, money/risk management is crucial.


It may take a lot of time cause here must be a very tiny amount of such professionals)

If you want to end up with a nonaverage net worth, a “learn from someone else” attitude is paramount. Putting your ego aside and admitting that you don’t know it all isn’t easy, but it is the mindset of true winner ----Paul Tudor Jones.
Gary Sharp myfxpt com
myfxpt
Dec 21 2012 at 03:55
posts 345
Make it a XXXX mate! Take it you're in QLD? I'm in Melbourne.

1. Timeframe: H4 or higher. I know it can sometimes be like watching paint dry, but there is less noise up here, and signals are cleaner and more accurate.

2. Fundamentals: Interest rates, inflation, jobs, retail sales....you will never get to the bottom of it, but will waste plenty of time trying! If fundamentals are about the supply / demand equation, and if prices rise when demand exceeds supply, fall when supply exceeds demand, and drift sideways when demand and supply are about equal, then it is reasonable to assume that if prices are rising, demand must exceed supply, if prices are falling supply must exceed demand, and if drifting sideways supply and demand must be roughly equal. Your charts clearly show you how the fundamentals are affecting price action. You could probably spend your time more productively looking into Currency Correlations.

3. MTFA: I think this is a given. If I am looking at H4, then I will be interested in whats happening in the Daily and Weekly charts to confirm the proposed H4 trade.

4. Entry/Exit: Larry Williams False Break Buy and Sell Pattern and TD_Lines work exceptionally well for me.

5. Best Time: WHENEVER YOU RECEIVE A VALID SIGNAL!!!!!!!!!

6. Emotions: Generally a lack of a sound money management plan will play havoc with your emotions. Your 1% risk factor is a great start because you know BEFORE you trade exactly how much you stand to lose if the trade goes wrong. A realistic profit target based on set criteria and consistent formulation will enable you to determine risk/reward in advance. Finally, a specific entry/exit strategy will leave you in no doubt about when to enter, and when to exit. My point is that emotions can be eliminated when you deal in specifics...if A, B, and C happen, enter long at x price, set stop at x price, and set take profit at x price. All bases are covered.

7. Risk Factor: How much to risk IS NOT a personal preference. It is based on Risk of Ruin and the Win/Lose Ratio your trading activity is achieving. Think about it. If you consistently enjoy 100% accuracy you could trade 100% of your capital without risk, but with 50% accuracy this could be a recipe for disaster. If you were achieving 50% accuracy, does that mean you can safely trade 50% of your capital? Maybe, maybe not. You first need to know the historical longest losing streak. If you consistently win one, lose one, then you could trade 50% of your capital, but if you win one, lose two, you are guaranteed to blow your account FAST!

The reality of trading is 5% market analysis, and 95% financial management. If I lose 1% per losing trade, and make 200% per winning trade, I can be wrong 99 times in a row and still make a 100% return on my money.

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