Anyone making a living?

[mp6140]

part of being a “dutch uncle” is when you start getting ticked off !

this is a recession proof industry where you can be your own boss and never be fired, never have to listen to others stupidity or know youre smarter than your boss ---- like any CAREER, it takes time to learn it and the only way is to study, learn, practice and do it all over and over again, till you do it in your sleep.

the ACTUALLITY of the whole situation is that the BEST traders are those who are bored with their job, simply because its just ANOTHER job in reality — once youre so good that you can trade any direction, ranging or trending, up or down, then you can make an ENORMOUS living out of it, using any amount of time you so wish and making however much you desire, based on your own inherrent abilities.

remember that even with doctors, only 10% are at the top of the class and theres also a 10% at the BOTTOM — everyone else falls into the middle !

the advantage of trading for yourself lies in YOU set your own PACE, not some slave driver working for some bank, who expects you to turn out 3 billion dollars in profit — [B]YOU DETERMINE WHAT YOU DO AND WHAT YOU WANT, and let me tell ya, there aint nothing better ![/B]

so just DO IT, and put one foot in front of the other — youre entering the “101 classes” and theres a lot ahead of you before you have your “Masters” in trading, but if you DESIRE it, you can get it and then the world is your oyster !

enjoy and trade well

mp

[B][I]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !![/I][/B]

Hehehe I hope to have a good strategy soon, thanks for your response, so there is still a long way to be walked in order to make a living just by Forex trading, in fact if market is so changeable would you really trust on it as a living chance?.. definitely without experience and discipline there is any guarantee cause there is not confidence either.

[pipgobbler]

Nice post, MP.

[Reggie59]

As far as the question that was asked, I personally do not know anyone who makes a fulltime living from Forex, although I make enough every week to be able to pay for vacations and x-mas presents. As well as a little money left over to go to the bar on Saturday nights and,well you know the rest. Ha Ha

Well I think that if you become a great trader you actually would not become a full time trader. They just make themselves some good pips to pay for the bills and have some extra money for anything they might want. I think this is like living on paradise, but that’s how I imagine living from forex.

[riggsrepair]

Well I think that if you become a great trader you actually would not become a full time trader. They just make themselves some good pips to pay for the bills and have some extra money for anything they might want. I think this is like living on paradise, but that’s how I imagine living from forex.

Very well said

[mp6140]

as i often say, i cannot argue with YOUR feelings on this question, but the accepted answer is that if you find it enjoyable and you accumulate the experience, there is NOTHING much out there that can beat trading for an income.

usable in ANY method you wish, from deep pocket plays a few times a week while trading longer timeframes, to the “rush” one gets from scalping the one minute timeframe for 5 pips at a time, your “niche” is in there someplace and more profitable than can ever be imagined when one is starting.

of course, its not for everyone, and many simply use it as a suppliment and not as primary income provider, but if you choose it as the “primary”, the satisfaction, lack of some idiot boss, the making of your own hours and the pure “freedom” it provides while producing more income than any “average” person can earn tends to leave you with a smile on your face, a spring in your step, and a heck of a lot of self respect, because its YOU against the hordes, and beating the “hordes” is wonderful !

and of course i earn my “primary” this way !

enjoy and trade well

mp

[B][I]If a mans only tool is a hammer, he tends to see every problem as a nail – Abraham Maslow[/I][/B]

[Cuttie_Annie]

Nice words reggie and mp. I also imagine living from forex that way. What happens is that to reach this high level of trading much knowledge and trade must be gathered. But I guess this can be reached with a lot of effort. I would like to live in your paradise sweet reggie hahahaha, someday somehow I guess. Happy trading for all.

[Dahlia]

MP,

I just want to say that it’s great to see an experienced trader who can be brutally honest and yet so inspirational at the same time. Your posts are always educational, thought provoking, entertaining, or all of the above. Looking forward to hearing more from you on the boards.

Dahlia

[lmorgan099]

part of being a “dutch uncle” is when you start getting ticked off !

this is a recession proof industry where you can be your own boss and never be fired, never have to listen to others stupidity or know youre smarter than your boss ---- like any CAREER, it takes time to learn it and the only way is to study, learn, practice and do it all over and over again, till you do it in your sleep.

the ACTUALLITY of the whole situation is that the BEST traders are those who are bored with their job, simply because its just ANOTHER job in reality — once youre so good that you can trade any direction, ranging or trending, up or down, then you can make an ENORMOUS living out of it, using any amount of time you so wish and making however much you desire, based on your own inherrent abilities.

remember that even with doctors, only 10% are at the top of the class and theres also a 10% at the BOTTOM — everyone else falls into the middle !

the advantage of trading for yourself lies in YOU set your own PACE, not some slave driver working for some bank, who expects you to turn out 3 billion dollars in profit — [B]YOU DETERMINE WHAT YOU DO AND WHAT YOU WANT, and let me tell ya, there aint nothing better ![/B]

so just DO IT, and put one foot in front of the other — youre entering the “101 classes” and theres a lot ahead of you before you have your “Masters” in trading, but if you DESIRE it, you can get it and then the world is your oyster !

enjoy and trade well

mp

[B][I]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !![/I][/B]

mp6140 let me tell you that you have a very interesting point of view about this business, is like a good way to face the reality in here without decorations, I like what you show about how FX trading brings the opportunity to be independent, managing as your time as your abilities just to get for yourself not to be your boss slave. It�s just your own business and responsibility� by the way thank you.

[reapr]

Interesting thread.

I am a successful internet marketer. I do not promote forex but I am rather interested in it.
I can really see where people can lose their tail on this.
I am not saying that internet marketing success suggest forex trading success but their are many similarities. Such as …
Most people fail at internet marketing or affiliate marketing and most people fail at forex trading.
I am a very thoroughly researched person and do not enter a situation unless its a winning situation. That being said if close to 70% or my trades on demo accounts using several systems combined are winning trades and keep me in the black can I expect the same from a real account or will brokers screw up a trade when scalping?
Please keep in mind that to me money is just a tool so I am well aware of the psychology of trading with real money. I have overcome the money/psychology problem about a year ago and it really is about money management.

Can anyone in a similar situation give any advice or tips?

[mp6140]

reapr

is your demo account the same size as the one you plan on opening for real ?

if not, demo on an account that IS the same size — similar to using a simulator for a WW1 Spad biplane and then rushing out to fly a 747 – NOT quite the way to do it !

if the account size is the same, your odds look fine and should improve as you gain more knowledge and experience.

go ahead and try, just dont let “gambling fever” hit you which simply means dont overtrade and wait for your trades to come to you !

enjoy and trade well

mp

[sam111]

reapr

is your demo account the same size as the one you plan on opening for real ?

if not, demo on an account that IS the same size — similar to using a simulator for a WW1 Spad biplane and then rushing out to fly a 747 – NOT quite the way to do it !

if the account size is the same, your odds look fine and should improve as you gain more knowledge and experience.

go ahead and try, just dont let “gambling fever” hit you which simply means dont overtrade and wait for your trades to come to you !

enjoy and trade well

mp

Friend you are right. This is the right way to know about weather the real trading account is same as a demo trading account.

[reapr]

Well I was actually riding my big wheel and sticking my arms out pretending to be a 747.
All funning aside it will still be a while before I go live for the following reasons. It appears to be too easy and I know it is not easy based on all the info at this site … so I know I am either missing something or need more time on a demo account and much more research.
I am spending most of my time on technical/charts and the rest about 10% on fundamentals so I don’t get caught with my pants down on any major announcements. Most of my trades are 10-30 minutes or less. I may only do 1-2 trades a day then skip one or two days. I am also focusing on the EUR/USD. I also go backtest the systems I use.
I am also suspecting that the technical are great indicators of human behavior. The system I favour right now is cowabunga but use a few other indicators to back up the entries and exits.

Thanks for your input any more would be appreciated.

reapr

is your demo account the same size as the one you plan on opening for real ?

if not, demo on an account that IS the same size — similar to using a simulator for a WW1 Spad biplane and then rushing out to fly a 747 – NOT quite the way to do it !

if the account size is the same, your odds look fine and should improve as you gain more knowledge and experience.

go ahead and try, just dont let “gambling fever” hit you which simply means dont overtrade and wait for your trades to come to you !

enjoy and trade well

mp

[TraderBoy]

LoL. Well, to just answer your question simply and be done with, i think it’s definitely rare, but i think it’s possible.

[orpips]

Put it this way:

Very few people of the people who try their hands at being their own boss in ANY field are successful enough to make a living out of it. There’s a reason the vast majority of people work for somebody else.

Forex is really not unique in being a field where 90% fail. Most self-employed artists fail, most web designers fail, most business owners fail, etc. But for some reason in all those other fields, you don’t get naysayers piling on saying “it’s just gambling”.

[mp6140]

Put it this way:

Very few people of the people who try their hands at being their own boss in ANY field are successful enough to make a living out of it. There’s a reason the vast majority of people work for somebody else.

[B]i thoroughly believe that most people work for someone else because thats the way they were raised, and never given the other side of the coin to consider, as i was when I graduated, but quickly “turned !”[/B]

Forex is really not unique in being a field where 90% fail.

[B]ONLY for clarification, but its 90- - 95% of NEWBS who fail, not of people already trading — if you make it to the position where you pay taxes as a “trader”, its highly doubtful that you will go under as long as you keep your head about you ![/B]

Most self-employed artists fail, most web designers fail, most business owners fail, etc.

[B]BUT for different reasons than forex traders. You can “oversaturate” a market for the area youre in, especially the artistic, but thats not really possible for forex — there was a man, father of one of my daughters friends, and he opened a “second run” bookstore (new books that were no longer being published) and his store was wonderful and fully stocked and easy to negotiate, but his problem was he opened it “outside” of a heavily trafficked tourist and day tripper town on the upper hudson, and so went broke ! Had he opened it a mile further west, he would have been overwhelmed with buying traffic, but alas !

he KNEW what to stock, how to stock and display it, the correct price to charge for it and most everything else about business, but he was simply in THE WRONG PLACE !

with forex, IF YOU LEARN IT, you can never oversaturate, never be in the wrong location, never have employees who steal from you (at least if its only you) and all of the other problems that cause failure in business — FOREX ONLY DEPENDS ON FOLLOWING RULES, NOT OVERTRADING AND NOT BLOWING YOUR MARGIN — after that its peaches and cream ![/B]

But for some reason in all those other fields, you don’t get naysayers piling on saying “it’s just gambling”.

[B]was there not once a fox, and did not fox not want some grapes that looked delicious and tasty, and did that fox not TRY to get those self same grapes MANY times, and did that fox not fail on each attempt and did not that fox finally give up, stating to the world that the “so desired” grapes were in fact, rotten and therefore not worth his continued efforts in that direction ?[/B]

[B]from my lips one shall never hear the words — ITS GAMBLING ![/B]

enjoy and trade well

mp

[reapr]

Put it this way:

Very few people of the people who try their hands at being their own boss in ANY field are successful enough to make a living out of it. There’s a reason the vast majority of people work for somebody else.

Forex is really not unique in being a field where 90% fail. Most self-employed artists fail, most web designers fail, most business owners fail, etc. But for some reason in all those other fields, you don’t get naysayers piling on saying “it’s just gambling”.

For most people starting any type of business it is a gamble because they are not well researched and do not have their priorities in order.

I suspect with proper research I can add this to my portfolio of things that may be worth pursuing to make money. If not I will be one of those 90% casualties.

With most things I make money the only thing I can think of that I lost money in was MLM but people who are not business minded would have said I broke even. My time is worth money so in my eyes and a serious business person and entrepreneurial I lost big time … my time is worth money.

Research and learning whether self taught or through more formal channels such as a school or a course will still have a cost wither in money or time. I try to use my wisely but often in retrospect have noticed much of it squandered.

[mp6140]

. My time is worth money so in my eyes and a serious business person and entrepreneurial I lost big time … my time is worth money.

[B]fortunately you can “mark to market” your losses, and since you are doing the accounting, they can be as big or as small as you may wish — better you simply write it off in the general ledger as “cost of education”, make an expense out of it and reduce your taxes ![/B]

Research and learning whether self taught or through more formal channels such as a school or a course will still have a cost wither in money or time. I try to use my wisely but often in retrospect have noticed much of it squandered.

[B]certainly not ready to get in “human psychology motivational attudinal problem syndromes” here and now, but sounds just like most of us — hopefully the “good stuff” stuck, and you learned — take that write off towards education also !

if you have ANY more problems, with all the write offs, you shouldnt have to pay ANY taxes on your profits next year ![/B]

enjoy and trade wisely (and get a good accountant)

mp

[B][I]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !![/I][/B]

[gojilover]

[email protected] hi all,

this is for reapr, primarily, and anyone else for that matter. first, i will give you my philosophy about trading. the biggest problem i think to earning a living trading is based on making what you feel you HAVE TO. from my own experience, this past summer i became old enough to have an income coming in that provides for my monthly expenses. in other words, i was not in a position where i felt i had to make a certain amount to satisfy monthly obligations. my trading started to improve. i started implementing a simple system that i put together. it showed reasonable success, on a daily, weekly, and monthly basis. at the beginning of october, i decided to share it with baby pips. much of what i had learned about the nuances of forex trading where developed spending time with baby pips and several others. i decided to share. now, when i started writing and thus, sticking strictly to my appointed rules, my trading really took off. my major focus with my trading is now, NOT TO LOSE, AND IF I MUST LOSE, TO ELIMINATE THE AMOUNT OF LOSS, AS MUCH AS POSSIBLE. i am not focused on how much i make. therefore, any day making just one pip, or even breaking even is a good day, BECAUSE I DID NOT LOSE! now that i have this attitude, i find it remarkable how successful i have become. i hope my little sermon has helped some of you.

now, to reapr. i have an oustanding product and am involved with an international company. i do not know anything about marketing, internet or otherwise. if you would like to talk further, please contact me at the address above. perhaps, we can mutually help each other.

if any of you would like to visit my forum it is under “DAYTRADING,” “the goji system for the lack of.”

goji, bernie

[reapr]

[email protected] hi all,

this is for reapr, primarily, and anyone else for that matter. first, i will give you my philosophy about trading. the biggest problem i think to earning a living trading is based on making what you feel you HAVE TO. from my own experience, this past summer i became old enough to have an income coming in that provides for my monthly expenses. in other words, i was not in a position where i felt i had to make a certain amount to satisfy monthly obligations. my trading started to improve. i started implementing a simple system that i put together. it showed reasonable success, on a daily, weekly, and monthly basis. at the beginning of october, i decided to share it with baby pips. much of what i had learned about the nuances of forex trading where developed spending time with baby pips and several others. i decided to share. now, when i started writing and thus, sticking strictly to my appointed rules, my trading really took off. my major focus with my trading is now, NOT TO LOSE, AND IF I MUST LOSE, TO ELIMINATE THE AMOUNT OF LOSS, AS MUCH AS POSSIBLE. i am not focused on how much i make. therefore, any day making just one pip, or even breaking even is a good day, BECAUSE I DID NOT LOSE! now that i have this attitude, i find it remarkable how successful i have become. i hope my little sermon has helped some of you.

now, to reapr. i have an oustanding product and am involved with an international company. i do not know anything about marketing, internet or otherwise. if you would like to talk further, please contact me at the address above. perhaps, we can mutually help each other.

if any of you would like to visit my forum it is under “DAYTRADING,” “the goji system for the lack of.”

goji, bernie

That is some good insight and rules to follow for roex trading thanks for sharing.

As far as the other product you are referring to it is a good product but I sell something similar/competitive that does really well and I am quite happy to stick with it and it is just straight commision … no uplines or downlines to worry about … I would rather focus on those in forex charts. It is just one of many things I market.

I am here for forex and will check out your system … thanks again for sharing.

[gojilover]

reapr,

no problem, i really even hated to bring it up, but you never know so i did. forex is the primary focus here, so, please do not hesitate if you have questions. i will caution you, however, i usually do not pay attention to many of the forum categories. if you have questions it would be a better idea to ask them in my forum.

later,

goji, bernie