Simple
How “SIMPLE” it is to Trade for a LivingWe just reached +1K followers here so This article/post is a thank you for each and every one of you.
Short answer: not easy but doable if done the proper way (my story at the end)
Long answer: trading for a living is a fantasy every trader has. however, to be accomplished it requires a strong mindset, a proven record with an objective well-defined trading plan, a trading journal to learn from your mistakes and keep improving, financial stability, consistency…
Forget about these gurus taking pictures driving a Ferrari and partying all year, traveling the world, and trading on the beach. (these so-called gurus use it as a marketing plan to attract people on their pages)
Before I tell how you can trade for a living, let us consider these two aspects:
Psychological Aspect: you shouldn’t depend on your forex account as your main income (to pay your monthly bills) as you will get emotional, make irrational mistakes, and you will end up not following your trading plan objectively. consequently, you will be afraid that you won’t profit this week/month, thus won’t be able to pay your bills.
Technical Aspect: you shouldn’t withdraw from your account frequently (every month/year for example). Let’s say your account is 10 000$ and you managed to make a 100% growth by end of the year. so your account is now 20 000$.
Because you need to pay bills, you will have to withdraw the profits, so you are left with 10 000$ once again. To make another 100% next year to pay your bills again. so you are not getting any further and still stuck in the rat race.
The right way is to keep your profits for your account to grow exponentially. For example, if you have 10 000$ and you make a 100% return this year, your account is now 20 000$, you keep the profits, and your 1% per trade is now 200$ instead of 100$, by end of the second year you also make 100%, now you have 40 000$ and so on…
As per the above two aspects, you shouldn’t withdraw from your account frequently ☝️
how to treat forex then? and how to be able to trade for a living? 👇
You have two options:
1- Have another source of income: like a job or a business that you depend on to pay your monthly bills. This way you won’t get emotional in trading and you won’t withdraw from your account for it to grow exponentially
2- Savings / my story: I quit my job on July 5th, 2018 to trade for a living. My plan was to save an amount of money, enough for me to live the same lifestyle I am used to for 2 years from now, without the need to withdraw from my account.
For example, if my usual monthly expenses are 1000$, then I need to save 24 000$ before I quit my job. this way, I can survive for two years without withdrawing from my account or depending on it.
In conclusion, trading as a career is doable but it requires a lot of dedication and planning in order for it to be successful. The most important aspect you need to focus on is being emotionally stable at all times in order to follow your trading plan in an objective manner.
All strategies are good; if managed properly!
~Rich
XAUUSD SHORTAfter Price has made multiple attempts to try and break through this resistance level, I will be taking a short position here. My TP 1 and TP 2 are marked.
Clean chart, simple analysis, Use risk management
What is next?Quick update on GU. Let's have a look on Daily timeframe. We have a clear Doji candle close on Friday with bearish body, which tells me that this area is controlled by bears. Anyway we have 2 wicks rejections from that area which I previously mentioned to everybody here.
So what will be next? According to the nature of the market - we always have 2 phases - impulse and correction (pullback). So after a huge impulse on Daily timeframe which starts from 1.2672 ( 850 pips move) the correction should start to form. I found 3 psychological levels - 1.3300, 1.3200 and 1.3100. So for now those 3 levels will be support area for me for the upcoming week.
Long positions is not taking to the account for now. BUT if we will brake the resistance region - 1.3470-1.3515 I will check the chart one more time lol. Do not forget about false breakout as well. Cheers to everybody!
RISK MANAGEMENT STRATEGYKnow when your Trading Setups are no longer Valid, Reduce Your Losses, Live to Trade Another Day!!! It's Simple, It Takes DISCIPLINE and Daily Practice.
Will it hit our resistance zone?Quick update on GU. I still have an alert here at 1.3451 and didn't hit my target yet. If we will not reach my main resistance zone and the price will brake our main support region 1.3290 then the price will meet new support area at 1.3100. So for now just stay patient and wait for the signal.
Potentially LONG to 1.9200Let's have a look on USDCHF. I mentioned before that we are looking for some trend change after getting inverse H&S pattern and we go back to 1.9200. here you have
According to our chart on 4H timeframe - we can notice that new impulse after false breakout was already formed. We just retested our main intraday resistance level at 0.9090. Potentially for me it is gonna be a huge move to the upside back to 1.9200. Hard to say how deep can we go from now, but my last point will be support area on 0.8990 - 0.8980.
Wait for the last impulse
Hey traders, let's have a look on this currency pair. I mentioned on the weekends that it is gonna be perfect example of how the pullback can be created)) After getting double/triple formation we start to form new impulse to the upside, which was entry impulse for us! The MA50 was successfully broken so it is a straight signal for me the trend is gonna change.. at least I am waiting for one more impulse to the upside just to hit my TP and main resistance level inside of this range. Let's see how this will play out!
Prediction - reversal!Yes... That was a reversal level. Was a little busy to catch up that moment but later on I noticed that we got false breakout here, and start to think that we can go lower just to hit my another level of support. A nice push to the upside was already formed so waiting for a pullback to open LONG position, Hope we can go to 1.9200 on this one, let we know what do you think?
GU indecision for now?Hello traders! Let's have a look on GU. As usual, I started my analysis on 4H timeframe. What did I noticed here? We got clear uptrend to the upside which means we are looking ONLY orders for BUY. Resistance on 1.3280 - 1.3300 was successfully broken and retested 3-4 times! I also see that we got 2 wicks rejections from our level which means that this level is in control by bulls!
When we stepping down on the lower timeframe 1H we can see that trend reversal starts to form (potentially forming a picture with LH,LL) So for me it is more like the trend is changed and to be honest with you - I would like to see the price hit 1.3100 level! Let's see how this will play out!
Is it ideal RRR for this one?There is not a lot of words, just a small update on EA. From the last week I put an alert just to start short from the top of the range. But today I found a good entry point from the bottom of the structure! Let's take advantage from it!
TREND TRADING STRUCTURES FOR SUCCESS !!!A simple way to identify trend structures within the intra day charts. Stick by these structures and mould your strategies around this and you will succeed!
AUD/CAD - Long i recently took this long on AUD/CAD. i expect to see new daily highs on this pair and a continuation of the overall trend.
i took this trade simply because it met my criteria for a nice day trade, meaning we have a clear trend, with higher highs and higher lows. After a 4H high was broken, i waited for the re test along with some good price action before going long.
Risk was 1% with a 2:1 reward risk. Simple.
for management i will wait for price to rally 50% to my target before waiting to bring stops to break even.
CADCHF POTENTIAL SELL Please like and comment it pushes me to keep creating content on pairs and my bias on it :)
Daily Structure pushing bearish and 4HR confirmed bearish market flow , haven't entered yet but watching for the sell just thought i would share with you all :) Happy trading
-This is merely MY outlook and not advice on what YOU should do just my opinion on what I see
EURUSD TRADE IDEASee how price reacts to resistance on the 5M chart and make an entry accordingly. If breaks through resistance, wait for retest and buy. If retests off resistance, enter as sell on 5M chart.
AUDJPY SELL Please like and comment it pushes me to keep creating content on pairs and my bias on it :)
-This is merely MY outlook and not advice on what YOU should do just my opinion on what I see
Simple Trade - Respected Support Level for Short ActionSimple Trade for respected support level at H1 Time frame.
We could take action for short and don't forget to put your Stop Loss.. the price is bullish after have a wick avoiding the support level, it is a good sign for us to take action to buy for short.
#Simpletrade
Buying OpportunityThis presents a simple buying opportunity to opt for long positions. Price expected to break the channel and continue in the uptrend.
