Priceman said:
Hey guys, no posts today ?! I have been busy at work and don't have much time to commit at the moment. Been following the hans123 stats for the last couple of days though and it's quite impressive...
17/4 GBP + 109 EUR +68
18/4 GBP +141 EUR + 151
today not over yet but not as impressive with the large swings...
PS I wanted to start a new thread asking how many day traders there are out there and if they have other jobs etc but didn't know if it's already been on the site ? Can anyone shed light on this. I am thinking of taking time off from my job to trade full time and want to put the feelers out first. Any info appreciated.
Cheers
hi Priceman,
dont get too impressed by hans123. it has recently come out of its worst drawdown for a while. ( mind you, it still managed to close the Feb / March month positive. see his thread and postings to get a real feel ( strategybuilderfx ). at the very least read his posts from Jan onwards. )
making money in clear trends ( past 3 days ) is easy, even I can do that.
( my simple crayon lines ( magenta, if youre interested
) with a ruler can outdo any super-computer in trend-phases like that )
re: full-time. depends what you do for a living. if you work for someone else, see if your strategy can be used on larger time-frames.
personally, I have been full-timing since Jan, a chance to read, study and test out new ideas.
however, I shall be starting a new 3-month project in May, so I will be switching from 24EMA 1-hour bars ( a couple of trades a day ), to 100-EMA 1-hour bars ( a trade every 2-3 days ).
( still trading, but without having to check status every 2 hours !! )
as has been mentioned, you need to be well-capitalised.
ensure you have at least 6 months money to live on, ( mortgages, bills, credit cards, etc ).
this is on top of your account.
this ensures that your account has a chance to compound. nothing worse than having a good idea, but then having to take living expenses out, and thus reducing your account back to starting point. all it takes is one bad month, and you start getting fidgety.
PS: for part-timing it, I would recommend you look at Vegas Wealth Builder. ( but only if you like MAs, which many people deride )
