How Long Does it Take to Make a Stable Income from Trading?

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Old Oct 10, 2018, 4:18am   #316
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I wish that everyone can have a stable income from Forex work but it is not possible. Because it is risky work.
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Old Oct 12, 2018, 8:44am   #317
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The trick is to be an investor first and a trader second. meaning you must know how to make money work for you. when the trading bug bites you, you will spend the next 5 years losing all your money. however, once you start being profitable(on year 10), then you take your profits and buy your first company.
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The right art is purposeless, aimless! The more obstinately you try to learn how to shoot the arrow for the sake of hitting the goal, the less you will succeed in the one and the further the other will recede. What stands in your way is that you have a much too willful will. You think that what you do not do yourself does not happen.You must learn to wait properly.
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Old Oct 15, 2018, 5:57pm   #318
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And then there are lucky traders like a friend of mine who have made a profit of about 20k$ in just the first month from an investment of 5K$.

What i want to say is that luck is also an important factor on making a profit with online trading.
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Old Oct 16, 2018, 6:39am   #319
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yes, i agree luck is important. but how do you stay lucky? Did he not lose it all in one day???

to make a stable income, he must be consistently luck.

good luck on that......being consistently lucky
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The right art is purposeless, aimless! The more obstinately you try to learn how to shoot the arrow for the sake of hitting the goal, the less you will succeed in the one and the further the other will recede. What stands in your way is that you have a much too willful will. You think that what you do not do yourself does not happen.You must learn to wait properly.
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Old Oct 16, 2018, 9:38am   #320
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Luck is an extremely small element in the game.....all it will do is help determine the speed you arrive at your destination.....
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Old Oct 18, 2018, 2:30pm   #321
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Well it all depends on your talent and experience. I know one girl it took her 5 years to become a pro. She live in Singapore now and earns money not only for herself, but for clients also. But she started with wasting $200000. Everyone has his own way to trading success.
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Old Oct 18, 2018, 2:36pm   #322
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I don't believe in a stable income from trading. It's always risky. If you have great experience and knowledge you can decrease level of risk, but it will always follow you while trading.
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Old Oct 18, 2018, 7:01pm   #323
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Quote:
Originally Posted by Bormondo View Post
I don't believe in a stable income from trading. It's always risky. If you have great experience and knowledge you can decrease level of risk, but it will always follow you while trading.
absolutely.........the trading profession is mercyless and respects no-one......you are only as good as your last trade .........thats it !

and why i love it so much .....I hate the hierarchical nature of many professions where people can bluff and ride it once they achieve a certain grade.....they rarely continue to maintain the excellence of their youth....

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Old Oct 21, 2018, 3:46pm   #324
 
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I disagree with those who say that years and years of study, combined with voluminous textbooks, are required. If trading were about knowledge then all the economics professors around the world would be as rich as Croseus. From what I've seen they're always whinging for payrises. Trading to me (although I am not claiming to know everything) is simply about practice. EVERY single trading system works, it just doesn't work ALL of the time. In fact, it isn't possible to create a trading system that always loses. If it were, you would just do the opposite of what your system was telling you and always win!

This clearly never happens. The reason why any system doesn't always win is because the price moves at different speeds. When it's gently moving, your indicators can keep up, and you make money. But then the price moves more rapidly and your indicator(s) can't keep up, you get 'whipsawed' (as they say) and lose all that you had initially made. In my (humble) opinion, indicators are like motor cars. If you were learning to drive, it isn't the type of car that matters, it's the practice required. It's just 'screentime' (as they say) that matters. Those traders who have degrees galore only have more knowledge in WHAT to trade, Options, Futures, CFDs etc. They know HOW to trade these exotic securities and derivatives, but it's their experience that tells them WHEN to get in/out. Their previous knowledge is neither here nor there. I'm not sure about computer algorithms though, computers doing the trading in milliseconds. There may be something in that, but I doubt we pleb traders could afford such technological shenanigans. Best to trade the old fashioned way, by putting in the screentime, practice practice practice. Use just TWO indicators, one to define the trend, one to define a pullback. If you don't get a pullback, don't bother with it, scratched trade, move on. All the indicators repaint, even moving averages, but some repaint less than others and are more stable. Check them out, there's websites full of free ones.

If you're curious, my system uses:
Renko-SignalAM indicator to define the trend.
bbflat indicator to define the pullback (using the 0.00 mid horizontal line).
I only trade the EUR/USD on the 5min timeframe on Metatrader4.
Where to exit is up to you. I don't take less than 10 pips profit, as my stoploss is 10 pips also.
I used to use a Keltner channel as an exit point, but now just watch and see what happens.

I don't see the point in watching silly Bloomberg type TV channels, or listening to anyone. All the world's waffle is contained in the price at that moment in time. It's doing whatever it's doing and that's that, just react to it. I don't consider the price to EVER be ranging. It is ALWAYS trending, it's just the trends can be smaller and more numerous. Just watch the Renko-SignalAM indicator (which looks a bit like the stochastic, moving average type thing) and is easy to watch, and doesn't repaint that much. If it changes against you, just move your SL to breakeven, or get out and look to trade in the opposite direction (waiting for a pullback on the bbflat).

It took me many hours of heartache to cobble this simple system together. It's your for free if you want it. Good luck, Chavtrader xxx

Last edited by Railwayjay; Oct 21, 2018 at 3:52pm.
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