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I have seen dozens of threads like this over the years on ET; "simply do this and you will be profitable" and so on and so on. Some of these strategies are famous, like Dogs of the Dow, which was once all the rage, but now appears to pride itself on only just underperforming the DOW index...

This is what trading is like for most people...

So true.

This is why we are probably all doomed.

How many traders have regretted that mindset...

Agreed. There is slightly more to it than that though. It is also helpful when implementing a reasonable trading plan, as it is often tempting to set stops too close if too much money is at stake. As we all know, even good trades are not always profitable straightaway, and most beginners are...

If your mind is wired to earn tons of money......., you Perhaps you would prefer "Don't care very much money". It's just an expression for a very small amount. Is this pedant's corner or something?

I agree that you can never make much money doing this; that is not the point of it. Once you are making small amounts of money consistently well, because you know how to trade properly, you can then increase position size. It seems more sensible than going all-in before you know what you are...

One of the most useful concepts I took away from Al Brooks video course was the idea of “Don’t care money”. He used the idea to illustrate a way of learning to trade properly using very small position sizes. For example, when getting on board a bull trend, he generally recommends having a stop...

Thanks very much for this. I think you make some good points. At the moment I am trading discretionarily to see what works and what doesn't. Until recently I thought I could just try systems with different parameters until I found the holy grail, and of course that is fraught with problems...

Thanks for all the replies on here. Not many who have replied say that they have an automated system that works in the long run. Of the few that have, most do not claim big profits or any kind of get-rich-quick scheme. In its way that is refreshing, because it seems to me to indicate that it...

Thanks for your reply. I would suspect a scammer would be more likely to answer yes to the question if they were trying to sell me something, but who knows. No evidence required, but an inkling of what sort of system you have developed would be welcome.

Thanks for you honest reply; that has been my experience too so far. As for Linda Raschke's comment, I'll try and dig out where I heard it. It did surprise me somewhat at the time, but I can understand it more now. It's definitely not an easy task by any means.

Thanks for this; that's quite the achievement anyway. I wouldn't try to support myself with trading, but aim to slowly build a sum of money outside other investments if that is possible. Presumably you do not trade that often, so although you have a positive expectation overall, losing months...

I would say every month, with maybe the odd exception. To be profitable on every trade would be impossible I would think; every day would be very optimistic as there may be only a few trades, so every month would be reasonable to have a reliable system I would think.

Thanks; that looks a really interesting thread.

I ask because I heard an interview with Linda Raschke where she said she didn't know any such traders. I thought that was pretty significant as she is a very successful trader herself. I have tried quite hard over the years to automate some winning trading rules, but with no success in the...

7 Hours is not long. I have been on the same quest for 7 years.

I'd say 2k is fine, but don't start yet. Trading successfully is hard, so you need to learn a bit about it first, and trade as small as you can to start with.

That's very helpful, thanks.