Full Time Job Luck or Skill ?

[ukdaytrader]

So you're down £1600 for the next 5 months. Do you just keep it open? What about your income?

I have been down on a trade by about 1500 but just sat it out, it did eventually turn to a profit, which is what I had planned, but had to wait a week or so.

Would I have closed that trade at some point - only if I thought that there was no hope of recovery of the position.

 

[Rossini]

I have been down on a trade by about 1500 but just sat it out, it did eventually turn to a profit, which is what I had planned, but had to wait a week or so.

Would I have closed that trade at some point - only if I thought that there was no hope of recovery of the position.

Doing that wont work forever or it would be too easy.

 

[traderboi29]

I dont use stop loss as in the past volatility sometimes wipes out the position and had it not been wiped it would have been profitable. Besides Im in the fortunate position that if I lose all the capital and then some its not a problem.

are you being serious? mate, you really need to stop what your doing cos it's obvious you haven't a clue how to trade and the ones that were profitable so far was more luck than skill. your strategy of waiting for a trend reversal wont work all the time, if it were that easy everyone would be millionaires!

 

[new_trader]

It was luck.

 

[everyonerich]

yes.. you can hold it until profit, if you had unlimited capital..

 

[Technically Fundamental]

You're nuts mate. I bet you'll be trading at a loss for weeks by June when things start to get really ugly.

 

[rav700]

Probably the most common question, but here goes...........This month I've been off work, so decided to take CFD's quite seriously (7.am to 10pm every day watching the market )- as opposed to earlier where I was placing a few punts here and there. I made about net gains of (after losses) £5- 6k GBP equilavent (haven't converted the US dollars) up till Friday with an initial investment of £7k GBP. I made about 150 - 200 trades in total mixture of currency, equity, options and indexs.

I'm trying to understand if this was luck or skill ? For the equities I did some analysis the same for the options (I have a spreadsheet which works out probabilities / scenarios and pricing ), but for the indexes, well I was just trading on the ups and downs during the day.

I cant help but to think the indexes were luck. Having said that I did make quite a few losses as well but net I was up.

I'm know wondering whether to gear up and turn this full time job or whether this is a stupid career move ?

Does anyone really make any money consistently ?

Hi Matey,

You have earned this money now what you should do is take the money out of the account...and leave about £500 in the account and start developing your strategy and see if you can do it again....

If you don't have a strategy then it will be very hard to be consistent. Career move without being disrespectful...I think you are still a long long way away...It may have seemed very easy for you make that money....I trade full time but trust me....it take every bit of life out of you...

Good Luck..
Get your trading plan together and start paper trading to become consistent the money will follow..........

Was it luck or skill?
You know the answer yourself...I have been trading for the last 3 years as full time now
and I still cannot say I have all the skills.
Just because you know how to play football you cannot become a footballer you have to
develop in all the respective areas of the game the same applies to forex...

Good Luck and I hope you make your way through the Trading Jungle
Best wishes
Rav.

 

[njm42]

I dont use stop loss as in the past volatility sometimes wipes out the position and had it not been wiped it would have been profitable.

This is gambling.

They may have a tendancy to bounce up and down within a particular range, but at some point in time they will break out of this (dramatically)... what happens when you're on the wrong side of this trade? Do you keep hold of it until you lose everything?

 

[new_trader]

If you have to ask, the answer is "it was luck"

Was it luck or skill?

The expert traders know exactly what they are doing all the time. The guessers, gamblers and hit-and-miss traders need to ask questions like, "Was it luck or skill?"

 

[ukdaytrader]

Thanks very much for the genuine advice particularly rav700. I will bear this in mind as good advice on managing my risk going forwards.

As for new_trader's comments I do find it funny, I certainly dont think there are many expert traders here that know what they are doing, probably not any actually on this particular board.......I certainly wouldnt want to waste my time posting 2000+ messages on a on a board if I knew exactly what I was doing........I'd be retired by now ! or probably spending some time with some lovely hunny's that I could hire out with all that trading profit !

 

[new_trader]

Thanks very much for the genuine advice particularly rav700. I will bear this in mind as good advice on managing my risk going forwards.

As for new_trader's comments I do find it funny, I certainly dont think there are many expert traders here that know what they are doing, probably not any actually on this particular board.......I certainly wouldnt want to waste my time posting 2000+ messages on a on a board if I knew exactly what I was doing........I'd be retired by now ! or probably spending some time with some lovely hunny's that I could hire out with all that trading profit !

What is even funnier is asking for trading advice in a forum where you think there aren't many (any?) expert traders

 

[apmf]

The expert traders know exactly what they are doing all the time. The guessers, gamblers and hit-and-miss traders need to ask questions like, "Was it luck or skill?"

Very valid point made, sooner or later every newbie will realize what is he talking about if there is a survival in the initial (painful) journey.
Cheers!

 

[Skill Leverage]

Sorry but if you weren't using trendlines and fib and support and resistance, how the hell where you calculating tops and bottoms

Lol forget the first two of those for a start

 

[Technically Fundamental]

Sorry but if you weren't using trendlines and fib and support and resistance, how the hell where you calculating tops and bottoms -

By eye of course. That why he isn't sure if he's a very good trader of just lucky

 

[elitejets]

As for new_trader's comments I do find it funny, I certainly dont think there are many expert traders here that know what they are doing, probably not any actually on this particular board.......I certainly wouldnt want to waste my time posting 2000+ messages on a on a board if I knew exactly what I was doing........I'd be retired by now ! or probably spending some time with some lovely hunny's that I could hire out with all that trading profit !

I could not disagree with you more. I have learned a lot from some really good traders on this board. I know I would not be profitable without them.
You have to be able to take advice and do the work though.

 

[megamuel]

Lol forget the first two of those for a start

Why forget the first two?

Sam.

 

[Skill Leverage]

Why forget the first two?

Sam.

Any line on a chart that tells you where to buy or sell inevitably ends up being either squeezed or preempted, by people who know how to exploit herd mentality and the scared/impatient respectively. You're far better off studying the price action.

 

[megamuel]

I see, well I don't use fibs anyway but I thought trend lines had some value. Is it worth having the lines on your chart anyway even if its only to see where this squeezing is going on?!

Sam.

 

[Skill Leverage]

Well if you'd just used the support trendline in the Bund you'd be offside by over half a point, in the space of 5 minutes...

 

[Skill Leverage]

What I'm saying is that trading from trendlines/fib levels is not an optimal way to trade, the ladder will tell you far more about market sentiment and momentum.