Full time traders

Trading Discussion
1

Hello all,

I’m interested in hearing some full time trader stories, for those of you who make your primary living off of trading currencies (or anything else).

If you can, please answer the following questions:

  1. Why trading and not something else? Is it because of the total independence, the hope of becoming financially free? Both, neither?

  2. How long did it take from the moment you opened you first demo account, to the moment when you trusted yourself to make a living trading and cut the lines to another profession? Did you set benchmarks to meet before going fulltime?

  3. Do you have a backup job, or supplementary business that you fall back on, or do you have a spouse that contributes to expenses?

  4. When you have a bad streak, how do you deal with paying the bills?

Would be very interested in any commentary…

2

bump

will add my two cents here whenever I have the time.

3

I’m hopefully on my way to becoming a full time trader but I really would like to hear some of the success stories on this forum.

4

+1

I’d like to hear people’s answers to these questions as well. Come on full time traders! Start replying!

5

Extra 2 cents: There are TWO equally challenging things you must master to be consistantly profitable. The first one is obvious…study, learn charts, find a good system. Once you do that and are confident with your system. It’s time for phase two…disclipine.

There came a point when I realized my systems were fine, and I needed to stop messing with them and searching for something better, and JUST focus on disclipine. I won’t go on about it, unless this thread turns into the much need discipline thread that baby pips is lacking.

7

I thought that he DID answer the question and the questions were about a person’s experience so you would have to talk about yourself?? :confused:

8

Sorry, I mis-read

9

see…that’s the reason I don’t often venture out of my own threads…lol, easy big fella. :stuck_out_tongue:

10

Sorry, you actually answered the questions perfectly, just didn’t want to see another thread go off on a tangent.

11

yep, I hear that. It’s all good. :slight_smile:

12

My .02 cts - dump that word “system” and think “strategy.” My car & my computer have systems and when they don’t work properly I take them to a systems fixer. A trading strategy is like playing bridge or chess or football; as the game changes you tweak it or sit out or pull back or get defensive. Systems IMO don’t do that. Semantics? yes, maybe, but when I started thinking “strategy” my trading got a whole lot better. Good trading all, d.

13

Trading to pay your month to month bills is insane…that’s way too much pressure, and the market can do anything. Have to have a cushin.

Thanks for the answer! That is what I am increasingly beginning to realize. I am trying to think of a good way to make money part time. My goal is to trade for 5 hours a day, and then have some other gig that will make me enough money to get by. I was thinking of having some secondary business, because I can’t think offhand of any job that someone can do in finance (I will have an MBA in a few years) part time…

14

Hi all,

Before becoming a full time forex trader, I had studies very hard ( 5 or 6 hours a day during 3 years) while I worked in the company. Then I found a system that fitted to my personnality, Cowabunga system. Before that I had studies and tested fxbootcamp system, Raghee Horner, 34 ema (hlc), Peter Bain, Macd 4hour. Then I realized that all those strategies that I had studies are related in using the moving average to determine the trend for day to day trading. Since 2 years, I used primarily Cowabunga system to do my daily analysis with the knowledges of others strategies too, like price motion, S/R , previous monthly/weekly or daily hig and low, pivot point, etc…

When I reached a weekly objectif financial constantly then I decided to leave my job and go on full time of forex trading. My full time of trading was starting a year and half ago. My objectif is 30 pips a day with a conservative strategy like cowabunga system. And it is pretty easy to get 30 pips a day with the majors currencies. Every day I scan all the majors then I select the one that gives a nice set up according a system I use.

I hope this story can help a new full time of forex trader:)

May God bless all serious traders :slight_smile:

15

Thanks for contributing! What kind of company did you work in, was it something in finance or no?

Then I found a system that fitted to my personnality, Cowabunga system. Before that I had studies and tested fxbootcamp system, Raghee Horner, 34 ema (hlc), Peter Bain, Macd 4hour.

I see, so it looks like you really tried them all out!

When I reached a weekly objectif financial constantly then I decided to leave my job and go on full time of forex trading. My full time of trading was starting a year and half ago. My objectif is 30 pips a day with a conservative strategy like cowabunga system. And it is pretty easy to get 30 pips a day with the majors currencies. Every day I scan all the majors then I select the one that gives a nice set up according a system I use.

Makes sense…

I hope this story can help a new full time of forex trader:)

May God bless all serious traders :slight_smile:

And God bless your trading!

I am wondering, what do you do when you run into drawdown periods? How do you pay for your bills? Do you have some second source of income, i.e. a business, your spouse, etc?

When you were working and studying Forex, were you studying at home or the job permitted you to do that?

Thanks for your answers…

16

Hi Tony,

I was working in the telecommuncation company (electronic) as ingineer.

When I was on full time trader my wife was working too until now just in case.
But she will leave her job at the end of this year. But I had some money in the bank to support at least 3 years.

Thanks :slight_smile:

17

That’s certainly a smart and fiscally sound plan - you have 3 years of living expenses saved up for, so you’re definitely in a very safe area. That sounds like a great plan. On top of that your wife has been working also, so if worse comes to worse you have a good cushion to fall back on.

I like the idea of having a generously saved up emergency fund. In my case I would imagine 18 months is adequate. The toughest part seems to be the stress of paying a mortgage/rent, and your property taxes, as well as making your medical insurance premiums.

18

Hi Sriloba,

quick question: how much money have you started out with when you went full time and what percentage do you normally risk for trades?

19

If you can, please answer the following questions:

  1. Why trading and not something else? Is it because of the total independence, the hope of becoming financially free? Both, neither?
    [B]
    Beats working for a living.[/B]

  2. How long did it take from the moment you opened you first demo account, to the moment when you trusted yourself to make a living trading and cut the lines to another profession? Did you set benchmarks to meet before going fulltime?
    [B]
    Never had a demo account. Just used what I learned from trading marbles and baseball cards as a kid. Learn the market you want to trade first, then you can trade. See what people are buying and when. [/B]

  3. Do you have a backup job, or supplementary business that you fall back on, or do you have a spouse that contributes to expenses?

[B]No. Keep expenses down but treat yourself well.[/B]

  1. When you have a bad streak, how do you deal with paying the bills?

[B]Live at 50% of your income. Put the other 50% in the rainy day fund.[/B]