Trade what you know. And I commend you to have the balls to trade full time with an initial stake of only 30K, I would not dream of trading full time without 50-100K starting capital. If I had 30k, I would take on too much risk to get a decent return to support a family. And there would be too much pressure, for me. And we all go through the slumps. The minute you hit that trade button, the position goes against you. You just have to keep going, and prevent from revenge trade where you want to make up that loss with the next huge position. That will take you out faster than fly on manure. Fundamentally, I would not be shorting the USD against the CAD. The Canadian Dollar is strong, but I think it is peaking due to their stalling housing and real estate bubble. And given the Canadian conservative about monetary easing...housing has nowhere to go....but down. And so will the CAD in the long run. The question is which will impact the USD quicker, the US fiscal cliff or the CA housing bubble pop.
thanks for the reply, yes, I don't like being long cad or aud. My positions in both are very small, I can switch sides here pretty soon. But that means I have to give up my dream of shorting the US Dolllar. p.s. when I started my 30k account, that was my second time around, and my kids were raised, and my wife had her own income to pay for her habits. And I had two years living expenses in the bank. But even still, after a year, I got a job working the night shift at the c store to help pay the bills. When I switched to ib and started trading ES exclusively, the account was worth 28k, but that's when things started taking off. Now I'm still living off that money.
very impressive what you said. Good trade or bad trade, both have great importance in our life. When we go out for trade, we will be putting all our investment, our heart into it. And during the profits we get, we will be very happy and our life will be more joyful. But in case of the false trade when we have to suffer huge loss, our life will seem to be more miserable. We can earn our living with forex trade if we are able to make profitable trades but we can lose all we have too if we make false trade. So forex trade has great importance to our life.
??? I was no better than a prop trader who has no idea what his ROI is. I was probably up 100% one month and down -50% the next. All I cared about was that I had enough to give my wife what she said she needed. I finally lost it all getting on the wrong side of some wheat. I would hardly call that impressive. I don't know what your big deal with forex is. It just happens to be my preferred vehicle at the moment. But I sure as hell don't put all my investment and heart in every trade.