Does anyone trade for a living

Hi,

I am new to the trading game. Picked up the basics of technical trading and had a really good three weeks trading breakouts. I thought I would concentrate on the cable market, apparently due to its volatility. But recently I have had a few losses. Now I am a bit confused as to whether to start switching to another market or to stick with cable and not trade for a few days. Does the cable market have really tight ranges followed by high. Am thinking of maybe trading a different currency pair. Not sure...

Any advice, tips and just generally would like to know if this is something people make a living out of.

Thanks in adv...

I think there are many people who make a living from trading (forex) but of course it is hard, especially if you are starting with a small account. www.mataf.net is a great website, done by a pro forex trader, you should check it out if you haven't seen it already -

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Dan

Thank you for your reply. But am I being dim this looks like a french site.
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Dan[/QUOTE]

Yes, it is French but there is an English version you can see, should be a link at the bottom or something, I had trouble bringing up the site just now - it has some cool candlestick analysis and also tables of currency correlations - also check out fxstreet.com

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Dan

Tame it - analyse it

Rate said:

Hi,

I am new to the trading game. Picked up the basics of technical trading and had a really good three weeks trading breakouts. I thought I would concentrate on the cable market, apparently due to its volatility. But recently I have had a few losses. Now I am a bit confused as to whether to start switching to another market or to stick with cable and not trade for a few days. Does the cable market have really tight ranges followed by high. Am thinking of maybe trading a different currency pair. Not sure...

Any advice, tips and just generally would like to know if this is something people make a living out of.

Thanks in adv...

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Rate

I have seen posts in the past that referred to the "trading GAME" - do not be surprised if you receive some harsh comments by referring to it as a game !

You are giving up very easly - 3 weeks then some losses and you think that by switching instruments you will do better.

I will repeat advice which many on this site have given before - do you have a trading plan ? If not go to the thread http://www.trade2win.com/knowledge/articles/general_articles/trading-plan-template/?r

Read through this and fill it in. Start to analyse why you were successful in the first few weeks and why you failed thereafter. Trade on a demo account for a while untl you have pefected this. If during this analysis you decide that some other instrument, timescale or strategy is more suitable for you then fine, you have made a decision based on proper analysis, but don't just jump around from one market to another otherwise you will be "Jack of all trades" and "Master of None".

You might consider other currency pairs and, certainly, cable is quite volatile, but why not analyse this volatility and see if you can "tame it", at least in the sense of your trading of cable.

I don't know what your strategy is, but you might consider looking at newsfeeds or possibly analysing the correlation with other currency pairs that might have a predictive feed into your analysis.

So in short - stay with it for a while, spend some time in analysis, possibly not trading

Charlton

Hi,

I did not mean anything by that phrase. But thanks for letting me know. I am not giving up. Its hard after a few losses so I just wanted some advice. You are right I need to look at my strategy again. I have found lots of useful information on this site..Thank you for the input.

Rate

tsuntzu said:

There are no get rich quick schemes, however the market provides a very good conduit for money to flow from those who thinks its going to be easy, to those who have 'been around the block' a few times.

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:!:
Brilliant! Pretty well sums up everything. So Rate, the aim of the 'game' is to be in it long enough to be able to join those who've been around the block a few times!
Tim.