FOREX TRADING FOR A LIVING

[Diestern]

To all forex traders out there,

Are there retail traders in Singapore doing forex trading for a living? I think it will be great to share our experience here on this newly open thread.

My rules of thumb in trading includes having a well tested and profitable strategy, risk control and emotions management. The last one is most difficult to master, especially trading in the volatile forex market is often like a roller-coaster ride. Whether how fast one can master the art depends very much on his character. However, emotions can definitely be managed with proper training and accrued experience. Personally it took me more than 2 years in trading to become consistently profitable and to become emotionally conditioned to handle the market. Importantly, I have learnt how to eliminate emotions from my trade and be very disciplined in execution of a trading plan. Losses are inevitable but looking out for high probability trades is key to a consistent winning formula. Aspiring and existing traders can share your views here. Cheers, DieStern

 

[ValueInvestor]

99% who trade forex for a living eventually fail

 

[Diestern]

99% who trade forex for a living eventually fail

Yes I agreed. I started forex trading with a bunch of friends. But all drop out along the way due to various reasons. Two main reasons: (1) low risk tolerance. I think the way market moves freaked risk adverse individuals out. Ironically, money should be made in the midst of volatility. (2) Mentality of wanting to strike rich but not willing to put in the hours for practice. At the beginning, I used to spend 7-8 hours a day analyzing charts and patterns. But with time and experience, this has now shortened to less than an hour everyday. -Cheers, DieStern

 

[havetheveryfun]

Yes I agreed. I started forex trading with a bunch of friends. But all drop out along the way due to various reasons. Two main reasons: (1) low risk tolerance. I think the way market moves freaked risk adverse individuals out. Ironically, money should be made in the midst of volatility. (2) Mentality of wanting to strike rich but not willing to put in the hours for practice. At the beginning, I used to spend 7-8 hours a day analyzing charts and patterns. But with time and experience, this has now shortened to less than an hour everyday. -Cheers, DieStern

most ppl who get into forex trading are with the mindset of getting rich quick.. when they find out its like running a biz and takes much more effort than a normal 8-5 job.. they quit naturally

but those who hang on at the start and pull through reap the benefits at the end.. just like a successful biz

 

[ValueInvestor]

i have seen many ppl going into full time trading

none, zero, kosong... made it....

most when back to work after a few years and losing their entire bankroll

 

[Diestern]

i have seen many ppl going into full time trading

none, zero, kosong... made it....

most when back to work after a few years and losing their entire bankroll

I guess they lack the patience or did not have a mentor that can guide them. My goal is to find individuals who have a common goal of trading successfully for a living to form a team, setting up a hedge fund, and managing other people money. We can exchange trading experience and tips. Cheers - DieStern

 

[[[ForeverAlone]]]

last time when I was a teenager ....blur blur follow friends find part time job
who knows is forex broker..

LOL , they even let us test trail how to received call from clients and order etc

and show us around

think back is want us to become agents , broker for forex...


I still remember that fellow say forex is safer than playing stocks.

Now think back , I feel is Stocks at least more stable than Forex leh

Forex is quite danger if you don't know how to control...etc


stock at least just wait ...( unless you go buy those ulu companies with not much reserves than there is a risk who know the company go bankrupt that it ) but back to the topic at least I feel stock is less risky than forex.

 

[[[ForeverAlone]]]

i have seen many ppl going into full time trading

none, zero, kosong... made it....

most when back to work after a few years and losing their entire bankroll

is true a lot but still have some successful do it.

few reasons which I can think of.

first , their parents already rich, they are well to do....even don't have job also never mind parents got business or have huge assets , investment behind thus they can afford to trade full time

2nd , they have ample savings already and start trade full time. Slowly earn ( need a lot discipline next their lifestyle is simple . weekend got go out but not every weekend. Never buy much unnecessary stuffs. As long they feel earning a return of just 2 k or even 1 k++ per month is good enough

Of Course most of them are single for this group


3rd, these people already have families ....beside trading full time in stocks , they also do other own business.

 

[Diestern]

last time when I was a teenager ....blur blur follow friends find part time job
who knows is forex broker..

LOL , they even let us test trail how to received call from clients and order etc

and show us around

think back is want us to become agents , broker for forex...


I still remember that fellow say forex is safer than playing stocks.

Now think back , I feel is Stocks at least more stable than Forex leh

Forex is quite danger if you don't know how to control...etc


stock at least just wait ...( unless you go buy those ulu companies with not much reserves than there is a risk who know the company go bankrupt that it ) but back to the topic at least I feel stock is less risky than forex.

I can provide you with the trading setups. You can set up a demo account to test out first for several months or years (as long as I am around). When you are confident enough, then can switch to live trading with a small account first. Cheers, DieStern

 

[ZaiNan]

FX can hold positions over night or not?

usually wake up see always red liao

 

[Diestern]

Yes, u can hold for months day and night no problem, depending on your trading setup. Depending on your brokerage, interest will be charged accordingly. Red is not a problem as long as you are not stopped out of your trade. Important thing is maintain discipline and focus on your final objectives (e.g. when to exit, cutting loss, or hitting target). -Cheers, DieStern

 

[[[ForeverAlone]]]

there is no negative on forex.

In fact if you want to earn fast and a lot ..is from forex , this is how I feel but as usual more return fast = more risks

I still will choose Stocks over Forex , if ask me which one I will play.

 

[Geeezz]

tried b4 with 2.5k using oanda last yr. earn enough fr 10 dollar meal per day nia

 

[Diestern]

tried b4 with 2.5k using oanda last yr. earn enough fr 10 dollar meal per day nia

Small return is a good start. If you want to have greater consistency. We can have a more in-depth discussion regarding trading setups and strategies. Thanks.

 

[xersion]

Small return is a good start. If you want to have greater consistency, can pm me. We can have a more in-depth discussion regarding trading setups and strategies. Thanks.

Please show ur platform screenshot...

Sent from Xiaomi MI 4I using GAGT

 

[Diestern]

Please show ur platform screenshot...

Sent from Xiaomi MI 4I using GAGT

I am using MT4 platform. Are you doing forex trading too? care to share?

 

[Diestern]

I am using MT4 platform. Are you doing forex trading too? care to share?

AUDUSD
Based on H4 time frame,
Enter sell trade: 0.7163
Target price: 0.7120 (43 pips)
for more information on trade setup (stop loss and indicators). -Cheers, DieStern

 

[xersion]

I am using MT4 platform. Are you doing forex trading too? care to share?

I'm quite new and below is my profit for this week. Enough to cover my 3 meals will do



Sent from Xiaomi MI 4I using GAGT

 

[Perisher]

Thread under review.

Edit: Re-opened.

 

[Diestern]

SUGGESTED STAR TRADES FOR TODAY
(1) For AUDUSD, enter more sell pos from yesterday
- entry price 0.72140, target price 0.7137 (close trade even at loss if today price closes above 0.7162 ->>confirmation of uptrend from weekly chart)
(2) USDJPY sell trade - entry price 123.59, target price 122.38
(3) AUDJPY sell trade - entry price 88.5, target price 87.76
(4) GBPUSD sell trade - entry price 1.5315 target price 1.5250

Trade with caution!
Cheers,
DieStern