How much money have you lost before figuring it out???

How much money have you lost before figuring it out?

  • $0-$5,000

    Votes: 27 14.9%

  • $5,000-$10,000

    Votes: 22 12.2%

  • $10,000-$25,000

    Votes: 24 13.3%

  • $25,000-$50,000

    Votes: 28 15.5%

  • $50,000-$100,000

    Votes: 19 10.5%

  • $100,000-$500,000

    Votes: 14 7.7%

  • $500,000+

    Votes: 7 3.9%
  • Total voters
    181
  • Poll closed .
Quote from jinxu:

Yeah, I can understand why you and most people would think it seem like luck. So here's my story on what happened:

Yes, I'm aware that it could be seen as just pure luck. If you're a day trader, then you would know that there's more to trading then just having a good system. That psychology and discipline makes a huge difference in success or failure. You can have a great system, but if you're a crappy trader than you can still lose despite that great system.

What I will tell is that in late July I discovered two indicators that was able to time reversals with pretty good accuracy. I've then back-tested it with data from the past few weeks and found that it was consistent. At this point in time, I was still a crappy trader who was consistently losing money each week. But when I started applying these two indicators the following week, I was able to make those huge gains. Being a crappy trader was what eventually led me to losing as I didn't know how to handle making a lot of money really fast. The fact that I was a crappy trader that just happened to start making those gains using these two indicators, when in the weeks prior I was consistently losing money, shows how strong the system is.
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trading reversals will make anyone look like a bad trader,you have to be prepared to take some heat and accept being wrong on every initial trade,it's an averaging type of trade so you dont want to go all in, a lot of times you get in early because it turns early, when it doesnt it some times overshoots,some times the overshoot isnt an overshoot at all, that spot wasn't supp or resistance anymore and you have to take your loss,jinx, your a new trader with a limited bankroll,play this with one lots and add 1 or 2,when it comes in it'll pay even on small size, when it doesn't ..be sure you didn't over bet..you have to cover at whatever dollar figure you allowed this trade to lose.....to profit you willl have to take the ride ,you can't cover early..it won't cover the times your wrong
 
Quote from bone:

I can report that there are major misconceptions in general about how the really successful traders actually make money consistently in markets.
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I'm intrigued now, I am assuming they have info the avg schmuck such as myself doesn't know. That being said that only makes their profitability come easier not certain. We are all just parasites floating in the sea trying to cling to a whale so we can eat the algae off its back. I often wondered if it would be worth trying to get an actual job as a trader. ( at a real firm trading firm capital like a sig or geneva I ain't smart enough to be accepted at one of dem der big banks) And I guess the main advantage is the information floating around. I'm also guessing really successful traders don't trade that much. It seems to me that with all these retail firms they hype cheap commissions and all these crazy gadgets that make you feel like you want to trade more and more. I'm sure some really successful traders do scalp but my guess is that all the big dogs are position players excluding HFT type bs which will probably be regulated out of existence anyway.

Sorry none of this has anything to do with learning experiences but it's interesting. In my case I think I just got lucky my 1st few years as a longer term position type trader but when I tried day trading I lost about 30k that year. I don't think I'll ever really "get it" but I know how to make more money than I lose and that seems to be good enough.
 
Lost about $30K (back in 1999) before realizing that the "little guy" essentially has no chance trying to daytrade equities for a living. Reading this board will make you think otherwise, which is a disservice I think.

Started trading again in 2007 but with a very good mentorship arrangement and have had some success.

What I learned is 1) bankroll management, 2) trading psychology, 3) full commitment, are CRITICAL. However, I believe it's impossible to succeed without an "edge". This is perhaps informational, perhaps technological, perhaps some super-human intuition.. but it must be something that sets you apart from other traders. By definition it's something that 95% of the traders on here won't have.
 
Quote from matthew.p:

I'm 2 years in down $30k. Tough business.
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Time to stop shilling for that youtube service – and learn to trade for real then… don’t you think….



Look you may or may not be a shill – I don’t know or especially care….

But the absolute worst possible way to enter this community is to pump some service straight off…. it just won’t fly….



If you’re an aspiring trader – welcome (and learn to exit your losers quicker)

If you’re anything else – then trying to gain acceptance will be impossible….


Just some friendly feedback

RN
 
(I could not agree more)

Electricsavant

Quote from Spearhead:

Lost about $30K (back in 1999) before realizing that the "little guy" essentially has no chance trying to daytrade equities for a living. Reading this board will make you think otherwise, which is a disservice I think.

Started trading again in 2007 but with a very good mentorship arrangement and have had some success.

What I learned is 1) bankroll management, 2) trading psychology, 3) full commitment, are CRITICAL. However, I believe it's impossible to succeed without an "edge". This is perhaps informational, perhaps technological, perhaps some super-human intuition.. but it must be something that sets you apart from other traders. By definition it's something that 95% of the traders on here won't have.
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Quote from jinxu:

Xspurt's comment isn't gonna help you much. He's also being cryptic, but that's how I like it. :). I'll admit that some of my breakthroughs were discovered by accident. Almost by pure chance or luck. It's not like Thomas Edison, where you can put in enough time to systematically test out hundreds of materials and eventually find one that can be used in a light bulb. But more like Isaac Newton, who got the idea for gravity from watching an apple fall from a tree. Designing a trading system is like looking for a pirate's buried treasure chest. To find it, you have to know where to look otherwise you're wasting your time. Study and experience are means to help you figure out where to focus your search. If I didn't had that six years of experience to guide me, I wouldn't have been able to develop a working system this year.
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I think knowing where to look is very important, and often comes from trial and error with a bit of luck. But knowing how to look saves you a lot of time once you stumble upon where to look.
 
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