Thread: Trading for a Living - Cliff Notes

Lesson 1: Money Management

Simple: Risk no more than 2% on every trade.

Example:

I have an account with $1000.00

2% of $1000.00 is $20.

The stop loss on my system is 75.

The amont of all risk/pip is 28 cents.

So #8211; will you exchange for a living if your first capital is 1000?

Suggestion: NO

Originally Posted by ;

you can find mike at https://www.forexforum.co.za/general...appointed.html in the industrial section. He can't post here in the discussion section .

Thank you AK for pointing out the way to find mike

Originally Posted by ;

Yep... I was fairly sure it was led back to the PP... therefore I should have held on, but I trade the open like a terrier who just finished an 8 ball.

I simply re-read this thread for the first time since last year.
Excellent thread.

I disagree with purpose that you can't make a living from a small account.

In the last year I created over #30 000 from a #10 000 account. I'm leveraged at 5:1 that I believe is a fair amount for my attitude towards risk.

I average about 25 pips Every Day.

It was never always in this way. I had been demo trading for two years prior to become profitable but have since last year had the balls to go with real cash at stake.

Fortunately I had been successful.

That I am likely to take roughly #10k in my #30k in profits that will render me with #20k. Levraging that amount I eventually have a decent sized account to play with.

Originally Posted by ;

Fortunately I had been successful.

I think that it would be fair to say that you're among those lucky ones but I do note that you just did your groundwork in demoing for two decades.

It's not often I hear success stories. Well done to you.

Originally Posted by ;

I think that it would be fair to state that you're one of those lucky ones although I do notice that you did your groundwork in demoing for two decades.

It is not often I hear stories. Well done to you.

Thank you.

What helped me more then anything was studying chapter 7 (or 8) at Mark Douglas's publication trading in the zone.

The chapter is called thinking in probabilities.

It changed the way I traded nearly overnight.

Originally Posted by ;

What, in your view, is the best method to learn to trade the FX market?Public threads Books, videos etc.. Mentor expertise Paid systems caked The experts you understand, how did they arrive at the trading achievement that they record, although you include as much as you want to answer that query and can picked?

I rarely come on these forums but I stumbled across this thread and wanted to reply to this - I'm sure considering the era of the post many have replied!

From my own experience I'd definitely attend a conference or two, read heaps of books and follow the TA and PA with this forum.

Following a couple of years of doing this with a demo or little dwell account congratulate yourself, you've just taught yourself how NOT to trade. That is not a drawback, you need to learn this until you can learn how to trade.

Now, wipe the slate clean, filter out all the TA and PA and study price moves on a single pair, study plain charts and watch the markets. I'd recommend you do this a specific time of day that suits you, or even a certain'window' . Stick to it. Stick to a major pair, keep things easy.

It might take you 6 weeks, it may take 6 decades, whatever it requires over time you'll either'get it' or you won't.

Trading can be quite easy if you realize why so many people make it hard.

Originally Posted by ;

From my own experience I would definitely attend a seminar or two, read heaps of books and also follow the TA and PA on this forum.

After a few years of doing this with a demo or small dwell account congratulate yourself, you have just taught yourself how NOT to exchange.

Rofl, I believe you just broke some hearts. I'm an unprofitable stooge, however, I know this is about as true as it gets. As is stated in'clerks'... that is amazing, man.

Originally Posted by ;

I rarely encounter these forums anymore...

hey Bleek, I'm very interested in your trading system. Expect could talk to you sometimes. Could you talk about me your e-mail? Thanks

Originally Posted by ;

Monday 20 PIPS
Tuesday 27 PIPS
Wednesday 74 PIPS
Thursday 37 PIPS

So far this week.

Notice... no 200 PIP day bullshit.

Win a little day and day out... let compounding do the remainder.

We all would be wise to listen very attentively to what Acumen says .