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this thread has been going for 5 years and i have only seen about 2 people answer the SIMPLE question that was posted.
makes me wonder!!
1. Is trading your primary source of income? for now, yes (unemployed)
2. Do you make over $100k/year in trading (NO)
3. How long did you trade prior to making trading your primary source of income - or if not primary income yet, number of years trading? (been paper trading/swing trading for 5 years, unsuccessfully...recently took on day trading, lost half my account a few weeks ago, now going at it again one last time)
The reason hardly anyone has posted is because many are loosing their accounts including myself.
After 8 years of trying this, I'm about to call it a day!
This market is simply rigged against day traders unless you can take longer term trades with a minimum of 500 pip
stops.It's simply no point in even attempting to be involved in this so called day trading pipe dream that most of us are lead to believe will give you consistent returns.
The market was NOT made for us small boys.
Unless you have insider info, you are going to struggle.
There may be traders here making money but they are but a few!!
Could you please explain what method(s) you attempted to use while trading 8 years? It's hard to verify such statements you've made without further investigating the reason why you lost. Why would you continue after year 1 if you didn't have any signs of success. If you kept losing what would make you stay for 8 years?
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
I did what most traders do.
I was excited when I first became a trader, then realized after some classic mistakes that this is going to take some work. (No problem with the learning curve).
After a few failed attempts, I took a break for a year and studied- read books etc.
Came back, refunded the account, joined trade room after trade room etc.
Continued trading, and making a little then giving it back, then make a little again, then gave more back!
Just about tried EVERY Method out there!
The reason I stayed in the business for eight years is I believed I could make a success of it!
Some traders have got a military discipline in order to succeed in this market. Unfortunately It's not something I posses.
I have to face the facts after trying to have a more disciplined approach I find I'm unable to exercise this on a daily basis successfully.
After this vicious cycle, I think my stress levels have finally taken it's toll, and have decided to become part of the 95%
failure statistic.
Have you tried trading where you simply place a target and stop and walk away until one or the other are hit? If discipline is your problem there are solutions for finding a less intensive system that doesn't require all of your attention during the trade, only the beginning. This in effect will build your discipline if you can withstand the urge to check on the trade's PnL.
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
These posts are timely. I am approaching the time frame of going live within a few months. I currently hold a 1st shift job that destroys my love of life...so be it. It provides me with the essentials to survive and nothing more. Plans are to trade 3 hours before work, have a mobile account that I can peek at during work and watch for the rest of the evening. I have always had an eye to the market as my Dad worked at and held GE stock. Tried options 15 years ago and blew through a grand in 2 1/2 months...not bad for not knowing a thing. What I did do was chart 6 stocks in different colored inks on graph paper. Now I have the time and desire to pursue this game.
Last April, a trading platform was downloaded on my computer to begin my journey. Tried all kinds of setups, tweaking periods and what not. My guess is 50-50...not good. Put the toy down and started to research the markets themselves and how they work. Supply and demand makes the most sense as the biggest moves occur at the reversals of these levels. We need traders to come in AFTER us to push us to profitable levels, survive the pullbacks and sideways movements. If it goes against us, we have that cushion for getting in first and to bail with a smaller than expected profit. I find revengeful trading hides in my brain and at the time I do, it turns and heads the other way...never works. There is a newsletter written by a trading school online that dates back to 2005...I am now in the year 2009, and their trading core is supply and demand. I love it. Even took a break from here to concentrate on it as this is my first day back after 5 months. Trying to locate a trusted forex broker as I want to start my trading at a buck a move. Check out the British pound against the US dollar...sold off Feb 26, hitting exactly the supply that was evident from Jan 2.
Full time job, soon to be part time trader and of coarse the goal of full time trader. If it's only 5% making it, it is being done. My plan is to be included in that minority as the majority are freely giving it away.
For anyone struggling, in my opinion it's likely because you have adopted a losing strategy that most retail traders seem to suffer from -- which is short-term scalping.
I've been sharing my trades, statements, PnL, statistics etc on my journal thread for the last few months. I've done this in an effort to demonstrate a different way to trade compared to how most retail thinks.
Mike, I've found out to my detriment, that short term sclping simply does NOT work in the long run!
I'm probably going to take a break for awhile, then look at what Itchymoku as advised- Looking at longer term swing trading trading. Just place the trades and walk away for two to three months with a 500 pip SL. Probably more my style!
lol I dk about walking away for 2-3 months. That's a little too far out there imo. I would definitely suggest to aim for something on the day to day time frame. Remember there is news that comes out that can be impossible to predict the volatility spikes. Fundamentals change with forex from day to day. What you're suggesting is more on the lines of investing but you have the concept right about walking away.
Good luck,
Itchymctofu
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
