How to become a profitable or full-time trader

[rogblack]

I've been trading XAUUSD for four years now. Started with $5k and made $50k in the first three weeks of going live. I've also had my losses and still do. I read from many traders that they are chasing signals, systems, entry points and the holy grail. The laws of trading are pretty simple. If you trade short or scalp you're entering the world of gambling and stress with high triggering and error rates. You also lose sleep and maybe a marriage. But, if you trade long and get into weekly trends you'll achieve returns of 30% a week which can then compound. This then becomes swing trading which imho is the only way to trade to substantial wealth. Then the question you might ask is how to identify long term trends and their entry and closes.

 

[Garpal Gumnut]

Admire your trading. I did a trading exercise going long on ASX shares about 6-7 years ago on a margin loan. I made 20% gain but slippage and other fees and Time Spent trading convinced me it was not profitable in the end. In other words my day job paid more.

Any comments mate.

gg

 

[rogblack]

I stay away from shares. Well I've made some investment but I tended toward safe building stock that did very little like Boral then bought Biota which tanked, then Simavita for the same result. When Silver starts moving I might buy S32 but I prefer to manage my own investing through Forex and only gold. Of course it's heavily manipulated but after awhile you know when they get involved and when they let it run. It's also a very technical chart. Fib's and channels everywhere. Fees and slippage re little concern when you can make a 30% weekly return. Only when trending of course.

 

[tech/a]

Fibs and chanels

Eyes glazing over losing interest

 

[aussiefx]

But, if you trade long and get into weekly trends you'll achieve returns of 30% a week which can then compound. This then becomes swing trading which imho is the only way to trade to substantial wealth. Then the question you might ask is how to identify long term trends and their entry and closes.

Is that a typo or do you genuinely think 30% a week is achievable long term?

 

[rogblack]

Only in a weekly trend. yes it is. I've done it many times.

 

[cynic]

Is that a typo or do you genuinely think 30% a week is achievable long term?

Only in a weekly trend. yes it is. I've done it many times.

I think I may be misunderstanding what is being said here.

Rog are you saying that you are averaging 30% per week overall, or are you achieving 30% per week only during those weeks where a trend is clearly present?

If the latter, i.e. only when market is trending, approximately how many of those weeks do you typically encounter each year?

What happens during those non trending weeks?

Do you sit out and wait for the next trend? or
Continue to participate with lesser returns or (perhaps) losses?

If you do participate continually, what are your average results for those non trending weeks?

 

[rogblack]

I think I may be misunderstanding what is being said here.

Rog are you saying that you are averaging 30% per week overall, or are you achieving 30% per week only during those weeks where a trend is clearly present?

If the latter, i.e. only when market is trending, approximately how many of those weeks do you typically encounter each year?

What happens during those non trending weeks?

Do you sit out and wait for the next trend? or
Continue to participate with lesser returns or (perhaps) losses?

If you do participate continually, what are your average results for those non trending weeks?

I often hear similar responses to my claim and experience. I'm quoting 30% on your capital per week in a trending market. So if your cap is $10k you can make $3k and then the same next week if still trending of course. In non performing weeks the price may be forming a consolidation pattern or ranging and that is harder. You are better to wait it out until you can see the pattern confirmation. It may be a pennant or fib fan which are very common in gold chart. This IMHO is the only way to trade forex. Forget the news data. It can strip you naked as the Fed fights the price action.

 

[cynic]

I often hear similar responses to my claim and experience. I'm quoting 30% on your capital per week in a trending market. So if your cap is $10k you can make $3k and then the same next week if still trending of course. In non performing weeks the price may be forming a consolidation pattern or ranging and that is harder. You are better to wait it out until you can see the pattern confirmation. It may be a pennant or fib fan which are very common in gold chart. This IMHO is the only way to trade forex. Forget the news data. It can strip you naked as the Fed fights the price action.

Okay, so, on average, how many weeks per year are trending weeks where you are able to generate your 30% returns?

 

[rogblack]

Okay, so, on average, how many weeks per year are trending weeks where you are able to generate your 30% returns?

I couldn't give you an accurate real annual number but have a look at the weekly xauusd chart and see the % of trending weeks v consolidating weeks.

 

[cynic]

I couldn't give you an accurate real annual number but have a look at the weekly xauusd chart and see the % of trending weeks v consolidating weeks.

Thanks for that.

This latest response of yours, has pretty much confirmed, my earlier reservations, surrounding the integrity of your experiential claims.

 

[rogblack]

Thanks for that.

This latest response of yours, has pretty much confirmed, my earlier reservations, surrounding the integrity of your experiential claims.

Would you like me to count the number of trending weeks? It's a mute point I think. Sorry to disappoint. The only thing that matters in fx trading is being in the trend for as long as possible. Do you agree?

 

[rogblack]

Thanks for that.

This latest response of yours, has pretty much confirmed, my earlier reservations, surrounding the integrity of your experiential claims.

Here's the answer. There have been 7 weeks of consodilation out of 36 weeks of this year. Usually on an ma.

 

[cynic]

Would you like me to count the number of trending weeks? It's a mute point I think. Sorry to disappoint. The only thing that matters in fx trading is being in the trend for as long as possible. Do you agree?

I think the word you were looking for is "moot".

We can talk about theoretical approaches as much as we like. You are the one claiming to have "done it many times".

Why would you need to look at a chart to count them? Aren't those weeks of 30% gains, that you claim to have done "many times", already discernibly present in your trading account history (or similar records)?

 

[rogblack]

You're right about moot. Your username is perfect. On average the trends are four weekly candles long. I'll make a deal with you to your financial advantage. Are you interested?

 

[rogblack]

Here's my deal. If you add me on Skype I will give you an entry point to start trading a trend. Trade it on demo. I'll also give you a lot size to make you 30%. Then I'll give you a close point which might be four weeks later. Deal?

 

[cynic]

Here's the answer. There have been 7 weeks of consodilation out of 36 weeks of this year. Usually on an ma.

I haven't looked at the chart, but based upon the events of recent years and the way POG has been reacting, a tendency to trend, more often than not, isn't too surprising.

You're right about moot. Your username is perfect. On average the trends are four weekly candles long. I'll make a deal with you to your financial advantage. Are you interested?

Given that the following claim:

Only in a weekly trend. yes it is. I've done it many times.

is yet to be substantiated, I will be happily declining your "generous" offer.

 

[cynic]

Here's my deal. If you add me on Skype I will give you an entry point to start trading a trend. Trade it on demo. I'll also give you a lot size to make you 30%. Then I'll give you a close point which might be four weeks later. Deal?

Would you consider a counter offer that may prove advantageous to your credibility on this forum?

Instead of having me add you to skype, you simply post your entry and exit recommendation, to this forum, in real time (or as close as is reasonably practicable)?

Deal?

 

[rogblack]

I'll show you one on one as different people have different learning styles and I am a trading coach. Attached is an image of the chart with last two weeks. Lets assume a sell trend started today and you place one (can be multiple) sell trade at a safe margin. The profit is $6800 on a 10k account. You can do this on a demo yourself.

If you skype me I'll send you the image. No links allowed here.

 

[tech/a]

I don't think you need a learning style to show on a chart the beginning of a trade and the end of one.
Weekly chart or other wise. Long or Short.
Your trading highly leveraged.

While I'm a particularly good looking Duck---Ive been told.
You look more like a Gold Coast Used Car salesman than a Trading coach!