Anyone making a living?

[nyrdarren]

Mp,

I saw your newest post in my email but I dont see it on the forum yet, weird. But anyways, I lived in Jersey City and traded out of hold brothers( back when I started it was called Online Investment services then changed the name to Hold Brothers in 2000 -2001 or so) jersey city branch in late 90s early and 2000s

[mp6140]

U make me laugh with memories of the non-decimal days and the anger of the specialists as we ate their lunch, but forex is such a simple trade, what with its retraces (23 - 50 fib) at specific times, and TOTAL reversals at specific times as the markets change over, that you should be up to speed quickly.

averaging down is danged simple if you watch for those reversals — except for day one, if you wait for day 2 bottom and then avg down over 50%, you got it knocked !

it trends like the Union Pacific railroad, bouncing up and down between its LR channels (for those playing the H1, H4 or DAILY) and does even better on the shorter timeframes

thing to remember NOW, is the fibonaccis have taken a back porch status to SUPPORT AND RESISTANCE, now that weve got so many equities traders who have hopped on the forex bandwagon, so while the fibs can come CLOSE sometimes, far better if you depend on the S + R for entries and exits.

THAT pretty much covers forex, and while it takes experience and patience (one doesnt come without the other, that i know of anyway) its a piece of cake for the intermediate to expert !!

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]

[JEB]

(Because it is a good post and some people might skip it as it was a little hard to read in block format)

It was a great post and I struggled through it, only to find your “translation” a few posts down!

Thanks to all who have contributed to this thread (esp mp6140, nyrdarren, gojilover, and KENNETH LEE) - I’ve taken a lot of inspiration and pearls of wisdom from your posts here.

[dan_patrick]

Not yet, but working hard at it every day, studying and trying to learn from my mistakes.

[PipinUp]

You only need 3.6% per day.

If you started with only 100.00 and only build your account by 3.6% per day, and trade 5 days per week…

you would have $485,687.64 after 12 months…

Of course, if you wanted to live off of it while doing this, you would need more. However, the compounding account (If you trade off of your earnings) would make 1,000,000.00 in less than two years from that small goal.

Depending on your risk/reward ratio, 3.6% could be anywhere from 30 pips (Better know what you’re doing to use this much!) to 100 pips per day.

May your pips follow you like lambs to the slaughter…

[PipinUp]

Sick post buddy, you definately motivated me to stay in the game. I got really lucky @ the beginning, thought I was on my way to retirement, threw more savings in the acct., and then almost blew it all, from lack of money mgmt, discipline, and a total disrespect for $$$ so I know what you mean.

I’m trading with James too right now, and am getting the hang of it; its just the tgts that I still have to figure out. Super amazing system. I plan on making that my trading system too. What stars are you referring too? Morning and Evening?

I’m wondering though, why would you trade FX if you were making more $$$ in Futures and Options? I thought they were more lucrative. My plan was to actually get some experience in FX, and then juimp over to Futures and Options once I had a larger acct size.

What is the “James”?

[orpips]

You only need 3.6% per day.

Is that all? Sweet!

[PipinUp]

Is that all? Sweet!

Start with 250 and it would make a cool million.

[nyrdarren]

:rolleyes:

awesome post, check out this live trading room Yourtradingroom Trade in a real time market with the worlds best trading coaches these guys are making some serious money! get a demo and let kno wat u think

cheers
adrian

SPAM:rolleyes:

[triphop]

NYR great to see another old timer here. I say another - the other being MP, not me. The furthest I go back is the crazy days when the ATR of EURUSD was 100!

Hope you’ll stick around.

[nu_bee]

ah johnnie — was there not a day when you asked the same question ??

the answer is - - - - - YES, you can make a rather fine living on forex alone, but how long and how much is within you alone !

you have entered a new world, with new cultures and rules and evil human land sharks BUT it aint that bad !

youre on the right site to learn, so go to it laddie — expect your training to take approximately a year, which should put you at a decent point in your using your demo.

[B]btw, PLEASE dont open a 50K demo if you only have $500 to trade — simply open a $500 demo and be honest to yourself ![/B]

each day you will learn the answer to some question that was a blank to you, and while sleeping with a book under your pillow works for some, just putting one foot in front of the other, each and every day, will soon get you to where you want to go.

enjoy and trade well

mp

wow! this happens to be one of the best things i’ve read today.

I just hammered a total of 465 pips (2 trades EUR/USD & 1 GBP/JPY 100k lots each) on FXCM’s 50K demo and was feeling like a star. I’ll soon snap out of this illusion thanks to you.

Once this demo expires I’ll look for a [B]suitable[/B] demo account size.

[BabyPips_class_of_2008]

yes I earn my living through Forex, but cautiously, carefully, painfully, and slowly hanging in there.

I’ve stopped dreaming of making tons of money because this dream is nothing but imagination. Live trading is night-and-day different from demos. a newbie getting into live Forex is like getting into nascar with a beat up VW beetle.

there was one night that I lost $5,500 because of I thought I was good… Forex trading has taught me to be humble. Forex has taught me that I am nothing. Forex has put me in my proper place.

If there is anyone out there who will tell me that they can win thousands of dollars a day and make millions in a year, Id like to know what kind of kool-aid they are drinking because i’d like to have some of those.

I attached my statement as of today… you can see that for 369 straight trades, I was consistently losing. it was only after that when I got into the groove and started winning trades.

good luck.

babypips_class_of_2008

[mp6140]

I know how wonderful it feels to accumulate that much pippage and money, but truth be told, you wont be near that for a few years yet !

simply commit to a few bad trades with high lot multiples and when you take the loss youll be reducing the 50k demo DOWN — do this a few times and youve got one that should be near what you will actually be trading with.

as an aside, the brokers offer a 50K demo to suck you in — knowing you should do decently for a short time and then decide to go LIVE (hell, aint this forex so simple ?) and that THEY will soon own your money !

its the biggest mistake any newb can make, and ive made it also !

enjoy and trade well

BTW – CONGRATS on your trades !

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]

wow! this happens to be one of the best things i’ve read today.

I just hammered a total of 465 pips (2 trades EUR/USD & 1 GBP/JPY 100k lots each) on FXCM’s 50K demo and was feeling like a star. I’ll soon snap out of this illusion thanks to you.

Once this demo expires I’ll look for a [B]suitable[/B] demo account size.

[Shefali]

Hello. I know it�s kind of frustrating for a beginner to hope make forex as a living, but I�m in this process and I want to learn. Maybe someday I could make of this my only job. I�m studying everyday but I think it should be a good and organized way to start. Could you help me? Thanks!

[mp6140]

without getting into timespans or abilities, the average human being should be able to make a living in forex ---- its down the line, like any career or profession, but its not that hard as long as you bother to learn it !

youre prob at the best site for learning you can find, so stay here and ABSORB what is being taught and day by day youll learn more and more and in a year or so youll laugh at what you DIDNT know !

it happens, so just go with the flow and learn !

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]

Hello. I know it�s kind of frustrating for a beginner to hope make forex as a living, but I�m in this process and I want to learn. Maybe someday I could make of this my only job. I�m studying everyday but I think it should be a good and organized way to start. Could you help me? Thanks!

[orpips]

If there is anyone out there who will tell me that they can win thousands of dollars a day and make millions in a year, Id like to know what kind of kool-aid they are drinking because i’d like to have some of those.

There are plenty of people who do that. Why wouldn’t there be?

[mp6140]

yes I earn my living through Forex, but cautiously, carefully, painfully, and slowly hanging in there.

[B]and you perhaps thought there was another way, like G-D liked the way you parted your hair so she was going to give you a few million for kicks ?[/B]

I’ve stopped dreaming of making tons of money because this dream is nothing but imagination. Live trading is night-and-day different from demos. a newbie getting into live Forex is like getting into nascar with a beat up VW beetle.

[B]you enter the arena with the BEST traders in the world, the broker sits there and eyes your money, knowing odds are he will get most if not all of it, the banks have an awfully good idea of where theyre heading the price and theyre NOT telling YOU ----- heck, i think someone starting out is more like having just sneakers vs indy cars — an old VW would be a lot better ![/B]

there was one night that I lost $5,500 because of I thought I was good… Forex trading has taught me to be humble. Forex has taught me that I am nothing. Forex has put me in my proper place.

[B]NOW this is a quandry, as i wasnt there sitting on your shoulder yelling “schmuck, schmuck — waddaya doing here you schmuck ?” ----- did the trade turn around at any time or did it continue running away from you for a few days, or NEVER come back ? Having the benefit of a large account, i can “cushion” a bad judgement call until it comes back if I AM TRADING WITH THE TREND !

so were you counter trend, or did it come back the next day ?[/B]

If there is anyone out there who will tell me that they can win thousands of dollars a day and make millions in a year, Id like to know what kind of kool-aid they are drinking because i’d like to have some of those.

[B]thousands in a day is possible and done on good days, like last weeks decline in the pound, as a blind poodle with leprosy could have seen the momentum behind THAT move. Hit the SELL button a few times and go off to mexico for a few days !

MILLIONS are beyond me at the moment, but feduciary responsiblilities prevent me from telling you the real numbers, and anyway i dont want or need them there millions ! DO YOU ???

but a few hundred thousand dollars (certainly enough to get you into the presidents taxable range) is within the purvue of most anyone above the grade of simian and with the DRIVE to continue winning !

its not brain surgery after all, but you can make as much as they do (highest paid doctors, so ive been told) with only a few years of trading behind you and the same amount of LEARNING and applying that experience !

its simpler than you can believe — just stay with the major trend you like (the pros use the H1 for trading, with the lower support and resistance timeframes for stop and reverses, btw) and dont go counter too often except in a scalp situation and perhaps G-D WILL smile down on you ![/B]

I attached my statement as of today… you can see that for 369 straight trades, I was consistently losing. it was only after that when I got into the groove and started winning trades.

[B]well, you could have learned from 369 straight losses (and i would have to examine each one to see why it was a loss) or you could simply have been given a break ---- i dont know if you got into live trading too early or if youre just no danged good, but i would think the former over the latter !

perhaps its time to park the money for a while and go back to demo to work your “problems” out ---- you may find that you have “fear” of losing real money and are cutting a winning trade on a reversal, or some other problem, although what i say is SO STRONG among those who first start trading real money, that its the first thing i think of.

try the demo and see if your trades improve, then you can examine why REAL money trades were bad ![/B]

good luck.

babypips_class_of_2008

enjoy and trade well

mp

[B]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 !!
[/B]

[BabyPips_class_of_2008]

MP is absolutely right… I am as stupid as stupid gets. HELP!

[mp6140]

impossible for me to analyze or agree with your description, but you simply did what most others do, so STOP for a while and take a look at what you did right and ESPECIALLY what you did wrong.

come over to my thread – MP – my not so secret secrets, and we see what we can make out of you !

you can also pm me if you have specifics you wish not to publish

mp

MP is absolutely right… I am as stupid as stupid gets. HELP!

[chubspips]

In my humble opinion, and I assure you it is humble in intent, the market is going to do what it does whether you are in a trade or not. 99 times out of 100, trades that go bad are due to misreading charts by the trader.

When someone says to you that the broker takes positions against the trader, I think for some reason that people have the idea that the broker is your enemy in the trade… not so. The broker takes positions by other traders in both directions, and gets the spread off both trades. That is what the broker does. Nothing more, nothing less. When you take a trade, the broker wins the spread. Anything else you lose goes into the win of a trader going in the opposing direction.

Now, I am no rocket scientist, but I seem to have an uncanny ability to read charts and indicators. My advice to all other newbies, novice traders, junior traders, traders in general, and all others involved in the Forex market is… until you can take yourself out of the equation, you are going to lose more often than not and any wins aren’t really wins, more “luck” if you will.

I know this is not going to make me a popular person, but, emotion has no business in trading. If you find yourself clicking in and out of trades, you have a bigger problem than emotion. Get up and take a break, or look at news events, or do some research by looking back at charts from 5 years ago, and yes newbies, you can check charts from 5 years ago. My advice actually would be to check charts of stocks from about 25 years ago and compare them to current stock charts. Then check what stock charts have done in comparison to the last 6 or 8 months. Then compare stock charts over the last 6 to 8 months to Forex charts over the last… PAINT A PICTURE YOU CAN SEE WITHOUT GETTING EMOTIONAL. Do your homework if you are planning to succeed.

I am starting to understand how other traders feel when repeating themselves… lol. If you don’t plan to succeed, you will fail. Plan your work and work your plan. Don’t just pop in and out of trades for the sake of being down 20 pips. If you can’t afford the loss, you shouldn’t have taken the trade.

This ends my rant on homework for now, so, please oh please, those of you who say you need help, you already have the tools… use them to educate yourself. Learn how the market acts during an oil soaked market in the midst of a resession after an alledged oil shortage… I’m I the only one who was alive in the early 80’s? Doesn’t anyone else recall a minimum wage under $4.00 an hour? Look into your recent economic history and the state of the world current and make planned and calculated trades.

Good pippin, because luck truely has nothing to do with it.

Chubs
Newbie Chartist