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Anyone Trading For A Living?
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duzyfx

Biedrs kopš Mar 07, 2010  257 ieraksti duzyfx Jan 04 2013 at 23:20
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 ?

duzyfx

Biedrs kopš Mar 07, 2010  257 ieraksti duzyfx Jan 04 2013 at 23:28
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 ?

edge4x

Biedrs kopš Dec 08, 2012  6 ieraksti Lone Wolf Investment's LLC (edge4x) Jan 05 2013 at 10:44
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

Its all about the money
CESTRADES

Biedrs kopš Dec 31, 2012  29 ieraksti C (CESTRADES) Jan 05 2013 at 10:48
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~

"Live The Dream"
TPOTrader

Biedrs kopš Oct 25, 2012  20 ieraksti TPOTrader Jan 06 2013 at 19:43 (labots Jan 06 2013 at 19:46 )
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.

Grinding the trades
andrewchak

Biedrs kopš May 02, 2011  5 ieraksti andrewchak Jan 07 2013 at 02:55
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

Anything is Possible!
fxsecure

Biedrs kopš Feb 08, 2012  35 ieraksti FxMAC (fxsecure) Jan 08 2013 at 10:03
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

zlion

Biedrs kopš Feb 28, 2011  8 ieraksti zlion Jan 08 2013 at 13:13
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

Don't PANIC!
fxsecure

Biedrs kopš Feb 08, 2012  35 ieraksti FxMAC (fxsecure) Jan 08 2013 at 14:57
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)

SwingTrader

Biedrs kopš Feb 18, 2010  80 ieraksti SwingTrader Jan 09 2013 at 00:20
fxsecure posted:
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


None of those accounts are showing that kind of return and most are martingale/cost average systems.
And I have not seen one over a year old.
Please don't post bullshit.

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