I started trading in 1969. I was 25. I lost almost all of my bankroll in a year. I saved more and tried again...and again. The first year I made a profit for the year was 1984 - 15 years later. Today, I make a living from trading. Nowadays, I think one could become profitable in a year or two. Markets were different then. No Internet, no interactive charts, commission $150 per trade, etc.
How many here started in their 40's?
- Thread starter ADONAI1ST
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I started trading in 1969. I was 25. I lost almost all of my bankroll in a year. I saved more and tried again...and again. The first year I made a profit for the year was 1984 - 15 years later. Today, I make a living from trading. Nowadays, I think one could become profitable in a year or two. Markets were different then. No Internet, no interactive charts, commission $150 per trade, etc.
L
lovethetrade
I'd like to meet the person that can learn it in 2 years with no assistance or guidance. They would be a genius.
I thought I knew a lot after year 2 but that turned out to be very basic knowledge compared to what I learned after year 5.
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Alot of people think that to be a great trader...they need to have a PHd in all areas of the market;
In my opinion, the best traders have a very focused, specialized knowledge of only one thing
And are relatively dumb or ignorant about everything else in the marketplace.
I'm about to be forty and my goal is to be profitable by the time I'm 50. Ultimately I want this to be my income when I retire. Maybe even retire early.
I believe that is possible. It will take some reading, experience, and perhaps most important, work on your personal psychology.
From what I understand this is different for everyone and can't really be taught, is it dealing with losses or way more than that?
Way, way, way more than that. I'm not sure whether it can be taught. I think so, but I'm not sure. Several people have asked me to teach them trading. I usually decline because I feel they just don't have the right mindset. I have accepted a few, and most of them did well, but some didn't, so my subjective evaluations are not perfect.
There are a few points I think relevant.
If you watch a lot of TV, especially during trading hours, you probably won't be a good trader. I think that's a hard habit to break, though. I haven't owned a TV since about 40 years ago.
If you tend to go with the crowd, that's not a good sign. I think most profitable traders have a somewhat contrarian view of the world. When most people are buying, they sell, and vice versa.
If you're "passionate" about trading, I doubt if you'll make it. When I find myself concerned, worried, or even interested in a particular trade, I almost always exit. You don't need to be emotionally involved in your trades. It's dry, boring statistics. That's all.
These are my observations. Others may watch TV constantly, worry about every tick, and go with every trend - and still make tons of money. This is my two cents worth.
I thought it was bad paying $25 each way in the 90's (ISLD, INCA, etc.) but at least we were trading fractions then versus penny spreads now. Loved occasional 1/4 point spreads and being able to do a SOES trade when market makers had to display 1000.