Can you really make a living from trading?

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Old May 13, 2007, 3:43pm   #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, 6:11am   #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, 1:18pm   #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, 2:05pm   #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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Old May 25, 2007, 2:35pm   #15
 
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kenotoriello started this thread Mmm, interesting, because I have been doing rather well with daily charts. The profits come in an average of 44 days in my case. Just seems to be a long time, and the money is just stuck for that period (a mental controlled risk).

So maybe there is a way of profiting from 5 mins charts. Maybe I was wrong and there is not. My last month being trading 5 and 30 mins charts have been more bad than good, I have just catched a couple of good trends, but the amount of money lost with these small losses from stops have been horrible.

In Forex I can`t make my mind. Some announcements are very important, and the banks seem to play with them. If I took a long position based on a 30 mins chart, and there is an announcement soon, I move my stop near the price just in case the price move in the opposite direction. And it usually does, it moves just randomly, sometimes for half an hour before taking the correct direction based on the news. So it really feels like gambling.

Anyway, I keep repeating to myself

"A Winner never Quits, and a Quitter never Wins".

So I`ll keep studying and practising.

Keno
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Old May 25, 2007, 4:40pm   #16
 
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Quote:
Originally Posted by kenotoriello View Post

Anyway, I keep repeating to myself

"A Winner never Quits, and a Quitter never Wins".

So I`ll keep studying and practising.

Keno
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Old May 25, 2007, 5:23pm   #17
 
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kenotoriello started this thread Thanks for the song, I enjoyed it. It does push me to work harder.


I have another motto:

"Where there`s a will, there`s a way"


Of course, my goal is to make money, consistently, working this tradings as a business. And my first target is to learn a lot, to know what I am doing.

Although I have lost some money (about 1/4), I am still not broke, and as far as I have tried this business, I really enjoy trading.

So I`ll keep trying.
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Old May 25, 2007, 5:43pm   #18
 
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Quote:
Originally Posted by kenotoriello View Post
The main question is how long it takes and what it takes to become a profitable and consistent trader?
Two years full time I'd say would be the rough rule of thumb.
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Old May 25, 2007, 6:59pm   #19
 
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Lightbulb Maybe Indices

kenotoriello started this thread 2 years full time?
Gosh, that`s a lot.
I hope you mean 2 years to be consistent, and no 2 years to be profitable.
At least I have survived 5 months.

I know is not a good idea to have all the eggs in the same basket, so I have shares in USA and shares in UK, through CMC, plus 1 or 2 commodities a month, which have all been quite profitable. That`s good, that`s why I am not broke.

But I want to live from this, so I decided to learn Forex to trade from 7am till I am tired, normally around 8pm. I want to do this for a couple of years, to earn more money and increase my capital, so after 2 years being able to work just with daily charts.

But Forex ain`t easy, the announcements... you know.

Would it be easier Indices? I had a look at Dow Jones graph last week, I saw a trend, buy in the bottoms, sell at the tops, I did about 80 pips out of a range of 40. Very good indeed! I went back the next day, ready for action, but couldn`t determine the right channel, and lost many pips.
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Old May 27, 2007, 11:23pm   #20
 
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Quote:
Originally Posted by kenotoriello View Post
2 years full time?
Gosh, that`s a lot.
I hope you mean 2 years to be consistent, and no 2 years to be profitable.
At least I have survived 5 months.
It took me 18 months of trying out various systems, devising tweaks etc before the "eureka moment" and I started making money. I lost initially and then after learning money management treaded water for about a year, doing well for a while only to give it all back in a short time.

Part of my learning experience was as much learning how to properly test strategies as well as coming up with them, initially I thought I had profitable setups (i.e. pip positive) only to learn later when I'd refined my backtesting that they in fact were £-ve.

Don't give up, but don't expect miracles, you probably won't make much (if any) money this year. The more time goes on - the more you learn. All goes wonderfully for a while and You start to think that there's nothing more to learn - then the market suprises you and you come out the other end wiser (if a little bruised).
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