Trading for a Living?

JDTRADER

Experienced member
1,462 24
Well guys I'm going to start to trade Part Time from April 2011 with the goal to trade Full time from home
 

Justasmallfish

Newbie
1 0
Hi all

I am currently studying forex in the Uk on demo with a view to moving home to Thailand in 3 years. Hope I can trade from there and earn a living. Need to make about $2k per month. I have other income also.

I am going to do 1 course in town along with current studying online books etc.

I am confident I will succeed mainly due to control, i think it's about keeping a clear business plan money management but hey let's see.

I am going to keep a journal and will keep all posted, any tips on my studies would be helpful
 

fxdan

Junior member
14 0
Also new to the forum and tell a bit about myself.

I make Forex my lifestyle.

I have been a full time trader for the last 2 years. Before then was working for a telecomunications place doing customer support. Long 10 hours days, lost the plot one day and smashed my boss with a keyboard. After being a stay a home dad (wife was working), i started looking for ways to make $ from home. Tried Poker, online eBay dropshipping, nothing really worked out for me. Came across FX one day and next minute, bought a robot, lost $3k and thought '****'. Went to babypips.com and learn basics. Opened an account with $550 (Hy Markets) and scalped like mad, built up to premium account ($2500) and haven't looked back since.

My goal is 150-200 pips a week ($10 pip value).

I am still scalping and trade throughout the day & evening. My wife left work about 18 months ago and is a stay at home mum, while I have a nice office for my trading.

It's not that hard lifestyle, can be stressfull at first, but once emotions are sorted out your right.

Happy pippin!
Dan.
 

Yusaf

Newbie
6 0
Hi guys,

I have been trading forex for about 2 years as well. when i first started out, i was working at a wholesale company. i first started to look into trading 4 years ago in stock market. I did get some education and i thought that was it but soon after opening the live account i lost 20% of my account. then i realized it is much more difficult than people make it look. then i started looking into forex. started out from Babypips which bytheway anybody starting out in trading MUST go through the whole school. Believe me it will save you huge amount of money and time.
I did not have my own trading plan so i went the easy route and started to invest in the systems and EAs. I was lucky with one of the EA which did give me very good profit but the EA was having a SL of over 100 pips with target of only 5-10. i was so stupid and ignorant at that time that i did not want to think and accept the fact that few losers could wipe out the winners and even my account. I deposited more money and guess what, in the same year I lost way more than I earned much quicker.
after years of education and experience, now I trade my own money and work from home. So far so good. in my opinion it can be done but with the right support, proper education and experience. Here are the steps that can help one become a full time trader in my opinion and from my experience.
1. Education, getting to know about the market you are going to trade, the risks involved, the margins, leverage, fundamental analysis ( i do not use it) and technical analysis etc.....
2. Right support, i.e. trading rooms and education companies but the fact that there are so many of them these days that it becomes very difficult to judge if they are the real deal or just another scam. So one has to test them out by themselves and see if this is the one for them. Remember though, if they claim of something which is Too good to be true, stay away from them.
3. Trading plan with your proven and tested strategies with sound money management. Even if someone has made million using one strategy does not mean it will work for you, take the turtles example, so backtest your own system, then forward test it using sim account and then go live after at least one profitable month in sim.
4. Live trading. Even if you make it this far baring in mind that the above steps could take you years. The hard part will not be over and in fact the most difficult part of trading will be going live and making consistent profit. The battle between your emotion and your individual characteristic habits etc.....
The above comments or suggestions are from my own experience guys. please feel free to add or comment.
 

Pi3141

Active member
203 9
Also new to the forum and tell a bit about myself.

I make Forex my lifestyle.

I have been a full time trader for the last 2 years. Before then was working for a telecomunications place doing customer support. Long 10 hours days, lost the plot one day and smashed my boss with a keyboard. After being a stay a home dad (wife was working), i started looking for ways to make $ from home. Tried Poker, online eBay dropshipping, nothing really worked out for me. Came across FX one day and next minute, bought a robot, lost $3k and thought '****'. Went to babypips.com and learn basics. Opened an account with $550 (Hy Markets) and scalped like mad, built up to premium account ($2500) and haven't looked back since.

My goal is 150-200 pips a week ($10 pip value).

I am still scalping and trade throughout the day & evening. My wife left work about 18 months ago and is a stay at home mum, while I have a nice office for my trading.

It's not that hard lifestyle, can be stressfull at first, but once emotions are sorted out your right.

Happy pippin!
Dan.

Without obviously giving your scalping strategy away, do you scalp by reading the price on a DOM and gauging where the short term momentum is? Or do you scalp by observing technical indicators on a chart?

The reason I ask is because there seems to be a general consensus on this forum that scalping is not a viable strategy and should be best avoided in favour of higher timeframe trading - which I find highly dispiriting because I find this long term trading doesn't suit me at all :(

Thanks in advance,

Pi
 

fxdan

Junior member
14 0
I find long term trading left with the girls over at Stocksville ;)

Scalping has served me well now for a little over 2 years. I trade with 5 techniques/methods over EUR/USD, GBP/USD, AUD/USD & CHF/USD. Trade from 5-7pm onwards, open of London right through till late (usually after NYSE open). I also trade the news a few times during the week and ride those candles if big movements.

Any questions, just ask way, im pretty open and not like some who keep there trading to them selves. I have a site which I teach for free this methods and mentor people to trade like me.
 
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Kiwirumpole

Newbie
5 0
if you want to be a trader I think that the first thing to find out is how you want to trade and what suits your personality. For me day trading is like flushing money down the drain. I am an analytical person and I need time to do my technical analysis and make my decisions so I became a swing trader mainly for that reason but also because I do not want to be stuck looking at a monitor all day. If I am trading the USA markets it would mean starting at 2am to do day trading - no thanks.
 

fxdan

Junior member
14 0
I wouldn't say Day Trading or Scalping is looking at screens all day or flushing money down the toilet. Have a look at the screenshot of mine.... lol. In a strange way, it sure does give me freedom and more time to be out the Harley ;)
 

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Ghost Pips

Junior member
12 0
Its like any other job if your good you can make money from it
 

Ghost Pips

Junior member
12 0
I find long term trading left with the girls over at Stocksville ;)

Scalping has served me well now for a little over 2 years. I trade with 5 techniques/methods over EUR/USD, GBP/USD, AUD/USD & CHF/USD. Trade from 5-7pm onwards, open of London right through till late (usually after NYSE open). I also trade the news a few times during the week and ride those candles if big movements.

Any questions, just ask way, im pretty open and not like some who keep there trading to them selves. I have a site which I teach for free this methods and mentor people to trade like me.

Hi Dan

Would be interested to see your methods what is your website address?

Thanks
 
 
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