So if you get to be consistently profitable, what next?

[danran]

I trained a lot of people how to trade in a state to train a lot of people to trade and I can tell you from personal experience my best students that makes 20 to 40% profit a month in Forex doesn't have absolutely no college education and most of them don't even have high school education .

the reasons are very simple they have the hunger for it because they know that it's the last choice
for them to get a better life that they cannot get without without the college education .and the Highly Educated students with the degrees from five or six different colleges at the most nightmare to teach because you need to break them in the way that they think before they can actually make a trade with a thinking too much about the two analyzing it to the death and wasting a trade

if you want to learn to trade and never work you can
my advice to you forget that you know anything about trading including charge technical fundamental analysis no offense but six and a half percent a year is ridiculously funny.

second forget that you have any kind of Education because so far it didn't help you

 

[NVP]

Whether we want to talk about advice on any career path , or how to approach trading or indeed how to be more successful and fulfilled in life .....

My advice to anyone is to take responsibility for your own actions for the rest of your life right now from this moment....

Don’t hide in shadows or make poor excuses for things that didn’t go your way......this is real life ...sh*t Is pouring down on all of us 24/7 so we need to get our acts together and handle it

That means start making true and more realistic decisions about yourself and your own abilities in relation to the world......events , relationships , jobs , income opportunities .....how you spend your time ......

Get real and wake up ....or live in the mindless zombie-like netherworld of pseudoreality that most humans chose to adopt

Too much hard reality for 6 am on a Thursday ?...then perhaps take another zombie pill and return to the matrix......hahahaha

N

 

[Aresiom]

If I constantly received stable income from trading, I would try to fully automate this process and gain passive income.

 

[Bradtex]

Increase position size slowly, treat it like any business and aim for decent growth every year. Don't be afraid to create a portfolio diversify your portfolio using money managers or funds. Mix it up with different timeframes as create a portfolio that way.

 

[AKelly]

Avoid bringing in family, I believe this could be very messy. As the saying goes, don't mix business with pleasure!

Compound your profits and growth will happen

 

[Pat494]

There is an old saying that a stupid man will never employ someone cleverer than himself. Because if he does the clever young guy will soon take his job.
Use some guile and praise up the interviewer enough to get the job. Then get pally with the business owner.
Learn to crawl before you walk etc.

 

[Dreamer8]

I think even if one becomes a consistent profit earner, he cannot stop the learning part. Exploring new things in this market, that goes on.

 

[Arbu]

Yes, I think there's probably some truth in that. I was having trouble for a while getting my first job, then I downplayed my cv, omitting my 'S' level results and some extracurricular things. And then I got a job.

Why does it have to be a stupid person in your saying? Wouldn't the logic apply equally to a clever person faced with someone cleverer than him? If you take it to its logical extreme, it would mean that the very brightest people in society can't get jobs, all they can do is stay in a university and study more and more maths. Which is a bit much - do they really want such an enclosed life?

I haven't had a job interview for years, but I'm kind of OK with that. I can live very well on my wits and I have plenty of projects to keep myself busy.

I'll look into FTMO, it looks interesting.

 

[tradingout]

Avoid bringing in family, I believe this could be very messy. As the saying goes, don't mix business with pleasure!

Compound your profits and growth will happen

Very true

 

[Trader H.C.]

Scale baby, scale.

 

[NVP]

is this still a live discussion ..??...is the person concerned still in the game ?

 

[NVP]

There is an old saying that a stupid man will never employ someone cleverer than himself. Because if he does the clever young guy will soon take his job.

Use some guile and praise up the interviewer enough to get the job. Then get pally with the business owner.
Learn to crawl before you walk etc.

aside from where the business is yours (in which case certainly 100% hire smarter people) ....yep you have to play it dumber in front of recruiters and managers you will report to.....they want you to do the job ...but they dont want you to take theirs...

 

[Pat494]

Your EA is looking good BUT what is your drawdown ?
Over 10% is worrying and over 20% unacceptable.

 

[Pat494]

To answer the question - a long holiday in The Seychelles before it disappears beneath the waves.

 

[Arbu]

To answer the question - a long holiday in The Seychelles before it disappears beneath the waves.

I'm back. Pat494 if only you knew how many holidays I've taken over the past 20 years! Of course holidays have been a bit limited over the last 20 months.

I'm still trading, although I think of it more like fund management nowadays. I've taken three positions recently:

1. I decided on 28th August that inflation wasn't going to be transitory. So I sold some US T Bills. I closed this out on 8th October. Went well.
2. I bought some cable and euro on 11th August, thinking that the US would be slower to taper and raise rates. Closed the euro out almost at scratch but am still in the cable, which I clearly got wrong, although I'd like to wait until after the December rate announcement before getting out.
3. I built up a position in gold over the course of October on the basis again that inflation wasn't going to be transitory and also that there must still be people who would prefer to invest in gold than bitcoin. It's doing really well.

So overall, it's going really well and I intend to scale it up. It feels like I ought to be able to get a job doing it with someone else's money, but when I look at job adverts they are all so incredibly specific about the experience they want you to have. So I only apply for jobs occasionally. And I never get so far as to have an interview. So I'll probably start going on holidays again soon.

I need to look into FTMO.

 

[Arbu]

Your EA is looking good BUT what is your drawdown ?
Over 10% is worrying and over 20% unacceptable.

Biggest drawdown over the last three months has been about 5%.

 

[Farm Yard Forex]

The brutal truth is that 6.5% annually is slightly less than you might expect to earn passively by investing in something like an index that tracks the S&P500. If you enjoy the trading then stick with it as a hobby but put those numbers into a compound interest calculator to see how long it will take on 30k to gain a capital size big enough to live off. Then consider if you can be bothered when you could do it passively. I 100% applaud you for making a profit as few do but unless you can get your hands on some very large capital those returns won't lead to a living wage for a long time.

As you say FTMO might be a route to explore. That being said to pass their challenge you need 10% per month. Though I think this might not be required for their swing trading challenge now. Best to look into the finer details. You can get a second 200k account if you get the first so 400k is going to give you around 26k a year at 6.5%.

 

[Arbu]

The brutal truth is that 6.5% annually is slightly less than you might expect to earn passively by investing in something like an index that tracks the S&P500. If you enjoy the trading then stick with it as a hobby but put those numbers into a compound interest calculator to see how long it will take on 30k to gain a capital size big enough to live off. Then consider if you can be bothered when you could do it passively. I 100% applaud you for making a profit as few do but unless you can get your hands on some very large capital those returns won't lead to a living wage for a long time.

As you say FTMO might be a route to explore. That being said to pass their challenge you need 10% per month. Though I think this might not be required for their swing trading challenge now. Best to look into the finer details. You can get a second 200k account if you get the first so 400k is going to give you around 26k a year at 6.5%.

I'm a great believer in the importance of using your mind. That's one reason why I left my previous job - because I found the work so mindless. So whether I can be bothered or not is not in question. I need to be mentally active. Nor is earning a living wage - I have plenty of money to live on. So I'll just keep going. Either one day I will have made enough money to move to a bigger property, or more likely not, in which case I expect I will stay living where I do forever.

 

[Henow1969]

So when you use spot FX trading, you can schedule your trades so that you do not have to constantly monitor the currency rates and you have some time to do other things while still making money.

 

[Love for Earth]

Interesting thread.

There are so many places to work now.

It make take some hard work to find a great position at an awesome company but you want to interview to find the best job or fit possible for you. Think of the time spent in education to earn your qualifications. Dont expect to find an amazing job right away. Take your time with your interviews. You should be able to receive several offers & then choose which company is best for you. Dont rush your job search. It takes time to find an awesome position, but all your hard work will be rewarded in the end.

I am not overqualified in anything but have a strong work ethic & am a hard worker. It took me 8 weeks of searching & hard work to secure my last position but it was more than worth it. I was brought in to lead a team of design engineers & was extremely happy to do so.

When it comes to trading I believe a lot of people can over analyze. It's easy to do bc you want to be successful & make positive transactions. Imo tho the more you do something the better you become at it & the easier it gets. When I used to day trade I would be opening positions all day. I had a extremely simple philosophy of buy low sell high. I achieved some great success this way by keeping things simple.

If I had 1 piece of advice to give it would be to never give up. Seek out what you are passionate about & then follow your dreams. The money will come to you. You can then find true happiness in your livelihood. You should be able to love what you do for a living. Life is a gift. Personal joy & happiness are really important.

Good Luck to you in your Journey.

We are all here to learn & grow.