Feeling very depressed and disheartened! Can you actually make a living trading?!!

[theroguetrader]

making a living .... !!

I do understand that i cannot be able to make a fulltime living of trading currently after trading fro only a few months,
so i think some of you misunderstood my actual question when you replied.

I am happy to currently be just practising with my demo account, i do take it seriously, and do try to only make trades that i would make with real money.


And as for being 'scared of losing money, ofcourse i am, just like every single other trader is.
If you were not scared to lose your money then you would just be gambling it all wildly and not caring if you lost it.

So i do not think its true when someone tried to claim they are not 'cautious' of losing their money, however cautious as i am im also very willing to take the risk if i have a clear plan of how im going to achieve my reward with that money.


I lost over £800 in 2weeks, starting with a capital of only £100 eachtime and then just topping it up each time, so i do have the 'guts' to handle losing my money.
(I was just very foolish to use real money (creditcard even) before using demo.


The actual question i was asking now though was 'Can you actually make a living of trading eventually though??
Not now, not in the next few weeks or even few months..,
but in 9months can an ordinary person, go from being a student with a monthly income of between £200 - £300, to actually become sucessful enough and rich enough as a trader to have the financial stability to actually start a 'living' with things such as rent, mortages and cars, based on the income from trading??


Or is it simply just not possible to ever manage to reach taht stage of financial security and be able to actually have decent leverage when trading, if you are starting with a capital of only £200 - £300s??



Do you think you could all and buildup a living for yourself if you gave up all you had apart from your skills, and started trading again with just £250 capital??

Hey young Sir....... !!


" S T O P T H E D A Y T R A D I N G " .......... !! :!::!::!:


You CAN do it and you CAN be successful doing it - but youve got to STEP BACK and HAVE A PLAN....... !!

The " MINIMUM " time frame you should be looking at on ANY chart is one DAY........ !! :!:
If you feel you " must " be active, look at a 1 HOUR chart ONLY..... !! and if you cant do that -TAKE UP FISHING........ !! :!:

DO NOT CHASE THE MARKET....... !! - (wait PATIENTLY for the CORRECT set-up) -:!:

The CORRECT stop will usually be a LOT further than you THINK it should be - (if you cant afford the CORRECT STOP) - scale the ticket back - dont " wing it "... !! :!:

Look at a DAILY chart and what DO YOU REALLY SEE........?? :idea::idea:

PATIENCE is THE most important thing ........ !! :!:

 

[spanish89]

What part of NOTWITHOUT A PLAN!! do you not understand?

(Could someone try signing this for me?)

I do have a clear trading plan already..
I perfecting it everyday i demo trade practising it, but i do already hav a clear plan and stratergy of entry/exits points, buying and slling in dips at S&R levels only..

 

[trader_dante]

Perhaps it's something to do with the fact that you take 5 ticks when you're right and lose 789 when you're wrong.

 

[shadowninja]

I do have a clear trading plan already..
I perfecting it everyday i demo trade practising it, but i do already hav a clear plan and stratergy of entry/exits points, buying and slling in dips at S&R levels only..

That is a system, not a plan. *wanders off to find a link*

Try this: T2W Day Trading & Forex Community

Take some time out (2 hours?) and fill it in in detail.

 

[Depth Trade]

I do have a clear trading plan already..
I perfecting it everyday i demo trade practising it, but i do already hav a clear plan and stratergy of entry/exits points, buying and slling in dips at S&R levels only..

Spanish, here's where the money will be this week.

Look to short the following off a 30min chart;

Eur/jpy
Aud/usd
Gbp/usd

Look to long the following off a 30min chart;

Usd/cad
Usd/chf

 

[Hoggums]

To be fair to spanish, of those of us that are still around after a few years trading - have we not all been there? Started off with wild dreams of easy riches and faced that period of desolation when we finally realised that it's not easy and the only realistic way there is the slow way.

My advice would be to get back in touch with the force and re-apply for that job. Get a solid income going and save up a little beer money a month that you don't mind losing and learn to trade on demo. Treat any money you lose as the cost of learning to trade, experience counts for a lot. I think only having a few hundred quid in the account is a good start to trading - it stops you from entering too many positions and losing too much.

I don't think your goal of being a full time trader from £250 is at all realistic. To live you'll need to make 200%+ a month on that capital, month in, month out.

 

[dbphoenix]

I do have a clear trading plan already..
I perfecting it everyday i demo trade practising it, but i do already hav a clear plan and stratergy of entry/exits points, buying and slling in dips at S&R levels only..

If that's what you call a trading plan, then you should not be surprised that you're failing so badly.

1. How are you determining support and resistance? How do you know that you're defining them correctly?

2. What exactly is your setup? How are you defining it? Can you explain it so well that somebody else can find it for you? If you can't, then you haven't sufficiently defined it. If you haven't defined it, you won't know it when you see it, much less what to do with it.

 

[Depth Trade]

Spanish, here's where the money will be this week.

Look to short the following off a 30min chart;

Eur/jpy
Aud/usd
Gbp/usd

Look to long the following off a 30min chart;

Usd/cad
Usd/chf

(yawn)

 

[shadowninja]

(yawn)

You know you've been trading too long when you start mocking your own posts.

 

[Depth Trade]

You know you've been trading too long when you start mocking your own posts.

I'm worried about the guy, I know what is likely to happen

 

[Depth Trade]

89, I would focus on Eur/jpy and Usd/cad using Ichimoku indicator on 30min.

Both of these trades are Crossing right now.

 

[spanish89]

Aloha and thanks for your advice...

Im not going join the police as even though its the career ive wanted all my life, the hours just wouldnt be fair on my fiance, and so i gave it up for her.

I currently do run my on online retail business, sell daily on ebay as business, and run and international shipping business..
I have big stratergies and plans of how i want to expand my business (a registered international corporation now), everything is setup and the moeny taht would ten flow is just sitting there...,
but i just dont have the capital do do it though as am paying my way out of debt still.


But am currently making between £60 - £250 profit per week from ebay though.


But i want to become a fulltime trader for my actual career..

Not want it to just be a side hobby in a crowded life, or just something i play around on for abit of fun.


I want to actually do this fulltime for my fulltime career.
And so i need to dedicate my 'full time' to it though.

To learn and practice it for now with demo accounts, and then when im consistent to watch the market fulltime, and so get in on the best trading oppotunities.



No matter what anyone says i dont believe you can actually be a proper trader 'in your spare time'.
You have to watch the market all the time to get in on at the correct oppotunities, not just log on your laptop and hope the market is at a good trading position.

 

[spanish89]

Aloha thanks for the link shadow im reading through that.

And thanks D.T, the AUD/USD is the FX pair i focus on, made 316 pips last thursday from it, but havent traded it since then.

 

[shadowninja]

Here's a question for you. When you started your ebay business, how much did you make in the first week? (I mean from the first moment you did anything related to your ebay business, whether it was make a phone call or order some stock.)

 

[spanish89]

Here's a question for you. When you started your ebay business, how much did you make in the first week? (I mean from the first moment you did anything related to your ebay business, whether it was make a phone call or order some stock.)

Um i cant remember exactly, about £50 profit i think in 1st week.

 

[mp6140]

MP -- please dont bother me with the truth !

There's one huge problem when starting out - deafness.

That's because 99% of newbies are deaf when they are told by genuine traders the real hard facts that they need to know about trading. First of all they put their hands up in horror, then they give a mouthful to the person who has told them, and then they firmly slap their hands over their ears so that they can't hear any more. . . . . . . . . . . There are things newbies NEED to know, but these are never the things they WANT to know.

SO VERY TRUE AND SO VERY IGNORED, CONCIOUSLY !

I have a few that I teach slowly and they learn . . . . . . . SLOWLY !
and then I run into the ones who want the indicators and the "system" and "where will XYZ be tomorrow" and its usually a fast "goodbye" from me ---- after many years, Im only beginning to be really comfortable with how I see the market --- amazing how most newbs just want the "auto trader of the week", and then to sit back and never have to "work" again, because the money is supposed to just rake in and drop out of the floppy drive !

Can people learn to trade ------ IMO, they can and with varying degrees of proficiency, but certainly well enough to earn a very decent living, but like anything else, Forex has its own culture, rules, methods of operating and language, and one had better learn these things or do something else !

enjoy and trade well

mp

 

[ceydababy]

Aloha people, i dont know why, but i am just feeling very very depressed and disallusioned about how much of a real life career trading can actually be.

I gave up going into a career in the police to become a trader fulltime, but now ive been trading (demoing now) for over 1month i just dont feel that the small little guy can actually make a secure stable living off just being a self-employed spreadbetter trader!


I made almost 600pips last week using my demo account, however i know that if it was my real money i wouldn't have taken those risks of holding for so long, even though i had actually used S&R lines, trend.. ect so was actually using a real method not jut gambling and guessing.

And even if i wanted to i simply wouldn't be able to risk a hundred quid+ on 1 trade!!


At the moment i feel you can only actually make a living of trading if you already have a few thousand pound just sitting around spare...,
but until you are already 'rich' you cant become a trader.

Don't take this the wrong way, but do you really think after 1 MONTH of trading on a demo account you are going to become the next GEORGE SOROS. ALAS...if it was that simple everyone would be a millionaire.

 

[spanish89]

Don't take this the wrong way, but do you really think after 1 MONTH of trading on a demo account you are going to become the next GEORGE SOROS. ALAS...if it was that simple everyone would be a millionaire.

LOL

Why dont people actually read what my post says, not just guess what imay have ritten and then try to mock me??


I dont expect to be rich now!! i dont expect to have even any money at the moment! :cheesy:


I said...
Can people eventually make a real secure living for themself and their family just by starting to be a self employed trader as a student??

 

[brutusdog]

LOL

Why dont people actually read what my post says, not just guess what imay have ritten and then try to mock me??


I dont expect to be rich now!! i dont expect to have even any money at the moment! :cheesy:


I said...
Can people eventually make a real secure living for themself and their family just by starting to be a self employed trader as a student??

answer = yes.

answer's relevance to you or your ability to do this = nothing.

 

[new_trader]

Aloha people, i dont know why, but i am just feeling very very depressed and disallusioned about how much of a real life career trading can actually be.

I gave up going into a career in the police to become a trader fulltime, but now ive been trading (demoing now) for over 1month i just dont feel that the small little guy can actually make a secure stable living off just being a self-employed spreadbetter trader!


I made almost 600pips last week using my demo account, however i know that if it was my real money i wouldn't have taken those risks of holding for so long, even though i had actually used S&R lines, trend.. ect so was actually using a real method not jut gambling and guessing.

And even if i wanted to i simply wouldn't be able to risk a hundred quid+ on 1 trade!!


At the moment i feel you can only actually make a living of trading if you already have a few thousand pound just sitting around spare...,
but until you are already 'rich' you cant become a trader.

You are absolutely right. You don't need to be rich, but you need money to burn if you want to learn how to trade, and right now:
1) You are afraid to lose money
2) You can't afford to lose money.

You are still very young, so you have time on your side. (Not that it's ever too late to learn). Add this to what everyone else has already said. Keep studying and practicing. Trade only what you can afford to lose and give up on getting rich quickly. I have been at this for over 2 years, I have money to burn, and I am not ready to trade full time yet.