has anyone switched to become a full-time trader and become rich ...

[HelloEllo]

Technically first stocks will inflate in prices, and more cash out so more inflation in economy. Then when everything is too crazy and/or USD crash then a chain reaction will occur

There will be a time where gold and commodities will dominate and people will barter.

Luckily sg got gold as we don't have any commodities or natural resource

 

[VEF888]

it's better to be trader at banks and trade with other ppl money,
or investor at swf and play with tax payer money without due dil

except of course the barrier of entry is out of reach for most folks at these banks, esp the top tier ones.

 

[MrClubbie]

except of course the barrier of entry is out of reach for most folks at these banks, esp the top tier ones.

not if you have connections

 

[VEF888]

not if you have connections

isn't that harder to come by? no?

 

[MrClubbie]

isn't that harder to come by? no?

everyone who gets in needs connections one way or another
beyond a certain lvl grades don't matter anymore

 

[HumJiBeng]

can be done?

I am not so smart.

I buy and hold can get 10% return a year so far.

Trader are expecting 100000% return

 

[GarnetDragon]

Does getting rich from striking 4D or TOTO count

 

[VEF888]

everyone who gets in needs connections one way or another
beyond a certain lvl grades don't matter anymore

not everyone, the good ones don't need them, of course with talent + connections those people will go further.

entire bank consists of imbeciles only with connection how to make money?

 

[arsenalfc85]

Definitely not easy

it’s a lot on psychology

I’ve been attempting on trading since last year. So far not really profitable yet

my 2 biggest issues I’ve identified so far

1) psychology. I’m too afraid to take losses. Hence sometimes I tend to close out my positions or tighten stop loss or shift stop loss to breakeven too early, hence there were many times after I closed my positions or after I shift stop loss to breakeven, price will fly or plunge in my directions. ie my analysis is correct but I didn’t manage to profit from the trade. A good trader cannot be just a good analyst. It’s no use if psychology and execution suck. This happened to both my forex day trades and stocks options swing trades btw. I’ve closed out my options trades way before expiry at a loss, but in the end it was actually profitable had I not closed them.

2) my stop loss placement. I get stop hunted too many times. Shifted sl to be too early for fear of taking losses (again linked to the first point on emotions and psychology). Price would often hit my stop loss then move v quickly in my direction.

as a result, my wins could barely cover my losses even though my losses are also small. Hence my p&l is always either small profits or small losses, might as well don’t trade cuz waste time right?

so I figured I need to find a way to overcome my 2 issues. Then I might be profitable in the long run

 

[MrClubbie]

not everyone, the good ones don't need them, of course with talent + connections those people will go further.

entire bank consists of imbeciles only with connection how to make money?

if youre good u still need them. they don't hire from peasant schools like nus, ntu, smu
good grades alone won't get u into harvard, especially for asians

 

[wongminmin]

Definitely not easy

it’s a lot on psychology

I’ve been attempting on trading since last year. So far not really profitable yet

my 2 biggest issues I’ve identified so far

1) psychology. I’m too afraid to take losses. Hence sometimes I tend to close out my positions or tighten stop loss or shift stop loss to breakeven too early, hence there were many times after I closed my positions or after I shift stop loss to breakeven, price will fly or plunge in my directions. ie my analysis is correct but I didn’t manage to profit from the trade. A good trader cannot be just a good analyst. It’s no use if psychology and execution suck. This happened to both my forex day trades and stocks options swing trades btw. I’ve closed out my options trades way before expiry at a loss, but in the end it was actually profitable had I not closed them.

2) my stop loss placement. I get stop hunted too many times. Shifted sl to be too early for fear of taking losses (again linked to the first point on emotions and psychology). Price would often hit my stop loss then move v quickly in my direction.

as a result, my wins could barely cover my losses even though my losses are also small. Hence my p&l is always either small profits or small losses, might as well don’t trade cuz waste time right?

so I figured I need to find a way to overcome my 2 issues. Then I might be profitable in the long run

yeah, losing the hard earned money is hard. Just need to take some times to overcome it.

no1 is perfect, we all make mistake in our life.... just that we cannot make big mistake in trading, else need to restart again.

 

[VEF888]

if youre good u still need them. they don't hire from peasant schools like nus, ntu, smu
good grades alone won't get u into harvard, especially for asians

ah yes that's the hearsay.

 

[iridiot]

Definitely not easy

it’s a lot on psychology

I’ve been attempting on trading since last year. So far not really profitable yet

my 2 biggest issues I’ve identified so far

1) psychology. I’m too afraid to take losses. Hence sometimes I tend to close out my positions or tighten stop loss or shift stop loss to breakeven too early, hence there were many times after I closed my positions or after I shift stop loss to breakeven, price will fly or plunge in my directions. ie my analysis is correct but I didn’t manage to profit from the trade. A good trader cannot be just a good analyst. It’s no use if psychology and execution suck. This happened to both my forex day trades and stocks options swing trades btw. I’ve closed out my options trades way before expiry at a loss, but in the end it was actually profitable had I not closed them.

2) my stop loss placement. I get stop hunted too many times. Shifted sl to be too early for fear of taking losses (again linked to the first point on emotions and psychology). Price would often hit my stop loss then move v quickly in my direction.

as a result, my wins could barely cover my losses even though my losses are also small. Hence my p&l is always either small profits or small losses, might as well don’t trade cuz waste time right?

so I figured I need to find a way to overcome my 2 issues. Then I might be profitable in the long run

1) size down - what are you comfortable with losing completely?
some say 1%, some say 10% .
I think you should find a level that you are comfortable with. Be it an absolute amount of $1k , $100 or even $10.

,have a fixed method of taking profit .

Using IBKR , I set buy / sell buttons according to my risk.

e.g. 1SL (stop loss ) buy
if you wish to risk $100 only , buy a 100 shares and sell when prices -1
when prices go up by 1 , sell 50 % , when prices goes up by 2 , sell another 25% , when prices go up by 3 , sell another 25%

once you click your buy / sell button once , only click again to adjust stop loss to breakeven if you hit TP 1

sit back and watch you take profit / SL while PCW-ing in EDMW

 

[Geylang Prawn Seller]

hearsay there are some derivative products sold by govt that can make you rich

yesterday someone just made 13 million

 

[MrClubbie]

ah yes that's the hearsay.

not hearsay, even some of the best from singapore went USA to attend a good uni (but not a pedigree sch) can only work in 2nd tier consultancy, still better than 3rd tier

that's how the world works, and that's why sinkies are excluded from ft dominated workplaces

 

[xcodes]

tonight found a new way to trade (at least for me in the market I'm trading in) ... going to further backtest it this weekend ...

 

[ckt1978]

Definitely not easy

it’s a lot on psychology

I’ve been attempting on trading since last year. So far not really profitable yet

my 2 biggest issues I’ve identified so far

1) psychology. I’m too afraid to take losses. Hence sometimes I tend to close out my positions or tighten stop loss or shift stop loss to breakeven too early, hence there were many times after I closed my positions or after I shift stop loss to breakeven, price will fly or plunge in my directions. ie my analysis is correct but I didn’t manage to profit from the trade. A good trader cannot be just a good analyst. It’s no use if psychology and execution suck. This happened to both my forex day trades and stocks options swing trades btw. I’ve closed out my options trades way before expiry at a loss, but in the end it was actually profitable had I not closed them.

2) my stop loss placement. I get stop hunted too many times. Shifted sl to be too early for fear of taking losses (again linked to the first point on emotions and psychology). Price would often hit my stop loss then move v quickly in my direction.

as a result, my wins could barely cover my losses even though my losses are also small. Hence my p&l is always either small profits or small losses, might as well don’t trade cuz waste time right?

so I figured I need to find a way to overcome my 2 issues. Then I might be profitable in the long run

share your trade here lor .
maybe got experts give advice.

 

[manics]

i find that somehow when you put s SL, the trade sometimes move towards the SL and after it hits your SL, it goes in the opposite direction almost immediately.

 

[wongminmin]

i find that somehow when you put s SL, the trade sometimes move towards the SL and after it hits your SL, it goes in the opposite direction almost immediately.

u can increase your SL % or don't put SL.

then research further on the resistance/support point

 

[highsulphur]

Anyone trades futures in commodities?