Trading For Living

[iMusingKiMi]

I wouldn't rely completely on trading for a living...

Actually if you fully understand how actually trading works, you will not think for going work anymore. For instance you trade 1 lot per position, in 4 hours of time you earn 20 pips, you got USD 200. What work will pay you USD 200 in 4 hours time? Unless you are highly graduate or some kind of executives, otherwise you can't get this kind of paycheck.

 

[iMusingKiMi]

Exactly with the keyword there being price action strategy. In such a case, you find out that your decision making becomes much easier and not haphazard.

As what I explained, Price Action is a pretty subjective question and it doesn't have precise answer. Some people thought that Fibo is kinda act of price action, maybe chart pattern also related to price action etc. But in my trading, price action is something we use to see intention of market with immediate price movement, not on those chart pattern that uses a lot of candles to form. Some small pattern do related to price action such as Tweezer Bottom, Continuous Movement, but definitely not those Head and Shoulders, Butterfly type of big chart pattern. I remember I have posted something that a trader uses price action to trade never open their position more than 4 hours because a price action reader knows when will the supply and demand kicks in.

 

[jkm]

It is a dream of almost every forex trader to trade for living but its not easy to achieve. It requires a lot of training and a lot of patience. After this you need a reasonable capital in your trading account to make enough amount that fulfills your monthly expenses.

I think what is meant by trading for a living is not having any other source of income besides it,right? Why then would you think almost every forex trader wants this? I think most use it as an investment to supplement other sources of income

 

[jkm]

Actually if you fully understand how actually trading works, you will not think for going work anymore. For instance you trade 1 lot per position, in 4 hours of time you earn 20 pips, you got USD 200. What work will pay you USD 200 in 4 hours time? Unless you are highly graduate or some kind of executives, otherwise you can't get this kind of paycheck.

That is true but it isn't always going to work that well,right? Sometimes it's losses or little profit. There is no assurance of a fixed earning. I want that assurance. Do you understand?

 

[iMusingKiMi]

That is true but it isn't always going to work that well,right? Sometimes it's losses or little profit. There is no assurance of a fixed earning. I want that assurance. Do you understand?

Yes and No. If you have full knowledge in trading, YES. But if trading with lack of knowledge, definitely NO. I understand, but in real life you have to take some risk to gain fortune. I believe nobody had ever knew someone putting money in bank and gaining interest to get a good fortune. Even a bank can go bankruptcy, what investment can give you assurance?

 

[NicholasM]

Price movement is driven by human being or more sensibly to describe is trader all around the world. This is why Price Action works in trading. Bank, hedge fund, professional trader looks for opportunity daily, hence I am not sure whether they still works on Daily Chart and I don't trade daily chart. But frankly to tell in my mindset, it is impossible that what they have did yesterday still same decision to BUY or SELL more today. To me, Price Action trading is more likely to describe as playing a seesaw games. You saw in last 15 mins, 10 people walking towards left to sit on it, but only 2 people walking towards right. Where will you choose to sit on if you wanna win the game? But are those 10 people who choose to sit on left side will still do the same tomorrow? And this also explain the question that I always see, why SUP and RES line will get respected.

It is all about the forces of demand and supply for the technical analyst. But then as a trader sometimes it is good to look a little deeper to see what is driving those two forces. This is the time fundamentals come into play, as well as, the previous period's trading statistics. But as you point out, by the end of the day, it all comes down to two things.. are you buying or selling? whoever tips the balance wins thereby forming the next candle, and another after that and so on, which then forms the trend. So interpreting the impact of the trend on trading decisions is more of a reactive action rather than a proactive one. The proactive actions are the ones that lead to the formation of the trend. So is the trend my friend? Am not sure..

 

[iMusingKiMi]

It is all about the forces of demand and supply for the technical analyst. But then as a trader sometimes it is good to look a little deeper to see what is driving those two forces. This is the time fundamentals come into play, as well as, the previous period's trading statistics. But as you point out, by the end of the day, it all comes down to two things.. are you buying or selling? whoever tips the balance wins thereby forming the next candle, and another after that and so on, which then forms the trend. So interpreting the impact of the trend on trading decisions is more of a reactive action rather than a proactive one. The proactive actions are the ones that lead to the formation of the trend. So is the trend my friend? Am not sure..

I love and absolutely agree with your statement. Yes, technical analyst need forces from supply and demand. I also agree what you mentioned about the forces provided when fundamental kicks in to support on Supply and Demand trading concept. This is absolutely needed for some announcement to drive another person to decide either to buy or sell a currencies. Hence, few hours before high impact such as ECB, FOMC, NFP is always not suitable for trading in technical analyst point of view and we can usually see very low volume before those important event. But I love to trade after all big announcement because all those people who fight earlier has open a clear direction for technical analyst and we can just walk through those barrier for safe and secure pips.

 

[achingbulbous]

trading for living is easy . but there are several risks in trading . like if u suffer from loss there would be no alternative for you to do for living . so i would recommend that you should do trading for living but also have a safe hand on the other side .

 

[NicholasM]

trading for living is easy . but there are several risks in trading . like if u suffer from loss there would be no alternative for you to do for living . so i would recommend that you should do trading for living but also have a safe hand on the other side .

You got it there and this is why it is always good to trade with money that you are prepared to lose. Also notice that for every broker, there is a disclaimer saying that trading is not suitable for everyone. There are some people who do it for living though, but not entirely as the main source of income. These are people with other investments and loads of cash resting in the bank, which they can always rush back to in case things turn out rough in the Forex market.

 

[FxAgioS]

Hi All,

How much from you like to trade live news?
Let's say NFP or FOMC?

Regards,
FxAgio Team