Forex Day Trader's Thread

Yeah, his thread got deleted lol. Some nigerian guy it seemed. Just strange he's a forum guide and i've never even seen him around the forums.
 
Gents..and you Mask.

I have a thought I would like share which I've had for a few months now and would like to see if anyone else has an opinion.

firstly though a brief note on my history:
I ran my own business for more than 5 years before I decided to put it into administration in June 2008 (hardest business decision I ever made). My goal was always to be in control and financially independent, running my own business meant neither of these as the banks actually controlled everything and I had other shareholder's to baby sit. I always dreamt of a business where I sold everything for cash (no debtors), bought everything on credit (no need to fund everything myself, so no bank manager to kiss up to), had no staff :cheesy:(managing staff is 90% of the day job), bought and sold a branded product (i.e. did not need marketing or sales budget) and most importantly, never had to talk to my customers or put up with their cr$p. The closest idea I ever came to this model was running a vending machine business but too many people doing that already and just sounded rubbish. Trading seemed to answer everything......so.....I've been trading now full time from home for about 15 months, first 6 months lost money (only about £2k so not a hassle) but what really got me was not having anything to show for it after 6 months...2nd six months managed to stop losing money but did not make anything (valuable first step however), I did this by starting to apply a money management process and developing a trading strategy (yes, the boring part of every trading book that I never took seriously), now into my 3rd six month period I am making money consistently and have a very well developed strategy and money management process.

Working from home at first was like a dream, no morning drive, no phone calls etc etc, I've been following the forums on t2w for some time as found input from other traders in this lonely world was an advantage, but I still find discipline a major major issue..

So my thought is this....do traders who are office based hold a distinct advantage over home traders? I could easily imagine being more disciplined being in an office with other independent traders sharing knowledge and sharing trading calls (if only as a sense check and to avoid random irrational trades).. while I am profitable I know I can be even more profitable with discipline and that ONE day of total madness and potential blow out will always be out there haunting!!!.

Thoughts anyone?

Pippy, you've done this for some time from home and don't seem to have an issue with it , it may just be me missing the morning drive to the office, maybe I should dress in a suite and drive around the block for an hour...:confused:
 
I think he was trying to get banned, so as to resist the temptation to come on to this website; Reasons for not wanting to come on this website being obvious a' course.

(In regard to TaJammy)

You guys just been playing this EUR range ? Or taking any sortof positions? (I watch futures though)
Low volume though today. Think we need some occurances to liven this shizzle up.
Maybe the news tommorow could spur a directional movement.
 
In a home office; its easy to be reckless compared to an office i think... Its easy to be unproffesional in your home and also easy to 'finish early' and doss about... Easy to make it more of a hobbie than business through lack of commitment.

When your sitting in the same place that you doss around on the internet on, be easy to carry that frame of mind into the trading arena. Also, you can wear what you want and eat when you want etc; Which isn't a good thing - Can make it all feel a bit dossy and artificial, rather than a City suit, where you'll feel proffesional; Whereas wearing boxers and a dressing-gown, how are you going to make proffesional important decisions when normally you associate such wear with eating cereal and watching tv on a sunday.

:) :smart:

If your getting up, to get to work, and your in appropriate attire... Have to commute there. Its all more 'business' 'proffesional ' real' whatever... You'll be more awake and prepared to make decisions. Then sitting in an office; In an environment that feels like work; Again, you'll have an advantage. Put maybe more 'proper hours' and take it all more seriously.
 
GladiatorX said:
In a home office; its easy to be reckless compared to an office i think... Its easy to be unproffesional in your home and also easy to 'finish early' and doss about... Easy to make it more of a hobbie than business through lack of commitment.

When your sitting in the same place that you doss around on the internet on, be easy to carry that frame of mind into the trading arena. Also, you can wear what you want and eat when you want etc; Which isn't a good thing - Can make it all feel a bit dossy and artificial, rather than a City suit, where you'll feel proffesional; Whereas wearing boxers and a dressing-gown, how are you going to make proffesional important decisions when normally you associate such wear with eating cereal and watching tv on a sunday.

:) :smart:
Click to expand...

spot on, combination of casual environment and not mixing face to face with other traders I think is deadly....so while I'm profitable and enjoying it I feel there is always something missing
 
I think my discipline is down to me. I haven't traded out of an office as such so can't really comment with an informed opinion. Only thing that would stop me doing something stupid in an office is compliance not letting me trade. Otherwise i'd probably do the same things. One advantage from doing it from a prop shop (I assume you're referring to this as an office) is they give bigger money, better feeds, being around other traders etc.

I don't aspire to sit on the train at 6am, or have to dress a certain way and answer to people. For me that is enough to discipline me into trying to make a success of trading. So in a long-winded way, my answer is discipline is down to the person. If you're reckless at home you'll be reckless in an office (except for compliance can stop you.)
 
GladiatorX, going by your response, I presume you're office based? Trading your own account or for a firm?
 
Masquerade said:
I think my discipline is down to me. I haven't traded out of an office as such so can't really comment with an informed opinion. Only thing that would stop me doing something stupid in an office is compliance not letting me trade. Otherwise i'd probably do the same things. One advantage from doing it from a prop shop (I assume you're referring to this as an office) is they give bigger money, better feeds, being around other traders etc.

I don't aspire to sit on the train at 6am, or have to dress a certain way and answer to people. For me that is enough to discipline me into trying to make a success of trading. So in a long-winded way, my answer is discipline is down to the person. If you're reckless at home you'll be reckless in an office (except for compliance can stop you.)
Click to expand...

I have no interest in trading for a firm or trading money for someone or being 'managed' in an office, what I am talking about is doing what I'm doing now, but just in an office (local) with like minded independent traders
 
It depends what market you trade. If you do FX there's not likely to be many people you could swear to at 3am. When you travel that's potential trading time too. It'd be nice to be around other people in an office with a nice chair and some big screens with really fast feeds. But i'm just as happy keeping expenses low sitting in my room at 3am on my 10 inch netbook too :p

Maybe one day i'll go crazy and feel the need to be around other traders in an office and have them to talk to.
 
looks like a 50-100 pip upside and use a 25 pip stop if entered around 88.5-88.55.
 

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BC,

I see no point in going into an office. There's no need to have a bunch of traders around you telling you their opinions. They don't use your style and they aren't aware of your plan, plus they could be wrong while you are right, but they cause you to second guess yourself.

Also, setting up trades really shouldn't take too much time. Depending on your style it could only take an hour per week if you can hold trades for many days. Basically once you're in a trade the computer works for you. You can decide way ahead of time to buy and sell at a certain point and effectively spend 15 minutes per month "working"..

If you're struggling it's probably not because you're working from home, but rather you need to iron out psychological issues or maybe try a new style that suits you better.
 
Pippy5000 said:
BC,

I see no point in going into an office. There's no need to have a bunch of traders around you telling you their opinions. They don't use your style and they aren't aware of your plan, plus they could be wrong while you are right, but they cause you to second guess yourself.

Also, setting up trades really shouldn't take too much time. Depending on your style it could only take an hour per week if you can hold trades for many days. Basically once you're in a trade the computer works for you. You can decide way ahead of time to buy and sell at a certain point and effectively spend 15 minutes per month "working"..

If you're struggling it's probably not because you're working from home, but rather you need to iron out psychological issues or maybe try a new style that suits you better.
Click to expand...
This is a good counter-arguement to what i was saying...
Maybe blaming it on trading at a home is just an excuse.
Similar to maybe someone in an office saying getting up so early is causing them to not be able to concentrate (during a losing period) is just an excuse.
 
For me, if I have a choice of trading at home or in an office with other independent traders, I'd prefer trading from home. No commute. Flexible hours. I can trade a few hours at night, 2-3 hours in the morning and have free time from noon to the next asian session to do whatever I want. Also spend more time with kid :)
 
cpngtw said:
For me, if I have a choice of trading at home or in an office with other independent traders, I'd prefer trading from home. No commute. Flexible hours. I can trade a few hours at night, 2-3 hours in the morning and have free time from noon to the next asian session to do whatever I want. Also spend more time with kid :)
Click to expand...

All that just means
1. I want to do less work
2. Less commitment
So its a disadvantage.
(Not neccesarily the bad decision though, given the additional benefits of more time with Family Vs less commitment to trading)
 
Pippy5000 said:
BC,

I see no point in going into an office. There's no need to have a bunch of traders around you telling you their opinions. They don't use your style and they aren't aware of your plan, plus they could be wrong while you are right, but they cause you to second guess yourself.

Also, setting up trades really shouldn't take too much time. Depending on your style it could only take an hour per week if you can hold trades for many days. Basically once you're in a trade the computer works for you. You can decide way ahead of time to buy and sell at a certain point and effectively spend 15 minutes per month "working"..

If you're struggling it's probably not because you're working from home, but rather you need to iron out psychological issues or maybe try a new style that suits you better.
Click to expand...

let me be clear.....I'm not struggling, not losing money, am making a good living and no psychological issues (well, none trading related anyway!!).....probably not made the point properly and can't be arsed explaining it again so never mind...
 
GladiatorX said:
All that just means
1. I want to do less work
2. Less commitment
So its a disadvantage.
(Not neccesarily the bad decision though, given the additional benefits of more time with Family Vs less commitment to trading)
Click to expand...

1. Exactly, I've work too many hours in my life (talking about 50-60 hrs/week regularly), so working less is a good thing

2. Not really less commitment, just concentrate on less hours. Beside, there are other commitments you have to fulfill when you are a family man :)

I don't see it as disadvantage though... if it's done right then 2 trades a day is enough
 
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