Already profitable, what's next?

Discussion in 'Trading' started by metatrader54, Jun 6, 2018.

  1. I suggest you wait until you are profitable for at least a year before quitting your day job.
     
    #21     Jun 9, 2018
  2. Care to drop some hints?
     
    #22     Jun 10, 2018
  3. I am not going to quit my job anytime soon, I was wondering about the next step I take, I feel a bit lost but I will keep trading.
     
    #23     Jun 10, 2018
  4. Yes I trade spot Forex.
    Are you trading full time? If so how did you do it? To be honest my goal is not to trade "full time", it's to become rich but I know it will take years and I'm willing to go step by step.
     
    #24     Jun 10, 2018
  5. Do you have any recommendations for prop firms? Or banks? Because I have heard that prop trading is mostly dead and most have moved to automation.

    Most trades are 50-100 pips for winning trades, although some are 20-30 pips, I think it's quite scalable since it is spot forex.
     
    #25     Jun 10, 2018
  6. How do I go about getting my results audited? How long of a track record do I need? How do I look for investors?
     
    #26     Jun 10, 2018
  7. Howard

    Howard

    The key is consistency and accumulating profits while increasing position size as your account grows. Initially, it may seem like you're going nowhere, but at a certain point in time your profits start accelerating and you're on your way to freedom.

    Don't lose money and stay consistently positive even if it's a 'small' daily amount.

    For motivation, make a sheet in Excel on compounded daily growth with a set amount of capital allocated per contract/share/lot.
     
    #27     Jun 10, 2018
  8. carrer

    carrer

    Can you share your equity chart. By that we will know if it is sustainable or not.

    P.S. If possible with the summarized report details like profit ratio, winning rate, consecutive winning, losses, etc. Mt4 has a function to generate the report.
     
    #28     Jun 10, 2018
  9. qxr1011

    qxr1011

    Well,

    I strongly believe that the trader in the making is strictly self-made affair. It is so much so that any recommendations or suggestions, when trader is in the middle of the road, have a chance to hurt him probably more than to help.

    Each situation is so unique.

    Your impulse to find out how others tried to resolve the same issues is understandable but imho would not be helpful to your efforts.

    Realistically i see only one way: Trader improves the method to a point when he feels he has to start slowly increase his positions. If everything goes well he switches to full time.

    But the devil is nuances.

    There maybe some situation when one can be pressed against the wall by life circumstances to be either more aggressive or to stop at all for a while. What is better I do not know everybody choosing for himself.

    Good luck !

    P.S. As for being poor and having the small account there are maybe some advantages in that. :) - one does not need much in this case. And as Karl Marx (who to my surprise is in favor here) once said: "The Proletariat has nothing to loose except it shackles !" :)
     
    Last edited: Jun 10, 2018
    #29     Jun 10, 2018
    ironchef, beginner66 and qlai like this.
  10. You'd need at least a year of track record before anyone looks at it in my opinion. In terms of auditing, many accounting companies (including big 4) will rubber stamp your brokerage statements and charge you 5k for the privilege. Then I'd go and look for friends and families with spare money to invest, and do it for free - you're effectively paying to build up your reputation.
     
    #30     Jun 10, 2018