Are you a successful at home day trader with no other source of income who began with modest means?

[kk88]

Well it's worked for me. I have 85 - 90% winning trades in a given year. And before I get questions on how I can have that high of a percent of winners it's what I alluded to earlier .. not going for home runs and taking small profits.

And the fallacy in your statement above is that you're insinuating that the losing trades are apparently larger losses that would more than offset profits. If one has discipline then they exit with small losses when they realize they were wrong on the trade.

That is my experience too. Have gone from trying to hit home runs to just grabbing a portion of the move. This leads to high winning %, in the 80-90%, and of course keeping the same discipline with losers - get out quickly.
Btw, thanks for sharing your story. From my own experience I find it completely plausible and the lessons learned are also the same. Good on you!

 

[kk88]

[QUOTE="VIXTrader,

"Show me one person with an independently audited track record that started with modest means with no other income and made it."

That would be very very rare indeed. Liars are a dime a dozen in this biz. Oh I make 50% a year blah blah blah. Yeah? PROVE IT ! There's the rub [/QUOTE]

If somebody does make returns like that, why would he/she bother with an independent audit or indeed, why bother posting the results on a public forum at all? As someone said earlier in the thread, it is quite likely that most really successful traders will prefer to keep a low profile. There is absolutely no profit in going public with one's winnings.

 

[i am nobody]

or successful traders, read this book and apply it:
Trading Risk: Enhanced Profitability through Risk Control

by Ken Grant

If they are succesful why should they still read it? It should be read by unsuccesful traders. And I have doubts about the value as Surf finds this a good idea. This is already an indication of the "value" of the book.

 

[DDR]

You see i am nobody ...
Being human we have habits good and bad, keeping on top of the bad ones is paramount in trading don't u think ?
Re-reading a book can some times reveal a new point/idea initially missed. You have to improve each and everyday. I think you knew that anyway, hence ending your blurb with a smiley

 

[i am nobody]

You see i am nobody ...
Being human we have habits good and bad, keeping on top of the bad ones is paramount in trading don't u think ?
Re-reading a book can some times reveal a new point/idea initially missed. You have to improve each and everyday. I think you knew that anyway, hence ending your blurb with a smiley

At first sight it looked like a contradiction to me:to become succesful you should read it, if you are succesful you don't need to read it, because you are already succesful.
But you are right: i read everything that looks interesting, but I learn each time less new things because knowledge grows every day with what I experience in trading. It becomes harder to find new improvements. Over 95% of what I read was useless, but sometimes is can be priceless, and that's why I read every now and then.
I must admit that I already found real improvements after years of trading and when I was convinced it could not be improved anymore. But the opposite happened already too: an improvement at first sight that appeared to be a destructive idea in the end.

 

[DDR]

Yes your points are valid and as an example I don't spend too much time analyzing charts anymore.
1) Because with experience I can see quickly if there are any real opportunities "ready'
2) Over analyzing them has had an adverse effect on my day, as in my un bias became bias
What I gathered from your post is that you've reached a level of trading knowledge saturation. Not much "more" reading will add to your experience base. Also perhaps you've got so much screen time that what we read out of books is not exactly what trader needs to know.
I'll tell you and others what I've learnt over the years; " there are 2-3 times a year where if you "line your ducks up" you will make a killing. Trading everyday is not the way to riches.
Now there's some thing you won't read in a book
EDIT: one more thing I broke "1" rule one day in June. It cost me ... I fine with that May for me was good, "so successful I was"
Vis.. was trying to help by pointing out the very thing I ignored on that day he was right !. As mentioned I'm very interested to see and post my July results. For me posting them is accountability.

 

[i am nobody]

Trading everyday is not the way to riches.

For me it is. But I realized some years ago already that I have not the usual traders profile. So will not discuss it anymore as my situation is "out of the ordinary". What is valid for me is not valid for most people.
And I cannot find many things in books that can be applied on my trading as it has nothing to do with what is teached as TA, or PA, or S/R.

 

[DDR]

For me it is. But I realized some years ago already that I have not the usual traders profile. So will not discuss it anymore as my situation is "out of the ordinary". What is valid for me is not valid for most people.
And I cannot find many things in books that can be applied on my trading as it has nothing to do with what is teached as TA, or PA, or S/R.

Feel free to correct me if I'm wrong in my assumptions: Your consistent / profitable at end of year and you don't use T/A P/A or Support and Resistance in your trading ?

 

[i am nobody]

Feel free to correct me if I'm wrong in my assumptions: Your consistent / profitable at end of year and you don't use T/A P/A or Support and Resistance in your trading ?

I trade purely on mathematical models. They will give me direction, tops and bottoms and strenght of the trend. I don't believe in all these indicators and systems that are published and available for everybody.
Profitable every week even. But it took me over 10 years to become consistently profitable, and it was with small profits. Took me years again to arrive where I am now.

 

[DDR]

I trade purely on mathematical models. They will give me direction, tops and bottoms and strenght of the trend. I don't believe in all these indicators and systems that are published and available for everybody.
Profitable every week even. But it took me over 10 years to become consistently profitable, and it was with small profits. Took me years again to arrive where I am now.

It is commendable that you have reached your own level of success. Sounds like you've been at this for poss 15 years. That is a fair amount of experience, commitment and sacrifice.
Can you tell me who in the trading world have you studied and has influenced your ways the most ? Perhaps no one, except your persistence and hard work ... maybe that is the answer ?