How much did you lose on the journey to becoming profitable?
- Thread starter Risepoint1879
- Start date
Amazing, you made it.I lost around $25K but I always considered losses as the cost of my education
I have also spent around $30K on trading courses and training material.
It has been a very long learning curve (I must be a slow learner)
I trade spot forex and it took me around 5 years to have a full profitable year.
Now I'm in my 8th trading year and no longer working full time.
I make enough money from trading but I miss the job I had and the interaction with people.
On the plus side, I now travel overseas for approx 5 months of the year.
Well, it's not easy, it takes a LOT of effort and a VERY long time because there is a lot to learn
and we also have to learn to control our emotions and this is a VERY VERY hard to do,
BUT...if we are passionate and dedicated, eventually it will click.
For me it took longer than I would have liked because like most other traders,
I was trying to make the impossible possible by trading a smallish account on very high leverage
so I got caught out in market manipulation and went backwards a few times.
The following things made a significant difference.
1: I reduced my profit expectations to 5%-7% per month
2: I increased my account size to over $100K
The biggest expense was not the money but time ! It depends how and what do you calculate but I would say it took about 7 years and lost money in bad trading something about 30ke. I turned profitable somewhere in 2011.
Lost some, but the more important question is if one found his right trading software in that period
Oh man, you really should aim higher and not try to be so humble. 7 % per month is not even 100 % a year.. And to think Buffet is considered one of the best in the world with only 20 % return per year, huh, what a loser..
but anyway, congrats, you should be the richest man in the world in a short time
...you should be the richest man in the world in a short time
Not possible if his trading is supporting him and/or family. Simply, everyday living expenses will prevent compounding the account to become the richest man in the world in a short time.
Reality, the only way someone will become the richest man in the world is if they are alread very rich from whatever and their money is making them much more money (e.g. investments, corporate ownership, multi-million dollar investors, etc)
Joking aside, you'll be surprise how many people actually believe they will become "one of the richest man in the world" from compounding their trading account after announcing on Elitetrader.com that they have become consistently profitable.
P.S. Enjoy the laugh...its a good day.
wrbtrader
Oh man, you really should aim higher and not try to be so humble. 7 % per month is not even 100 % a year.. And to think Buffet is considered one of the best in the world with only 20 % return per year, huh, what a loser..
but anyway, congrats, you should be the richest man in the world in a short time
You should aim more more brains and be a bit more humble. This is why:
8 people liked that posting, so it seems to be not only my opinion.
With 1000% return a year you can still be poor. Because 1000% on $10 is only $100.
There are a lot of aspects that have an influnece on the final result in $$$. With more brains you would maybe understand that. I make far more than 100% a year and I am no billionaire and will never be one.
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Yeah I know, I just find it funny how many traders claim they make only 10 % per month, hoping they increase this to at least 50 % per month because hey, why else would you even trade...
I would almost guarantee 95 % of people here (me included) have 5 or 10 years returns lower than index fund, specially considering dividend and most important taxes and time spent trading, worrying, commissions etc.. If anyone of us would spend this time building business, phew... I think if one just opens a list of 100 wealthiest people how many are traders/investors? Almost none and of those who are, they are paid hedge funds executives. Almost made this money by trading his own capital, but by being paid to do this.. Like I said, I am in the same camp and most of the time I just wonder why I didnt go all in after 2009 and forget about it. I would quadruple my money in that time instead of... I would rather not tell
So yeah, I know scallability and that it is easier to make 100 % return on small account than it is later when you have big money, but still. Like someone higher up said, it is rear to see consistent trader that beats market year after year after taxes...
I would almost guarantee 95 % of people here (me included) have 5 or 10 years returns lower than index fund, specially considering dividend and most important taxes and time spent trading, worrying, commissions etc.. If anyone of us would spend this time building business, phew... I think if one just opens a list of 100 wealthiest people how many are traders/investors? Almost none and of those who are, they are paid hedge funds executives. Almost made this money by trading his own capital, but by being paid to do this.. Like I said, I am in the same camp and most of the time I just wonder why I didnt go all in after 2009 and forget about it. I would quadruple my money in that time instead of... I would rather not tell
So yeah, I know scallability and that it is easier to make 100 % return on small account than it is later when you have big money, but still. Like someone higher up said, it is rear to see consistent trader that beats market year after year after taxes...
Hahaahah, sure you do kiddo.. Daddy gave you a dollar, you selling lemonade and you made 3? Congrats, but please, get real.. I think the only one missing brains here is you..