Forex trader as a full time Job

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OKay, so I took the plunge. I opened a uk IG account. So far I have made a 50% return on my initial capital. I have used the greek crises to my advantage. but when there is nothing happening, it wont be so easy I imagine.
 
The Philosopher said:
OKay, so I took the plunge. I opened a uk IG account. So far I have made a 50% return on my initial capital. I have used the greek crises to my advantage. but when there is nothing happening, it wont be so easy I imagine.
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what lot sizes?
 
Do you mean contract sizes and how many?

Small, took 1 or 2 contract per position. I used the 100000 eur/usd contract mostly.
 
The Philosopher said:
Do you mean contract sizes and how many?

Small, took 1 or 2 contract per position. I used the 100000 eur/usd contract mostly.
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100k? That's one full lot. Do you like to live dangerously? 50 pips into the wrong direction and you would have lost USD 500 :D

Also, I'd strongly advise against trading EURUSD at the moment because of the schit that's going on in Greece.

On a side note. The other day I turned USD 13 into USD 2, 300 in a matter of 4 weeks. I then, for just and hour, didn't pay attention and a massive US news release cleaned out my account. I've done this so many times, get to around USD 3k and then get my account cleaned out by losing concentration or just increasing the lot sizes!

This is why I always tell prospective forex traders, if you do not know how handle losing money, you will never make money.

Anyway, that site I spoke about earlier: I managed to get the forum up and running but messed up something in the early hours of this morning. Now its giving me errors. I'll fix it up over the weekend and add the link to my sig; you guys are welcome to join.

Due to the nature of forex, I'm not sure whether rpm would appreciate us having these kinds of conversations over here :)
 
YingYang said:
100k? That's one full lot. Do you like to live dangerously? 50 pips into the wrong direction and you would have lost USD 500 :D

Also, I'd strongly advise against trading EURUSD at the moment because of the schit that's going on in Greece.

On a side note. The other day I turned USD 13 into USD 2, 300 in a matter of 4 weeks. I then, for just and hour, didn't pay attention and a massive US news release cleaned out my account. I've done this so many times, get to around USD 3k and then get my account cleaned out by losing concentration or just increasing the lot sizes!

This is why I always tell prospective forex traders, if you do not know how handle losing money, you will never make money.

Anyway, that site I spoke about earlier: I managed to get the forum up and running but messed up something in the early hours of this morning. Now its giving me errors. I'll fix it up over the weekend and add the link to my sig; you guys are welcome to join.

Due to the nature of forex, I'm not sure whether rpm would appreciate us having these kinds of conversations over here :)
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Yes, you must be able to lose money. Also keep a level head when it is not going for you.

The main reason I am trading the eu/usd is because of greece. The volatility allows gains to be made easier than a flat market.

ALso dont forget about US data that came out. The non farm payroll data came out last week and made the eu/usd! made a tidy profit on that too!:)

how did you change $13 into $2300 then lose it all? were you not using a trailing stoploss?
 
The Philosopher said:
Yes, you must be able to lose money. Also keep a level head when it is not going for you.

The main reason I am trading the eu/usd is because of greece. The volatility allows gains to be made easier than a flat market.

ALso dont forget about US data that came out. The non farm payroll data came out last week and made the eu/usd! made a tidy profit on that too!:)

how did you change $13 into $2300 then lose it all? were you not using a trailing stoploss?
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Some background.

I am constantly trading using the MT4 android app. So whether in a meeting, lying in bed, doesn't matter.

Now, trading on your phone is a mission as it is, so most of the time I do not use stop losses or take profits. I use my gut to decide when to close :p

On that particular friday I had something like 5 or 6 positions open (AUDUSD - my lucky charm), plus a pending buy stop. The problem was I had to take a taxi home that day because the wife needed to use the car. While I was walking toward the bus terminus a news release came out and due to the volatility in the few seconds before the release the fscking buy stop got triggered! Due to the fact that the news release favoured the USD the price dropped something like 50 or so pips.

Usually when an order gets filled my phone would vibrate, but as I was walking I didn't feel it :(

I generally do no trade using any stops, I rather hedge my position :)
 
YingYang said:
Some background.

I am constantly trading using the MT4 android app. So whether in a meeting, lying in bed, doesn't matter.

Now, trading on your phone is a mission as it is, so most of the time I do not use stop losses or take profits. I use my gut to decide when to close :p

On that particular friday I had something like 5 or 6 positions open (AUDUSD - my lucky charm), plus a pending buy stop. The problem was I had to take a taxi home that day because the wife needed to use the car. While I was walking toward the bus terminus a news release came out and due to the volatility in the few seconds before the release the fscking buy stop got triggered! Due to the fact that the news release favoured the USD the price dropped something like 50 or so pips.

Usually when an order gets filled my phone would vibrate, but as I was walking I didn't feel it :(

I generally do no trade using any stops, I rather hedge my position :)
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Which Broker are you using?
eToro?
 
How much experience have you actually had. It is a known fact that only 2% of FX traders actually make money and of that only 20% manage to withdraw their winnings.

Have you tried to do demo trading? Most MM's offer this but believe you me. it is not the same if it is real money.
With real money, you will often find down spikes so quick and large to take out your stop loss and often well below your SL due to the "no buyers" excuse.

If you really want to carry through with this, I would strongly suggest a SA broker and not send your deposit overseas as you will have no recourse to for any complaints.
 
www.kalaharifx.com

Small forum which i'm trying to get going for anybody who's interested in forex.

FWIW I've managed to get CrazyTrader to register - check out his profile on MyFXBook. The guy is a master.

Oh, and please give me some comments and suggestions for the site. I haven't run a site since around 10 years ago!

Cheers
 
The Philosopher said:
The top 40 index just decided to drop 2%. It dropped from 47500 is to 46109 ish.
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I was long on the Indi but got stopped out although I'm still long on the FINI.

Been trying to catch as much screen time with Metatrader4 - about an hour a day and also been lurking at babypips.com and forexfactory. so much of stuff to learn. Just a quick question. I've read on various places that trends in the fx market are some of the longest in any market. Why don't more people position trade?

Will start asking questions on YingYang's forum soon.

Cheers
 
The Philosopher said:
The top 40 index just decided to drop 2%. It dropped from 47500 is to 46109 ish.
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Don't trade around major economic news if you're a novice. Rather look for Gap plays in the morning.

I started with those and although I've wound down my trading, I still trade the odd morning gap and walk away with 100 - 200 points just after 9am. Not a bad way to start the day.

I think gap closes are like 60-70% on ALSI Futures.

P.S. If you don't understand what I said, go find out, thats how you learn research, research, research. Then you just need a good dose of steel balls and you're good to go.
 
Shard said:
P.S. If you don't understand what I said, go find out, thats how you learn research, research, research.
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Rock hard , solid advice. Sure to work... it just has to reduce down the odds of that coinflip und will work 15% down from here.
yer proposal chance of success fir me buttumline

say I follow yer advise half the time 0.50
yer get it right half the time 0.50 = 25.000%
yer get timing right half the time 0.50 = 12.500%
I get timing right half the time 0.50 = 6.250%

This will also make me yer bitch, und i ain't. Gnomesain?

But as ye said , it be a one way street, it aint a privilege, it be a necessity.

Man i am drunk! Wot are we gonna do all day? Any site that offers local cocain delivery? Maybe update some rugby scores.
 
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Oopsie said:
It is a known fact that only 2% of FX traders actually make money and of that only 20% manage to withdraw their winnings.
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"you will know them by the number of their dead" , so apparently 98 out of 100 dont do research/homework?, or the research-homework they have you do is an intrument of the fog of war.
 
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