Hi I just wanted to know if there are any traders out there who are doing this full time, and making a living. In other words people who don't work for a boss but are making their money purely from trading. I have only done a bit of long term investing, never entered the futures market, but I am thinking of doing it now, not full time immediately, but hoping to get there eventually. Is it worth the effort? Thanks in advance
I see what you mean. I have had a worse situation:Selling in fear of a a collapse, the market collapsed but not the share i sold, went up so much i still cry at night. Getting over it now, thinking of getting back in.
it can be done for sure, there are a lot of successful traders out there. theres a couple of things you must take into account, you need enough capital to start out with, especially if you are going to be a position trader as your stop loss would be a lot wider and you dont want to risk more than 2% of capital on any one trade.you need to practice and learn, learn and practice some more until your confident of your abilities.You have to have goals ad a trading plan, i tried trading a couple of times without much success, now on my 3rd attempt but only trading forex market.
do not want to be a killjoy but be aware more traders fail than succeed.I have been an investor for the last 14 years and do it full time and have survived but I know I do not have the skills to be a trader.
Go buy the book - "High Probabelity Trading" written by Marcel Link. It is about been a trader,it will help you, it is a fantastic read. It made me realise that I can not be a trader full time, even if I wanted to. I can not compete with the big boys, so I now invest and sometimes trade in SSF's if a oppertunity arises, but otherwise I stick to long term.
its the not the big boys you want to compete with, you want to ride with the big boys and take money from the 90% that dont make it, thats the goal, get that right and youre on your way, as for forex i find that forex trends better than indexes and not as volatile, thats just my opinion.