I created a basic model for anyone out there who is consistently profitable every month and has been successful at trading for a long while now.
If you haven't made your country's average full-time working salary whilst trading yet (in a 12-month period) then you're nowhere near ready to call yourself a consistent trader.
Now, onto a basic model:
# Trading careers, if you do your research, seem to last about 10 years, at which point you become a veteran and stop really 'pushing' beyond the limit and increasing size heaps. This means it's about only 1/4 of the length of a normal career. As a trader, your light shines very brightly but burns out quickly.
# So for a career to be 1/4 of the length of a normal career (40 years potentially) you need to, AT LEAST, at the MINIMUM, make 4 times your countrys average salary. Anything less is a failure. If your country has an average salary of $50k, then you should be MINIMUM making (after split, prop shop desk fee and costs -- but before tax) a $200k salary a year trading
# Risk factor, you have zero skills after that. You may be eligible to trade for a hedge fund, but it's a different ball game still with limited players. This risk factor is actually higher than you may think. It may take 5-10 years to get anywhere decent in a job if you left trading after being in the industry for a decade. Now your $200k salary needs to be a $400k year-to-year salary on average.
# Final number... you need about 8 times the countrys national salary to financially and risk/reward justify your trading career.
Now that you think about it like this, I hope more people are inspired to finally accept the reality that not blowing up after consistently trading for 3 years means its time to aim for the stars and keep reaching higher and higher.
Of course, if you're just happy making a slightly above average wage, then by all means keep doing it. But you can only be happy doing the same thing for so long before you really start getting curious and want to take on a bigger and stronger beast.
If you haven't made your country's average full-time working salary whilst trading yet (in a 12-month period) then you're nowhere near ready to call yourself a consistent trader.
Now, onto a basic model:
# Trading careers, if you do your research, seem to last about 10 years, at which point you become a veteran and stop really 'pushing' beyond the limit and increasing size heaps. This means it's about only 1/4 of the length of a normal career. As a trader, your light shines very brightly but burns out quickly.
# So for a career to be 1/4 of the length of a normal career (40 years potentially) you need to, AT LEAST, at the MINIMUM, make 4 times your countrys average salary. Anything less is a failure. If your country has an average salary of $50k, then you should be MINIMUM making (after split, prop shop desk fee and costs -- but before tax) a $200k salary a year trading
# Risk factor, you have zero skills after that. You may be eligible to trade for a hedge fund, but it's a different ball game still with limited players. This risk factor is actually higher than you may think. It may take 5-10 years to get anywhere decent in a job if you left trading after being in the industry for a decade. Now your $200k salary needs to be a $400k year-to-year salary on average.
# Final number... you need about 8 times the countrys national salary to financially and risk/reward justify your trading career.
Now that you think about it like this, I hope more people are inspired to finally accept the reality that not blowing up after consistently trading for 3 years means its time to aim for the stars and keep reaching higher and higher.
Of course, if you're just happy making a slightly above average wage, then by all means keep doing it. But you can only be happy doing the same thing for so long before you really start getting curious and want to take on a bigger and stronger beast.