The Jack Schwager Trading Course?

[saker]

I am so glad I found this site. I am going to begin trading soon starting in the forex markets I don't have a lot to start with but I have managed to save up about 2,000 USD that I can now afford to lose. I have some lofty goals I want to be able to replace my current job and fulltime trade within 2 years my current salary is about 2,700 USD a month. First do you think this is possible give me some good news? Second I have read a few books on the forex markets 1 being THE NEW MARKET WIZARDS BY JACK SCHWAGER I loved it and I want to develop my own systems and not be dependent on someone elses ideas I am thinking of purchasing The Jack Schwager Trading Course: Your complete guide to mastering the markets I was wondering if any of you have bought this and if it is worth it? Also any other system developing books you could suggest would be appreciated. Thank you all for your time......

 

[darktone]

If your trading FX concentrate or specialise in E/$. Look at major support/resistance and trade around them. throw the indicators in the bin. Make sure you dont become a victim of leverage.

There took me 4 years to learn that!

BTW: nearly forgot, don't day trade! at very least not as a newble... you will loose your dosh! I gaurantee these words will haunt you if u do!

GL sir :cheesy:

 

[Skimbleshanks]

It's not about wanting to equal $2,700 per month, but more of being able to return a consistent amount/percentage based on your overall pot of money.

Building societies return 4% per year approx. If you aimed at returning 4% of your pot per month you would need a pot of around $70,000.

Give yourself four years (three if you're lucky), and you won't be disappointed. Aim for two years and you will be disappointed. If you don't have $70,000 in money you can afford to lose, then don't even think about giving up the day job, but build up your pot of money slowly and steadily by trading end of day, and during the evenings.

 

[neil]

Darktone -
What charting package are you using.
It looks neat?

 

[Salty Gibbon]

If you listen to too many people on this site you will be drawing your pension and have one foot in the grave before you give up the day job.

Be prudent, have courage but essentially, go for it !

 

[Salty Gibbon]

Skim, your logic is nonsense like so much else I read on this site.
To make US$ 2,700 per month, you need to average around US$ 120 per day in a trading month.

You most certainly do not need a pot of US$ 70,000 to return a profit of US$ 120 per day. You can do this quite easily with one moderate trade with relatively modest capital.

 

[jsd]

i have schwagers book on technical analysis which is very comprehensive and will expose you to his thoughts and trading ideas to the markets with hundreds of charts before and after he entered positions, so its a good book for seeing what technical patterns occur in the markets, it touches on system development as trading method and dips into psychology, but i consider psychology the most important aspect for anyone who wants to stay in trading, so would have to recomend The disciplined Trader, mark douglas, for that. his book is about helping you gain awareness about your beliefs attitudes, to money, work ethics, your mental structure, gain an insight into this and you will be better placed to trade using any method, its all about adapting your best assest (your mind) thats your edge.

keep at it try to trade the absolute min. at the start, dont beat yourself up too much, but wev'e all probably done that with the frustration of it all, its just a phase you'll have to work through, concentrate on one market to start maybe, get to know where the prices are reacting, support resistance etc, just watch the prices for weeks months? develop your mental skills (you'll know what i mean when you start taking losing trades, note your emotions if you can) and look at possible methods that appear.
keep asking questions, but take nobodys word for the answers, find out for yourself.

jd.

 

[Skimbleshanks]

OK then Mr Salty Gibbon, if you believe that what I've said is nonsense, then perhaps you would care to expand on your sentence: "You can do this quite easily with one moderate trade with relatively modest capital."

 

[Salty Gibbon]

I like a feisty woman !!

Nevertheless, what I wrote is very clear. You do not need US$ 70,000 of capital to make a hundred bucks a day. If you do, then you are in the wrong business.

I suppose you would like me to submit bank statements, trading account, evidence of trades - all in triplicate audited by an international firm of accountants.

 

[Skimbleshanks]

With respect, what you wrote was not clear, hence my request for you to expand on this statement:

You can do this quite easily with one moderate trade with relatively modest capital.

Unfortunately I'm not bright enough to understand how producing bank statements etc will answer this question.

I look forward to hearing your definition of moderate trade and modest capital.

 

[Salty Gibbon]

You can look forward all you like.

I suggest you use your imagination and get somewhat brighter

 

[Salty Gibbon]

I look forward to hearing your definition of modest trade and modest capital.


A modest trade is done whilst wearing a nun's habit and a modest capital is Brussels

 

[Zenda]

Tend to agree with Salty here - you cannot compare Building Society deposits with trading - But if someone wants to appear clever! they use these nonsensible comparisons to prove what? they can type? - Perhaps they have nothing better to do with their time than critisise others with 1598 posts so far - I think my point is made ....... Now waiting for the Flak........Z

 

[Salty Gibbon]

Good on ya Zenda

 

[Salty Gibbon]

I just got a yellow card and 5 points ( I should be so lucky ) for daring to disagree with a " Moderator"

Naughty me !

 

[jpwone]

To be spoken in the role of a pirate introducing a TV programme.

Aahaaaaaaaa

Next tonight......

Fiesty woman meets a Salty member.

Has she bitten off more than she can chew?

Will modesty prevail or will he reveal all?

Stay tuned for the next exciting episode. Straight after this commercial break.

 

[Salty Gibbon]

I think the odds are on me getting sent off.

The referee is not Austrian is she ?

 

[FTSE Beater]

I just got a yellow card and 5 points ( I should be so lucky ) for daring to disagree with a " Moderator"

Naughty me !

Hi Salty

You were warned for insulting a member - not a moderator

<hr>
Hi Saker

Sorry this has gone so far off topic
It is possible to make a good living and give up the day job, but it won't happen over night. Spend some time learning the markets and taking things slowly.

Your goal in the short-term should be to constantly profitable. After that, you can then look to do it full-time

Hope this helps

 

[Salty Gibbon]

Skim is a Moderator and your definition of insulting behaviour must be different than mine.

"With respect" of course dear boy

 

[neil]

Saker
In addition to any other useful advice, keep a diary of your trades. Useful for looking back on why you took a trade.

Good luck