Full time traders

kevinkdog

Junior member
34 20
I had the same issue and years ago I got in touch with a guy who‘s diagnosis I didnt like at first but over the years I had to admit that he was right.

I was right not to send him a Christmas card though as he was ridiculously patronising but still, the message was right.

I was able to make money following a strategy and then give it back. At the end of the week Id calculate what my strategy should have made and compare that to what I actually made to judge my efficiency and work out ways to get better. All great so far, however, there was always another figure to take into account, what I made overall. At times i wouldn’t get a signal for ages and I found it hard to watch the market drop a few hundred points and then rally same amount without a single signal so I found myself taking trades which either didnt fully fulfill my criteria, followed social media or just made crap up. I couldnt even have these trades on the same journal because the stats at the end wouldnt teach me anything. Lets be honest thats nothing more than gambling but my desire for profits was stronger than my ability to assess the reality.

What the bloke said.....

1. I didnt fully trust my strategy and its profitability so needed to work on that. Serious bouts of testing and simplifying things meant that eventually random trades fazed out.
2. Stop looking at returns in isolation, the number is meaningless. Look instead at risk adjusted returns, as in what you put on the line to make your returns.

My thoughts ....

You need an edge. If you truly have one, all other parts of trading are easier to soldier through. If for example you have a market open breakout strategy which pays over time its within most peoples ability to wait for the market open, place the order and win or lose walk away till the next day. Its when we’re flooded with doubt that we start freestyling.

Focusing on psychology is a waste of time if you dont have an edge, if anything it can damage you.

I hope you’ll find a way.
This ^^^^^

I always tell people:

No edge (profitable strategy), bad psychology - YOU LOSE
No edge (profitable strategy), great psychology - YOU LOSE
Good edge (profitable strategy), bad psychology - YOU LOSE
Good edge (profitable strategy), great psychology - YOU WIN (but it will still be hard)
 

earlchristensen

Junior member
40 5
You can never predict your returns in forex trading. But if you have not been able to make anything for so long, I assume that you have been using a strategy that doesn’t work for you.
 

ridgeback

Junior member
23 11
Also many become obsessed with their "system" when actually money management, targets, drawdown management is probably more important. The money management has to fit you before the strategy and I think that can only happen through experience. When it all fits together you become consistently profitable.
 

RachelFX

Active member
100 27
Hi all, Is anyone here a full time trader. I've been at this for about 5 years on and off. Never able to make profits. I never lost anything but I never made anything either. One of issues I keep running into is I make trades, make some money. Then flow up with bad trades always coming up to 0 over a period of time. For those you who are profitable and I mean over a long period of time, how did you solve this problem.?
Link up your account to myfxbook and review evey 20 trades.
One other questions are you using a good RRR?
 

sharabela

Member
52 10
I have been able to make money by Forex trading, but I am still not a full time trader. I have been going slowly with my investment. I have a part time job, which gives me a consistent income. Yes, I do have a plan to be a full time trader and depend on it completely. It may take another year or two.
 

pezza55

Member
56 16
I understand where you're coming from. I think you need to look at your risk to reward ratio. With each trade you should have a calculated risk so if things don't go to plan you only lose a small percentage of your account. I usually look at around 1-2% of my account on each trade. It's better to achieve small profits consistently then it is to make big wins and large losses which counteract each other.
 

sebking1986

Active member
206 69
You're already half way there if you are at break even! You're likely right on the precipice of becoming profitable with slight tweaks. Could just be a small adjustment to the risk reward of your trades that makes a difference
 
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tomsmiths

Junior member
28 7
Having an edge is important but it is not the only thing that matters. You have to agree that many traders don’t even know what edge is let alone using it in their trading, but I’ve still seen these people making profits. It’s good to work on making an edge but psychology is also equally important.
 

-Catalin-

Junior member
49 9
Having an edge is important but it is not the only thing that matters. You have to agree that many traders don’t even know what edge is let alone using it in their trading, but I’ve still seen these people making profits. It’s good to work on making an edge but psychology is also equally important.
The foundation of long term profitability has to be an edge, otherwise I’d like to know how anyone would apply good money management or psychology to turn a profit from a negative expectancy game.

Over a small number of observations anyone can win. At a horse race meeting, I once won big in 4 races out of 6 and fools around me started thinking I was gifted. Luckily I was already bruised by the random outcomes stick by then and knew to enjoy my luck and not think of the title of my new book.

I guess its subjective but for me keeping the mind ticking right is easier with an edge. When i thought I had to constantly partake and chased every shiny object with no proven edge in at least half the trades I was taking, making sound decisions was nearly impossible and very confusing. The stress and the pain was ridiculous.

Or maybe our definition of edge differs. For me, edge means having positive expectancy while entering and exiting based on rules. How I feel and think doesnt come into it.
 

Hency Corniey

Junior member
42 7
I also want to be a full time trader. Can you please help me here. How much time should I give per day? Thank you so much!
 

tomsmiths

Junior member
28 7
If you have an edge, you have an advantage over any other trader that doesn’t have one. It’s as simple as that. It makes trading a lot easier and you start ignoring noises in between and start focusing on the long run which is exactly how trading should be done.
 
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no_frame

Junior member
44 7
I also want to be a full time trader. Can you please help me here. How much time should I give per day? Thank you so much!
Whatever time you devote, give it your all. Stay focused & gain knowledge. However, if i talk about myself i spend atleast 2-3 hours everyday.
 

marthasanders

Junior member
24 1
@no_frame Yes, devotion, knowledge, and focus are some factors that help you have a deep understanding of trading. I would suggest going for part-time trading before choosing it as a full-time job.
 

pathsofglory

Junior member
16 0
I think more than time, what matters is the sincerity with which you approach forex trading. You can spend 15-18 hours a day and still get nothing out of it. On the other hand, with the right method even part-time traders can earn more than full time traders. To make your time and practice worth it, learn from mistakes and keep working on your loopholes.
 
 
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