Trading For a Living, Not Living for Trading (Series): An Introduction and Discipline
The Blog Entry that Accompanies this Video is at: investorandtrader.blogspot.com My Daily Blog is at: investorandtrader.blogspot.com This is just a blog. Just one guy recording his thoughts in a very spontaneous manner, as such thoughts relate to the capital markets. I organize some of my thoughts into playlists. I talk about what has helped me throughout my career. But after 4 years of blogging, I realized that those who have followed my ramblings? Only know of ‘Dan’ as he sits in front of his monitors, and as you watch back from the view from the standpoint of the webcam that sits on top of my left monitor. But much more goes into who I am as both an investor, and a trader … than that narrow view. So this new series, or ‘playlist’ is a continuation of my blogging efforts. To talk about what goes on beyond the webcam, that affects me as an investor or trader. To talk about why I feel it’s important to trade for a living, but not live for trading. In this first video, I still stick ‘around’ the desk that you’ve come to know. I wanted to use this first video in this series as a means of an introduction for anyone that might see me for the first time from this video. After the introduction … I take some time to talk about ‘discipline’. How discipline must be applied when I am sitting in front of the monitors, and when I step away from them … * * *Note This is not an investment or trading recommendation. The losses in trading can be very real, and depending on the …
Video Rating: 4 / 5
Categories: Forex Options Tags: Discipline, Introduction, Living, Series, Trading
Trading System Part 3 – Living Off of Wall Street
www.Trading-System-Pro.info – Shopping around for a solid stock trading system that will help you make and keep profits? Trading System Pro has put together a fantastic stock and options trading system to help you earn a high income living off of the stock market. Learn tried and true stock trading strategies that will keep wall street working for you.
Video Rating: 5 / 5
Want to learn how to trade options? Zecco, which provides low cost options trades and free stock trades through Zecco Trading, has created a series of short video tutorials to help you get a better understanding of option trading. This video provides a detailed description of a put option strategy. Watch the video, youll see that you can learn how to trade options. The video will give you a real life example of a put option strategy which should bring you one step closer to trading options! No hand holding required. Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options at www.zecco.com
How To Trade Currency For A Living
Kelvin is a full time forex trader and he has setup a blog at www.how-to-trade-currency.com to provide forex strategies for fellow forex traders. Read his most read post http
Categories: forex strategies Tags: Currency, Living, Trade
Forex Trading Tips – 5 Ways to Avoid Burn Out While Making a Living in Forex Trading
Making a living in the forex trading market can be very profitable but at times stressful. The trick is to keep the perfect balance that will allow you stay sharp, make money and not go insane. There are a lot of pratfalls that you may fall victim to so here are a few forex trading tips to keep you on your game.
1. Check the economic calendar each and every day
One of the most frustrating things that can happen to you as a trader is to spend half your day spotting a trend only to see it go south all of a sudden. Maybe Ben Bernake made a negative comment or there were economic data releases that you didn’t see. Simply checking a site like Forex Factory at the beginning of your day will ensure that you don’t miss things like this.
2. Join some forums
Forums are a great way of keeping your sanity. If you are doing full time trading forex or working from home, you’re going to find yourself in a lot of lonely situations and rarely around people that can comprehend what you are talking about. By joining an economic forum, you can make use of your slow periods and bouncing forex trading tips off of other traders. You can also exchange views on different forex strategies and checking out some new forex reviews.
3. Get outside and enjoy life
When you are talking to a lot of traders, a common theme is that they spend every waking hour researching their market. You’re going to want to try and get away from this and enjoy some of the money you are making. This is not to say you’re not going to have to do your homework, but surround yourself with real people and get out of the house to have some normal interactions on a daily basis.
4. Make exercise a part of your daily routine
Exercise has an amazing effect on everyone. You find yourself sharper mentally, obviously in better physical shape and with a lot more energy. When you’re sitting in front of a computer staring at a monitor all day, you have to make sure that you are doing something to keep your body in shape and your mind sharp. Here is a good forex tip – get up early and go for a jog or take a nice bike ride after the market closes everyday and you will find yourself better equipped for battle.
5. Don’t be afraid to treat yourself
While the forex market runs a fast and furious pace, is never going to hurt you to make it a point to get up and get away from it for a few minutes every hour or so. Maybe making your goal that every time you have a successful trade you treat yourself to a 15 minute break. Even if you are doing forex scalping, you’re going to have to step away for a few minutes just to recharge your batteries and regain your focus.
Is it possible to make a good living trading Forex?
I am nearly 18, and I have a very strong interest in Forex trading. I have a practice account with FX Express and have discovered some interesting things and techniques that I’ve discovered myself on how to make money.
I’ve developed my own strategy that works everytime I trade so far, and I’m making 10% compounded everyday I place a trade. in fact I want it to be my career. I will open up a live account with real money as soon as I turn aged 18 with maybe a couple of hundred. The only problem is that my mum and step-dad say “You’ll never make a living out of it”, or “You’ll lose all your money.” What I’d like to know is if its actually possible to make a decent living out of Forex trading and do you or anyone you know currently do this as a day trader. I’d like to prove them wrong.
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Is anyone out there making money trading options derivatives? Is it possible to earn a living doing this?
Please only answere if you have actual experiance trading options and derivatives.
What’s a good place for me to start learning how to trade?
Can you recomend a specific web site that for option and derivative trading?
I know there is significant amoung of risk involved but the reward is great as well.
Incoming search terms for the article:
Categories: options trading Tags: anyone, derivatives, Doing, Earn, Living, Making, Money, Options, possible, there, This, Trading
Forex Scalping ? Trading for a Living the Facts you Need to Know
Forex scalpers rely on trading regularly they don’t aim for big profits they aim for consistent small gains that mount up over time and aim for large annual profits with this method of trading. Forex scalping is popular so read on for the facts.
Firstly lets make it clear now it doesn’t work never has and never will.
Don’t believe me? Then read on and I will give you ALL the facts.
Fact: Short Term Volatility is Random
You have millions of traders who trade trillions of dollars and to say you can measure what is going to happen in a few hours is ridiculous. You cannot predict what this diverse mass of people are going to do and it’s never been possible.
All short term volatility is random and prices can and do go anywhere in short periods – support and resistance levels are meaningless. You can’t get the odds in your favour and you will lose – period
Fact: Vendors claim it makes money but have no evidence
The fact is they make money selling courses – they win you lose. They have the sense not to trade themselves and normally put out a hypothetical track record – which is exactly what it implies its hypothetical, done in hindsight, knowing the closing prices – Well, that’s hard.
You and I can both do that but in the real world you don’t have the luxury of knowing the price!
You would think that someone would have the guts to trade it for real but no, these guys know it’s a good story and don’t risk cash in the market and if they cant make money for real with it, why should you trust it?
Fact: It Breaks a Fundamental Rule of Trading
Which is, “run your profits and cut your losses” of course forex scalpers keep their profits small ( and they have a lot of them) but they can’t even get lucky and catch and run a big profit!
Forex scalpers only want a few pips and don’t run profits this is ridiculous.
So you have lots of small losses and when a scalper is lucky enough to get a profit ( and forex scalpers get lucky now and again) it gets closed out quickly.
Well that is simply a recipe to wipe out equity lots of small losses an profits that cant cover them – it’s not the market that gets scalped it’s the trader.
The myth that forex scalpers and day traders make money is put about by brokers who make a lot of money from day traders and others who see a good story and a marketing opportunity but that’s all it is a good story – with no basis in fact.
Naive and greedy traders swallow the story trade lose and wonder why!
If they had done their homework, they would see that trading is an odds game and trying to scalp the market is doomed to failure and really, you would do just as well tossing a coin.
Don’t fall for the myth that forex scalping makes money finally, if you do find a real time long term track record I would be interested to know about it – I have been unable to find one in 25 years.
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In your opinion what is a better way to trade currencies for a living; spot-forex or currency options? Also…?
I am 18 years old and I have been practicing spot-forex trading for several months now with FX Club and I am quite good at it and have learned a lot about currency trading from my demo account and some books and internet article sites on currency & options trading. Its become my passion actually.
I also know something that actually is a secret to FX trading success; the trends are usually long term, lasting from several months to several years meaning you are best to trade for the long term on currency pairs to enjoy the ride of making money. You can’t do this with spot-FX because you are trading on margin and if a trading position is left open too long, you will be wiped out within so long.
What I would like to know is if currency options trading is a good way to trade currency by simple vanilla call & put options as I know that spot-FX is essentially a mugs game? Also is there anybody out there who trades currency options for a living at all? Also, what is an easy to use currency options trading brokerage that can be used by a UK based investor? Please help advise. Thanks.
P.S. Sorry my question is too long.
Categories: Forex Options Tags: Also..., better, currencies, Currency, Living, opinion, Options, spotforex, Trade
Forex Scalping – for a Living a Novices Guide
Forex scalpers rely on trading for small regular profits and building up huge profits over time they don’t aim for big profits they aim for consistent small gains that mount up and its one of the most popular forms of trading. Forex scalping is popular and here we will present you with all the facts you need to know.
The most important fact is – it doesn’t work!
Don’t believe me? Then read on and you will see why trying this method of trading is simply ridiculous and guarantees you will lose
Short Term Volatility is Random
You have countless millions of traders who trade trillions of dollars each day and to say you can measure what is going to happen in a few hours or a day is ridiculous.
You cannot predict what this mass of people are going in such a short time frame.
All short term volatility is random and prices can and do go anywhere in short periods.
This means that support and resistance levels are meaningless and cannot be traded.
You can’t get the odds in your favor and you will lose – period
Fact: Vendors claim it makes money but have give no evidence
Have you never wondered why all those vendors selling the systems with their claims of huge profits per annum don’t just keep quite and trade themselves? The answer is obvious:
They make money selling courses – they win and you lose – PERIOD.
They have the good sense not to trade themselves and normally give a simulated, hypothetical track record – which is exactly what it implies.
Its done in hindsight, knowing the closing prices.
Could you do that? You and I can both could – but in the real world of trading you don’t have the luxury of knowing the price in advance.
These guys know it’s a good story and don’t risk trading in forex markets but know they can make money selling copy and that’s what they do and give you a loss and them a profit – it really is that simple.
It Breaks a Fundamental Rule of Trading
If you still are not convinced well consider this it breaks one of the fundamental rules of investment:
Which is, “run your profits and cut your losses”
Forex scalping by definition aims for small profits ( and they have a lot of them) but they can’t even when they get lucky run a big profit – you bank quickly, that’s the advice!
How stupid is that?
Forex scalpers only want a few pips and don’t run profits – does that make sense to you?
So you have lots of small losses and when a forex scalper is lucky enough to get a profit it gets closed out quickly.
Well that is simply a way to wipe out equity!
Lots of small losses and profits that cant be run enough cover them.
It’s not the market that gets scalped, it’s the trader who ends up wiped out.
Naive and greedy forex traders love the story, as it looks like easy money but there is no such thing in forex trading.
If they had done their homework and got the right forex education, they would realize that trading is an odds game and trying to scalp the market for small profits is doomed to failure.
Trading forex is an odds game and forex scalping can never by definition get the odds in your favor so learn forex trading the right way – don’t look for easy profits, look at getting the right forex education and that means trading the odds.
Forex Scalping Systems – How to Earn a Living Scalping Profits
Forex scalping systems are all over the net and there very popular as traders seek to scalp small regular profits and build big gains and an income over the longer term. So how do you find a forex scalping system to lead you to currency trading success? Let’s find out.
Of course the promises of regular profits and the track records produced by vendors are not real because forex scalping simply doesn’t work and whenever you see a forex day trading or scalping track record, you will see the disclaimer below – READ AND DIGEST IT:
“CFTC RULE 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.
So there you have it – the track record is simply made up knowing the closing prices and vendors do this hoping the gullible trader will swallow it and they do time and time again.
Of course we can all make money knowing what happened – but trading is a little more difficult than that, we have to trade not knowing the closing prices.
So why don’t forex scalping systems work?
Its obvious, we have millions of traders all with a different point of view, methods and skills and trying to decide what this mass will do in a few hours is doomed to failure. Humans are not logical and in short time spans they can and do, drive prices anywhere.
This means that if you have a forex trading system that is trying to take advantage of short term moves, you cant use support and resistance (volatility can and does take prices anywhere) and you can’t get the odds in your favor.
To be frank you could toss a coin instead and your results could be as good!
Of course if you still don’t believe me ask yourself this question:
If forex scalping worked then why doesn’t the vendor have the confidence to trade himself and give you a real long term track record of gains?
If you have read and understood the above you know the answer – forex scalping systems simply don’t work.
