I like to trade with Forex Trading, but I cannot trade it full time, and it is good to trade it part time, and have my other options open.
Excellent post. Logically presented, and well written.
Edit:
Well, it looks like [I]somebody[/I] has picked up his ball and stomped off the field.
Maybe I should delete this post, too.
.
Honestly I think this idea isn’t bad at all, you would always have something to fall back to! There would be no need to leave your part-time job!
Well if you are very successful in trading and have enough big account from which you can run your monthly expenses even by getting 8 - 12% profit monthly, then you can quit all other jobs or work and be a full time trader.
First and foremost congratulations, a very impressive feat and one I’m sure has made you feel a lot better about life lately!
Not sure what the etiquette is around here regarding asking people to share their super secret tips and tricks but is that something you’d like to elaborate on?
I just switched from trading from timed bars to trading from constant-volume bars (which meant futures, since volume isn’t available for spot forex). I found that just doing that, and changing almost nothing else about my “trading methodology” (I happen to be a price action trader), made my results more reliable and consistent.
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As an average, at least in the UK, a full-time job clocks about thirty-five hours per week…
You could trade a £1000000 account and make a ‘full-time’ monthly income working much less than thirty-five hours a week, which would make you part-time.
The idea that only a ‘full-time’ trader can live off trading is therefore misleading: the question should be “Is trading you only or main income source?”.
Also, home-based employment is much harder to define in terms of traditional ‘part/full-time’ schemes: my sister and her husband both worked from home as high-end managers for a large company for years and yet they weren’t at their desk ‘full-time’… Yet they were ‘full-time’ employees…
Similarly, a ‘full-time’ home-based trader could have much more flexible approach to their work, as there would be no reason to impress a manger by physically ‘looking busy’ at their desk without taking breaks for hours on end…
I am just saying…
That’s one of the things that’s been making this a bit more stressful than it needs to be. I’ve told myself that I’m going to be looking at this as another full-time job yet trying to spend eight hours a day analyzing/finding ideal trades seems to be VERY difficult, I’ve found myself doing about 15 minutes of analysis every new hour, 30 or so minutes every 4hr and a sizable amount when the daily rolls over. The rest of the time, at this point since I’m still in the beginners stage I’ve been reading articles, looking at past prices, reading books, watching Vlogs etc but I can imagine pretty soon (as it already seems to be happening) I’m going to run out of GOOD things to read/watch (probably outside of actual books). Obviously if I was scalping 8 hrs a day would be a little easier to do but that’s not really my cup of tea.
In one sense, that’s not a bad position to be in, eventually, because it means you’ve settled into your chosen trading-style and are meaking steady-ish profits without feeling in need of too much further educational input?
Speaking for myself, though I looked long and hard and persistently for a long time, I very rarely found video/online information of [I]real[/I] value to me (there’s probably more, now - I’m talking about mostly a decade ago), though it was exactly the opposite with “mainstream, established textbooks”, some of which I think are excellent and am continually surprised by how few aspiring traders, apparently, ever seriously study them.
I hear you there … I do something similar to that (“semi-scalping”, you might say, for 8+ hours per day on three days of the week, and far fewer hours on the other two) and it [U]is[/U] easier. It suits me, in the sense that I spend many hours on my own in front of the computer (which I like anyway, being anti-social), but nowadays quite a high proportion of that time is “doing other things online” anyway, while intermittently watching the markets and patiently awaiting trading opportunities.
I like to trade part time and have some other source of income too, as I think it is very risky to depend on the Forex alone.
Not a bad idea, if that suits us then we should go for it. Things would not always go right in forex and having a plan B can be for the good!
I heard full time traders are much in profit. They do trading any time when they see now market is good in movement. They certainly find good positions and make good profit also. Full time traders had more knowledge then part time traders.
I always get to see such responses in so may forex sites and and forex meetings.
One question I always ask in response to this is: Why should successful Doctors, Lawyers, Engineers, Accountants etc have students and why should they dish expensive materials or seminars while trying to teach people their craft?, afterall they already have enough money…
When I ask that question, there is always a resounding silence because anything anyone has ever become today in terms of different career paths, was done so by being thought by a succesful teacher. Even the self proclaimed forex trader learnt how to trade by actually reading forex literatures written by succesful traders.
Today there are so many rich professionals who still teach what they have learnt over the years and earn a generous amount of cash doing so, that does not necessarily mean they are not wealthy or successful in their chosen career, its just a passion they have in impacting knowledge in people on how to be better in a given field. There are also so many rich and succesful traders who would rather go on vacations or play their xbox and play stations instead of trying to enlighten an upcoming trader or trying to become famous for being a gifted trader. It all depends on what suits you.
IN SUMMARY: If a course or seminar on forex was for free, and lets say the [B]god of forex[/B] came over to teach it, I can assure you that no one will take him/her course seriously. Its a general phenomenon that [B]good things dont come cheap, if they did, there would be no price tags in supermarkets[/B].
Thanks fam
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I dont think Ive ever seen a first 2 posts from anyone here that spouted as much nonsense as your 2.
First there was the “Professional traders make profits that range between 5%-150% per month (sometimes more)” statement…complete drivel!
then the rubbish above.
Have you ever seen a Doctor, Lawyer, Engineer, Accountant advertising to mentor complete newcomers or show them how to become successful at their professions for $5k/$10k/any sum of money you can name?
If you can, please enlighten us with details. (p.s. Doctors of Surfing Studies or UFOlogy dont count, neither do Lego Engineers)
CarlosRay a SENIOR MEMBER:26: ???
I wonder what yardstick was used in giving you such?, there is so much immaturity in your response and it goes a long way to reflect on your age and journey through forex.
When I wrote:
Professional traders making between 5%-150%, I meant it, because I have seen live results pasted from forex competitions with live money, however I am sure you missed the part where I also wrote: “The most important thing you should know is that in this game what counts is consistency”…meaning being consistent in the game, every trader has to trade responsibly and trading responsibly is consistent results month after month and not a one hit wonder which doesnt last through time.
Secondly in my post where I wrote: “Why should successful Doctors, Lawyers, Engineers, Accountants etc have students”, it was an analogy… What I meant was that no form of education is free, that was my point.
If you became a senior member by babypips.com, it is rather dissapointing because I am sure you got enough posts to get there through your cheap insults to every member who expresses their opinion on this platform.
Grow up CarlosRay and stop looking at the world through a keyhole
Thank you
You’re fairly quick off the mark with your own cheap insults, not to mention the sad faces and bold text.
You are incorrect saying that no form of education is free. There is an excellent free school right here, Ive even seem pay-for courses and other forex forums/blogs which have blatantly copied its content. I don’t know where you come from, but here in the UK education is still free even, until recently, University education.
Let me explain myself again CarlosRay,
I repeat, “No form of education is free”…
1.The X number of years you spend honing your skills before becoming a professional trader, is it free
2.The number of accounts you blow up learning without a mentor who would guide you, does it come cheap of free.
3. Your continuous psychological meltdown everytime you go through so much emotional stress through trading, does it come cheap, or is it for free?
I can go on and on. No form of education is cheap “Your either pay through your pocket and become a pro in a lesser time or just pay spending a lot of years learning through hardship on your own”, and if you are unlucky, you may just throw in the towel before you even become a pro
Thanks
Repeating it doesn’t make it right. As I said, education here in the UK is free
1.The X number of years you spend honing your skills before becoming a professional trader, is it free
If you hone your skills in your free-time, then by definition it is free. Some people use their free-time for sports, some read, some enrich their lives other ways, learning fx is just another way for many people
2.The number of accounts you blow up learning without a mentor who would guide you, does it come cheap of free.
Does having a guide or mentor guarantee success? Of course not, it only guarantees an additional cost. I trade profitably, it didn’t take me long and it certainly didnt cost me much, certainly a fraction of the cost of other pasttimes many people have
- Your continuous psychological meltdown everytime you go through so much emotional stress through trading, does it come cheap, or is it for free?
Not everyone has these issues, we are all different psychologically and it is wrong to assume otherwise. It was never an issue for me, although you only have to read this forum to find people for whom it is. Paying outsiders for mentoring or training courses is only going to create bigger financial pressure to succeed, more stress for those who are less able to handle it.
I can go on and on. No form of education is cheap “Your either pay through your pocket and become a pro in a lesser time or just pay spending a lot of years learning through hardship on your own”, and if you are unlucky, you may just throw in the towel before you even become a pro
No offence intended , but this section of your post looks a lot like the blurb used by people like ICT trying to sell training courses and mentoring.
Lol, what a funny dude, I am no selling any courses or looking for students to teach… Like you said everything you need to know about forex is here… The only difference is that taking a holistic perspective towards subjects like this guides you against stunted growth in such an endeavor