Forex Story

I am a Sr Systems Engineer for a company which I can not disclose of here. I have been doing this for about 11 years and I love my job.

2. Trading for me is supplemental, it is not full time.

3. I trade swing trades (I take what the market produces and catch and ride the waves)

4. I trade price action.

5. Self tought trader.

6. Tried systems (I only really liked the cowabunga), but I wanted to come up with my own system. After trying indicators that only tell you what happened I decided to trade PA. My System is pure money management and proper leverage. I trade with naked charts, I see the market better. Momentum based trading. Some times I will throw a volume indicagtor on there that is only if I am looking at a huge trend change. I do follow COT (Commitment of Traders) sometimes only to get a sense and confirmation of true direction.

7. After blowing a few accounts I started trading the PA. I average between 30 to hundreds of pips (It all depends on the market). I even snagged over 1K of pips in one single currency at one time. What got to me to lose the money I made was greed and over leveraging after I started kicking ass. I quickly was humbled.

8. Opened a new account of $75 couple weeks ago, trading 2K lots is now approx $110. Once I get to $500 I will go to trading 3K lots. Till I hit $1K.

Patience is a virtue and I will be a successful trader and I am over my losing barrier and currently approaching my barrier in success.

I took my one and only trade today selling euraud at 1.26258 @ 2K lot site (.20 a pip). account up by $5 today so far I plan on waking up to about $20 in profit with this current trade. that is a 10% increase on my account tomorrow if successful. I have already set my stop to lock in 2 pips and let the trade run. I am risk free at this point. The market will either give me the bias or I will be stopped out and the joke is on my broker…

Yes I like to make my broker eat the spread. This is also part of my strategy.

 

 

I don’t think having dreams and goals in life, being energized and focused makes you delusional. Sometimes you just have to reassess your expectations, adjust them and keep going.

I’m absolutely positive that nobody will turn millionaire with a $100 starting capital, but I do think that turning 1K to 10K in a year or two might be feasible with a good strategy and sound money management, simply trading part-time and keeping your dayjob. Then going from 10K to 50K in a couple years more sounds a reasonable goal to me, considering that I might even add capital along the way, when I start seeing consistency in my trading.

The average time for building an edge and gaining consistency is said to be around 5 years, so I wouldn’t expect to turn full-time “pro” before that, but this is also the time I can give myself to learn the craft and build an account (be it with my own money or the market’s money).

For me, the main point of micro-trading is to learn and acquire the mindset and the psychological skills that you will never grasp by demo trading forever.

There’s no way I will put my hard earned investment money in the market before I can see consistency in my results. I know I have to pay my tuition and blow a couple accounts before I understand the way things really work (I already done that!) so I’d better do it on micro-lots and keep saving for the real deal.

There’s no magical way of achieving wealth so I don’t expect successful full-time traders to come here and lay out an “how to … in five steps” manual, but I do think it would be interesting to know that some of us have indeed managed to become professional “retail” traders after putting hard work, learning and perseverance on the line and built an edge that only now allows them to live the good life they dreamed of.

Let’s keep it inspiring!

I don’t understand why so many people miss this when talking about trading for a living. Or how much one has to make trading to trade full time.

The true measure is what econmists would call “opportunity costs”. Suppose we take a person, whom we’ll call him John. John has a college degree in basket weaving. At this point in his life most of the job opportunities he has found have been in the customer service field. Typically, these phone jobs pay $11.00-$20.00 an hour.

15.50 is the midpoint so let’s assume that is his current wage.

15.50 x 8 = 124.00
124 x 5 = 620. So $620 is his weekly pre tax wage.
620 x 2 = 1240 So John is bringing home $1240 pre tax every two weeks
1240 + 1240 = 2480 John’s pre tax monthy wage.
2480 x 12 = 29,760 John’s pre tax yearly wage…

Now $29,760 is not going to allow John to live in the lap of luxury by any means. But it is actually within the normal range. That’s right kiddies. $30,000 a year is actually around the national average. I don’t care what the music videos or MTV cribs make you think.

Personally, I would agree that it is a paultry sum. But let’s get back to the real point: Opportunity cost.

If John’s typcal yearly wage is $30,000 then trading for a living only makes sense if he can make at least $30,000. If John was only making $15,000 trading, then the opportunity cost of trading for a living would be $15,000.

Now let’s look at Bob. Bob has a college degree and more. Bob has a masters in petroleum engineering. His yearly pre tax salary is 250,000. So any amount of money made trading that does not meet or exceed $250,000 would represent an opportunity cost.

So here’s the rub. The lower your actual pre tax earning potiential would be in the traditional job market place, the less money you have to make trading to not have any opportunity costs. So the person that did not finish high school and can only expect to find jobs in the $15,000-$20,000 a year range. Does not need to make nearly as much as the Harvard MBA whose skills are valued at around $400,000 a year.

Want what the Market wants: follow the Smart Money.

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