I'm going Pro, giving the day job up and living the dream, any advice?

Trading Discussion
21

No luck is a tool of the desperate. but it sounds nice.

'best

darth

22

Yeah i have been overconfident in the past paid the price and learnt the lesson
.

'best

darth

23

Iā€™ve been seriously contemplating the same thingā€¦ as Iā€™ve been watching my average daily profits and I am starting to reach the same level as my current job. Once I surpass this, I will look further into making it my daily job.
Some of the things Iā€™m looking at are.
1.) knowing what my minimum daily/weekly income needs to be.
2.) Opening a bank account to transfer my weekly profits into and sticking with a set deposit on my trading account.
3.) Always be aware of my tax rate to make sure I save that much % from my profits to pay the gov.
4.) If I make some amazing winning trades in a day that match my weekly minimumā€¦ then I am done for the day to keep from greed taking over.

Too many times have I sat at my day job, and made a trade before noon that was more than what I would end up making for the entire 8 hour day at my day job and then ask myself (why I am still working here?)
If I was going pro, I figure as long as I met my minimum trade for the day, itā€™s up to me to go enjoy the rest of the day, or stick it out longer to make some more trades.

1 Like
24

Hello,

I am going to plan to go pro too, though Iā€™m still under studies and gives me more time. I am working the overnight job and Iā€™m holiday during Thursday and Friday, these two days I normally trade aggressively. I know some you guys knew me from forums and Iā€™m also developing my networks to traders. I do have target per month and I still havnt reach my target, I only good things in my situation right now is Iā€™m loosing less money compare from last year.

Good luck to your forex trading life.

Regards,
Ying

25

Congratulations darth, on going PRO and good fortunes to you!

Iā€™m fairly new hereā€¦ been studying the school of Pipsology and stalking the forums for a little while. This is actually my first post. Iā€™d like to ask a questionā€¦

Since youā€™re now comfortable going PRO and being a scalper, could you recommend a good system for Scalping? Scalping is what Iā€™m planning on trading as it fits my personality. Any recommendations would be helpful and much appreciated.

Thanks and best wishesā€¦

PipsPirate

26

Hi Jcandle, can you post your strategy please?

27

Iā€™m a scalper. I risk 10 bucks to make 30+ is usually my risk reward tolerance. I use 20,50,200 moving averages, Volume and candle sticks. Sometimes Iā€™ll use trend lines but no channel drawing no over emphasis on my charts i like them clean with just the MVAā€™s. 5 mins chart scalping its all about experience and reading candlesticks. Thats the best i can explain it without giving you all my secrets :wink:

28

Trade without putting any emotion into ur trades also make sure your strategy is atleats 95% profitable also practice until you think your ready no rushing

29

Hi and welcome, unfortunately I cannot discuss my strategy and i donā€™t know any others sorry. But there is plenty of great material out there you just got to test out what works for you.

'best

darth

30

So Darth is this the big week.
I bet your excited. I still remember the feeling I got when I went and placed that first trade.

31

Good luck to you mate

32

It is but still got stuff to sort out, trying to find a ECN broker that has tiny commission. found one and they offered me a solution. open 2 accounts with them and they will charge 0% commission and the spread is 0.3-0.7pips. No Iā€™m trying to find a trade copier for free. so instead od trading iā€™m doing admin. but its all relevant.

'best

darth

33

aww was excited to see you go live today and post your first scalp with earnings of course.

34

Sounds like he is going about it the right way. And being patient which bodes well for when he starts, I have a feeling he will do just fine.

35

well i did have a few trades on my old account and on won 4/5 positions and on the new broker i was testing I made 21% on. so even though it wasnā€™t really big money i was still winning and finding a solution with my broker so quickly is all good cause for celebration. It always bodes well setting sail and not running aground straight away.

'best

darth

36

Iā€™m going to create a new thread where people can share important trading lessons big or small with each other. being a retail trader is an isolated one and we learn best in a social dynamic enviroment. Iā€™ll post the link soon.

37

Weā€™ll all be there with you Darth, willing you on.
Like the Spurs fans sing about Harry Kane ā€œYouā€™re one of our ownā€

38

Very good advice from all of you guys. I like to keep it simple too and with a very objective, critical thinking.

39

Hi DarthFrancis,[B] Before leaving your day job. Please follow my below steps:[/B] I am a full time trader and trainer.

  1. Please do back test your forex trading strategies.
  2. If you keep getting profit in your strategies, then please workout as part time for some months.
  3. Donā€™t invest all your savings or salary to your forex account.
  4. If you want to practise your trading strategies in real a/c, please trade with micro accounts or cent accounts.
  5. Do trade with the demo a/c with the same balance that you can invest in real a/c. for example : if you want to start your real trading a/c with 2000$, then you just open a new demo a/c with same 2000$ and keep practising with that demo a/c seriously. It will surely help you. If your 2000$ a/c is profitable for 3 to 6 months, then you can get confidence to start trading in your real a/c.
  6. Donā€™t sit in front of PC always. Donā€™t keep running orders in your trading a/c at all time at your initial stage of trading, in real accounts. it will make you addictive to sit infront of PC always. beware of it !!!
  7. You need to have more than 3 successful strategies before going for full time trader. If one strategy failed, you can use another strategies to manage your forex a/c.
  8. Donā€™t keep running your loss for long time, please keep running your profit for long time using trailing stop or moving stop loss manually. it will make you surely a profitable trader.

Thank you !
Regards,
Abhinesh

40

Hi mate thanks for the message. ok here goes.

  1. Iā€™ve spent a year backtesting my strategy. I know it very well.
  2. not sure what youn mean.
  3. the funds I have for trading are disposable and have plenty more.
  4. done that.
  5. done that.
  6. noted.
    7.have a bunch of good strats but focus is vital only so using 1 at a time.
  7. thats not in my strategy.

anything else i would love to hear.

'best

darth