How long did it take you to become a **consistently** profitable trader?

Redneck said:
How long did it take you to become a **consistently** profitable trader???


The last trade I put on today

The first trade I put on tomorrow

And the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that..., and the one after that


Becoming / being / remaining a consistently profitable trader ain't a one and done deal

It begins..., is reinforced (or not)..., and ends - with each and every trade

Till one walks away from this gig

There is no relenting..., there is no do over (there is possibly picking up the pieces and moving on)


But each slip up takes a toll - not only in money..., but also in emotional capital (the most precious capital one possesses)


With enough..., or even one great enough slip up - recovery is not an option (monetarily or emotionally)

Never under any circumstances allow it to go there..., you'll be fine

Allow it..., even once - you're fucked

Plain and simple

================

btw - volatility makes us all think we're competent traders - don't kid yourself


Food for thought..., or naught

RN
More...
been through it and it isn't any fun!
 
I've flirted with the idea for many years, i paper traded in 2003 for a few months, then life catches up with you. Fast forward to 2008, Economic downtrend came, i moved to Taiwan to teach English, and get away from my boring life in the states. I finally started to get serious about trading. I read a book on trading, and studied it, reviewed it, tested myself, and come 2009 i had a little money to put in the market. I consistently had about a 30% return every month on my measly little investment, and i was trading about 4-5 times a week, being restricted by the Pattern day trade rule forced me to hold swing positions for days at a time. 6 months later i quit because i felt to be good at it it would consume all my time, and i was not wrong, I decided to pursue other things. To the average person (which is me, I'm pretty average) The task of even making a steady 4k a month in stocks is daunting, confusing, foreboding, and seems nearly impossible. When almost everyone you know tells you, don't do it, its gambling, and all of your peers don't have a clue what your talking about, its hard to stick with it to be able to keep progressing. Fast forward to 2015, I started my own small business and worked hard enough to hire a manager. With some steady money coming in and with free time, i finally felt like i had the perfect situation for me to have space and time for me to learn, grow, make mistakes and keep pushing through. You absolutely need the proper environment for you to be allowed to fail, and not go broke, and allowed the time, without having to do anything else for your survival. Because not only does it take 8 hours a day 5 days a week practicing, trading live and learning, it also requires 4 hours of homework everyday, reviewing what worked and what didn't work. being able to identify different setups that you can quickly recognize and execute. I would say it takes 6 months 8 hours day practicing and 4 studying/homework 5 days a week 20 days/month for 6 months without interruption. so 12hrs a day X 20 days a month X 6 months = 1,440 hours of hands on learning. Not to mention however long it takes you for preparation for that moment. You need to be able to not worry about food or rent for 6 months. It took me 6 months just to get the correct amount of starting money, learn how to avoid the pattern day trade rule (opening multiple accounts), thousands of dollars spent on online tuition, through various online classes, DVD's, and join the best chatroom leading up to my actual 1st day start of trading. Before you start you need to find peers, and online community of others that are going through the same thing you are. It's a lonely road as a work from home retail trader with no co workers to share your success with, and its easy to lose motivation. To me, professional traders are no different than professional athletes. It takes years of dedication to reach the professional level and once you do you reap the benefits of a professional salary (i.e. a base professional athletes salary is apx: $500,000/year, even though I'm far from it) The better you get the more you make. so I would say 1 year preparation of studying 6 hours a day and 1 year of hands on training and studying (12 hours a day)and you should be just be seeing some consistent results. I didn't say getting rich, but you will start to see some consistent monthly profit.
 
20 Years! 1996 to 2000 I scaled up 50k to 850k, in 2001 I had about 250k back, took it traded and wrote my dissertation phd about momentum trading, but I was not able to manage the psychological side of trading / investing any more. 2009 50k where left, took a pause until 2012. Meet the love of my life, got married, tow kids and a less bigger ego. Stepped up the coorporate ladder, now a CEO of a small IT company.
Started again with www.portfolio123.com, since then I am back on track. Back to about 750k net worth now, did not have a loosing year since 2012.
We hope to stay healthy and prosper...
Most important for me was to manage the psychological side of the trade and finding a systematic edge (I run a small-cap, momentum, value, low liquidity stocks 100 Portfolio with a low turnover). Also rent out some systems now to other traders
trading (for example: https://www.portfolio123.com/app/r2g/summary?id=1056887 )
Regards
Andreas
 
6 years and $150K in losses. I looked at it like the tuition to be a doctor that I never had.

I finally found the system that fits my personality, which is the number 1 reason why I have been so profitable the last 3 years now.
 
Trading Education Buyer said:
The title of this thread should be " How long did it take you to be consistently profitable gambler , betting real money on unknown outcomes in a trading casino?"
More...
Do you read minds, how do you know their strategy? If the trader is on the sell side, the prem received is known.
 
lylec305 said:
Do you read minds, how do you know their strategy? If the trader is on the sell side, the prem received is known.
More...

Premium diarrohea is the outcome in some cases , all the premium received over many years , goes like soft water from the back , when writing goes against you.
 
wwatson1 said:
16 years. I have been consistently profitable in Forex trading for about a year and a half now
More...
Handle123 said:
Seven years of losing in day trading and $112,000 losses, 5 years in long term commodities and $105,000, I was lazy and too much smart and Ego and thereby dumb as I didn't want to learn how to program. Maxed out often times on credit cards and bank loans/used real estate as collateral, but I always believed in myself as I never failed in any other businesses of my life. I was lucky when I started in stocks late 70s, commissions very high, so you just stayed in longer. I was working full time jobs and school, and screen time at least 60 hours and more many weeks. I never worked in finance while I was learning but after I learned to trade, ventured into that side of business, and never could stand working for the public or for that matter other people. I do wish I never ventured into commodities at all and stayed with stocks long term only, you simple spend much less time doing long term, have a life outside of trading. I still put in many hours of back testing to stay on top of the game. And no, I never recommend anyone to learn how to day trend, it has gotten to become incredible tougher of "You against their program trading", you have to figure out how to tail coat "them" to pick up a consistent way of profiting.
More...

yes it took me 13 years to begin to have a clue

so this is about par for the course.

but i still think it was worth it...IMO

i always wanted to be a day trader......for the freedom more than the money which is nice but a lot of rich people are prisoners' of their wealth.....not traders though
 
Trading Education Buyer said:
The title of this thread should be " How long did it take you to be consistently profitable gambler , betting real money on unknown outcomes in a trading casino?"
More...

sorry i do not agree.

that is why i traded for 13 years even while losing because i always believed it was possible to read markets as was told to me by Brooks and others in their books.

you need to be able to recognise the strength of the players involved-the bull side and the bear side-and be on the stronger side.

this is not easy but it is not gambling though there may be a need for considerable judgement in reading the conditions of the market.
 
You must log in or register to reply here.
Back
Top