Spending 1000's of hours a year to make 24% on $5k, yes, waste of life.
From $5k to $50k
- Thread starter Money Trust
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Spending 1000's of hours a year to make 24% on $5k, yes, waste of life.
You guys are enforcing why almost every retail trader fails.
They always fail to realize the money management is more important than trade entries
care to post your track record and show us you make more than 24% a year consistently?
The most important is to make money. Trade entries can help you make that money if they are good.
Money management cannot generate ANY money. It can only help you not to give everything back to the market, or it can slowdown your wipe out. But it can NEVER generate profits.
And if you trading is very good, you don't even need money management. My money management is the stop I define for every trade, you can hardly call that "money management". More like monkey management.
The opposite is impossible, excellent money management without entries will never work.
Alot of people have 'wasted' their life in their endeavors/dreams -- does that mean it's wrong, not necessarily. I myself have wasted alot of my time, so to speak...before my light bulb went off.
Go look up the system I posted. It enters randomly in the first week of the month and generates 3-4% a month based wholly on how the trade is managed after entry
Yes, no one really knows what the percentage of successful traders is. Estimates are taken from broker data on account blowouts. I blew out 3 before I "got it", doubt if I'm unusual. We who do trade for a living know that it's a tough learn but that it's doable.
Alot of people have 'wasted' their life in their endeavors/dreams -- does that mean it's wrong, not necessarily. I myself have wasted alot of my time, so to speak...before my light bulb went off.
Exactly!! It is not wasted time if you learn how to make money consistently!!
Once you learn it you scale up from there. You can easily be a millionaire in 15 years. If I told you 15 years ago if you follow these steps you will have 1 million would you have done it?
I had a similar light bulb moment after toiling away learning trading for years. Once I learned what I was doing wrong I have been making money consistently.
For me your performance is irrelevant, for my only my performance is relevant. And if you make 3-4% a month it is useless for me. I would damage my performance horribly by only doing 3-4% a month. I don't enter randomly, I know WHY I enter and it shows in the results.
But each trader has his own way of trading. Your are happy and I am happy too. That's all that matters.
This guy "only" makes 15% a year and made over a billion in his fund.
http://www.forbes.com/sites/bryanri...n-this-year-and-his-top-5-picks/#7cdf1a253734
Only on ET can you find people who claim 24% a year is simply a waste of time and think they can make 19% a month.
I am not saying it is impossible but it is highly improbable. You are more likely to achieve financial freedom by being a bit more realistic. As I said in an earlier post if 5k is pocket change then go ahead with these challenges.