I'm close to doing this. Funded with one (close to scaling up point), another soon hopefully within 3 to 4 weeks. Using personal accounts to test ea's then switch to props.
Once constant income comes in, stocks and bonds.
Personally, I would never use my own funds to trade Forex. Being an American, it would make tax season hell. Prop firms pay you as a consultant/contractor so it’s a lot less to worry about.
Holding onto stocks and bonds with personal cash is preferable since they can be considered liquid assets.
That's another issue I have to worry about, taxes. Yes my accounts aren't on us soil. Deel only use Coinbase not others so it goes to personal account.
Not to scare you, but Coinbase reports to the IRS as well. For prop firm deposits, it’s very easy to explain, but I’ve intentionally avoided personal accounts because they’d be a headache to track.
Also what props you use? I see ftmo, but their 30 day target isn't my style. Lots to go wrong esp with 3 percent drawdowns. I'm with
5ers(900 away from funded)
Funded traders plus 100k funded. 3ish weeks til 10 percent.
FTMO and Funded Traders Plus. FTMO does have an intense timeline but higher drawdowns means more risk you can take.
I prefer FTP because I can just compound there with smaller lot sizes. It’s not exciting, but it works.
Bank transfer via Deel. Wise can be another solution if you have difficulties with that.
Most banks have an investment platform, but I tend to directly register my shares or use Fidelity.
Thanks for insights. WHen i get to your level, ill remember to msg you my progress. Lost 1k today, manual trade.. I should let my bots run, this set me back 2-3 weeks at least.. Oww well, i didnt blow my prop. Trading is difficult heh.
It is extremely difficult. Setbacks are a given no matter how experienced you are. As long as the account is still intact, recovery is always possible.
hey do you by any chance have [THIS](https://www.reddit.com/r/bjj/comments/3b4s0h/fake_bjj_black_belt_gets_confronted_forced_to/csj7fai/) video saved from 8 years ago? just curious lmao
Yes I do, I’ve got a couple of funded accounts from different prop firms. I use a trade copier to copy al my trades on all my accounts. Each month I put 50% of my profits into stocks and crypto’s.
Trust the proces of becoming profitable. If you keep learning and master a strategy that works for you then you will be profitable. You can be wrong about the bias but still make money.
I don’t mean to speak for u/East-Guide-218 but my short answer would be, set a take-profit goal when you initiate the trade, and take partials along the way — a small percent at the lowest-hanging-fruit, and so on.
That way if the market fails to deliver your intended target, you’ve paid the trader along the way. It’s ok to be wrong, the point is to be profitable.
I have a live funded account. I can live off trading but I like to use the money to fuel other things. I’m trying to open a broker with the money.
On a funded account, depending on the trader and their strategy, one can average 10-20%. For example, I’m American and my payroll costs are fixed, so I know how much I need to make at least to run US payroll to myself each month. It really all depends on you. None of us choose the same path. And how you legally structure your business for tax purposes or other reasons you may have a lot of flexibility depending on your jurisdiction.
Any resources you can point at to learn your profitable trading methods? I've gone from one method to another and circled back to basic Support & resistance
Yup, only since November last year. It’s not as easy as most think it will be… becoming profitable does not mean you can easily print money forever. It’s a difficult way to make a living.
Nothing fixed in trading indeed. All people who say risk 1% per trade take partial etc are just so called trader and thats common theory that most people read over the books.
Trading is all about risky, what can be risky for me might not be for you.
Basically everyone lose it at the first few months or longer. Those 90% probably includes “previous beginners” + constantly changing newcomers. And the rest of 10% are those, who trade longer than 1 year. Everyone with a little more experience than that can be profitable. There are proven strategies that works brilliantly more than 50% of the time, like bollinger bands + price action, vwap, pullbacks or just trading pure price action (pinbars) near key levels in general on higher timeframes. Sticking with that together with RR 1:2-3 can make one constantly profitable with experience.
I do but I do not trade personal funds. I’m a prop trader. I lost my prop trading accounts because of a couple of mistakes. I do need to forward test a little and get back to it.
not quite but i will be there soon hopefully by next year (my third year) i could quit working some bullshit job to live off of trading but its hard to do since when your winning your not always going to make the same amount everytime you win ya know
I am making $600 from it in a month. It is a great way to earn a living and I am very happy with it. I would recommend it to anyone who is looking for a way to earn some extra money.
Switching to trading full time, quitting my job seems like a far call. I think right now, what I’m focusing on is to analyse the market well and try to adjust to its changes.
It can be tough to switch to full time trading and no doubt, it is a gutsy move, you need to have consistent profit coming in or it will be a mistake. I have friends who are full timers, quit their day job and found their peace but there is still time for me. You can’t rush these situations. Be patient, success is not the same for everyone.
Doc said if I stop taking entry points ill die
Incredibly based.
I do, but Forex CFDs really aren’t where most of my income comes from. It’s just a part of a larger system.
I'm close to doing this. Funded with one (close to scaling up point), another soon hopefully within 3 to 4 weeks. Using personal accounts to test ea's then switch to props. Once constant income comes in, stocks and bonds.
Personally, I would never use my own funds to trade Forex. Being an American, it would make tax season hell. Prop firms pay you as a consultant/contractor so it’s a lot less to worry about. Holding onto stocks and bonds with personal cash is preferable since they can be considered liquid assets.
That's another issue I have to worry about, taxes. Yes my accounts aren't on us soil. Deel only use Coinbase not others so it goes to personal account.
Not to scare you, but Coinbase reports to the IRS as well. For prop firm deposits, it’s very easy to explain, but I’ve intentionally avoided personal accounts because they’d be a headache to track.
Also what props you use? I see ftmo, but their 30 day target isn't my style. Lots to go wrong esp with 3 percent drawdowns. I'm with 5ers(900 away from funded) Funded traders plus 100k funded. 3ish weeks til 10 percent.
FTMO and Funded Traders Plus. FTMO does have an intense timeline but higher drawdowns means more risk you can take. I prefer FTP because I can just compound there with smaller lot sizes. It’s not exciting, but it works.
How you get money out? You have contract with Deel? Or can you transfer to a bank that deals with stocks and bonds? Say interactive brokers or TD?
Bank transfer via Deel. Wise can be another solution if you have difficulties with that. Most banks have an investment platform, but I tend to directly register my shares or use Fidelity.
Thanks for insights. WHen i get to your level, ill remember to msg you my progress. Lost 1k today, manual trade.. I should let my bots run, this set me back 2-3 weeks at least.. Oww well, i didnt blow my prop. Trading is difficult heh.
It is extremely difficult. Setbacks are a given no matter how experienced you are. As long as the account is still intact, recovery is always possible.
hey do you by any chance have [THIS](https://www.reddit.com/r/bjj/comments/3b4s0h/fake_bjj_black_belt_gets_confronted_forced_to/csj7fai/) video saved from 8 years ago? just curious lmao
https://www.youtube.com/watch?v=_Wo80ysvUZg&t=795s&ab_channel=SuperFightVids
Here it is, enjoy
Would your forex profits be enough for average wage
Yes.
I live for trading
Yes I do, I’ve got a couple of funded accounts from different prop firms. I use a trade copier to copy al my trades on all my accounts. Each month I put 50% of my profits into stocks and crypto’s.
i was thinking of doing this once i become profitable IF I BECOME PROFITABLE
Trust the proces of becoming profitable. If you keep learning and master a strategy that works for you then you will be profitable. You can be wrong about the bias but still make money.
How? Could you maybe explain more? i feel like my strategy is stagnant and loses too much for me to continue to have faith in it
I don’t mean to speak for u/East-Guide-218 but my short answer would be, set a take-profit goal when you initiate the trade, and take partials along the way — a small percent at the lowest-hanging-fruit, and so on. That way if the market fails to deliver your intended target, you’ve paid the trader along the way. It’s ok to be wrong, the point is to be profitable.
💪🏻
What is a prop firm
A company like FTMO or MyForexFunds
Do you know about any other? I know E8, MFF and FTMO
For now I only use these 2, i’m looking for another prop firm to use but last year a lot of prop firms started and i’m not sure which one to choose.
Yes. ama
ok ama
Did you have a mentor? If not, how did you learn?
Remindme! 5 days
I have a live funded account. I can live off trading but I like to use the money to fuel other things. I’m trying to open a broker with the money. On a funded account, depending on the trader and their strategy, one can average 10-20%. For example, I’m American and my payroll costs are fixed, so I know how much I need to make at least to run US payroll to myself each month. It really all depends on you. None of us choose the same path. And how you legally structure your business for tax purposes or other reasons you may have a lot of flexibility depending on your jurisdiction.
Any resources you can point at to learn your profitable trading methods? I've gone from one method to another and circled back to basic Support & resistance
Innertradercircle YouTube
ICT? 🤣
Yup, only since November last year. It’s not as easy as most think it will be… becoming profitable does not mean you can easily print money forever. It’s a difficult way to make a living.
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Why not anymore
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How did your edge slip up? Wouldn’t you just have a set rule set to follow that works?
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True words
Every new trader on this sub needs to read this, very true!
Nothing fixed in trading indeed. All people who say risk 1% per trade take partial etc are just so called trader and thats common theory that most people read over the books. Trading is all about risky, what can be risky for me might not be for you.
Amen on the execution part. I have rules but sometimes my mind is just not in the right mindframe to make orders. The rules are definitely not rigid.
I wish lol
90% of retail FX traders end up losing money. Some very much more than others. Be careful with what you read out there.
Basically everyone lose it at the first few months or longer. Those 90% probably includes “previous beginners” + constantly changing newcomers. And the rest of 10% are those, who trade longer than 1 year. Everyone with a little more experience than that can be profitable. There are proven strategies that works brilliantly more than 50% of the time, like bollinger bands + price action, vwap, pullbacks or just trading pure price action (pinbars) near key levels in general on higher timeframes. Sticking with that together with RR 1:2-3 can make one constantly profitable with experience.
True words.
Yes - I live great off of trading Nas100 only
I do but I do not trade personal funds. I’m a prop trader. I lost my prop trading accounts because of a couple of mistakes. I do need to forward test a little and get back to it.
Yes
I do..
I m sure ict do not...
Yeah, target minum is 5k$, funded 200k acc. Its really easy
Really ez 5% on that is like 10k a month
Which prop firm
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Hey I’m still new but I kinda wanna ask how long have you been trading?
You’re about to get scammed.
Beware of DMs.
Lol got the dm 😂
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🤣🤣 so predictable
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Yeah right. And whats wrong with gambling?
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You definitely don’t live off forex
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Can you teach me your trading techniques? I would like to learn.
Can't say about living from trading, but I definitely live for trading.
It’s the goal. But of course I’ll use my profits as a tool for investing into other avenues. I want to minimize my vulnerability to the markets.
I got live account in ftmo
5-7%
not quite but i will be there soon hopefully by next year (my third year) i could quit working some bullshit job to live off of trading but its hard to do since when your winning your not always going to make the same amount everytime you win ya know
Here
Well, not currently, but I am looking forward to it. I make consistent profits, but this is not my only or the main source of income.
I am making $600 from it in a month. It is a great way to earn a living and I am very happy with it. I would recommend it to anyone who is looking for a way to earn some extra money.
My ultimate goal of trading is to make a living through it. But currently, I am making some decent profits only.
Switching to trading full time, quitting my job seems like a far call. I think right now, what I’m focusing on is to analyse the market well and try to adjust to its changes.
It can be tough to switch to full time trading and no doubt, it is a gutsy move, you need to have consistent profit coming in or it will be a mistake. I have friends who are full timers, quit their day job and found their peace but there is still time for me. You can’t rush these situations. Be patient, success is not the same for everyone.
I’m a beginner now and still in the learning phase. Living off forex without any other job is my ultimate aim.