Can I make it as a trader?

[belize]

Ifyou listen to everybody you will be so confused you won't know what to do, as I said earlier for every expert that says buy there's another one that says sell. I was watching bloomberg yesterday and it was exactly the same thing, in the end I turned it off and traded my own system.

I have a stubborn streak, wether thats good for trading or not I don't know. Never mind the experts its bad enough in my own head, if I lose a trade there's always part of me that says I knew it was going to that.

Yeah I quite like Blomberg but can't watch it for long, have'nt seen any today but might go and watch loopy liu this afternoon to get an idea of what the American session sentiment is like. -- Holding out for the USA to buy some more euro's like yesterday!

 

[pboyles]

My opinion is that you'd be better off asking the cat what way the market is going to go.

 

[belize]

My opinion is that you'd be better off asking the cat what way the market is going to go.

I have got two cats, I bet one would say buy and the other sell!

 

[pboyles]

Well there you are, save your electricity and turn Bloomberg off.

 

[Black Swan]

I have a stubborn streak, wether thats good for trading or not I don't know. Never mind the experts its bad enough in my own head, if I lose a trade there's always part of me that says I knew it was going to that.
Yeah I quite like Blomberg but can't watch it for long, have'nt seen any today but might go and watch loopy liu this afternoon to get an idea of what the American session sentiment is like. -- Holding out for the USA to buy some more euro's like yesterday!

hmmm....do you accept the notion that if you are sticking to you edge, whilst exercising unemotional protocol, then there is no right or wrong? You need to develop a simple strat/edge that follows price whilst exercising sound MM...

 

[belize]

That's my trade over, it went right down to where I first got in at 1.225 took out my stop that I had moved to breakeven.

Not sure which way I will go next I will wait till I get a new signal.

 

[pozzyp]

A research company in the US estimated that there were only 800 private profitable traders in America, who had survived through years of changing governments, political and social unrest, economic crises and such like.

So for the 99.9% statistic being non-winners on forums, that would make 200 members of T2W consistenly profitable, which in my view is perfectly feasible.

I think this stats a little strong. I know the old age saying 95% of people lose money but then I think a lot of people just blindly punt on spread bet accounts. Its just a new form of gambling the same as playing roulette or poker online. If you actually think about it only the top 5% of any industry can really earn a living out of whatever they're doing.

More than enough people go off to try and pursue a career as a rock star or a footie player or even just starting your own business and only a very small % make it. The thing with trading is that everyone thinks they can do it and people seem to think that they can read a book and an online tutorial and its game on, off to start a hedge fund. Only 5% make it because only 5% will crack on and work hard putting the hours in As appose to the other 90% who are too busy thinking about what they are going to buy when they make their millions. Just my 2 cents.

 

[Black Swan]

I think this stats a little strong. I know the old age saying 95% of people lose money but then I think a lot of people just blindly punt on spread bet accounts. Its just a new form of gambling the same as playing roulette or poker online. If you actually think about it only the top 5% of any industry can really earn a living out of whatever they're doing.

More than enough people go off to try and pursue a career as a rock star or a footie player or even just starting your own business and only a very small % make it. The thing with trading is that everyone thinks they can do it and people seem to think that they can read a book and an online tutorial and its game on, off to start a hedge fund. Only 5% make it because only 5% will crack on and work hard putting the hours in As appose to the other 90% who are too busy thinking about what they are going to buy when they make their millions. Just my 2 cents.

This argument has been done to death on 'ere over the years Pozzy no doubts...my two cents...

I simply refuse to accept that anyone who has dedicated the screen time (and off screen time) towards this new career that I have doesn't stand a very good chance of succeeding, even if that success is just pulling down an above average tax free salary.

However, therein lies the paradox; I was *fortunate* enough to be able to start with a clean slate and go at it full time and full on and even then it took 12 months to become proficent before then becoming profitable in year two. I reckon the % goes up exponentially if you can follow the same path, but I reckon the % of folk who can go at it full time (knowing a wage mightn't come in for a year) are very much in a tiny minority.

But frankly I honestly don't see any other way. Anyone who makes this work firstly part time, pulls down a decent wage, then gives up the day job to play the markets full time is a very, very, rare and special individual...

 

[Black Swan]

That's my trade over, it went right down to where I first got in at 1.225 took out my stop that I had moved to breakeven.

Not sure which way I will go next I will wait till I get a new signal.

re-set the mind and go at it again..'tis the only way. fwiw I'm currently short EU and USD/CHF at the same time which is very, very odd, but that's 'cos I'm hard core technical and that's what they're telling me to do on long term TFs... Can't last, something has got to give..

 

[elitejets]

This argument has been done to death on 'ere over the years Pozzy no doubts...my two cents...

I simply refuse to accept that anyone who has dedicated the screen time (and off screen time) towards this new career that I have doesn't stand a very good chance of succeeding, even if that success is just pulling down an above average tax free salary.

However, therein lies the paradox; I was *fortunate* enough to be able to start with a clean slate and go at it full time and full on and even then it took 12 months to become proficent before then becoming profitable in year two. I reckon the % goes up exponentially if you can follow the same path, but I reckon the % of folk who can go at it full time (knowing a wage mightn't come in for a year) are very much in a tiny minority.

But frankly I honestly don't see any other way. Anyone who makes this work firstly part time, pulls down a decent wage, then gives up the day job to play the markets full time is a very, very, rare and special individual...

It makes me laugh how you assume that you will remain profitable.

 

[rathcoole_exile]

One of the reasons I am buying euro, its not very covert:

In news this morning
ECB Noyer said that price stability in the Eurozone is not in doubt --- and that the markets can expect resoulte action from central banks when turbulence theatens

Then later Merkel said that Germany will do all it can for a strong EUR

this is rubbish trading mate.
throw out your goddamned TV/radio, cancel your daily newspaper
and trade what you SEE, not what you WANT,
especially when it's based on some idiot journo piece

 

[rathcoole_exile]

here's one for you.
last 2 days I had 2 x 100 FTSE point trades, all relatively calm and stress free.

I don't know the first thing about what's ahappening at BoE, 10 Downing St, 11 Downing St etc.
And I didn't listen to sound bites from some knob trying to cover his ass and save his job.
I just took the Short from Weekly Pivot to first Support (Camarilla S3), and the Long back up again.

Stop THINKING and start DOING !!!

 

[rathcoole_exile]

Stick to your guns mate. I think GBPUSD is going up medium term

and I think the moon is made of cheese

 

[pboyles]

Yes as I said earlier listening to CNBC/Bloomberg is like asking the cat where the market will go.

 

[bedsit]

Yes as I said earlier listening to CNBC/Bloomberg is like asking the cat where the market will go.

Cat's system may be better

 

[rathcoole_exile]

I have a stubborn streak, wether thats good for trading or not I don't know.

it's probably the worst thing

if you're wrong, admit it to yourself and get out of a trade, don't hang in there showing what a tough guy you are for being stubborn.
being wrong is part of the secret of successful trading.
be happy to have 4 flat days out of 5 !
'cos it means your still in the game for the killer day on day 5, while your stubborn mates are nursing their blown accounts

 

[pboyles]

here's one for you.
last 2 days I had 2 x 100 FTSE point trades, all relatively calm and stress free.

I don't know the first thing about what's ahappening at BoE, 10 Downing St, 11 Downing St etc.
And I didn't listen to sound bites from some knob trying to cover his ass and save his job.
I just took the Short from Weekly Pivot to first Support (Camarilla S3), and the Long back up again.

Stop THINKING and start DOING !!!

...and would have also done so on FTSE, ES, CAC and Eurostoxx (using FTP weekly pivots)

 

[rathcoole_exile]

That's my trade over, it went right down to where I first got in at 1.225 took out my stop that I had moved to breakeven.

Not sure which way I will go next I will wait till I get a new signal.

you're still talking about EURUSD ?
there is only ONE way to go at the moment

and you seem to be trying every trick in the book to prove this wrong, no matter what the cost !


I'm sure I said exactly the same yesterday, but the only safe trade at the mo is breakdown from Cam S4 to the outer reaches at FTP S1



when price finally does move away from this channel, it will likely be explosive, whichever direction, but whatever indictaor you use, especially "news" will be far too late to catch it

 

[rathcoole_exile]

...and would have also done so on FTSE, ES, CAC and Eurostoxx (using FTP weekly pivots)

exactly mate !

 

[Pi3141]

I dont intend to go off topic here, but could somebody just briefly explain what an 'FTP weekly pivot' is? - specifically, what does the FTP stand for?

Many thanks