actually as stupid as it sounds its very easy. either you can trade or you cant. if you can you dont need to worry about m9ney it will come to you by itself. clint showed you how much you need to suatain your lifestyle of xy.
theres a onld saying which fits trading very good: if youre good at what your doing money will come by itself. if youre bad you will never earn on it.
focus on bevomming good and only then run the numbers of RoI and your future career steps.
anyways. theres a lot to consider when runing the numbers. a 20k account is very unlikely to grow into a 200k account even if youre a good trader. but a 200k account is likely to grow into a 380k account if youre a good trader.
like in most businesses that exist in any business tipes its money that gives you the edge and the chances. if you dont have spare miney then you must make that up with spare time. if you dont have spare time and no spare money then you will not suceed anyways.
I am a bit tired of those āTradersā who are always saying that they are living with the trading and getting loads of money but then they are selling their courses. Basically if you are a FullTrader and getting loads of money you would not need to sell anything. You would just trade with your own money and thats it. I know few people trading with millions of USD and you do not hear anything about them or their strategy. We need to really stop scammers.
There are a lot of full time traders but they arenāt full time traders from very start. They had been doing something else along with trading and upon becoming good traders they must have chosen trading as full time.
So there should be no trading textbooks at all, because no successful traders would ever āneedā to write one, according to this outlook?
I do actually have a lot of sympathy with your perspective, and I agree that an enormous percentage of ātrading aidsā (using the term in its most general meaning) are worthless nonsense, but there are also some people who like teaching/writing, are good at it, and have something useful to offer.
You can [I]mostly[/I] tell who they are, with some judgment and experience, partly because their work tends to published by mainstream, orthodox publishers, and to sell at normal textbook-publishing prices, not to be offered on websites for obviously inflated amounts of money.
This is yet another reason (as if one were needed) for avoiding most internet āinformationā and spending oneās time learning from truly accredited, acknowledged, carefully prepared and peer-reviewed sources. Identifying these really does need some judgment, though, and in a way thatās unfortunate for the obvious reason that the less experience one has (and therefore the more one needs to be able to identify them), the harder it is to do.
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 Iām 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 youād like to elaborate on?
I just switched from trading from timed bars to trading from constant-volume bars (which meant futures, since volume isnāt available for spot forex). I found that just doing that, and changing almost nothing else about my ātrading methodologyā (I happen to be a price action trader), made my results more reliable and consistent.
As an average, at least in the UK, a full-time job clocks about thirty-five hours per weekā¦
You could trade a Ā£1000000 account and make a āfull-timeā monthly income working much less than thirty-five hours a week, which would make you part-time.
The idea that only a āfull-timeā trader can live off trading is therefore misleading: the question should be āIs trading you only or main income source?ā.
Also, home-based employment is much harder to define in terms of traditional āpart/full-timeā schemes: my sister and her husband both worked from home as high-end managers for a large company for years and yet they werenāt at their desk āfull-timeāā¦ Yet they were āfull-timeā employeesā¦
Similarly, a āfull-timeā home-based trader could have much more flexible approach to their work, as there would be no reason to impress a manger by physically ālooking busyā at their desk without taking breaks for hours on endā¦
Thatās one of the things thatās been making this a bit more stressful than it needs to be. Iāve told myself that Iām 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, Iāve 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 Iām still in the beginners stage Iāve 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) Iām 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 thatās not really my cup of tea.
In one sense, thatās not a bad position to be in, eventually, because it means youāve 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 (thereās probably more, now - Iām talking about mostly a decade ago), though it was exactly the opposite with āmainstream, established textbooksā, 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 ā¦ I do something similar to that (āsemi-scalpingā, 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 ādoing other things onlineā anyway, while intermittently watching the markets and patiently awaiting trading opportunities.
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 moneyā¦
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].
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 āProfessional traders make profits that range between 5%-150% per month (sometimes more)ā statementā¦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)
