Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

carter

How Long Did It Take You To Become Profitable?

How Long Did It Take You To Become Profitable?  

95 members have voted

  1. 1. How Long Did It Take You To Become Profitable?

    • Less than 1 year
      11
    • 1-2 years
      11
    • 2-3 years
      11
    • 3-4 years
      8
    • 5+ years
      10
    • Still in the process
      44


Recommended Posts

Decided to start a poll on our experiences as a trader. How long did it take you guys to reach a point where you can trade for a living?

 

It took me 2 years just to know what I was doing and another year before I became consistent.

Share this post


Link to post
Share on other sites

It took me 2 - 2.5 years.

 

6 months of staring at a candlestick chart with only time of sales. 8 months of consistently losing money. 4 months of devising setups. Another 3 months of losing money. 6 months of perfecting my setups, gaining more market understanding, and break even/profits trading.

 

Which was alll worth it in the end. I havent looked back ever since.

Share this post


Link to post
Share on other sites

I have been trading on and off for a few years now, but it has never been an aim to make a living from trading - until now.

 

After being a little more active over the last year I have realised that it is possible to make a living from trading, but it takes a lot of discipline.

 

Fingers crossed, over the next 12 months it may happen.

Share this post


Link to post
Share on other sites
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?

Share this post


Link to post
Share on other sites

Warren,

 

That is very good going, especially in the fickle FX markets which can be volatile.

 

What kind of profits are you making, and what is the size of your portfolio?

 

Are you taking lots of small "turns" or fairly large "turns".

 

I have looked at the FX market before, but it is not something I have ever tried. Perhaps you could enlighten us with a breif summary of how you play the market?

Share this post


Link to post
Share on other sites
Warren,

 

That is very good going, especially in the fickle FX markets which can be volatile.

 

What kind of profits are you making, and what is the size of your portfolio?

 

Are you taking lots of small "turns" or fairly large "turns".

 

I have looked at the FX market before, but it is not something I have ever tried. Perhaps you could enlighten us with a breif summary of how you play the market?

 

At present time I have 7 clients. The US Dollars under management is just over $100,000 US Dollars. I range trade but mainly trade with the Trend. Since March 2006, My Return On Investment Capital Deposited is over 50% a month. I know this number is NOT believeable BUT I might consider posting here one of my clients Man Financial Trading Reports generated by Trade Station Two Software.

 

I have a very strong knowledge of economics and the political scene. I am a mature 62 year old businessman. I would be glad to share some of my knowledge with this Traders Laboratory Forum.

Share this post


Link to post
Share on other sites

Hi Warren,

 

I am also interested and would love to hear your methodologies or trading wisdom. From my understanding you are a fund manager? Although my forex knowledge is relatively new, my strength lies in the index futures. I plan on picking up Forex and looking forward to learning the markets from you. :)

Share this post


Link to post
Share on other sites
Hi Warren,

 

I am also interested and would love to hear your methodologies or trading wisdom. From my understanding you are a fund manager? Although my forex knowledge is relatively new, my strength lies in the index futures. I plan on picking up Forex and looking forward to learning the markets from you. :)

 

In Canada I act as a Currency Trader Advisor for two corporations and a number of private investors. No license or government approval is required at present time as FX is NOT a security. I do not deal with the general public. Man Financial however needed to confirm my ability before accepting me as a CTA for their clients. Please note I bring my clients to them and then I just act as a CTA through them for my clients.

Share this post


Link to post
Share on other sites

Took me 1 1/2 year of constant reading and practice 'til my eyeballs hurt but it was worth it. I gained a lot of confidence and began to trade live when I understood the laws of supply and demand that rules the market.

Share this post


Link to post
Share on other sites
Took me 1 1/2 year of constant reading and practice 'til my eyeballs hurt but it was worth it. I gained a lot of confidence and began to trade live when I understood the laws of supply and demand that rules the market.

 

Nice feb. Thats fairly quick for any trader. What type of trader are you?

Share this post


Link to post
Share on other sites
Nice feb. Thats fairly quick for any trader. What type of trader are you?

 

Support/Resistance, Pivot points, tape reading. Basically the tools I use(and a lot of discretion). I trade ES (mini) and crude oil

Share this post


Link to post
Share on other sites
Support/Resistance, Pivot points, tape reading. Basically the tools I use(and a lot of discretion). I trade ES (mini) and crude oil

 

Looks like we have alot in common feb. I do use alot of market profile. Never really touched crude although I have always been interested.

Share this post


Link to post
Share on other sites
Looks like we have alot in common feb. I do use alot of market profile. Never really touched crude although I have always been interested.

 

well I'll take this as a compliment 'cause I admire your videos and coments . Crude has been good lately since price is been droping like a bomb. Pivot points in crude work almost like magic.

 

Market profile for futures is like trend lines and bigger time frames(4hr and up) for forex. The best way to make sense of trading. The software I use have this neat feature on the price ladder in which you can see how many contracts are traded @ any specific price. Maybe I am acting a little naive here 'cause I havent' try any other software with price ladder.

 

Regards

 

Raul

Share this post


Link to post
Share on other sites

Interesting comment Raul. I may need to look into crude since you mentioned how its works good with pivots. Also what software do you use? In terms of price ladder, I am picturing something like the Tradestation Matrix? Take a look at the attachment.

tsmatrix.jpg.5d5040e0445b99ed894b2c2e1eee7c89.jpg

Share this post


Link to post
Share on other sites
Interesting comment Raul. I may need to look into crude since you mentioned how its works good with pivots. Also what software do you use? In terms of price ladder, I am picturing something like the Tradestation Matrix? Take a look at the attachment.

 

Yes is very much like that picture of Tradestation Matrix. I tried to make a copy of the ladder I use it but won't do it. The one I am using allows me to place orders off the ladder. The software I am using is Trade Navigator from cannon trading. The volume bars at the ladder(in your case the matrix) are one of the pilars of my trading. If I don't have it I feel blind. I've only been trading futures for like a year and 1/2.

 

Crude oil would be good as long it ranges from 58-62 a barrel Rigth now we're heading to a short rally maybe toping off 65-68 before will be affected by the laws of gravity

Share this post


Link to post
Share on other sites

Interesting... because I find the matrix very distracting. I hardly ever use it. You can simply place orders from the matrix and drag your stops or target points on the matrix.

 

You might want to check into the Infinity software. They have a better version of the Matrix and excecution is unbelievably fast. It was created by traders so they know what they are doing.

 

What are the things you look for in the matrix? Is it size? Thanks

Share this post


Link to post
Share on other sites
Interesting... because I find the matrix very distracting. I hardly ever use it. You can simply place orders from the matrix and drag your stops or target points on the matrix.

 

You might want to check into the Infinity software. They have a better version of the Matrix and excecution is unbelievably fast. It was created by traders so they know what they are doing.

 

What are the things you look for in the matrix? Is it size? Thanks

 

The ladder I use tells me how many contracts are traded at any price, plus gives me very much the same information that time&sales shows. I look for the bigger sellers/buyers and how many contracts they trade. Plus placing an order is convenient.

 

I will definitely check infinity software

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date: 29th March 2024. GBPUSD Analysis: The Pound Trades Higher But For How Long? The global Stocks Markets are closed due to Easter Friday (Good Friday). The NASDAQ continued to follow the sideways trend while other indices again rose. The SNP500 reaches an all-time high, but the NASDAQ remains under pressure from Tesla, Meta and Apple. The Euro continues to trade lower against all major currencies including the US Dollar, Euro and Japanese Yen. The British Pound is the best performing currency during this morning’s Asian session. However, investors are largely fixing their attention on this afternoon’s Core PCE Price Index. GBPUSD – The Pound Trades Higher but For How Long? The GBPUSD is slightly higher than the day’s open and is primary due to the Pound’s strong performance. At the moment, the British Pound is increasing in value against all major currencies. However, the US Dollar Index is also trading 0.10% higher and for this reason there is a slight conflict here. If investors wish to avoid this conflict, the EURUSD is a better option. This is because, the Euro depreciating against the whole currency market avoiding the “tug-of-war” scenario. The GBPUSD is trading slightly lower than the 2-month’s average price and is trading at 49.10 on the RSI. For this reason, the price of the exchange is at a “neutral” level and is signalling neither a buy nor a sell. The day’s price action and future signals are possibly likely to be triggered by this afternoon’s Core PCE Price Index. Analysts expect the Core PCE Price Index to read 0.3% which is slightly lower than the previous month but will result in the annual figure remaining at 2.85%. The PCE rate is different to the inflation rate and the Fed aims for a rate between 1.5% to 2.00%. Therefore, even if the annual rate remains at 2.85%, as analysts expect, it would be too high for the Fed. If the rate increases, even if only slightly, the US Dollar can again renew bullish momentum and the stock market can come under pressure. This includes the SNP500. Investors are focused on the publication of data on the UK’s gross domestic product (GDP) for the last quarter of 2023: the quarterly figures decreased by 0.3%, and 0.2% over the past 12-months. This confirms the state of a shallow recession and the need for stimulation. The data, combined with a cooling labor market and a steady decline in inflation, increase the likelihood that the Bank of England will soon begin interest rate cuts. In the latest meeting the Bank of England representatives did not see any members vote for a hike. USA500 – The SNP500 Rises to New Highs, But Cannot Hold Onto Gains! The price of the SNP500 rises to an all-time high, before correcting 0.33% and ending the day slightly lower than the open price. Nonetheless, the index performs better than the NASDAQ which came under pressure from Tesla, Meta and Apple which hold a higher weight compared to the SNP500. For the SNP500, these 3 stocks hold a weight of 9.25%, whereas the 3 stocks make up 14.63% of the NASDAQ. The SNP500 is also supported by ExxonMobil’s gains due to higher energy prices. The market will remain closed on Friday due to Easter. However, the market will reopen on Monday for the US and investors can expect high volatility. Investors will also need to take into consideration how the PCE Price Index and the changed value of the US Dollar is likely to affect the stock market next week. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • MT4 is good and will be good until their parent company keep updating the software, later mt4 users will have to switch to mt5.
    • $SOUN SoundHound AI stock at 5.91 support area , see https://stockconsultant.com/?SOUN
    • $ELEV Elevation Oncology stock bull flag breakout watch , see https://stockconsultant.com/?ELEV
    • $AVDX AvidXchange stock narrow range breakout watch above 13.32 , see https://stockconsultant.com/?AVDX
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.