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trader757
Oct 10 2013 at 06:39
51 postów
dxnation posted:
I live off trading and my typical days is like this:

Tools of Trade:
2 Laptops, 1 Smart Phone and 1 Tablet and 2 Internet Connections (by any chance if one goes down).

Monitoring Tools:
MyFxBook
ForexFactory
My Excelsheets

Trading Tools:
FxTrade (for Oanda)
MT4
MT4 Demo (for various charting, homework, indicator study etc)

Time:
US session / UK session Overlap (8:00 AM est to 11:30 AM est)
Japan Session (8:30 PM est to 11:30 PM est)

What I do in spare time ?
Read, Study, Make Charts, (I am into technical and fundamental trading).

Very Important Thing as @seankelly63 said, there is always tomorrow if you miss your trade today. Have patience. Get off the screen, starting at charts won't do any good.

Activities I am involved in:
Reading Business Magazines, Cycling for now (I have piled on some weight from couple of vacations), Business Mentoring and consulting (I have been involved in couple of startup projects), Cooking.

Things to stay away from:
Don't Speculate, Don't follow TV news (each analysts will have a different opinion from others), Don't buy into so called get rich overnight schemes.

That's all,
dxnation.




Thanks for all the details. Just a couple of questions:

a) What financial instruments do you trade?
b) what was your trading capital when you started
c) for how long do you have been doing this?


Thanks gain!

Sean Kelly (seankelly63)
Oct 10 2013 at 07:54
5 postów
dxnation posted:
I live off trading and my typical days is like this:

Tools of Trade:
2 Laptops, 1 Smart Phone and 1 Tablet and 2 Internet Connections (by any chance if one goes down).

Monitoring Tools:
MyFxBook
ForexFactory
My Excelsheets

Trading Tools:
FxTrade (for Oanda)
MT4
MT4 Demo (for various charting, homework, indicator study etc)

Time:
US session / UK session Overlap (8:00 AM est to 11:30 AM est)
Japan Session (8:30 PM est to 11:30 PM est)

What I do in spare time ?
Read, Study, Make Charts, (I am into technical and fundamental trading).

Very Important Thing as @seankelly63 said, there is always tomorrow if you miss your trade today. Have patience. Get off the screen, starting at charts won't do any good.

Activities I am involved in:
Reading Business Magazines, Cycling for now (I have piled on some weight from couple of vacations), Business Mentoring and consulting (I have been involved in couple of startup projects), Cooking.

Things to stay away from:
Don't Speculate, Don't follow TV news (each analysts will have a different opinion from others), Don't buy into so called get rich overnight schemes.

That's all,
dxnation.






Thank you very much. That is what I was hoping to hear from experienced traders.

Have rules and stick to them.
ForexGuru.US (dxnation)
Oct 10 2013 at 07:54
61 postów
a) What financial instruments do you trade?

I trade USD, JPY, EUR, AUD crosses

My theories works best for JPY based pairs and I do most of my work in Japan Session as well.

b) what was your trading capital when you started
I started part time in early 2009 and invested $ 500.00 (Being Cautious).

c) for how long do you have been doing this?
I have been doing this since 2012. Have taken good vacations in between as well (My Motivation Factor)

Be among the very successful Forex Account Managers.
trader757
Oct 11 2013 at 12:53
51 postów
ForexGuru,

You very much use the same aproach i use and almost the same tools, except that i don't use forexfactory. Instead i use Fxstreet mostly because of the news feed. I don't ever trade the news. I only use it to keep track of the financial market sentiment.
I only trade EURUSD, USDJPY and sometimes GBPUSD and also DAX CFD.

Another difference is that i don't trade for living yet. After 6 years of experience i'm ready to do it. i've got the capital and found a system that suits me. I only need to find the right oportunity to leave my dayjob. It's difficult because o co-own a business and work in the company along with my partners and i don't want to let them down.





Adrian Matusiak (adrian8891)
Oct 12 2013 at 07:30
696 postów
Typical day of mine , is wake up - check all VPSes (because having robots on laptop might be risky) , calculating etc.

Mostly next is free time (Except things like shopping). Very often I take my car for a ride into local race track to have a bit of entertainment. I have always next to me my BlackBerry smartphone + BlackBerry Playbook tablet to check VPS if needed and place trades on news publication.

PAMM MANAGER // Professional Fund Manager
Thalantas
Oct 12 2013 at 08:57
192 postów
adrian8891 posted:
Typical day of mine , is wake up - check all VPSes (because having robots on laptop might be risky) , calculating etc.

Mostly next is free time (Except things like shopping). Very often I take my car for a ride into local race track to have a bit of entertainment. I have always next to me my BlackBerry smartphone + BlackBerry Playbook tablet to check VPS if needed and place trades on news publication.


I would say the same as Adrian8891 regarding the VPS, as it is an obvious need if you trade EAs.

Then on the other hand I spend most of my time at work and I don't plan on stopping. FX is like an extra earning, or I should say a better alternative that cheap mutual funds or any investment proposed by your bank that yield 5-10%.....yearly!
I must say that a certain part of my income comes from cashback rebates. This has been a very stable income source that one should not ignore. It pays my VPS and gives me an extra 1-1.5% perf on my balance monthly.

A smooth sea never made a skillful sailor.
Adil Siddiqui (adilfx)
Oct 12 2013 at 09:46
11 postów
its hard to make a living, but there are several people who are actively making money, what is an adequate amount? $2500 a month?

there is no secret, its all about patience and consistency

try then you will find out
Thalantas
Oct 12 2013 at 09:54
192 postów
I'd say, if anyone wants to find the right balance needed to stop working and trade for a living, think like this:

1) How much do you think you need every month to pay your rent, utility bills and other costs of living? I live in France and I'd estimate this amount at around 2000€ to be 'ok-good'.

2) To make these 2000€ you need to get in touch with someone already in the business or any tax expert to tell you how much you need to make gross to 'keep' this amount net (let's say you need to make 3000€ gross).

3) Now that you have a monthly target of at least (don't forget your balance needs to grow) 3000€, you need to look at the strategy that you practice in demo or live on a small account so that your risk is respected (no more than 1-2% risk per trade at maximum). If with this safe strategy you managed to consistently make 5% a month you'd therefore need 3000€/5%= 60,000€ available.

A smooth sea never made a skillful sailor.
Michael Anthony (pipslug)
Oct 16 2013 at 14:29
1 postów
seankelly63 posted:
I am sure this has crossed the minds of all aspiring traders. I know for me it has been my goal for many years. I still hope to some day do this for a living.

Please take the time to answer the questions with honesty. Perhaps this thread will help everybody. I am especially interested to hear from those that are actually doing it successfully.



Hello I have been trading for 19 months and have learned from what I would consider the best teacher ever. I am a technical trader and have learned to anticipate the market by what the money makers or big banks are doing. I average 100-200 pips minimum a day. I am only trading dollar pips but raise the bar as I get better and better I started with a demo and then micros now i trade mini's. If you take the time to learn have rules and acct margin management you can surely make a living. With between 2-4 thousand pips a month it is only a matter of increasing my lot sizes.

Thanks Michael Anthony

Kevin Chung (kevin032576)
Nov 16 2013 at 08:58
1 postów
I have traded since 2007. I started in equities my first 4 years. Lost about 10,000 USD in my first year trading stocks. Decided to take a year off trading. I studied everyday before I went to bed for about 4 hours each night. It has been a painful journey. I started to look at other trading instruments and found Forex to be the perfect fit. I've tried a lot of system but what I've learned is that you can't copy another persons system and trade off it. Somehow you have to create (or re-create others system) your own system and follow it. You must ingrain into your brain 1-2 systems and follow them religiously. Every day you should visualize your setup and this will slowly ingrain into your brain for long term memory. I trade Forex now and have become very successful. I've learned to read candlesticks like tea leaves and read between the candles. Once you understand the concept of price action all else falls into place. This is my daily routine:

1. Go through all my webpage bookmarks and learn about whats going on in the world. (news, hobbies, sports, etc)
2. Go to Forex factory and identity high risk events.
3. Look at the indices futures market (s&p futures, etc)
4. Look at the commodity futures market (gold, etc)
5. Scan through my Forex pairs and identity potential swing trading setup
6. Scan through my Forex pairs and identity day trading setup
7. Wait.
8. Wait some more until I find my trade.
9. In the meantime while I am waiting I usually read a book, watch YouTube, watch NBA.
10. When I spot a setup and prey on it like a hawk.
11. During holidays I don't trade.

Visit my website: forexpipalert.blogspot.com
Trading view: https://www.tradingview.com/u/ZenMasterFX/#published-charts

Wait, wait and wait some more for the perfect trade setup
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