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Anyone Trading For A Living?
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JDPNZ

Medlem sedan Aug 31, 2012  1 poster JDPNZ Sep 19 2012 at 06:07
In order to make trading a way to pay the bills, I used the following plan:
1.) During the years I traded part time, I kept a strict record of my daily percentage profit. This, I then averaged to a monthly average.
2.) I had a strict savings plan which meant that, for every dollar coming into the bank a certain percentage would go towards saving. Since trading was also my savings account, this meant that I was able to add weekly towards my trading capital.
3.) Since I had a regular job, I knew how much I'd needed to make in order to replace my wages. Based on my daily average profits, I knew I could double my trading account every 3 months or so and, since I would withdraw my profits as soon as the account doubled, I needed at least 3 accounts, each with a capital amount about equal to my monthly income. (I actually trade 4 accounts - for in the event I have a slow month or something.)
4.) Since my accounts are 'staggered' in such a way that I should have one account doubling about once a month, I do have a 'wage' from the profits of my trading every month. (I also leave around 10% of my profits in the trading account to allow for capital growth, inflation etc.)

While the above may sound rather complicated and long term, it actually took me less than 18 month from making the decision that I'd like to trade full time to the point of actually doing it.
Simple and workable (for myself)

Financialarts

Medlem sedan May 30, 2012  134 poster Financialarts Sep 19 2012 at 07:17
JDPNZ posted:
In order to make trading a way to pay the bills, I used the following plan:
1.) During the years I traded part time, I kept a strict record of my daily percentage profit. This, I then averaged to a monthly average.
2.) I had a strict savings plan which meant that, for every dollar coming into the bank a certain percentage would go towards saving. Since trading was also my savings account, this meant that I was able to add weekly towards my trading capital.
3.) Since I had a regular job, I knew how much I'd needed to make in order to replace my wages. Based on my daily average profits, I knew I could double my trading account every 3 months or so and, since I would withdraw my profits as soon as the account doubled, I needed at least 3 accounts, each with a capital amount about equal to my monthly income. (I actually trade 4 accounts - for in the event I have a slow month or something.)
4.) Since my accounts are 'staggered' in such a way that I should have one account doubling about once a month, I do have a 'wage' from the profits of my trading every month. (I also leave around 10% of my profits in the trading account to allow for capital growth, inflation etc.)

While the above may sound rather complicated and long term, it actually took me less than 18 month from making the decision that I'd like to trade full time to the point of actually doing it.
Simple and workable (for myself)


this is actually the best scenario i've seen so far and thats the way that also makes most sense to me.
good job on writing this down. thank you

I am the change in the market that causes you to lose :p / Watch out before I negative pip you! ^^
RD123

Medlem sedan Jun 21, 2012  12 poster FTP (RD123) Sep 22 2012 at 17:19
James_Bond posted:
I'm wondering how many traders are actually trading for a living? Please do not spam you system here as that is not the point of this topic. What I'm looking to find out is the answers to the following questions, (if you are trading for a living):


- How did you make the move from part time trading to fulltime?

Making the commitment and then doing it

- What starting capital did you require to trade full time?

I started with the account minimum.

- Has your performance changed once you did the transition from part to fulltime?

As you gain more confidence and experience and use discipline, your performance will naturally increase.

- Are you happy with your decision?

Why would anyone in their right mind decide to trade for a living if they did not like it?


- Do you trade only your own money? Either yes or no, why?

Yes. I don't fathom the purpose of this question. Why would you not trade your own money?

- Do you see yourself still trading fulltime in the long term?

Why would you not continue to trade unless you have made enough money and you would rather spend time doing something else.

If more questions come to mind, I will be sure to post them as well smiley


These are the questions of someone who is looking for some guarantee of success. Success begins with the desire and commitment to succeed. Being successfil at trading is not necessarily hard, but like anything else, it requires commitment and your full attention.

If you want to make a living from it you can. Just because someone else does, doesn't mean that you will. Just because someone else can't doesn't mean that you won't be able to.

All of the answers lie within you. Not what anyone else does. Answer these questions for yourself and you will have the true answers to each of them.

It's not the market. It's not the spread. It's not slippage. It's not the broker. It's not the system. It's YOU. Once you stop whining and making excuses, you can start winning.
LKHedgeFund

Medlem sedan Aug 19, 2012  33 poster LKHedge (LKHedgeFund) Sep 30 2012 at 16:51 (editerad Sep 30 2012 at 16:54 )
I trade for a living. I quit my job a year ago.

Get Rich or Die Trying
jeffy

Medlem sedan Sep 10, 2012  2 poster jeffy Oct 01 2012 at 13:44
working to that though need a mentor ...... any one the knowlegde annd experience helpwink

skiilodge

Medlem sedan Jul 17, 2012  5 poster bobbie (skiilodge) Oct 02 2012 at 07:18
Was stay at home dad while i learned the markets then went live about 2 yrs ago.

Performance only gotten better because i keep learning..

Happy is not the word...ecstatic that i trade for a living..i can go eat lunch with my kids then go collect Pips...what is better than that..

I trade my money and others. I did not set out to trade for others, someone asked me If i can manage their money and i said let me think about it and they gave me a sweet deal so i just said yes....since then i have gotten more clients..

Yes i willl trade for the long term..this is an exciting market and i can work any hours between Sunday night and Friday afternoon. I might just place a few trades, take a drive in my car for about 30 minutes come back close out for some profit or add to some positions or whatever...this gives me the freedom to do alot especially with my kids...Im loving it...

This is a business and you have to treat it as such....some businesses fail while others flourish. it takes dedication, determination and passion. it really feels good when i close out a trade for profit...Even though losses dont feel good i always learn from the losses that i take and just say to myself ..'its the cost of doing business'


good luck....Luck = preparation + opportunity

S.elf K.nowledge I.s I.mportant L.iving O.ur D.reams G.rowing E.veryday
fxsecure

Medlem sedan Feb 08, 2012  35 poster FxMAC (fxsecure) Oct 02 2012 at 11:17
I agree

awesomeness

Medlem sedan Jan 18, 2012  28 poster awesomeness Oct 03 2012 at 12:03
nice topics and experiences smiley

discipline and dont be greed.
incometrader

Medlem sedan Aug 22, 2012  133 poster Vader FX (incometrader) Oct 04 2012 at 04:23
Mrdegorbi posted:
From the first day I got to know what is ForeX I planned to live from it.
 What I like in it is:
- 'Flexible' work hours - I work when I want...
- I'm not 'tied' to one place- I can do it at home , cafe or during holidays in Spain ;)
- No boss over me
- As I only scalp- it takes few hours to make those 10-15 pips daily and the rest of the day I can spend doing what I like ;)

It took me one year to find suitable to my nature ( and profitable) trading system. In my opinion main problem traders have is lack of patience... If you hope to earn more then 2-3% daily you can forget about earning at all...



I totally agree - that's what I love about FOREX too. And yeah 2-3% daily is huge and takes an enormous amount of risk which in my opinion is just not sustainable.
And I think you hit the nail on the head - finding a (profitable) trading system that's suits your nature is the key. No point following someone elses system if you're unhappy doing it.

Know what to expect from your strategy and stick with it.
incometrader

Medlem sedan Aug 22, 2012  133 poster Vader FX (incometrader) Oct 04 2012 at 04:45
'What amount of capitol do you need to trade full time?'
That would vary a huuuuuuuge amount on the individual.

Lets take myself as an example:
I'm making on average 0.75% profit per day, 5 days a week.
If I had a trading account of $50,000 that would amount to $375 a day - which is more then enough for me to live on.
But that might not be enough for a lot people.
Also, I would want to grow my account - so I would only withdraw say $1000 per week, that way I can grow my account by $875 per week. Therefore I can gradually increase the amount of cash I withdraw each week whilst still growing my account.
I would also want to reduce my risk as my account grows and put money into other investments such as property and blue chip dividend shares for peace of mind and the fact that banks don't look too favourably on FOREX traders.

So for me personally I'd say $50,000 would be the minimum amount I'd need to start trading full time.

Know what to expect from your strategy and stick with it.
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HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.