"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Wednesday, November 4, 2009

Quitting a $10000/mth job to trade FOREX??

Hello! Its me Bottle again. Well Black is busy studying for his upcoming exams you see, so its left to me to keep you guys update... and entertained if possible =)
O yea the image above is a "Fortune Cat" I have one of those near my workstation. Hope it brings luck! Feng Shui u know?? Notice that this cat is not smiling aye? Lost in trading? Floating loss? I wonder why...

Well like my title above. Quitting high like heavens salary jobs and switching over to trading Forex. Quite often we see this in newspaper yea? You know, they usually comes together with Forex seminars/talks or some smart software programmer trying to sell you their version of the "Holy Grail"??

Then we will start telling ourselves, "O Issit even possible?? Dont be an asshole and cheat average joe like us into ur programs man~~!! SCREW U"

1st, will you forsake your highly paid stable job for trading Forex? Which to many people, a much higher risk choice?

2nd, to quit your 10k/mth job for trading Forex have to mean that by doing so, it brings in more income yea? But 10k/mth dude!!

OKAY! Let Bottle myself and on behalf of Black (We usually think alike you see?) tell you our "Thoughts in words" for the day. May new or going to be or wannabe or almost failing who wants to give up already Forex traders see this and hope it clears your doubt.

For point number 1, actually if i were to have 10k/mth salary, i would not have give a damn about Forex anyway. hahahahahaha! So its nothing much to talk about yea? But come to think of it, lets face it guys! We all know that at some point of time, no job or position is totally safe from or immune to RETRENCHMENT. Unless you are the boss of cause. If you are one who think far and wide, alternatives will starts to flush into your brain when the thought of retrencement comes in.

Ok lets get to the interesting part, the Maths part. I like~~ In order to achieve same financial support from your previous job of 10k/mth salary, most likely we wont give in to anything lesser aye? How about $10001/mth? Increment of $1. I can tell you now that its possible!! From the pen and paper i was holding earlier calculating with my calculator... yes its possible.

I will keep it short and sweet so you will have the time to go think about it. Effective working days a month is 20days. All the weekdays only, if you work weekends too... im sorry man.. But u can start learning Forex trading now =) 10000/20days = $500 per day. By trading a standard lot, each day you will need to hit 50pips profit at least. Lesser if higher lot. And from what i see in Forex charts of different pairs, reaping 50pips/daily is not impossible. Well we can always split you see? 25pips at a time? 2 times a day? Using the time in your office from 8 to 5 and work in the comfort of your home instead? Spend more time with family? Spot 2 opportunities for 25pips at a time?? I dont think its really very difficult if we are experienced and "pro" enough. And that $1 i talk about? Just get a 26pips profit from one of your trades man. That makes $10010 my friend! $9 more!!!

Well the above does sounds easy. I myself is far from that level yet though. HAHA! But what im trying to point out is, with proper trading discipline, system and money management. Its really possible. Like i say we have to be seasoned/experienced enough to perform the above mentioned stunt. Thats our ultimate goal. But please dont jump into conclusion that trading Forex is easy money! This thinking will rip a big fucking hole in your pocket! It has to be done systematically. Trust me... Lets do it slow and steady hand in hand yea??

The pessismist finds difficulty in every opportunity; the optimist finds opportunity in every difficulty


kafechew said...

Good idea. If I still not very Pro in Forex, can I use EA to help me? I really don't want to work after my graduation (2 years to go). I hope I can be very expert in Forex in these 2 years. I don't have much capital here, don't have either credit or debit card, just using Paypal. How can I start my trade? Which broker will you introduce to students like me?
(I'm still trying demo version one, using Metatrader 4 platfrom, broker = Avafx)
Thanks a lot.

Bottle said...

Hi kafechew, dont worry we aint much better than you other than mayb the experience we have on hand now. I can tell u wat my thoughts are though and mayb some advice. I assume the EA u are referring stands for Expert Advisor? First of all, Black and myself have never tried any of these EA b4 and we certainly do not know if it even works. Like yourself, we also thought of just simply purchasing one of these program and start using it to generate a income for ourself. But in the end,maybe its our ego or certain sets of principle that we choose to follow, we decided against it.

So finally its still up to oneself to decide which path he wants to take. I see that u mentioned that u wanted to be a expert forex trader in 2 years time.
Quite confidently, i think 2 years is certainly enough to reach a certain level of expertise in fx trading if you r really devoted and put enough effort in it.
But if u decided to use EA instead, i may not guarantee that u can be as successful. Reason being, u will simply be relying alot on your EA's advice.
Short or Long signal all base on ur EA. SL TP all decided by ur EA. That makes the drawing of trendline, looking for candlestick patterns etc redundant isnt it?
Just like alot of other seasoned and pro traders always says, Practice makes perfect. Train the eye that spots the trend. So i think its quite not possible to
achieve that using an advisor. Too many elements of analysing r missing. U may not even know y u lose or win in a trade.
Well y not i suggest that u consider using an EA after earning more experience in trading? Afterall, EA isnt 100% correct but mayb 70% to 80%? Then base on ur experience and knowledge to pick on these signals given by the EA to filter out fakes?

Whereas for not having enough capital, i m not ashame to tell u that i myself trades using micro lots (100 times smaller than a standard lot). This is my learning period. Its the pips that i profitted that counts for now. Not the real $$. Once i m constantly achieving a certain amount of pips daily, i will move on to higher lot hence the higher $$. For broker wise, its advisable that u find one that allows the trading of micro lots during ur learning stage. Its good to start trading DEMO for a start. But ultimately, u should start trading live but using only micro lots(WE regretted trading mini lot for start and lost quite abit of my capital). The emotional effects that a Live account have on u is totally different from trading a DEMO.
That i can tell u for sure. I(Black too) just finish this phase only a few months ago. So everything is kinda still fresh in our minds. eside on our information bar. Btw our broker, FXDD, may suits u. Link is just beside on our information bar yea? U can check it out.

And as for only having paypal, no problem yea? they allow paypal transfer of $$. Recieving of $$ can be to ur paypal as well but there is always other alternatives like bank wire etc. I guess different broker's got different methods of doing so. U can check out their services at their sites too.

The above are all my thoughts my friend. Its still up to u to decide if u simply just wanted a program to generate income for urself or learn a set of recession proof skill that is totally depending on urself to achieve that financial goal of urs. There is no right or wrong in this definitely. But so far those succesful traders that i came across reading uses traditional trading methods. So far not yet of EA users. So do think about it yea?? I really hope it helps u in ur decision making at the end of the day =)

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