Is it really possible?

This is a discussion on Is it really possible? within the General Trading Chat forums, part of the Reception category; Originally Posted by Trader333 Is that because you didn't do any trading this week ? Paul I haven't missed a ...

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Old Feb 28, 2009, 1:08pm   #11
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Originally Posted by Trader333 View Post
Is that because you didn't do any trading this week ?


Paul
I haven't missed a morning. It seems to be better than having money in the bank or owning a house. Now, that is getting to become a problem.

Split
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Old Feb 28, 2009, 1:28pm   #12
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I'm 18, quit 6th form to trade, trading 8-10, then 11.30-12, then 2.30-5.30 mon-fri, then 6-7 for end-of-day data trades.
I've only ever had one losing day, i'm sure there are more to come.
I make about £113 a day with £10 maximum loss per trade.
Target this year is £100k in profit as i increase my stake.

Any questions, do ask.

David.
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Old Feb 28, 2009, 8:15pm   #13
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Which broker are you with ?


Paul
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Old Feb 28, 2009, 9:34pm   #14
 
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Hi Taylor, how much do you have in your pot to make £113 per day, and I'd like to know what broker you use too - i use oanda and fxcm but am about to start with alpari
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Old Mar 1, 2009, 12:31pm   #15
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To Calinor/OP:

Sure it's possible to make a living trading, after you pay your tuition

Then you will scrap every last dime together to apply the lessons. I'm living off my profits, but I live a meager life style (low expenses). I literally only need $25-$100 a day to live...the question is, why would you ever want to trade for a living (lonely, risky, constant watching)?

I personally put up with the draw downs of working alone, because I just like to trade. Traders who trade their own money are the most independent people around. And that's a good thing, because we can exist "outside" of the economic system-we are speculators who constantly price things. We can move anywhere we want...the "job" has benefits..

Can you strike it rich? Sure. But you're safer having goals about making a consistent small profit % every day. First pay the bills then make the big loot later....

Pay the rent/mortgage
groceries
power
computer upgrades
entertainment

It's hard to make a lot when you have a smaller account! you will be drawing out your gains so fast...if you start with more $$ then you make/lose more $$ (draw downs get larger, gains larger).
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Old Mar 1, 2009, 6:33pm   #16
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Calinor started this thread Thanks Spitlink. "To answer how many traders of ten years are more are failing?" It is hard for me to know, because you don't see too many of them in banks. Maybe they have blown up by then, or burned out, or are trading for their personal account quietly and you don't see them. I honestly don't know, which is why I posted. To re-enforce some faith if you know what I mean It is good to know that there ARE people like you and others who can make it. I also thought that perhaps very few of those 10-year plus traders actually day-trade and maybe they make their money from swing trading. But it seems there are plenty of profitable day-traders too.

Mr. J-Arthur, the reason I would like to do it, is like you, for the independence it offers and because I find it very interesting. Can't deny I enjoy it. Even the studying charts for hours, and thinking up new systems. It is a great challenge for me, even though I'm not winning that battle yet, and I relish it. But if I know I never would be able to win that game (as is true at the casino unless you count cards), then I would sensibly give it up.
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Old Mar 1, 2009, 7:49pm   #17
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Originally Posted by Calinor View Post
Thanks Spitlink. "To answer how many traders of ten years are more are failing?" It is hard for me to know, because you don't see too many of them in banks. Maybe they have blown up by then, or burned out, or are trading for their personal account quietly and you don't see them. I honestly don't know, which is why I posted. To re-enforce some faith if you know what I mean It is good to know that there ARE people like you and others who can make it. I also thought that perhaps very few of those 10-year plus traders actually day-trade and maybe they make their money from swing trading. But it seems there are plenty of profitable day-traders too.

Mr. J-Arthur, the reason I would like to do it, is like you, for the independence it offers and because I find it very interesting. Can't deny I enjoy it. Even the studying charts for hours, and thinking up new systems. It is a great challenge for me, even though I'm not winning that battle yet, and I relish it. But if I know I never would be able to win that game (as is true at the casino unless you count cards), then I would sensibly give it up.
Don't worry, I did not expect an answer to that question but I think that the gamblers must be separated from the serious traders, in that 90%.

I am not a wealthy trader, by any means, but I enjoy it and it is profitable for me. For what it's worth, I've tried all types of ideas and systems and, in the end, have come back to the simplest methods of all.

Split
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Old Mar 1, 2009, 10:55pm   #18
 
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Which are?
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Old Mar 1, 2009, 11:19pm   #19
 
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Originally Posted by donaldduke View Post
Its good to see that you are realistic is in your expecations.

I have averaged much more than 50% over the last four years. My systems are profitable about 80% of months.

As for teaching you, there really is no incentive for me to do that.But nearly everything i know about trading can be learnt from books. The rest you must learn yourself by actually trading and losing real money.

I am prepared to trade systems that only win 40% of the time, i am prepared to have 10 losing trades in a row. Sometimes (but thankfully not often) i only get 2 winning tades out of 20.
Most traders are not prepared to trade that way and are not prepared to take 30%+ drawdown like i am prepared to do. Most people lose discipline after 3 losing trades.

Im not saying this is the only way to trade. Some people claim to be profitable with systems than win over 60% of the time, even 80 or 90% of the time. I have never been able to develop such day trading systems (atleast not ones that remain robust for long periods) but perhaps they do exist.

Anyway a high win rate is not required to make money as a trader as i am sure you know already.

People fear losing money. My biggest fear is missing a valid trade. I also have a level of comitment to trading that most people would not be able to match.
If I weren't trading for some time already and couldn't do math, I would be sure now that you will be topping the Forbes 500 soon
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Old Mar 1, 2009, 11:25pm   #20
 
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Originally Posted by Splitlink View Post

I am not a wealthy trader, by any means, but I enjoy it and it is profitable for me. For what it's worth, I've tried all types of ideas and systems and, in the end, have come back to the simplest methods of all.

Split
30 years of trading. I believe, you tested everything. I don't believe, you are not wealthy Maybe we have a different definition of "wealth"
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