saw thread, didnt read 22 pages., answer is quite a few....we are in Athens in a 5000 euro per night penthouse suite , traveling by first class air everywhere ....and all paid by trading profits, so the answer is quite a few.BTW the Virgin Upper Class is SWEET
How many people here actually make a living?
- Thread starter Crimson
- Start date
If $50k/year is enough for you why not go to college. College is less effort than trading and you might even make double like $100k a year with experience in some job fields like lawyers.
....because unless my college offers a degree in trading, then im not that interested. I might go back to school to try and get a degree in marketing or something, but just about any degree would be useless in trading and a waste of time, and money.
Besides i got about 100k invested with Merrill Lynch, which was susposed to be for college but now that my trading is going much better, I might use it for that. Unless im going to be a docter or lawyer, i aint makin 100k a yr starting out, I know that for a fact. Any other path, it will probably take 8yrs before i make that kind of money with a company. pfft.
A guy wakes up on a sunday and finds his kitchen flooded. He finds a plumber in the yellow pages. The guy fixes the problem and says that will be $50 in parts, $ 800 in labor. The homeowner says $ 800, u were here 2 hours, i'm a lawyer and i only make $250 an hour, the plumber says i know, i used to be a lawyer
One would have thought (or wished) that some demand is there... that they may offer course in trading in community colleges. At least teach people the basics of how to trade stocks and other asset classes.
But... they wouldn't even offer the basic personal finance class to teach people beyond how to balance their checkbook.
I have followed the Pristine ES chatroom for a few weeks a little while back. Mostly the commentary came from Kurt Capra (Greg's son). I have to chuckle because I still remember that it was a bit amusing to me. I didn't really follow Kurt's comment every minute throughout the day. But every now and then I paid a little attention to what he was saying when I was not trading my positions. A lot of times, here's what I heard:
The YM is running too fast, .... , I am not gonna get in there.
The YM is too choppy, ... , I am not gonna get in there.
The YM is not moving, ..., I am not gonna get in there.
The "I am not gonna get in there" phrase left a great impression in my mind. I nick-named Kurt as Kurt "I am not gonna get in there" Capra.
Well... yes... I understand leading new traders it's better to SOH (Sitting On your Hands) when you have no clarity of what the market is doing. As discussed before it can be dictated by your capital size and trading style. So you watch the market all day. So you wait, and wait, and wait. And then you wait, and wait and wait some more. And you wait and wait and wait. There! There is your perfect shot! Get in there... make your 20-30 YM points. Hurray!!! $150 for the day!
How often does Kurt trade in the chatroom? I don't really know. twice? Three times a day?
In my mind I just imagine Roger Federer playing tennis and he stands in the center of his court. The ball came! No, Roger didn't move. It's too far to my left. I am not gonna get in there to hit it. Next one! Nope. It's too far to my right. I am not gonna get in there to hit it. Next one! Nope. It's too far up the net. Next one! Roger is gonna wait until a ball comes where he can return the serve perfectly before he will swing his racket. Yes he has the luxury of SOH. LOL.
Every now and then I go to the casino to play blackjack, which I find entertaining. If you play perfect basic strategy you'll lose around 0.5% per hand which makes it one of the games with the smallest house edge.
I've noticed how most gamblers hate players who dont play basic strategy since they feel that that screws up THEIR results (which is of course utter bullshit). Now the thing is that most people don't know that basic strategy prescribes to hit on a 12 when the bank has a 2 or a 3. In fact, they'll get angry at you for doing so, especially if they've lost their hand because of your hit. Even if you try to explain them that what you did IS basic strategy, they won't listen to you and keep telling you that you should never hit when the bank has a 2 or 3.
That's exactly why you won't find people posting here that they've made that 50k net easily, year after year after year. The people who are convinced it's impossible are too stubborn to believe you anyway, so what's the point.
I've noticed how most gamblers hate players who dont play basic strategy since they feel that that screws up THEIR results (which is of course utter bullshit). Now the thing is that most people don't know that basic strategy prescribes to hit on a 12 when the bank has a 2 or a 3. In fact, they'll get angry at you for doing so, especially if they've lost their hand because of your hit. Even if you try to explain them that what you did IS basic strategy, they won't listen to you and keep telling you that you should never hit when the bank has a 2 or 3.
That's exactly why you won't find people posting here that they've made that 50k net easily, year after year after year. The people who are convinced it's impossible are too stubborn to believe you anyway, so what's the point.
Bolimomo :
I concur 100% with your assessment of Pristine. Thank you for expanding upon and validating my point. I could not help but wonder if Prestine purposely held people back from making great profits in order to captivate their audience ( traders ). IMHO if we look closely at what they are doing it is essentially captivating their audience which generates a steady stream of income for themselves as an educational resource. From what I understand those students pay hundreds of dollars per month to utilize there service. Educational resources is a multi-billion dollar per year business. I don't beleive any of them have a traders best interest at heart.
Regards,
metoo
I concur 100% with your assessment of Pristine. Thank you for expanding upon and validating my point. I could not help but wonder if Prestine purposely held people back from making great profits in order to captivate their audience ( traders ). IMHO if we look closely at what they are doing it is essentially captivating their audience which generates a steady stream of income for themselves as an educational resource. From what I understand those students pay hundreds of dollars per month to utilize there service. Educational resources is a multi-billion dollar per year business. I don't beleive any of them have a traders best interest at heart.
Regards,
metoo
I do. but I am salaried, and am not trading my own money. I'd say it's best to find a job in the field and watch pro's do it and practice with some of your disposable income. Try this for at least a couple years before you go bet the farm.
Better probably to ask what % to people make. Everybody has different capital amounts, so the only true thing people can compete on is RoR.
Better probably to ask what % to people make. Everybody has different capital amounts, so the only true thing people can compete on is RoR.
metoo:
Actually I love Pristine. I was not making fun at them. I just found my experience amusing.
If you look around on the Internet on trading educators, Pristine is one of the better ones IMO. What I mean is they teach the basic trading principles and methods and not one of those "let me show you some get-rich-quick tricks" outfits. I have taken their flagship TPM1 (TPM = Trading Pristine's Method) and TPM2 classes. TPM1 is a bit rudimentary for me, and as well as confusing - so many "plays" (strategies to trade stocks) like mortgage plays, guerilla plays, etc.. But they are probably good strategies for beginners. TPM2 I found useful, with Greg Capra himself delivering the course. I like his teaching, trading methodologies and his ways to assess the market. I found TPM2 very useful even to me, someone who has been trading the stock markets for over 15 years.
If someone were going to spend a few thousand dollars on training education, I would rather recommend him/her to spend on the Pristine's courses than other questionable ones (and there are many of them mentioned on ET).
While there might be many who continue to pay hundreds of dollars each month to access their trading rooms, they also have rebate programs where if you trade with their brokerage firm (www.mastertrader.com), the commissions you paid will earn you rewards and you can redeem them to access their trading rooms and subscribing to the scanning service.
That said... I have no idea about how well their trading calls work since I didn't follow them. I joined their trading room to see how they trade and get some inspirations.