Can you really make a living from trading?

This is a discussion on Can you really make a living from trading? within the First Steps forums, part of the Reception category; [QUOTE=kenotoriello; After 5 months trying to earn money consistently. Normally new traders quit trading after 3 months, and I am ...

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Old May 13, 2007, 10:34am   #8
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[QUOTE=kenotoriello;

After 5 months trying to earn money consistently.
Normally new traders quit trading after 3 months, and I am in that stage where you have to keep going on, either trading or finding a job. That`s the big decision I have to make.


[/QUOTE]

Stop trying to earn money from the market with no experience,if you need to source an income find a job to fit around your trading whilst your learning.Maybe look at 5 years not 5 months.

Graham
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Old May 13, 2007, 12:12pm   #9
 
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Quote:
Originally Posted by kenotoriello View Post
Yes, DTTP means Don`t Tell The Professionals, www.dttp.co.uk. It is quite a good system, although to make a living from it I would need a lot of £££££,
wow, thats a blast from the past. "Dont Tell The Professionals" by Keith Cotteril was the first book about trading I ever bought when I was a fresh-out-of-school newbie looking for a holy grail system back in the early 1990's

Whilst it covers some interesting principles and some basics, I couldn't find any systematic trading rules or even a general methodology for getting into trades alongside the "professionals".

I actually read it again a few months ago, just out of curiousity to see if I'd missed anything the first time round, but drew a blank once more - doh!
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Old May 13, 2007, 1:41pm   #10
 
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kenotoriello started this thread Please, the thread is not about DTTP and how good or bad it is.

The main question is how long it takes and what it takes to become a profitable and consistent trader?

Last edited by kenotoriello; May 13, 2007 at 10:17pm.
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Old May 13, 2007, 2:43pm   #11
 
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thats exactly why I didnt say "DTTP sucks ass, dont buy it!"
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Old May 19, 2007, 5:11am   #12
 
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I had been a full time trader for about 6 years and yes, I can and have MADE a living from trading.
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Old May 25, 2007, 12:18pm   #13
 
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Smile Study is the answer?

kenotoriello started this thread Hi,

I appreciate all your comments.

My experience back in November and December was quite easy. I opened an account with CMC Markets, and then I realized that it has wonderful Graphs, in real time. Just looking at the price movement, I noticed certain markets suddenly jump to new levels, so fast and furious, that after watching this happened in Crude Oil and some Mayor Pairs in Forex, I decided to keep an eye on these Graphs, as I said, with only a price line (not indicators on the graph).
Everytime I saw the price jumping, I climbed “in this bus” and as soon as the speed of “this bus” came to a stop, I jump off, selling. It was SO EASY that I even started to put more and more money on it. After a week I started to place Stop Loss in my orders, but really far away, let`s say at the support of the previous day, so the price could go up and down as it usually does, and then carry on with the expected main trend.
It was SO EASY, as I said, that then I begun to feel guilty, not knowing anything. The markets felt like a cow full of milk, bursting to get milky.
As I said, I stopped betting in December, mainly because I was abroad, and my laptop shut down many times suddenly (I reckoned because the electricity power is different abroad, as I was in South America, plus the connection speed being so long changed dramatically), leaving me with open positions, in a very uncomfortable position (sometimes there are whipsaws).

So I gave up intraday trading, and just opened a Long position in Crude Oil at a price of $53, with a stop at $50, after an announcement that convince me that the only way the price could go was UP. I risked more money than I should, and when things are so certain, well, the price came down to my stop level before heading north.

Well, back to England, I decided to take this seriously, and I have read lots of posts in T2W saying that the Stop Loss should be near the Entry Price, so I can have many losses and few profits, and still make a lot of money. Well, this advice has really worked against me in the last month, plus the fact that GBP and EUR are not really trending, so I usually get stopped with losses.
Now, when the price does advance in my favour, it usually doesn`t stay at the new level, coming back to stop me. So, I am now moving my stops like a trailing stop looking at the low of the last 5 bars.
I am looking at candlesticks, I am looking at indicators like MacD, Stochastics, RSI, Moving Averages, S&R, Pivots Points and SAR
I am looking at different time frames as well, I feel in control. BUT I KEEP LOOSING MONEY.

I am not earning money, I have being doing this 12 hours daily for the past month, and have lost money, so I feel betrayed.

Well, I have asked this question because maybe it`s just that I keep receiving mails from companies advertising wonderfull systems that allow people to live like millionaires. Maybe it`s just bluff.

But I`ve been following the Forex thread as it goes, and I know there`s people out there that make a living from this, although they do make mistakes from time to time.

I have also finished the book Trading Chaos 2 – Bill Williams, which I bough because I like the approach, and I enjoy the way to trade. Half of the book is about psychology, and yes, although I like to trade, and I do it with a system, there`s still something inside me, that I am not making profits.

Last night I downloaded Law of Charts, and hundreds of books on trading. There`s so much to read and learn! So sure, this must be different to gambling.

I find difficult to trade with the trend. “The trend is your friend”. But when looking at a monthly chart the trend is long, daily chart the trend is short, hourly trend is long, and there I am, looking at a 5 min chart, looking at an indecisive price, jumping up and down, catching my stops, placed 10 to 13 pips away of my Entry Prices, as advice for Scalping.

I think one of the stages to become a good trader is going through a period of madness as well. I just hope this madness is temporary.

Keno
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Old May 25, 2007, 1:05pm   #14
 
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about five years to get good, took me four, was trading for a living at 3.

the longer the timeframe, the higher the success rate the bigger the pip count and the lower the transaction costs. Anything below a 1 hour chart is just noise and a 5 min chart is just a slot machine.

all my opinion of course - there are people who make good money on a 5 min chart consistently - just that i've not met any yet who can prove it over time
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