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; Mmm, interesting, because I have been doing rather well with daily charts. The profits come in an average of 44 ...

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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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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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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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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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Old May 30, 2007, 12:44pm   #21
 
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kenotoriello started this thread Some advice on the forum is to create my own system and do not trust Services (Based on systems created by other traders). I think this is contradictory, if I design my own system, why would it be better than a system design by a trader with years of experience?
Then my conclusion is that it is better to subscribe to a Trading Advice that give me experience trading, while learning and paper trading my own systems.
Even if I lose money with the Service, well, maybe I would have lost even more doing it by myself.
Just thoughts.

I am still in red, May seems to be the end of some big trends in GBP and in EUR that I was trying to follow. Shares are going down today, and I still don`t get it.
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