Thread: making a living

I have a question that is than out of practicality, for anybody that is buying living. How long once you opened your account were you can stay from it, I don't mean living large and also the highlife, but able to live off it. And how many accounts you moved before you got to that stage. Thank you for any comments you've got for me.

Originally Posted by ;

I have a query that is more out of curiosity than out of practicality, for anybody that's trading for a living. How long once you opened your account were you can stay from it, I don't mean living large and also the highlife, but able to live off it. And the number of accounts you moved through before you got to this point. Thank you for any comments you've got for me.

This is being asked quite often and frankly I do not see how you could benefit from the answer. Everybody's situation is different and abilities are different. Because it took someone only six months it does not signify that it would take you six months. And just because someone blew 3 acounts and handed up does not follow that you would fail also. You want to locate your own answer. Knowing that it took someone 3 months without blowing his account even once would place pressure on you, because if you would not be able to succed after 3 months you might begin thinking of yourself as a loser. Hope i make some sence!

I understand exactly what you mean, but as I explained my query was one of fascination instead of practicality. I know that everybody has a different learning curve, which everybody is going to have a different standard of living. I don't mean to use the info for how I am doing, as a basis, but to understand for that issue, or how others have done. But if the question is too personal or for any reason you merely don't want to reply than that is fine too.

You need to expect to go through at least one, large account and the chances are that you'll burn through two before you start to become persistent.

If you stick to Currency Market, you might be able to get off cheap, as you're not necessarily forced to have to have a lot of funds. You need AT LEAST, to exchange equities.

Most successful traders I know have burned through a lot of money. At least 10-20K. (and that's on the inexpensive side)

Contemplate it college tuition. Everyone has to burn that much to get it. It's just how it is.

It's funny -- when I started trading, I had a mentor and everything. I had a strategy, everything. Do not matter. I would write in my diary, everything, document my plan, but I still couldn't stick to it. I had to devote a lot of money to get it in my mind to click.

Thus, in summary -- I would say it should take you between 2-5 years, IF you make it past the initial year (the chances are you wont ), and also at least two accounts.

Time out of opening my first account until trading time: 10,000 hours of study or just under two decades.

Just how many accounts did I blow off? None.

Notice: I took a few big losses, but had the sense to step back after each and reevaluate. Maximum drawdown from invested capital was about $3000. It#8217;s difficult to put that terms because I tried a couple unique markets/brokers with different accounts. The most crucial drawdown was $1800 (in all of 8 seconds during an FOMC conclusion ) on a $6000 account.

Note 2: I figure that#8217;s not completely true. I've had a few accounts that I began with ~$100 to swing for the fences with. They all died deaths, but I do not believe them blow outs because I never cared to begin with.

Advice? Becoming a complete time trader is a hard and long road. It will force you to wonder things about your beliefs and yourself that you never expect to confront, but ultimately if you need it bad enough and are willing to make the sacrifices it's well worth it.

Ohh and also be willing to acknowledge when you#8217;re incorrect. That#8217;s what screws many folks up.

Here is another interesting observation:

those people who are effective and spend the smallest amount of cash during their tuition times seem to be people whose personality is both quiet and level headed.

I know a few people who are laid back, and do not get too worked up over anything. They both haven't dismissed accounts yet. One is a guy of ten years trading, and another has a few years under his belt, if not a bit more and is relatively successful.

IMO, those who are programmers, artists, etc., are far more likely to succeed than, say, sales individuals who are extremely outspoken, centre of attention, etc.. .

The prior make money quicker than the latter.

Everybody's Forex travel will differ....

My travel:

1st year: Read, Looked for a system, Study Charts...

2nd year: Opened account with $5000, obtained as low as $3500, I was able to make it back up to $5000 by the end of the 2nd year

3rd year: I am two months at... but that I left off where I ended the 2nd year... another 5% for the month of Jan... and that I just financed the account with another $12,000

Note: I do not trade full time. I plan to keep learning and improve myself as a trader.

I wish i was an artist

6 months for me personally, but that was full time commnt....many hours everyday, you have to need it.

The big aha moment for me personally was when I stopped trying to examine the market and just traded what I saw.

Oh yeah. . .MR TRend, this is from a sales history...

My first newbie article

From what I have read, Forex is Zero Sum so for people to make money a lot of different individuals must eliminate money....

Is it truly possible for one trader to really make a living.... When competing against huge banks and financial institutions with massive capital and armies of cray computers?? and phd graduates

Seems there are an infinite number of systems on the market which promise easy cash.... Are they just sc??

This just appears to be glamorised gaming.... Please pardon my ignorance !!