I began this trip seven years ago trading with algorithms but right now I'm afraid because in my country this profession could get ended.
I'm from Spain and we are submerged in a deep crisis. The politicians don't know what to do except to raise taxes to everyone. If nobody changes it we'll have the tobin tax with us and it'll be the last knock out european traders will be able to bear.
My last option it's to emmigrate some country with better conditions to traders but it isn't a good taste plate for me. I think legislation in my country makes impossible for the retail trader can survive.
Especially if we consider that our job is a really difficult work with uncertain and volatile returns. Now I'm going to obtain the series 3 to set as CTA or CPO (I've not decided yet) and on june I'll try to pass CFA level II exam.
This I do trying to change from retail trader to professional trader because I've noticed that it's very difficult to live from trading with less than 1 million euros in your account especially if you have mouths to feed and high expenses every month.
This is my thinking after seven consecutive years winning money with really bad moments and some good. It's not an agreeable profession like the brokers and book salers want to make us believe.
Sorry for my english and my not very optimistic first post but right now I only see a black future!
The following 4 users say Thank You to strad for this post:
i am happy to hear how you have work hard to make such achievements of making it to the point of just about to become a CTA and to be a CFA member.
indeed this what i am hoping to be before i reach 27 as i am now 21.
And about the situation of Spain i think it is the matter of time and one day it will all be history.
I studied the forex market for one year and never made one trade. Why? Never located one honest broker, and perhaps of greater importance, forex is actually not a true market. In the vast majority of cases, your broker takes the other side of your contract, and it is in their interest that you LOSE. Whereas there is a bonafide stock market and commodity market.
Yes, I know about ECN brokers that claim they do not have dealing desks. Oh really? Then why are there dozens and dozens of posts that rip those brokers apart? Yes, there is corruption in every market, but forex is the worst.
The following user says Thank You to trader3264 for this post:
Totally agree with 3264 comments, I also studied forex for 2 years, quickly realised that I was trading against my broker and not a market and they had the upper hand becuase it was their platforms I was using, tried at least 6 different brokers, ECNs etc and when price was in my favour the broker seemed to be able to slow the price move.
A very experienced futures trader gave some great advice and said that you should have 3 things in place when deciding to trade, 1 a seperate platform with no broker ownership, 2 a seperate data feed, and 3 a broker that only interested in commission and not able to change price moves etc.
I have been studying futures (ES/YM) for past 18 months and using demo, just started making constant positive scalp trades. Making max 2 trades per day and sticking to very strict trading plan, also just researching Al Brookes price actions etc. should be ready to go live in 6 months time. I am currently working on implementing journal so may some help from Big Mike to point me in right direction. Great site and hope to graduate to elite member area.
The following user says Thank You to Joshalex for this post:
I was a very part time options trader in the past, did OK. Then life changed and had to stop for a few years. Tried some Forex last year, expensive way to learn!
Now I have some time again so I hope to use this forum to learn from other peoples experience and try not to reinvent the wheel.
Eventually, I hope to make some money and do my part in helping others to succeed.
The following user says Thank You to JohnSearch for this post: