Does such thing like "Trading for a living" exist?

[ANCOLL]

Dear Traders,
Dont get me wrong with the title because I want to know the truth and seeking advise.
:|
I have been trading for more than 1 years and almost everyday I do my trade. With my friends, we do options trading.
But what we found, as you know, most of us lose our money, some of us just get break even, only few of us got small profit which is not worthed compared to the time we have spent for trading.


I ever heard 95% traders lose their money, it is a zero sum process, where the real gainer are the exchange firm (from spreads) and brokers (from commision)
With uncertain market, there's no such thing for certain trading which will bring you to constant profit.

I do love trading, if you ask, but seeing the truth from my experience, it really bothers me.

Is there such thing called "Trading for living" ?
Are sure you can depend on your uncertain trading for your living?

Thanks a lot for the comment and suggestion...
I very appreciate it.

 

[£10kLoser]

I have traded for a living for several years. I moved out of the UK to Malta for the warmer weather and rent a luxury apartment overlooking the sea. I pay for everything from the proceeds of my trading.

Yes, it is uncertain and can be a roller coaster ride. I've had times when I was making (and losing) thousands a day and times when I couldn't win at all.

Now, I've calmed down and trade (mostly oil and gold) small - just enough to comfortably earn more than I spend. Living is cheap, I have no debts, no mortgage and even no car because I prefer to walk. With the right attitude (psychology is everything) you could scale this up tenfold and be very rich but I am content with an easy, stress free life.

If you make a little more than you spend, you are truly rich - even if you earn less than most people!

 

[UKtradergirl]

I have traded for a living for several years. I moved out of the UK to Malta for the warmer weather and rent a luxury apartment overlooking the sea. I pay for everything from the proceeds of my trading.

Yes, it is uncertain and can be a roller coaster ride. I've had times when I was making (and losing) thousands a day and times when I couldn't win at all.

Now, I've calmed down and trade (mostly oil and gold) small - just enough to comfortably earn more than I spend. Living is cheap, I have no debts, no mortgage and even no car because I prefer to walk. With the right attitude (psychology is everything) you could scale this up tenfold and be very rich but I am content with an easy, stress free life.

If you make a little more than you spend, you are truly rich - even if you earn less than most people!

Very wise words indeed, £10KLoser. I am currently on not very much money (being on maternity leave from work) yet have more coming in than going out, and hence feel rich- despite not having a massive house and millions in the bank.

Trading- i have been trading for a few years on and off... but recently being off work have been able to focus on it 100%, and spending probably around 12 hours a day on trading and looking at charts, etc. Something has finally clicked for me and recently i have begun to turn a small profit. I'm not sure if this is just short term, in that my trading style fits in with the markets lately- but hopefully this profit-trend will continue.

For the last few years, i have just about broken even. I count myself lucky for still being in the game after this time, and looking back, i feel even more lucky- considering all of the awful high-risk trades i placed.

I urge you not to give up, if you are breaking even or losing just a little, then you have already completed the first step towards being a trader. Keep studying and working seriously and hard at what you do- be forever critical of yourself. You should with much searching be able to identify at least several points where you are going wrong. Work on those points and it may be enough to turn a small loss into a break even, or small profit.

By no means am i fully qualified to talk on this.... i'm currently only making on average £100 a month from the markets - plus now only trading using profits, not my own money

Good luck and keep going...

UKTraderGirl

 

[Trader333]

i'm currently only making on average £100 a month from the markets - plus now only trading using profits, not my own money

Which markets are you trading and are you using a SB company or DA ?


Paul

 

[UKtradergirl]

Which markets are you trading and are you using a SB company or DA ?


Paul

Hi Paul,

I am Spreadbetting. I trade the FTSE100 index, also Gold/Silver, sometimes the major currency pairs and very occasionally US Indices.

I am not willing to risk large percentages of my capital on one trade. I am also not good at timing entry particularly well at the moment, meaning i have been stopped out a lot. Making my stop-loss larger has helped, but this is certainly not comfortable with me and not an idea for the long term (but i think is almost a necessity with the volatility at the moment). Must work on entry tactics.

UKTraderGirl

 

[ANCOLL]

Many times my mind is disturbed about leaving this trading way and go to try open a business...
Because the number of successfull businessmen are overwhelming compared to the number of successfull traders, by statistic.
But it's really hard to leave the thing which you like to do (i.e trading) and do something new even though it's more promising.

I dont know maybe I will give it a try, so I will wait for others traders to reply on this thread..
by the way, thank you for all your reply and advise

 

[UKtradergirl]

Many times my mind is disturbed about leaving this trading way and go to try open a business...
Because businessmen are more successfull compared to successfull traders, by statistic.
But it's really hard to leave the thing which you like to do (i.e trading) and do something new even though it's more promising.

I dont know maybe I will give it a try, so I will wait for others traders to reply on this thread..
by the way, thank you for all your reply and advise

Businessmen are more successful? I suppose there may be a greater 'winning' percentage of businessmen, but the amount that turn a decent profit are still very small, perhaps just the same as in trading, and i think the 'average' wage of successful traders compared to businessmen, is a lot lower (but i may be wrong).

...not to mention all the overheads, staff issues, etc etc... i've helped a few people with business startups and it gives me a headache just thinking about wanting to start a business!

 

[options]

Options trading?

How long have you been doing that? And why that?

Very hard to get right. You certainly need to know what you are doing.

If you went into options because you heard it was easy huge profits, you have been misled, Try something else.

 

[shadowninja]

the thing which you like to do (i.e trading)

Why do you enjoy trading?

 

[wrobinson]

Hmmm.... about 90% of traders lose money, and yes there is such a thing as trading for a living. I do. The key is psychology, but it's also the most difficult element to master. However, once you have mastered it, then trading becomes as easy as it was difficult before. The answer doesn't get much more complicated than that!
Oh and, no, it isn't a zero sum game. The 'game' munches through the players' money in the form of commissions and spreads, relentlessly. It swipes a little off each profit, and increases each loss by that little amount as well...
Good luck to all.

 

[ANCOLL]

Thanks for all the input,
I've been in option trading for 4 years ++ (including virtual trading, attending seminar, discussion, etc) , been in live trading for 1 year, almost everyday I'm observing the market. Been in forex trading before, but I prefer stock and option
Making this thread I just want a simple answer for my question,
is it really such thing like Trading for living?

that's all,
I dont care how much money you earned, but overall just want to know
can you survive and enjoy your profit in this uncertain market, especially like this time?
I just need honesty....

thanks for all input and advise.

 

[UKtradergirl]

Thanks for all the input,
I've been in option trading for 4 years ++ (including virtual trading, attending seminar, discussion, etc) , been in live trading for 1 year, almost everyday I'm observing the market. Been in forex trading before, but I prefer stock and option
Making this thread I just want a simple answer for my question,
is it really such thing like Trading for living?

that's all,
I dont care how much money you earned, but overall just want to know
can you survive and enjoy your profit in this uncertain market, especially like this time?
I just need honesty....

thanks for all input and advise.

Ancoll,

The answer to that then is YES. It is possible to make money, and in my case- it is actually EASIER in this climate. Just hop on and ride the long slippery slope downwards

 

[ANCOLL]

@Uktradegirl
thanks..

 

[wrobinson]

I enjoy reading some of the comments I see on this site; there is such a variety of people here! I was interested enough by your question to want to give you a useful reply, I hope!

Trading is very hard to learn, because emotions get in the way. We see a price moving up, we want to participate, but we are fearful of paying too much; we wait, we wait longer still, then we decide enough is enough and we buy. Lo and behold, the price now starts to fall: we have bought at the top. We hold on because we want the rise to resume, but it doesn't, so eventually it hits our stop and we lose a lot. The next trade, we say to ourselves, I'll be more careful. If that next trade happens to go into profit, we are so delighted to see it that we take it. Yippee!! Hmmm... we made a big loss and a small profit. That won't add up. Think again, or simply repeat the same mistakes?
The answer is that we have to treat thi as a business, and a difficult one at that.
My own advice:
Stop trading for the time it takes to read the following books:
The Disciplined Trader, by Mark Douglas.
Elliott Wave Principle, by Frost & Prechter
Steidlmeyer on Markets, by Peter Steidlmeyer
There are others which I would gladly recommend, including a 364-page book which I have just written myself for precisely people in your situation and which will be available in bookstores within a few weeks, However, this note is not about self-promotion; I write out of a sincere desire to be of some help. I have been there myself!
Be careful, be disciplined, LEARN how to trade, don't just plunge in! You wouldn't try learning how to play tennis or play a musical instrument without tuition, would you?!
All the v best, bye for now...
WR

 

[shadowninja]

You wouldn't try learning how to play tennis or play a musical instrument without tuition, would you?!

Agree with your sentiment but you could choose better (harder) examples! Perhaps, building a house or dentistry? I taught myself to play the piano and, by all accounts, it impresses the ladies. (JTrader are you reading?)

 

[UKtradergirl]

I enjoy reading some of the comments I see on this site; there is such a variety of people here! I was interested enough by your question to want to give you a useful reply, I hope!

Trading is very hard to learn, because emotions get in the way. We see a price moving up, we want to participate, but we are fearful of paying too much; we wait, we wait longer still, then we decide enough is enough and we buy. Lo and behold, the price now starts to fall: we have bought at the top. We hold on because we want the rise to resume, but it doesn't, so eventually it hits our stop and we lose a lot. The next trade, we say to ourselves, I'll be more careful. If that next trade happens to go into profit, we are so delighted to see it that we take it. Yippee!! Hmmm... we made a big loss and a small profit. That won't add up. Think again, or simply repeat the same mistakes?
The answer is that we have to treat thi as a business, and a difficult one at that.
My own advice:
Stop trading for the time it takes to read the following books:
The Disciplined Trader, by Mark Douglas.
Elliott Wave Principle, by Frost & Prechter
Steidlmeyer on Markets, by Peter Steidlmeyer
There are others which I would gladly recommend, including a 364-page book which I have just written myself for precisely people in your situation and which will be available in bookstores within a few weeks, However, this note is not about self-promotion; I write out of a sincere desire to be of some help. I have been there myself!
Be careful, be disciplined, LEARN how to trade, don't just plunge in! You wouldn't try learning how to play tennis or play a musical instrument without tuition, would you?!
All the v best, bye for now...
WR

Oh, come on, in the name of shameless promotion and to fulfill curiosity please just tell us what your book is?

--

Regarding JTrader, when i was on here last night it said 'banned' next to his name :-0 I'd heard somewhere before that he was a mischevious kind of guy but.. didn't think he had REALLY been naughty?

 

[BSD]

Regarding JTrader, when i was on here last night it said 'banned' next to his name :-0 I'd heard somewhere before that he was a mischevious kind of guy but.. didn't think he had REALLY been naughty?

No no, he has gone into voluntary hibernation for 2 weeks or so, he says T2W is taking up too much of his time and he can't concentrate on his trading and going out and meeting girls obligations etc.

And to make sure that he can't come sneaking in the back door here while he's thus engaged he's asked Lightning to ban him for a few days.

 

[vergis92]

Dear Traders,
Dont get me wrong with the title because I want to know the truth and seeking advise.
:|
I have been trading for more than 1 years and almost everyday I do my trade. With my friends, we do options trading.
But what we found, as you know, most of us lose our money, some of us just get break even, only few of us got small profit which is not worthed compared to the time we have spent for trading.


I ever heard 95% traders lose their money, it is a zero sum process, where the real gainer are the exchange firm (from spreads) and brokers (from commision)
With uncertain market, there's no such thing for certain trading which will bring you to constant profit.

I do love trading, if you ask, but seeing the truth from my experience, it really bothers me.

Is there such thing called "Trading for living" ?
Are sure you can depend on your uncertain trading for your living?

Thanks a lot for the comment and suggestion...
I very appreciate it.

I have been trading for over 8 years, I got started in US indices, it's mostly been
a losing scenario, I finally found ways to apply strict trading which offers profitable
trades every now and then but it's not a full time job, it annoys me....
what you do if you gonna have to stay out for 2 months??, or if not short selling is
allowed like recently seen?

I finally decided to sell all the trading information /working systems I knew about
the US markets and move on to currency trading, currencies have been much better,
smoother to my trading, no nasty out of the blue surprises, currencies are better I think, less stressful and are not centrally traded like stocks and stock indices,

in currencies I understand the cause, why I lost and why I won, in stocks I can only
gain access to investment bank reports and information, I definetely cannot trade
stocks from charts alone because there's that short term fundamental worry not visible
on the charts... with currencies I can trade stress-free based on my own research
on charts and investor sentiment, don't need help from anyone

 

[vergis92]

I sure believe that just winning is not good enough, I like stress-free life, or should I say
moderate stress, currencies like Eurodollar and its inverse swissfrank can offer me a perfect
trading instrument where I can make a good living, there's no halfway success, it's either big
money or utter failure, I'm doing well so far but still giving back half the gains, and need to improve my self-trigered orders positioning for catching overnight moves.

trading indices sucks! I can only figure out a couple of major moves a year, but you have to enter
big and I'm usually repelled by the stress, speaking of which US markets indicate a bottom right now
being formed, but it's hard to enter any trades before volatility settles down, if a swing buy signal
occurs markets may stabilize and offer opportunity

 

[spxpro]

Hi Ancoll,


Trading for a better lifestyle is possible, the problem is finding the information to help you do this , most of what is written in books and on the net is a load of nonsense so that means that you have to figure things out for yourself by spending thousands of hours at the screen.

The best advise i can give you is learn to follow the markets rather that forecast ,forecasting is for the fairground.


Once you begin to understand how the market moves then you can start to build your method and start adding some indicators to help you follow the market and not forecast it.


spxpro