Can YOU make money as a trader? | Page 45 | Crypto Craft

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Can YOU make money as a trader?

  • #881
  • Oct 22, 2018 8:18am Oct 22, 2018 8:18am
I wouldn't be trading if I was not profiting. However, I think that there is always room for improvement.
  • #882
  • Oct 22, 2018 8:34am Oct 22, 2018 8:34am
Quoting hmp2511
{quote} Do you actually see them making money or they just said that ?
Do I know for certain they keep their winnings? No.
Have I seen their calls and watched the calls being mostly winners? Yes.

In this field, like many endeavors, people are quietly profiting. The loud ones who announce their winnings are usually not.
Ecclesiastes 1:9
  • #883
  • Edited Oct 23, 2018 8:13am Oct 22, 2018 4:54pm | Edited Oct 23, 2018 8:13am
Quoting HeyYou
{quote} I also make money as an employee in my dad's company. Just saying... it's wise to diversify IMO especially as retailers. remember our money is in the broker's bank account. sorry for the OT, I just thought you guys are risking too much investing all your energy and money in this market, which is also very volatile. Post deleted.
If you learn to trade successfully and can tolerate the job, it's very rewarding and you won't need another source of income. But trading is not for everyone.

Edit - It is very lonely work and the psychological stress can be overwhelming sometimes when trade after trade goes bad.
Ecclesiastes 1:9
  • #884
  • Oct 23, 2018 6:16am Oct 23, 2018 6:16am
I agree that trading can be very rewarding. It does require to study a lot, but if you are dedicated the end result is very satisfying.
  • #885
  • Oct 23, 2018 8:19am Oct 23, 2018 8:19am
Nice, I'm excited to read all about this. Great topic and breakdown.
  • #886
  • Oct 24, 2018 6:55am Oct 24, 2018 6:55am
Quoting ACarr
Nice, I'm excited to read all about this. Great topic and breakdown.
Have you been trading for long, if you don't mind me asking?
  • #887
  • Oct 24, 2018 11:09am Oct 24, 2018 11:09am
Quoting dianajs
{quote} Have you been trading for long, if you don't mind me asking?
Not really, no. I'm gathering all the info I can to get started. How about you?
  • #888
  • Oct 24, 2018 12:59pm Oct 24, 2018 12:59pm
Quoting newbegger
{quote} Do I know for certain they keep their winnings? No. Have I seen their calls and watched the calls being mostly winners? Yes. In this field, like many endeavors, people are quietly profiting. The loud ones who announce their winnings are usually not.
It because they don't have gambling mentality and don't get excited with their winnings. Probably the point is that volatility return is low so they take wins or losses as something usual.
  • #889
  • Oct 24, 2018 7:31pm Oct 24, 2018 7:31pm
Quoting dianajs
I agree that trading can be very rewarding. It does require to study a lot, but if you are dedicated the end result is very satisfying.
Yes, it is! But the problem is, a number of traders lose their momentum in the mid path, unfortunately!
  • #890
  • Oct 25, 2018 12:27pm Oct 25, 2018 12:27pm
Quoting KevinMarsh
Interesting thread I must say. Making money because of wanting more money is when you're going to waste your time. Making money because of hobby is when you're going to get into 5% winner (probably long time). That research about time is really interesting. Do you have a link or can you find it @RichardNaylo ?
Well said. Unless you have at least $100K in your account, how can you deal with the high volatility of this market ?

think about it!!! do you know that the DD can last years ?

This kind of volatility in returns is very uncommon and it can definitely generate panic, unless you just don't give a f**k about returns lol
  • #891
  • Oct 26, 2018 7:21am Oct 26, 2018 7:21am
Quoting MariaEduard
{quote} Yes, it is! But the problem is, a number of traders lose their momentum in the mid path, unfortunately!
There is a moment when you've learned enough about trading to realize you still have a lot to learn, that's true. Sometimes it can be a little intimidating, sometimes it can also be inspiring.
  • #892
  • Oct 26, 2018 3:06pm Oct 26, 2018 3:06pm
Quoting HeyYou
{quote} Well said. Unless you have at least $100K in your account, how can you deal with the high volatility of this market ? think about it!!! do you know that the DD can last years ? This kind of volatility in returns is very uncommon and it can definitely generate panic, unless you just don't give a f**k about returns lol
In my own humble opinion, the best way to deal with the extreme volatility of the Forex market is to reduce position sizing until it does not create panic or risk of a major loss. With a properly sized trade, one really shouldn't care much if this particular trade wins or loses since it's only one of their next 100 trades. For instance, with an account of $2000 one can trade 0.01 lots per trade and almost never risk more than a 0.5% loss of balance on any single trade. I say almost, because there is the black swan risk that can cause a huge gap and prevent the stop from executing properly. To survive a black swan risk, One must allow for a gap move that is equal to one of the larger historical moves. I suffered an 800 pip gap move when the Swiss National Bank removed the EURCHF peg. That cost me about 20% of my account, but I was prepared for it and I was able to recover fairly quickly. Some traders without proper risk management were wiped out by that gap.

As far as the question of this thread, Can YOU make money as a trader? I'd answer, hell yes YOU can. You could give twenty 4 year old children two buttons labeled BUY and SELL and tell them to first hit either button, and take a nap, then hit the other, and on average a little less than half will make money. If you show them a chart and tell them to hit buy when it's going up and sell when it's going down and promise them a marshmallow if they make money, perhaps more than 50% will make money after a few tries. The better question, really MUCH better, is can you KEEP the money you make as a trader? Sadly, the answer for most traders is no. When a trader figures out why that is the case, they are probably half way to being a pro. Of course, that's just my own humble opinion, I could be wrong. Best success to all. - G
  • #893
  • Oct 26, 2018 8:00pm Oct 26, 2018 8:00pm
I am a man of advanced years and long business experience. The business that succeeds is one in which the principal players, owners, promoters top executives , give themselves to the business, completely . entirely , many times sacrificing family friends and normal social intercourse and occasionally their own physical and mental health as well. This doesn't mean that you can't succeed without doing so.Sometimes the creative and cognitive abilities of the individual entrepreneur are so overwhelming right that success is a cakewalk, ( an idea whose time has come). More frequently,in my opinion, the success of an enterprise is founded on the dedicated,persevering, almost addictive actions of the main players to bring home a winner . And similar to other addicts their actions are not grounded in personal choice but rather in to their single minded seemingly addictive personalities. Forex trading is a business. To answer the question posed in the title of this thread--yes you can, if you are willing to give yourself, using your best abilities mental and physical abilities to bring home a winner to the exclusion of many other activities in your life. Understandingly many if not most people are not. And if you are willing to make what I deem to be the required sacrifices THERE ARE NO GUARANTEES THAT IT WILL WORK. Just like any other business your success or failure depends on your dedication to the job, your creative and innovative solutions to complex trading problems. your ability to train yourself and a host of other significant obstacles that you must overcome. Whatever the answer is for you I wish you good luck and happy trading.
  • #894
  • Oct 29, 2018 11:48am Oct 29, 2018 11:48am
Quoting Graviton
{quote} In my own humble opinion, the best way to deal with the extreme volatility of the Forex market is to reduce position sizing until it does not create panic or risk of a major loss. With a properly sized trade, one really shouldn't care much if this particular trade wins or loses since it's only one of their next 100 trades. For instance, with an account of $2000 one can trade 0.01 lots per trade and almost never risk more than a 0.5% loss of balance on any single trade.

I wasn't referring to the drawdown "magnitude" but to it's duration.
Doesn't matter how many trend following systems you use, it's just the nature of the market.

Those who are faithful in their DIVERSIFIED portfolio of systems will survive, but notice I said "survive".

I'm very comfortable with my risk profile, believe it or not I use up to 1:15 leverage, which can be considered very high, but I have negative balance protection and my starting capital is small so... no probs.
  • #895
  • Oct 29, 2018 9:30pm Oct 29, 2018 9:30pm
Quoting dianajs
{quote} There is a moment when you've learned enough about trading to realize you still have a lot to learn, that's true. Sometimes it can be a little intimidating, sometimes it can also be inspiring.
Yes, agree with you! But, it’s true: in the beginning stage it’s really hard to accept loses in trading!
  • #896
  • Oct 29, 2018 10:20pm Oct 29, 2018 10:20pm
Quoting dianajs
{quote} There is a moment when you've learned enough about trading to realize you still have a lot to learn, that's true. Sometimes it can be a little intimidating, sometimes it can also be inspiring.
So true. Everyday I look for improvement in my trading. I especially focus on results and do they match long term results?

Markets are always changing and we have to ensure our systems are still profitable enough to pay the bills and extra for savings.
Ecclesiastes 1:9
  • #897
  • Edited 10:49pm Oct 29, 2018 10:28pm | Edited 10:49pm
Quoting MariaEduard
{quote} Yes, agree with you! But, it’s true: in the beginning stage it’s really hard to accept loses in trading!
It's deeply embedded into our physiology not to lose. Like a survival instinct or maybe we heard it growing up.

An easy exercise to rid your mind of inability to take a loss on an obvious loser is to intentionally lose 20 times in a row. Gets your mind used to losing and hopefully that won't be an issue any more
Ecclesiastes 1:9
  • #898
  • Oct 29, 2018 10:35pm Oct 29, 2018 10:35pm
Quoting Graviton
{quote} In my own humble opinion, the best way to deal with the extreme volatility of the Forex market is to reduce position sizing until it does not create panic or risk of a major loss. With a properly sized trade, one really shouldn't care much if this particular trade wins or loses since it's only one of their next 100 trades. For instance, with an account of $2000 one can trade 0.01 lots per trade and almost never risk more than a 0.5% loss of balance on any single trade. I say almost, because there is the black swan risk that can cause a huge...
In hindsight, maybe the title should have been making a living as a retail trader in forex. Because many as you said make money then lose it all. Also there are prop traders making 7 figures trading other peoples monies. I could have done better job
Ecclesiastes 1:9
  • #899
  • Oct 29, 2018 10:43pm Oct 29, 2018 10:43pm
YES GUESS,we can!
A chart helps those who can read it.
  • #900
  • Oct 30, 2018 7:17am Oct 30, 2018 7:17am
Quoting newbegger
{quote} So true. Everyday I look for improvement in my trading. I especially focus on results and do they match long term results? Markets are always changing and we have to ensure our systems are still profitable enough to pay the bills and extra for savings.
Learning something new every day is a great way to grow and develop as a trader, I strive to do the same.
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