Glory or Nothing!!!

[Forexmospherian]

Thanks NVP I follow a lot of your posts, there quite educational.

Everyday there's a new learning experience and i'm continuing this learning by reading many trading books,articles,threads, chart watching and trading most importantly.

Reality check wise, I have a year and five months to see if trading is for me and if i want to pursue it as a career. If i do go into trading and it doesn't work out i'm losing out on most likely 50k of a lost money from more traditional jobs for a two year period. I'll also have my growing student loan of 20k that compounds on a yearly basis of £400 based on 2% inflation.

Hi oshunt

You seem a serious young man and i wish you well planning out your career.

If you are wanting to go into the commercial world as a professional trader - your need a good degree etc - so don't miss out on that - but if you want to end up a retail trader, then it is still possible to earn a good remuneration whilst growing your account and also improving your methods etc etc.

I had a career in business for over 25 yrs before I semi retired and ended up getting into currency trading. That was over 11 years ago and I have been now trading full time for approximately 6 years. After 13K+ live trades I am still learning but for the last 4 years have been able to very profitable - so it is possible

Trouble is less than 10% of all retail traders will get to making consistent positive returns and I reckon it can take anything from 3 -7 yrs to find out whether you can actually make it.

If you only have approx 17 months left to find out - I would use that time very wisely - ie not just reading books and taking courses and studying all the traditional ways like EW, Harmonics, Fibs, Pitchforks,etc etc.

Instead spend more time every day watching live charts on any major pairs for at least 3- 5 hrs. Many compare it to watching paint dry - or trees growing - but study what you see and then work out what is happening on all frames from a tick chart up to a 4 hr and daily.

Then solve the "rubic's cube" or the puzzle you are faced with. Watch the moves from just 3 pips to even 100 pips and then study the price action in detail etc etc

You will have a "eureka" moment - it might be after 1000 hrs or not to 4700 hrs - but you should have one - one day

Then you will realise that there is so much rubbish spoken and taught with regards to FX trading. Your main objective is to make money with low risk from these moves - whether it be from 5 pips or 35 pips or 350 pips - it will all depend on the risk you want to use - but If tell you my risk is always less then 7 pips and normally under 5 pips - its should tell you that reading PA at the "coalface" - in the noise must be down as important on your "learning journey" ;-)

I wish you good luck - you will need lots of patience - determination - commitment - focus - mental strength - never say die attitude - and most important - discipline

All the best

Regards

F

 

[oshunt]

Entered a trade in the usd/cad aganist me at the moment risking £15 for £30 return.
level on the hourly

 

[I'vereadthemall]

I find it harder with more money in the account,as i'm not as selective in the trades i pick. I end up taking more b- trades than a+ trades and it drains the account. i'm grateful for the opinion as well.

Hi mate, think about that answer and then think about wether you think a hedge-fund or prop house is right for you.

 

[oshunt]

Usd/ cad trade lost account at 92.15

 

[oshunt]

i put an order in for the eur/ usd last night after a pin bar formed on the daily at resistance. order for 1.5 i got red carded by my spread better, for margin reasons.

i would have made exactly £100

would brought me near to break even.

this feeling hurts more than the losses, such a bad run with near misses and everything...on to the next one.

i rang up fin-spreads and they said it let you place the order if you placed the trade it would have stopped you....so stupid the same logic should apply to orders.

The worst thing is i followed my plan perfectly saw daily pa went to hourly bought at hourly Resistance to short.

 

[oshunt]

that last trade has really annoyed me, that trade was executed perfectly every thing went to plan assessed that the fundamentals of the euro would be bearish... guess their is my lessons learned for the day margin is a b**** even when you have protective stops and only risk the money you have in your account.

At least something funny has come out of this, i now know that this thread's title is wrong glory or nothing should be glory or until margin stops me from trading.

i'm gonna give trading a break til monday no setups for thursday and friday usally has low volatility.

rant over.

 

[oshunt]

Some times you have to man up and admit when your wrong! This thread was titled Glory or nothing and after having the account open for over four months I can now say the latter is where it ended, from £200 i've went to £20, a 90% decrease.

So to the traders that said it wasn't possible you are right in this situation. However, i still belive with right experience patience, luck and a good start which I didn't have can make this strategy work until you get to a level where you can implement standard methods of trading (money management etc..).

Later on today i'll list what i've gained from this account, to at least give something back to the community.

Oshunt