How Long Did It Take You To Become Profitable?

[carter 10]

Decided to start a poll on our experiences as a trader. How long did it take you guys to reach a point where you can trade for a living?

 

It took me 2 years just to know what I was doing and another year before I became consistent.

[chaostrader 11]

3 years until I started seeing profits.

[Soultrader 12]

It took me 2 - 2.5 years.

 

6 months of staring at a candlestick chart with only time of sales. 8 months of consistently losing money. 4 months of devising setups. Another 3 months of losing money. 6 months of perfecting my setups, gaining more market understanding, and break even/profits trading.

 

Which was alll worth it in the end. I havent looked back ever since.

[calitrader 10]

Still trying to make it as a trader. Been trading for 10 months now.

[Follow The Trend 10]

I have been trading on and off for a few years now, but it has never been an aim to make a living from trading - until now.

 

After being a little more active over the last year I have realised that it is possible to make a living from trading, but it takes a lot of discipline.

 

Fingers crossed, over the next 12 months it may happen.

[Warren Forex 10]

I started demo trading September 2003. My first live trade was March 2006. I now am at the end of three years with 6 months of actual trading FX.

 

I presently am winning 80% plus of all my FX trades.

[Fxtrader06 10]

I started demo trading September 2003. My first live trade was March 2006. I now am at the end of three years with 6 months of actual trading FX.

 

I presently am winning 80% plus of all my FX trades.

 

Thats pretty impressive for just 6 months of live trading. What do you currently trade Warren?

[Follow The Trend 10]

Warren,

 

That is very good going, especially in the fickle FX markets which can be volatile.

 

What kind of profits are you making, and what is the size of your portfolio?

 

Are you taking lots of small "turns" or fairly large "turns".

 

I have looked at the FX market before, but it is not something I have ever tried. Perhaps you could enlighten us with a breif summary of how you play the market?

[Warren Forex 10]

Warren,

 

That is very good going, especially in the fickle FX markets which can be volatile.

 

What kind of profits are you making, and what is the size of your portfolio?

 

Are you taking lots of small "turns" or fairly large "turns".

 

I have looked at the FX market before, but it is not something I have ever tried. Perhaps you could enlighten us with a breif summary of how you play the market?

 

At present time I have 7 clients. The US Dollars under management is just over $100,000 US Dollars. I range trade but mainly trade with the Trend. Since March 2006, My Return On Investment Capital Deposited is over 50% a month. I know this number is NOT believeable BUT I might consider posting here one of my clients Man Financial Trading Reports generated by Trade Station Two Software.

 

I have a very strong knowledge of economics and the political scene. I am a mature 62 year old businessman. I would be glad to share some of my knowledge with this Traders Laboratory Forum.

[Soultrader 12]

Hi Warren,

 

I am also interested and would love to hear your methodologies or trading wisdom. From my understanding you are a fund manager? Although my forex knowledge is relatively new, my strength lies in the index futures. I plan on picking up Forex and looking forward to learning the markets from you.

[tab321 10]

It took me about three years to get my profits consistent

[Warren Forex 10]

Hi Warren,

 

I am also interested and would love to hear your methodologies or trading wisdom. From my understanding you are a fund manager? Although my forex knowledge is relatively new, my strength lies in the index futures. I plan on picking up Forex and looking forward to learning the markets from you.

 

In Canada I act as a Currency Trader Advisor for two corporations and a number of private investors. No license or government approval is required at present time as FX is NOT a security. I do not deal with the general public. Man Financial however needed to confirm my ability before accepting me as a CTA for their clients. Please note I bring my clients to them and then I just act as a CTA through them for my clients.

[Robert 10]

Still struggling to make it as a trader....

[feb2865 10]

Took me 1 1/2 year of constant reading and practice 'til my eyeballs hurt but it was worth it. I gained a lot of confidence and began to trade live when I understood the laws of supply and demand that rules the market.

[carter 10]

Took me 1 1/2 year of constant reading and practice 'til my eyeballs hurt but it was worth it. I gained a lot of confidence and began to trade live when I understood the laws of supply and demand that rules the market.

 

Nice feb. Thats fairly quick for any trader. What type of trader are you?

[feb2865 10]

Nice feb. Thats fairly quick for any trader. What type of trader are you?

 

Support/Resistance, Pivot points, tape reading. Basically the tools I use(and a lot of discretion). I trade ES (mini) and crude oil

[Soultrader 12]

Support/Resistance, Pivot points, tape reading. Basically the tools I use(and a lot of discretion). I trade ES (mini) and crude oil

 

Looks like we have alot in common feb. I do use alot of market profile. Never really touched crude although I have always been interested.

[feb2865 10]

Looks like we have alot in common feb. I do use alot of market profile. Never really touched crude although I have always been interested.

 

well I'll take this as a compliment 'cause I admire your videos and coments . Crude has been good lately since price is been droping like a bomb. Pivot points in crude work almost like magic.

 

Market profile for futures is like trend lines and bigger time frames(4hr and up) for forex. The best way to make sense of trading. The software I use have this neat feature on the price ladder in which you can see how many contracts are traded @ any specific price. Maybe I am acting a little naive here 'cause I havent' try any other software with price ladder.

 

Regards

 

Raul

[Soultrader 12]

Interesting comment Raul. I may need to look into crude since you mentioned how its works good with pivots. Also what software do you use? In terms of price ladder, I am picturing something like the Tradestation Matrix? Take a look at the attachment.

[feb2865 10]

Interesting comment Raul. I may need to look into crude since you mentioned how its works good with pivots. Also what software do you use? In terms of price ladder, I am picturing something like the Tradestation Matrix? Take a look at the attachment.

 

Yes is very much like that picture of Tradestation Matrix. I tried to make a copy of the ladder I use it but won't do it. The one I am using allows me to place orders off the ladder. The software I am using is Trade Navigator from cannon trading. The volume bars at the ladder(in your case the matrix) are one of the pilars of my trading. If I don't have it I feel blind. I've only been trading futures for like a year and 1/2.

 

Crude oil would be good as long it ranges from 58-62 a barrel Rigth now we're heading to a short rally maybe toping off 65-68 before will be affected by the laws of gravity

[Soultrader 12]

Interesting... because I find the matrix very distracting. I hardly ever use it. You can simply place orders from the matrix and drag your stops or target points on the matrix.

 

You might want to check into the Infinity software. They have a better version of the Matrix and excecution is unbelievably fast. It was created by traders so they know what they are doing.

 

What are the things you look for in the matrix? Is it size? Thanks

[feb2865 10]

Interesting... because I find the matrix very distracting. I hardly ever use it. You can simply place orders from the matrix and drag your stops or target points on the matrix.

 

You might want to check into the Infinity software. They have a better version of the Matrix and excecution is unbelievably fast. It was created by traders so they know what they are doing.

 

What are the things you look for in the matrix? Is it size? Thanks

 

The ladder I use tells me how many contracts are traded at any price, plus gives me very much the same information that time&sales shows. I look for the bigger sellers/buyers and how many contracts they trade. Plus placing an order is convenient.

 

I will definitely check infinity software