How Long Did It Take You To Become Profitable?

[How Long Did It Take You To Become Profitable?]

I started demo trading September 2003. My first live trade was March 2006. I now am at the end of three years with 6 months of actual trading FX.

 

I presently am winning 80% plus of all my FX trades.

 

Thats pretty impressive for just 6 months of live trading. What do you currently trade Warren?

[Trading the Currencies]

I am not too sure about Forex but I know a few traders who use Market Profile in trading currency futures. Perhaps you can look into currency futures instead?

[Full-time Traders: Business Cards?]

As a full-time trader, what should I put on my business card? I definetely do not get a positive response when I tell people I am a speculator. Most people will relate trading to gambling.

 

How does professional trader sound? What do you guys think?

 

Professional trader doesnt sound too good. Maybe be more specific like "professional equities trader",

 

Do traders qualify as financial advisors?

[Identifying a top? How do you sense market weakness?]

You can use a combination of indicators or look for divergences.

[Good poker players make good trader?]

Anyone have any opinion on this? Im not a poker player myself but the game seems fairly similar.

 

They are both a game of probabilities and discipline. In my opinion, a good poker player can transform himself into a good trader alot easier than a bad poker player. He has the basics done in terms of the mental aspect of the game.

[My Favorite Trading Quote]

My favorite:

 

"The battle is won before it is fought." Sun Tzu

[Moving Averages: Which one should I use?]

I am looking to trade the dollar on a 5 minute timeframe. Can anyone recommend a set moving averages that I can use? Do I need to use a shorter moving average for a shorter time frame? Or does this not matter at all? Thanks

 

I personally trade use a 20, 100, and 200 moving average on a 5 minute chart. The best set is to use a shorter MA combined with a longer MA. If price is above both moving average's look for a long setup. If price is trading below both moving average's look for a short setup. Try experimenting with it first. You will find ones that you will like.

[Futures Market: Possible to trade for a living?]

Perhaps use a trading system?

 

Plus you need to open up your views. By convincing yourself that the futures markets are hard and impossible to trade, you will never be able to trade successfully. Your beliefs limits your ability.

[Is the RSI indicator any good?]

I have read numerous counts of articles about RSI. I also did a search on google about this indicator. So far I have received two opinions. Some claim that this indicator is stupid. Others claim a simple strategy using the RSI is highly profitable with the correct money management.

 

For example, one post I read was watching for a higher low, higher RSI, and a MACD crossover. This is supposed to be a high probability trade.

 

Any comments or thoughts on this?

 

The only information I look for in the RSI is divergence as well.

[Discipline Trading: Holding onto winners]

I wanted to discuss an area where I am struggling psychologically. I consider myself to be fairly discipline when following my rules for my trading setups. However, I have a tendency to cut my winners a little too early. I identify key support and resistance levels prior the the open. When prices are test these areas, I have a tendency to exit my position. Sometimes this is the correct move, sometimes prices will break the line of support/resistance and I leave alot of money which I should of made.

 

This is one rule I keep breaking over and over. Do you think it has something to do with my internal beliefs on money? Or is it a lack of discpline?