Be Honest. You saw that Forex infomercial didn't you? They make the lifestyle look great (which it really is). However, nobody can teach you to trade. You have to teach yourself and pave your own way to profits. Forex is nice if you have to trade outside regular NY trading hours. If not, I would suggest trading equities as a direct access trader. There are more opportunities than the Forex market to apply the same principles ot trading. I have been daytrading since 96'. Currently my strategy is to use a great real time Alert program that filters out low volume noise. In other words I am only looking at stocks doing at least twice their normal volume for that day. This helps me keep it simple. I use no system. Just a discretionary trader flying by instincts and personal rules.
I attended a Forex seminar on Tuesday in Vancouver. The website is fxtrainer.com. It was basically a multi-level marketing scheme with a ripoff software program. THe sad thing is, lots of ppl signed up... so yes.... a sucker is born every minute. Mac
Mac, I started in June of 2002, I was net positve $25,000 by Jan of 2003. In 2003 as my first full year I cleared $100,000. This was done by trading pairs, trading with established traders and a lot of hard work. If you are in Vancouver you should check Bright Tradings open house on Tuesday June 8th at 7:00 pm. Bob Bright will even be there. You can RSVP brightvancouver@canada.com if you are interested. Cheers, Darren
I run all my accounting per year. So far this year I am already up more than last year trading pairs. I don't think that my results are average, but I do believe that a good portion of them can be duplicated. If you want some insight into one of the strategies I am currently using check out the chat I did with Don Bright the other day. http://www.elitetrader.com/ch/transcripts/nyse_order_execution.cfm The way that I started was with a little of my money as a risk deposit and then leveraged capital. This allowed me to get great returns when I didn't start with much. Now I manage my capital a little more cautiously as I have more to loose. Being in the game after a year and not making much money is fine, as long as you have learned from it. You should be starting to see some better results in year two.
This is a simple money management problem then. Start betting 0.5% of your account per trade, and increase your position size in line with increases in your closed position equity.
Number one problem is that you are relying on your trading for income. Obviously you have not enough capital. Otherwise your progress is very good.