How do u know u have made it in daytrading?

As a struggling and losing trader who is now consistently profitable, I would say that you have made it as a professional trader when you assign more pain to not trading your plan than you do to losing money.

I now follow a wet of Rules of Engagement before entering a trade (aka Trade Plan)

Nothing I repeat Nothing will make me waver from my plan and now I do not approach the market in a variable fashion whatsoever!!


:)
 
Quote from Rules_rule:

As a struggling and losing trader who is now consistently profitable, I would say that you have made it as a professional trader when you assign more pain to not trading your plan than you do to losing money.

I now follow a wet of Rules of Engagement before entering a trade (aka Trade Plan)

Nothing I repeat Nothing will make me waver from my plan and now I do not approach the market in a variable fashion whatsoever!!


:)
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Sounds like the start of successful trading future. However you should have a process for determining when your strategy is no longer functional. Doing ongoing In-process quality assurance on your trading will let you spot this before significant loss are endured.
 
Thanks for your reply. I took a course where positive expectancy and backtesting were the main focus. Allowed me to have a belief in my model to take all setups and signals. Prior to this I did not respond to signals nor did I backtest. What a great way to Live!!! Trading is the b est job in the world.


Cheers
 
IMO you have to be able to consistently net profits through several different types of market cycles spanning several years - you can't take 2 months or even 2 years and project forward.

When you've managed to re-invent yourself a couple of times and still make money through 'thick and thin' then fantastic. The only certainty in trading is that the markets change and you have to use a system that accomodates those constantly changing dynamics and still holds up.

It's a marathon, not a race.
 
Quote from MohdSalleh:

Yes, this is correct. There are many prop traders i know who have traded successfully for the last 7 years only to be flushed out of the game during these last 18 months, not due to big losses, but just an inability to pay for their bills anymore. Many are out of the game due to attrition.
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" Many are out of the game due to attrition. "
attrition is a result not a cause.
what are u trying to say?
 
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