Trading questions......

[gangoo]

Hi,

I have few questions for traders in this forum......

How much money require to start as serious full time trader for living?
Are you a full time traders? meaning you trade for a living.
Are you currently profitable?
How's your typical trading day look like?
How do you spend your time when market doesn't seem to move any where?
Do you recommend full time for a living?
What things are essential if one is going to trade for a living?

Your respose is greatly appriciated and helpful for learners like m.

Thanks...

 

[foredog]

Hi,

What things are essential if one is going to trade for a living?

Your respose is greatly appriciated and helpful for learners like m.

Thanks...

Do your research....look through this site and all you're questions get asked about once a week

 

[new_trader]

Hi,

I have few questions for traders in this forum......

How much money require to start as serious full time trader for living?
Are you a full time traders? meaning you trade for a living.
Are you currently profitable?
How's your typical trading day look like?
How do you spend your time when market doesn't seem to move any where?
Do you recommend full time for a living?
What things are essential if one is going to trade for a living?

Your respose is greatly appriciated and helpful for learners like m.

Thanks...

Read through this section

Trading FAQ - T2W Day Trading & Forex Forums

 

[Rhody Trader]

How much money require to start as serious full time trader for living?

100k is a good round number.

Are you a full time traders? meaning you trade for a living.

Most people do not trade full-time or for a living. That is true of this forum as well.

Are you currently profitable?

Just based on the percentages, most people on T2W are not profitable.

Do you recommend full time for a living?

Not for most people.

What things are essential if one is going to trade for a living?

Capital, experience, and a well developed and refined trading plan.

 

[new_trader]

Most people do not trade full-time or for a living. That is true of this forum as well.

[..] most people on T2W are not profitable.

Most? Care to elaborate? Interesting how nobody in this forum cared to contradict these statements. I thought (and have been made to feel) as if I was in the minority because I do not trade full-time or for a living.

Interesting...very interesting.

 

[foredog]

Ok, i'l contradict it.

I trade full time,and am profitable (before you ask.)

Although Rhody's probably right that of the 100k+ members there's probably only 5% that trade full time, in saying that probably 10% of that 100k are frequent visitors to the site.

 

[donaldduke]

Most? Care to elaborate? Interesting how nobody in this forum cared to contradict these statements. I thought (and have been made to feel) as if I was in the minority because I do not trade full-time or for a living.

Interesting...very interesting.

The number of people on trade2win who list status as

spare time = 60,000
full time = 600
prop = 60

Obviously this just a sample, as most people havent given a status, but it is a good relative indicator.

Very few people trade profitably for a living, my guess would be in the whole of the UK there are probably only a few thousand people. Definitely not over 10,000 fulltime profitable traders out there able to make a living at it. If the actual figure were only a few hundred it wouldnt suprise me.

There may be alot of people that have cashed in on property or retired from a high paying profession that now have time and money on their hands and call themselves 'full time traders'.But only a small percentage will be long term profitable, atleast enough to call it a living.

 

[new_trader]

The number of people on trade2win who list status as

spare time = 60,000
full time = 600
prop = 60

Obviously this just a sample, as most people havent given a status, but it is a good relative indicator.

Very few people trade profitably for a living, my guess would be in the whole of the UK there are probably only a few thousand people. Definitely not over 10,000 fulltime profitable traders out there able to make a living at it. If the actual figure were only a few hundred it wouldnt suprise me.

There may be alot of people that have cashed in on property or retired from a high paying profession that now have time and money on their hands and call themselves 'full time traders'.But only a small percentage will be long term profitable, atleast enough to call it a living.

Ok, sounds reasonable in that respect especially since this is a place where most people come to learn how to trade. You have touched on a point that I have highlighted and have an issue with, and that is many people here profess to being profitable and back their opinions with "I am a full time trader". I just can't see how this can be true when I read the things they write about trading. It simply doesn't stand up to scrutiny.

 

[donaldduke]

Ok, sounds reasonable in that respect especially since this is a place where most people come to learn how to trade. You have touched on a point that I have highlighted and have an issue with, and that is many people here profess to being profitable and back their opinions with "I am a full time trader". I just can't see how this can be true when I read the things they write about trading. It simply doesn't stand up to scrutiny.

People can ofcourse claim anything on the internet. Some are just spouting BS, some others are just kidding themselves.

A trader may have marginally lost money for the last six months overall, but the last two months (or even two weeks) have been profitable, this is enough for him to now claim profitable status.

But if someone really is profitable and doing full time. Length of time is important too. Being full time for three months isnt the same as being full time for three years.

Typically (before liar loans were invented) you needed to show the last three years of your accounts as a self employed person to get a mortgage from a bank. That would be the test for me. A trader would need to very profitable over three years atleast before i would consider their results more than just luck. And if we have been in a long bull market we need to see how the trader does when market conditions change.

 

[new_trader]

People can ofcourse claim anything on the internet. Some are just spouting BS, some others are just kidding themselves.

A trader may have marginally lost money for the last six months overall, but the last two months (or even two weeks) have been profitable, this is enough for him to now claim profitable status.

But if someone really is profitable and doing full time. Length of time is important too. Being full time for three months isnt the same as being full time for three years.

Typically (before liar loans were invented) you needed to show the last three years of your accounts as a self employed person to get a mortgage from a bank. That would be the test for me. A trader would need to very profitable over three years atleast before i would consider their results more than just luck. And if we have been in a long bull market we need to see how the trader does when market conditions change.

A very good test I think. It reminds me of the things Jesse Livermore talked about.

It is this semisucker rather than the 100 per cent article who is the real all-the-year-round support of the commission houses. He lasts about three and a half years on an average, as compared with a single season of from three to thirty weeks, which is the usual Wall Street life of a first offender. It is naturally the semisucker who is always quoting the famous trading aphorisms and the various rules of the game. He knows all the don'ts that ever fell from the oracular lips of the old stagers excepting the principal one, which is: Don't be a sucker!