You have been trading retail 9 years as your sole source of income?
Deal for New trader
- Thread starter Purple Barney
- Start date
You have been trading retail 9 years as your sole source of income?
Excuse me,
I am one of those skilled traders referred to previously
Skill in and of itself isn't an edge. An edge is a statistical tendency that is obtained by doing research. All skill does is help you to find it, and to trade it....and when it disappears (as they do) presumably skill helps one to know when enough is enough..
Like most retail traders, you seem to be overvaluing your ability (if in fact you actually have any).
It is easy to prove yourself one way or the other. If you are correct, you should be able to profit just on your skill set. I have never seen it happen, but you might be the first.
Good luck
Steve
I am one of those skilled traders referred to previously
Skill in and of itself isn't an edge. An edge is a statistical tendency that is obtained by doing research. All skill does is help you to find it, and to trade it....and when it disappears (as they do) presumably skill helps one to know when enough is enough..
Like most retail traders, you seem to be overvaluing your ability (if in fact you actually have any).
It is easy to prove yourself one way or the other. If you are correct, you should be able to profit just on your skill set. I have never seen it happen, but you might be the first.
Good luck
Steve
No, which is why I am looking into prop now. Mostly for leverage so that it can become my source of income.
This is a very interesting post. First I would like to say I am definitely not overvaluing my skill. In fact many times I have stated that I am only trying to acquire the skill to be successful, not that I already have them.
What you are talking about here is again semantics. So skill is what helps you find an edge and trade it? In that case isn't this the most important trait? Since without skill you would not even know what an edge is or where to look or how to use it?
Well, so far I haven't seen any comment that displays understanding of what an edge is...thus my comment about "skills".
As regards success in the markets, some skills are more important than others. I can take people off the streets and train them to execute a trade. I can show them how to screen stocks or how to approach a futures market. A smart high school kid could do those jobs. Finding a statistically viable edge requires different skills, and experience. I haven't heard anything from you yet that indicates that you have the right stuff. Not saying you can't obtain it, but it does take time..
Good luck
Steve
Edit;;
While I am typing this it occurs to me "who the hell cares".
If you have an idea that you are "skilled" enough to make a dollar in this business go have at it....I never really listened to anyone until I had a bad year (one) THEN I became a good student of the markets. Luckily it was the my first (and only).
As regards success in the markets, some skills are more important than others. I can take people off the streets and train them to execute a trade. I can show them how to screen stocks or how to approach a futures market. A smart high school kid could do those jobs. Finding a statistically viable edge requires different skills, and experience. I haven't heard anything from you yet that indicates that you have the right stuff. Not saying you can't obtain it, but it does take time..
Good luck
Steve
Edit;;
While I am typing this it occurs to me "who the hell cares".
If you have an idea that you are "skilled" enough to make a dollar in this business go have at it....I never really listened to anyone until I had a bad year (one) THEN I became a good student of the markets. Luckily it was the my first (and only).
I don't think I ever elaborated on what skills I am talking about. I never said anything about screening stocks or executing a trade. I am talking about skills in general.
" Finding a statistically viable edge requires different skills, and experience."
Absolutely, but those are skills nonetheless. Thats is what is needed to be successful.
This has nothing to do with how i trade, and i don't know where you would have read about that since I've never wrote anything about how I trade.
Quote from steve46:
Edit;;
While I am typing this it occurs to me "who the hell cares".
If you have an idea that you are "skilled" enough to make a dollar in this business go have at it....I never really listened to anyone until I had a bad year (one) THEN I became a good student of the markets. Luckily it was the my first (and only).
Again, over and over again i have said that I am trying to acquire these skills. Never said i have them already and won't listen to anyone. This has nothing to do with this argument and it isnt what we are arguing at all.
I believe when a trader acquires skills greater than the average, he can make a buck in this business. Regardless of edge, since that IS your edge.
Now Im not talking about skills to enter an order or screen for a stock. I am talking about a system of risk management, entry points, exit points, a plan that you follow and taking all the emotion out of trading. Stuff like that.
Please reread this thread.
I never said i had ANY skills! I only said I am trying to learn. This is not what Mav and I are arguing about. In fact MY point was the most important things in trading is skill and EXPERIENCE.
Again, please reread the thread.
I think you keep going back to the idea of skill in trading being synonomous with edge. Inside information or front running a big block of shares would be an edge, although maybe illegal. Market makers in options used to have an edge in that they could make a small profit on the bid/ask spread. Maverick is trying to make you think here, skill is not the issue. Anyway, I think you kept up fairly well and will do fine in your trading. 