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Showing most liked content since 05/23/18 in all areas

  1. 1 point
    Guess I would add to have a trading journal. Which helps you have a better understanding of the other rules and help closing out emotions.
  2. 1 point
    The answer to this question is relative. I mean, it depends upon you. It depends how quickly you understand the market and the company in which you invest. If you study the life of successful traders, it is analyzed that it took them years.
  3. 1 point
    Agreed, sometimes less is more, and unfortunately 1+1 in trading is not always 2
  4. 1 point
    CrazyCzarina

    Forex Trading Vs Stock Trading

    Your success depends upon the trading strategy being adopted by you. It is not only important but absolutely necessary that your trading strategy must have inbuilt strengths to make you a successful trader.
  5. 1 point
    One of the number one reasons that traders lose money is because they cannot follow the most important rules. In fact, some novice traders do not even have any rules in place when trading. They are simply relying on luck or tips to make money in stocks. Here are three rules that every stock trader should adopt if they want to have a chance in this market. 1. The 10 Percent Rule. The ten percent rule was made famous by the legendary trader Jesse Livermore. He said that he would never take more than a 10 percent loss on any stock. Whenever he broke this rule and let his emotions get the best of him he really suffered a bigger than expected loss both financially and mentally. A ten percent loss keeps you in the game and allows you to fight another day. I cannot begin to tell you how many times I have seen one trade turn into a huge loss. This giant loss often hurts the trader involved and has even been the cause of many blown up accounts. 2. Do Not Trade With Capital You Cannot Afford To Lose. There is an old saying, scared money never makes any money. Whenever traders and investors trade with capital they cannot afford to lose it hinders their thinking. Trading comes with enough pressure already, but betting the rent or the mortgage on a stock simply affects the traders ability to read or follow that stock's price movement correctly. A good rule is to also apply the 10 percent rule to position size. Never put more than 10 percent of your account into any one stock position. This will allow you to find other trading opportunities should they arrive. All of your capital will not be tied up in one stock. By keeping the position size to just 10 percent of your account you will not have too much of an emotional connection to any one trade. Keeping the stress of trading down is extremely important for your health. 3. Learn To Use And Read Charts. While most of the people in the world will use fundamental analysis to trade (PE ratios, EPS, book value, ect) it is the charts and technical analysis that will show you the actual money flow of a stock. The bottom line, the trend is your friend except at the end. Reading charts of stocks will show you patterns and signal where the money is going and flowing. Remember, it is money flow that moves stock prices not opinion from some talking head on the financial news channel. How many times have you seen a company report great earnings only to see the stock plummet and vice versa? Often, the chart will tell us this will happen before it does. Chart reading will also help traders to place stop losses and know where pattern breaks down or fails. Traders must understand that it is just as important to know where you are wrong on a trade as it is to know when you are correct. Charts do all of these things and more when a trader can read them. Every trader and investor should get educated in reading and understanding charts. Nicholas Santiago InTheMoneyStocks
  6. 1 point
    :haha: I hear you say. But really. I think that this is perhaps the single biggest factor in the high failure rate of new traders. Perhaps it would be better put that you should not expect to make money. Let me put it in a different way. A beginner will come into trading and have had very little experience of anything similar. The market will however look familiar somehow and tease them into thinking small successes are down to skill. After all, humans like certainty and are quite happy to congratulate themselves when they think they are good at something. Would you expect to pick up a guitar and then a month or two later be playing at a rock concert? Would you expect to pick up a paintbrush and shortly after have an exhibition on display at the Louvre? Probably not. The difference is though that poor trading costs you your money. Coming into trading, you will be pitted against seasoned professionals, massive hedge funds, banks and computer systems to name but a few. Losses early on affect more than just your bank balance. They affect your emotions and your ability to learn and develop confidence in your understanding of markets and methods you use to trade. If you don't understand how to 'take a loss' this can be catastrophic. Do yourself a favour, when you start trading, trade to trade well, not to make money!
  7. 1 point
    Oh you have! Glad you liked it, and good luck to us then. I have learned a lot from them so far. Be patient and keep learning!
  8. 1 point
    Jason Solomon

    Help me choose a forex market

    Thanks Donals, I'm grateful for any aspects on what to trade.
  9. 1 point
    bootstrap

    I Look Back Now and Wonder

    I wasn't sure where to put this, so the powers that be can move it if they see fit. I put it here for anyone who is just starting out and wondering what it really takes to become part of that elite club of profitable traders. I lurk on several trading forums. I join a few and make a few posts. One thing that I rarely see is the painful path one took to becoming successful. So for all you beginners here is what becoming successful took. For my fellow brethren that are already in the club have a good laugh. The markets had always lured me as a kid. I would read the paper and make predictions. Sometimes they were right; sometimes not. Then one day I got that famous commodity-trading flyer, sent my money off and took the plunge. My first stab at trading was commodities and I started with $5k in 1991. I was using the strategy as outlined by the guru. The account was gone within a few months. Well that didn’t work. I thought, people do this everyday and make money why not me. So off to the library. I read every book the Memphis library had on trading and investing. I paper traded the strategies I found while I built my bankroll back up. I learned exits, set-ups, position, expectancy, market psychology, and portfolio management. I soon realized that I was reading the same thing over and over no matter which book I checked out. Time to build my strategy. I am ready to do this. I bought a new computer, Metastock Pro 6.0, and opened an account with $30k. Its 1995, and this is my shot. By 1997 I was toast again. The family life went to hell in a hand basket, and I thought I could trade through the difficult times. The result was an account with a balance of $2500. Back to the drawing board. Took care of the personal stuff. Lived like a monk raising capital. Worked nights and watched the market during the day. Took a second job on the weekends to raise more money. Then one day out of the blue, the little red and green candles started to make sense. I saw patterns develop over and over in the same spots. I placed a trade and made a profit. But I had done this before. I removed the MACD from my charts. Placed another trade and made a profit. Maybe I am on to something. Removed the channel indicator that I stumbled across. I could still see the action and new what the MACD was doing and where the action was in the channel without them even being on the chart. I even stopped drawing trend lines. It was just me and the screen. I planned every trade. I knew exactly when, where, and why I entered and exited. I was patient. I became a predator. Lurking and waiting. I took every shot the market gave me. If it started to go wrong, I got out quick and waited. If the market did not give me an opening, oh well. There is always tomorrow. By the fall of 1999, I was consistently profitable and have been ever since. For those that are waiting for the sales pitch, there isn’t one. For those that are waiting for me to expose some great secret, well there isn’t one of those either. What I will give you are a few simple pointers that I learned the hard way. And the sad part is, most will stilll learn these the hardway. 1)Take everything you read with a grain of salt. That includes this post. 2)Never pay for a system. It is just not that easy. 3)If something comes up in your life that is distracting, stop trading. 4)Plan every aspect of your trade down to the smallest detail, and plan for every possible outcome. 5)Develop your own strategy. Don’t let someone tell you that you can’t trade a simple moving average if you truly believe you can. 6)Test the strategy in the market that you will be trading. If you like the results, trade it in another totally unrelated market and see if it still holds up. 7)Paper trading is ok, but there is nothing that truly tests the strategy like hard earned cash. 8)You will have to make sacrifices in order to make it. I still do. In the middle of my learning period I was working 18 hours a day during the week and 12 on the weekend. 9)You are responsible for everything when it comes to trading. That includes stop running, bad fills, limit moves, your PC crashing. I mean everything. See #4 10)And last but probably most important, don’t be afraid of failure. Just do like Edison and go, “Well that didn’t work”. Good trading to you all.
  10. 1 point
    Losing because your analysis was wrong. Losing because your impatience, greed or fear stepped in. Those are the losses you can get rid off, by training self-discipline.
  11. 1 point
    Stocks4life

    Breakout and Gap Stocks

    $TEVA (TEVA) stock nice opening breakout, from Stocks To Watch,analysis http://chart.st/TEVA
  12. 1 point
    It depends on the person that how he can manage his skills with trading and learning the basic with a demo or any other way. We can suggest them but after all, learning is the procedure which takes time.
  13. 1 point
    Gamera

    Testing Times.

    Actions for the 31st.
  14. 1 point
    Im a beginner trader and just wanted to say hi. Ive bin trading with a real account for about 6 months now strictly in stocks. Practiced on a simulated account for about a year off and on and i must say the difference is like black and white, I did far better on my simulated account. Hoping for better times ahead.
  15. 1 point
    zak.gibb

    Forex Trading on Smartphone / Iphone

    I've been using my iPhone 7 since the release of this phone. So I was trading for about a year now, and I never had a problem using my broker's mobile platform.
  16. 1 point
    CrazyCzarina

    Yea I'm a Starter

    First, there's no short-cut. Either commit to spending hundreds of hours developing professional skills or don't begin at all. If it was easy, we'd all be millionaires.
  17. 1 point
    Every stock market investor wants to make a good profit from stock market but the journey to stock market most often starts with No Rules.
  18. 1 point
    minoo

    Futures Day Trading Tutorial Videos

    These three videos remain very popular ones from Jeff Quinto on CME site and many have requested me to re-post the expired links in the first thread of this Post Please check below the new links for the Videos The Main Page at CME where the Booklet & Videos are Jeff Quinto's Theory of Futures Trading - CME Group Three Futures Day Trading Tutorial Videos by Jeff Quinto & CMEGroup Essential straight talk by an Veteran Trader & Mentor Developing Your Trading Strategy Theory of futures trading and provide a guide that will help you get started. Developing Your Trading Strategy - CME Group Building Your Trading Plan Insight into the way professional traders set realistic goals and track performance. Building Your Trading Plan - CME Group The Importance of Simulated Trading Simulated trading can be the key to your trading success. The Importance Of Simulated Trading - CME Group Thanks for all the appreciation and keeping this Thread Alive Enjoy Minoo
  19. 1 point
    mitsubishi

    Joke of The Day!

    :rofl: This week I will mainly be sitting in front of the tv, encased up to the neck in plaster.teaching my budgie to type bile and venom on TL (how's he doing?) sucking 3 meals a day through a straw. Zdo, You may not know this but in this 'cusp' of quantum computing, inserting my name on someone else's accident report can, in a multiple universe situation, cause the fabric of time and space to bend in such a way as to cause it to actually happen to at least one version of me on the other side of the black hole that sits at the edge of our galaxy. It's unfortunate that this glitch, on this particular occasion, happened to the only version of me that I'im personally.... What the hell is that echo?....personally aware of, which means I personally:confused:... damn echo in here... will be forced to sue you for loss of trading time .... where did all those budgies come from? :doh: However, if it transpires that dozens of mitsubishis have suffered the same fate we (I) will have to (unfortunately) bankrupt you.in a class action ...
  20. 1 point
    daveyjones

    Trading for a Living

    You can't reinvest everything you make. Eventually, you will need to take money out of your trading accounts and pay bills, take your family on vacation, etc. But how often and how much should you transfer from your trading accounts to your personal accounts? Should you take out a fixed amount each month or a percentage of your earnings? What if your accounts are currently sitting lower than your opening balance? Should you wait until you move above that point before you reward yourself with a salary?
  21. 1 point
    dbelov275

    Forex Trading Vs Stock Trading

    Thank you so much. it was really helpful. I think i should think about my level of risk tolerance before making a final decision.
  22. 1 point
    In an effort to educate and stimulate some discussion, I'm going to try to put together a few steps for candlestick trading success! Step 1: Identify the candlestick 'patterns' or 'formations' There are a variety of websites and books out there talking about candlestick patterns or formations. Some sites out there with some free stuff that can at least get you started in pattern recognition. Stockcharts.com in particular has a nice section on candlesticks (click hyperlinks): Main Page Intro To Candlesticks List of Common Patterns That's a few free links from stockcharts.com. Those are pretty good for being free. Keep in mind that is not meant to be a substitute for books, videos and live seminars. As mentioned previously, I like the work of Steve Nison. So the very, very first step is to be able to look at a candle(s) and identify if there's a potential candle pattern or formation there. That's step 1. I know that seems easy, but it can take some practice, esp in real-time and esp in day-trading. I would suggest looking at some DAILY charts and just start flipping through charts of stocks to see what you can recognize. Don't worry about stock charts if you just trade futures, you just want to train your eyes to see patterns and formations. And speaking of day-trading, there is one important consideration when using candlestick analysis in a day-trading environment - YOU MUST REMAIN FLEXIBLE IN YOUR DEFINITIONS OF CANDLESTICKS IN REAL-TIME, DAY-TRADING. The lower the chart timeframe, the more flexible you must be. And what I mean is that if you are only looking for picture perfect hammers, you might be waiting a while for a signal. As we get more charts posted, this will make more sense. And from candlestick recognition, there are a couple schools of thought of how trade them: 1) Trade any of the patterns if your parameters are met. 2) Trade certain patterns based on your preference and testing. This is going to be an integral part of your trading plan and there's no right answer here. It really is dependent on how you build your trading plan and what your testing has shown. I'm not going to do the work for you, so don't bother asking.
  23. 1 point
    gavind

    Forex Trading on Smartphone / Iphone

    For me, just for monitoring purposes. That's it.
  24. 1 point
    signalsprovider

    How to post a chart properly

    You are right Greed is bad in Forex....
  25. 1 point
    Mysticforex

    38 Steps to Becoming a Trader

    I didn't see this posted here anywhere so I thought I would. The " I Look Back Now " thread inspired me. I read this several years ago in a commodities magazine, I have also seen it around on the web: 38 steps to becoming a trader They are as follows: 1. We accumulate information - buying books, going to seminars and researching. 2. We begin to trade with our 'new' knowledge. 3. We consistently 'donate' and then realise we may need more knowledge or information. 4. We accumulate more information. 5. We switch the commodities we are currently following. 6. We go back into the market and trade with our 'updated' knowledge. 7. We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in. 8. We start to listen to 'outside news' and to other traders. 9. We go back into the market and continue to 'donate'. 10. We switch commodities again. 11. We search for more information. 12. We go back into the market and start to see a little progress. 13. We get 'over-confident' and the market humbles us. 14. We start to understand that trading successfully is going to take more time and more knowledge than we anticipated. MOST PEOPLE WILL GIVE UP AT THIS POINT, AS THEY REALISE WORK IS INVOLVED. 15. We get serious and start concentrating on learning a 'real' methodology. 16. We trade our methodology with some success, but realise that something is missing. 17. We begin to understand the need for having rules to apply our methodology. 18. We take a sabbatical from trading to develop and research our trading rules. 19. We start trading again, this time with rules and find some success, but over all we still hesitate when we execute. 20. We add, subtract and modify rules as we see a need to be more proficient with our rules. 21. We feel we are very close to crossing that threshold of successful trading. 22. We start to take responsibility for our trading results as we understand that our success is in us, not the methodology. 23. We continue to trade and become more proficient with our methodology and our rules. 24. As we trade we still have a tendency to violate our rules and our results are still erratic. 25. We know we are close. 26. We go back and research our rules. 27. We build the confidence in our rules and go back into the market and trade. 28. Our trading results are getting better, but we are still hesitating in executing our rules. 29. We now see the importance of following our rules as we see the results of our trades when we don't follow the rules. 30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better. 31. We continue to trade and the market teaches us more and more about ourselves. 32. We master our methodology and our trading rules. 33. We begin to consistently make money. 34. We get a little over-confident and the market humbles us. 35. We continue to learn our lessons. 36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size. 37. We are making more money than we ever dreamed possible. 38. We go on with our lives and accomplish many of the goals we had always dreamed of. Most traders will identify with this list and should be able to place themselves within these steps. Keep in mind that very few people progress through these steps in an orderly fashion. Developing your trading skills is an iterative process. For example, you may reach Step 13., find that although you were making money, your basic premise for trading was flawed (you might have been benefiting from the bull market, rather than your own trading prowess and then have been rudely awakened when the market entered a bear phase) and you may drop back to Step 4. and start 'climbing' the steps again. Having the proper mindset, attitude and psychological makeup becomes increasingly important as you progress through the steps. The focus of the earlier steps is on external issues, i.e. developing proficiency in the mechanics of trading while the focus of the latter steps (particularly from Step 30, on) is on internal issues, i.e. improving ourselves mentally and psychologically, maturing as traders.
  26. 1 point
    I'd strongly suggest to anyone who is serious about trading to think very carefully about whether using a mobile phone app for trading is a good idea. The interface, speed, reliabilty and security issues make it something I personally wouldn't do. If you have a position and you absolutely must leave, either make sure you have a way of getting through to your broker's execution desk quickly or close the position out before you leave.
  27. 1 point
    Predictor

    Daily Profit Goals/Downsides

    You should factor into how much you have of your account at risk. Yes, it does also make sense to use daily stop losses. But they could, also, be based on account risk and not your own feeling to that regard. In general, with a tiny account, risk should be reduced at the 25% of account level. It also makes sense to stop when ahead if you can't trade overnight because you have less time remaining to recover from any losses but only in terms of closed trades. . These types of considerations are a bit advanced in that focusing on them can be counterproductive for the beginner but are nonetheless important. It is worthwhile to consider: How much time is left in the game (early game, mid game, late game) (i.e day) % of capital at risk total closed trade profits open trade profits ----- Now, let's say you are a momentum trader and you are up $250 on a $1,000 account (like I was today) and you have a total of around $500 at risk. In this case, you have 25% at risk to break even and so you should start reducing your risk. Many successful traders just trade the open and morning session. I also do better with morning session. Trading late in day has many pitfalls, namely, limited time to recover and more fakeouts. It also depends on your style. You shouldn't set an upper limit per se but you should watch your total account risk and set a lower limit. If you aren't trading a hard system then it likewise makes sense to listen to yourself when you are losing and take time off, whether that be a day or a week. Most professional gamblers will step away when losing. Push harder when winning and take it easy when losing. A quantitative example might be that overbought indicators tend to get stuck when market trends strongly. Maybe it is a profitable indicator for you, if you can manage to avoid the bad losses, i.e don't keep fighting when it quits working!
  28. 1 point
    I have a suggestion. When someone first registers at Traders Laboratory, automatically send them some tips, or links for beginners. They may not be a beginner, but it won't hurt.
  29. 1 point
    MadMarketScientist

    Trading for a Living

    I like that idea of pulling out the profits. I think where some traders go wrong is thinking in terms of a salary and expecting a fixed dollar amount every xx week/weeks like when they are on payroll. In all my years of trading my returns are never smooth -- some weeks/months the market is just so generous, other times it's incredibly stingy. I'd drive myself crazy if I had a "salary" expectation that was consistent/smooth. Even when I look at my long-term non-traded assets like funds and stocks if I look at the monthly returns it is literally all over the map. So, skimming out the profits makes sense but just don't expect that to ever be a consistent number. Assuming it's positive to begin with! MMS
  30. 1 point
    TimRacette

    Trading for a Living

    I agree with cuttshot. Once you have a sizable account I find it necessary to remove all profits for the week from your trading account. Take physical delivery of that money and go cash it at the bank, touch it, hold it in your hand, and then deposit it into your check, savings, and investment accounts. I think this process is important because it makes what we are doing tangible and real. Perhaps its mostly for psychological purposes, but if you leave the profits in your account, they are "at risk" of the market. Removing them each week keeps it structured more as a business.
  31. 1 point
    GlassOnion

    38 Steps to Becoming a Trader

    Shuanna... Are you from the Planet Vulcan, where they don't have emotions? Lol...
  32. 1 point
    Mysticforex

    Joke of The Day!

    How many Psychiatrists does it take to change a light bulb?................... One. But the light bulb has to really want to change.
  33. 1 point
    GlassOnion

    Joke of The Day!

    Easily the best joke of the decade A young man moved into a new apartment of his own and went to the lobby to put his name on his mailbox. While there, an attractive young lady came out of the apartment next to the mailboxes, wearing a robe. The boy smiled at the young woman and she started a conversation with him. As they talked, her robe slipped open, and it was obvious that she had nothing else on. The poor kid broke into a sweat trying to maintain eye contact. After a few minutes, she placed her hand on his arm and said, "Let's go to my apartment, I hear someone coming." He followed her into her apartment; she closed the door and leaned against it, allowing her robe to fall off completely. Now nude, she purred at him, "What would you say is my best feature?" Flustered and embarrassed, he finally squeaked, "It's got to be your ears." Astounded, and a little hurt she asked, "My ears? Look at these breasts; they are full and 100% natural. I work out every day and my butt is firm and solid. Look at my skin - no blemishes anywhere. How can you think that the best part of my body is my ears?" Clearing his throat, he stammered .... "Outside, when you said you heard someone coming.... that was me." __________________
  34. 1 point
    Ingot54

    Joke of The Day!

    Young John had just completed high school in the bush, and was off to the city to college. He had a faithful cattle dog, 'Bluey', and insisted on taking the dog with him. Of course, the attractions of city life were quite new to John, and during his out-of-college time, he spent-up rather big on enjoying it all. Eventually, the money ran a bit low, and John was a bit short. He decided to ring his father for a little advance. "Hello ... Dad? You will not believe what is happening here - Bluey is learning to play the piano." "Go on, son. You're kidding me!" "No, Dad, honestly - you should hear him. But the dog teacher had to be paid, and I am a bit short" "No worries, John. The cheque's in the mail." Well time went by, and John again got a bit short of money, and he decided to ring dad again for some money. "Hi Dad. Bluey is so advanced that he is now playing the piano and dancing at the same time. He is a big hit down here. But the extra lessons are not cheap." "Don't worry son, the cheque's in the mail. It's a good thing you got going there with Bluey." John was happy until the day came for him to go home. He knew he had to face the family with a dog that could neither dance nor play the piano. The day he got off the train, Dad was waiting there to meet him. "Where's Bluey?" said Dad, "I was hoping to watch a performance." "Well Dad, Bluey became so advanced, that he began to talk. We used to have long conversations about the things we've seen and done. One night he told me about you and that little red-haired sheila down at the pub, and he told me what you and her ..." "Crikey, John," interrupted Dad, "I hope you shot him!" "Yes, Dad, I did. I sure did. "
  35. 1 point
    Mysticforex

    38 Steps to Becoming a Trader

    Hi winchie, You don't mention what type of trader you are, or plan to become. There are many good books out there. For technical analysis, I keep a copy of "Technical Analysis of Stock Trends" by Edwards and Magee on my desk. It's not a read thru kind of book, but a great reference book. Although the word "Stock" is in the tittle, TA is TA, and can be applied to anything you can put on a chart. From there you can look for something more subject specific, VSA, Candlesticks, etc. For Motivation and Psychology, I like, "Market Wizards", "Trading in The Zone", and Millionaire Traders". Surely others will chime in with their thoughts.
  36. 1 point
    Cory2679

    Joke of The Day!

    The CIA had an opening for an assassin. After all of the background checks, interviews, and testing were done there were three finalists — two men and one woman. For the final test, the CIA agents took one of the men to a large metal door and handed him a gun. "We must know that you will follow your instructions, no matter what the circumstances. Inside this room you will find your wife sitting in a chair. You have to kill her.” The first man said, “You can’t be serious. I could never shoot my wife." The agent replies, “Then you’re not the right man for this job." The second man was given the same instructions. He took the gun and went into the room. All was quiet for about five minutes. Then the agent came out with tears in his eyes. “I tried, but I can’t kill my wife.” The agent replies, “You don’t have what it takes. Take your wife and go home.” Finally, it was the woman’s turn. Only she was told to kill her husband. She took the gun and went into the room. Shots were heard, one shot after another. They heard screaming, crashing, banging on the walls. After a few minutes, all was quiet. The door opened slowly and there stood the woman. She wiped the sweat from her brow and said, “You guys didn’t tell me the gun was loaded with blanks. I had to beat him to death with the chair.”
  37. 1 point
    MightyMouse

    38 Steps to Becoming a Trader

    Step 39 is when Shrek and Feona have a family and live happily ever after
  38. 1 point
    cuttshot

    Trading for a Living

    davey, It is very important that you focus on building your account before even considering taking any money out. Trading full time on a $10,000 account just wont cut it. You can start with a small account but you need to leave the profits alone. Pulling money out right away will just lead to you spinning your wheels. How much money you pull out and when you do it depends on your lifestyle. Keep in mind there are fees when you pull the money out so you don't really want to be doing this too often. I have found it best to start with a budget for yourself. This way once you have built your account size up to make a living off you can pull the minimum amount out monthly/quarterly to cover expenses. The budget will also help you guage when it's possible to trade full time for a living. You should make sure you can make money for an extended period of time before you consider going at this for a living. Making money for 2 months in a row will not guarantee future success. You could run into weeks or even months where you don't make any money. Hopefully you are using a system that doesn't let this happen very often but it is possible. You have to make sure you are able to ride these times out. traderwill gave you some great advice. Having a successful system in place is very important. I would also recommend getting that budget in place so you know what you need to make in oder to cover expenses. From there you will be able to schedule your withdrawals.
  39. 1 point
    TraderWill

    Trading for a Living

    Daveyjones, this is a great topic. If you've been trading for a while you know that there's a lot of hype about the fortunes you can make by trading for a living. The reality is that like every job or business it is a process of gradual growth. And if you know people who've started their own business, you'll know that they lived like paupers for years, building their business to the point where they could reap the rewards by paying themselves a decent salary. It's the same with trading for living. If you have a profitable system, you first need to build your trading account so that you can increase the number of shares, contracts or lots that you trade. You also need to have an idea of how much you need or want to withdraw from your account on a monthly or quarterly basis, that becomes essentially the salary you want to receive. Once you trade enough shares, contracts or lots so that your account grows on average more per month or quarter than what you want to pay yourself as a salary, then you can start pulling money out of it. But not before. You want to be in the position that even after your periodic withdrawals the trading account continues to grow, albeit more slowly. Depending on the initial size of your trading account, and on the profitability of your system, you may have to build your account for one or two years before you can start pulling money out of it. It can be done, but not as fast as some would have you believe. Of course the larger your starting account and the smaller your salary requirements, the faster the process.
  40. 0 points
    Derrick Owen

    Yea I'm a Starter

    Pastthepost, if you are a newbie, I think online courses are suitable for you. Through this, you can easily learn and understand what you need to know about trading and more.
  41. 0 points
    Mits, Insist? I let it go long ago... and just thank the lord I don’t need this place. https://www.theguardian.com/media/2018/jan/23/never-get-high-on-your-own-supply-why-social-media-bosses-dont-use-social-media'>https://www.theguardian.com/media/2018/jan/23/never-get-high-on-your-own-supply-why-social-media-bosses-dont-use-social-media My audience here is miniscule and I only need to do a better job with them... As far as damage goes...and “What chance is there for a return to the 'glory days'” etc - imo, the intolerance of the smart posters edges out damaging TL more than the bot echo chamber dumb posters do across the years. And neither are ultimately to blame. We’re looking at multiple generations now of dumbed down... and the results are starting to show. https://www.theguardian.com/media/2018/jan/23/never-get-high-on-your-own-supply-why-social-media-bosses-dont-use-social-media Re:AI " never spoken" / “swear at the fukcre” - That’s funny, mits . To get passed off to a human quickly, I like to mumble Luvn AI .... dystopi Why You Say Indicators Fail and Price Action Always Works ? ...esp when AI uses indicators to 'create' PA shine on you crazy diamond zdo ps CrzyCzry is the ultimate generalist... :rofl:
  42. 0 points
    pimpin_pips

    Forex Trading on Smartphone / Iphone

    Iphones and phones running Android have serious security issues. I'd be careful before using anything that requires a password and relates to money (banking, trading, etc.)
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