Good points! I resonate with that last point in particular. It took me a while to understand that capital not lost is "more important" than capital not gained (opportunity cost). Mathematically, they are the same but, for a reason I can't articulate well, I agree with the emphasis on "drawdown-avoidance".
How many years are necessary to consider yourself a successful trader?
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Good points! I resonate with that last point in particular. It took me a while to understand that capital not lost is "more important" than capital not gained (opportunity cost). Mathematically, they are the same but, for a reason I can't articulate well, I agree with the emphasis on "drawdown-avoidance".
This was going to be the basis of my comment! Definitive "success" can only, sadly, be declared when you are dead and and all the chips have been counted...
...or you could define success over a given period of time/sample size. But I think most people are looking for the former.
this is the voice of a successful trader. don't have to agree on every point, but aspiring traders take note.
Not all points are from personal experience. A number of them are points that I have repeatedly seen mentioned as 'growing pains' on ET.
fair enough, and i don't think it matters. whether it comes from you or other sources, i see wisdom in the attitude these statements project. i have reached many of these goals, and have yet to reach many others. and it is from my personal experience that i recognize the value of your post.
Hello,
You successful when you make alot of money year after year.
You successful when you make alot of money year after year.
LOL, In my way, I actually agree with most of what you posted but I doubt most will understand what I post cause you have to have the time and the knowledge to be able to write it on the 3"x5" card, and that my friends takes an enormous amount of time and study. But I still learn new "tricks" or just have new ideas that most of the time becomes trash, the "OMG" moments become fewer and fewer- years go by, but you stare at same chart formations every day, even in one's dreams, then one day...BAMMM, you chalk up another what this trader builds in his toolbox of own "patterns" that I consider major for my style of trading. My latest which still being tested is a pattern based on little used indicator that shows either reversal after the fact, or more importantly a pattern that price will continue trending.
It is very easy to get use to doing same things when you develop consistency patterns, do your hours and leave. Some of us tackle the game much longer as most "toys" I have grown out of playing. A nice friend, good conversation and hot peppermint hot cocoa to me is a perfect evening. But in an instant, I see patterns everywhere.
You are making ten times what you been making working "day job" for five years in a row.
Knowing when to sell short in huge Bull market and be consistent profitable, cause one day the Bear will emerge and if all you know how to buy, trash can here you come.
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I agree ten years are enough (significant in statistical terminology).
For example, compared 2007 index of 14000 with current Dow of 24000, you are even if your account with seed of $14000 at 2007 is grown $24000 now. Of course $28000 should be $48000 now.
Did you?
If not, then you are under the index average and therefore are losing.
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I would agree with her. There are so many things happening in the markets, there is always something new. There are new strategies popping up, new ideas, new directions, some things stop working (and you want to know why), some things start working (and again, you want to know why), new markets becoming liquid, new instruments getting popular.