Unless you are a computer and doing hundreds of trades a day (or even thousands), picking up 2bps a day after transaction costs is very hard. Granted, this is ET - everyone lives in Beverly Hill and dates Jessica Alba.
Am I Wasting My Time?
- Thread starter Tall Mike
- Start date
I don't agree with needing to be a computer or do that many trades but at the same time I probably need to lower my expectations for other people.
This is a sound and perceptive assessment I would say.
I just transferred between personal TDA accounts to bring one down to $26,000. I'm going to see how long it takes for me to qualify to fund myself.
I expect great things of myself and from my people. I wouldn't let anonymous internet forum posters change my optimism. I am bullish on myself and others.
Tall Mike,
Note: Take my advice with a grain of salt, I am Not a consistent profitable day trader, yet.
You are Not wasting your time.
I am on my 5th year with trading and still not profitable, but I am not losing alot either. This is also my part time business as I do work a full time job with family and other activities. There is alot of studying and practicing that goes into the trading industry. Part of my delay is time commitment. I enjoy it, so I feel no need to give up. Trading keeps my mind challenged.
Most of the time spent is figuring out what works and who to listen to. The other time is spent practicing and journal and trial and error.
My recommendation is to keep going and give it your best for 1 to 2 years rather you do it full time or part time. Try to put about 20 hours a week into your trading if you can. I know its alot of gurus on youtube saying its easy, but if I can start from the beginning, I would spend more time seeking quality trading training, then trying to trade on my own with real cash.
You doing the right thing by asking questions too. Asking questions can save you tons of money and time.
I can share this with you. I spent a great deal of time searching trading courses and seeking a mentor. You should do the same if you like.
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You have been at it for 5 years, where do you find quality trading training?
It was my path to success, however still takes time and can be expensive.
Most people want it free
yes you can.
theoretically there is nothing you cannot succeed at.
but realise there is in an any field a huge difference between a pro and an amateur.
to develop expertise in anything you need time to study and a lot of practice to gain experience.
both of these entails a cost..so you need to be able to fund the 'apprenticeship' since it will take some time to earn.
this is not an activity most parents will encourage or fund so you have to go at it alone.
and that is the most difficult thing
theoretically there is nothing you cannot succeed at.
but realise there is in an any field a huge difference between a pro and an amateur.
to develop expertise in anything you need time to study and a lot of practice to gain experience.
both of these entails a cost..so you need to be able to fund the 'apprenticeship' since it will take some time to earn.
this is not an activity most parents will encourage or fund so you have to go at it alone.
and that is the most difficult thing
Here, this might help you get to the next level. Read Stan Weinstein's book Secrets for Profiting in Bull and Bear Markets. This book is chockfull of information on how to trade stocks properly. Read it from the beginning to the end. Read it again if anything is unclear. Way cheaper than hiring a mentor and you can re-read it multiple times until it sinks in.
for years maybe decades i did that.
i read my first boom in 1994 and i may have read over 200 books since then
it really helped me a lot.
for anyone that is the only way.
because how else will you know what NOT TO DO.
now i am slowly getting profitable because i know what not to do.
i now know that the most difficult is scalping......i have tried to learn that for almost a decade and failed miserably at that.
given up now
given up now