How much should one make to prove himself a good daytrader?

Say a trader makes $250K for two years then blows up while another trader chugs along at $110K a year, year in and year out. Who's the better trader? A lot depends on whether your results are attributed to randomness or skill (we like to believe it's skill don't we?).
 
The market will fling a quiver of arrows at you many times in your career. If you do a good job of minimizing their impact, AND you quit trading with a pile of dough, then you were a good trader.

Until then, it's undecided.
 
Quote from ElectricSavant:

For how long?...or must he adapt and change with the market? are those averages below?
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For a good trader, the ADAPTATION is built in to the system. Thus, no reason to even focus on changing markets... no reason to change based on market conditions, nor the market in which they are trading.

A robust system must be good enough to perform across all markets and under all market conditions with the same parameters. Else, you don't have a true/lasting edge.
 
Quote from worthytwo:

I think this is the "super" level instead of "good" level. Cuz I even seldom heard about people about that level, maybe it is caused by their modesty: they needn't prove anything to anybody.
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Trust me, if you can't take at least a million from the market "day" trading, then there is no point in staring at the screens all day long. There are other better things to do with less hassle.
 
Quote from Raystonn:

So someone who sticks $24 million in a CD at 5% APY is considered a super trader, eh? The dollar amount made is not necessarily relevant to the amount of skill possessed. A super trader should have a great deal of money coming in. But someone who has a great deal of money coming in is not necessarily a super trader, even if he/she is getting the money from trading.

-Raystonn
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umm.. how the hell did they get $24 million to start off with? They must've been a hot shot trader once.

It doesn't matter: if someone can earn 20 times the average of the average household income, then they are a SUPERSTAR in my book... daytrade or NO trade.
 
Quote from TudorJones:

For a good trader, the ADAPTATION is built in to the system. Thus, no reason to even focus on changing markets... no reason to change based on market conditions, nor the market in which they are trading.

A robust system must be good enough to perform across all markets and under all market conditions with the same parameters. Else, you don't have a true/lasting edge.
More...

I agree with the majority of your points with on exception. A method that works well in a directional or trending market with not work well in a chop/range bound market. If you have a method that work in both it is leaving alot of $$$ on the table in a trending/directional market. A good trader would strike a balance would you not agree? :cool:
 
Well..

Just because a man is old, does not necessarily mean that he is wise...

I think we need to capture the essence of what trading is...sure the money is the benchmark...but to measure talent, may require an open mind...

Quote from TudorJones:

umm.. how the hell did they get $24 million to start off with? They must've been a hot shot trader once.

It doesn't matter: if someone can earn 20 times the average of the average household income, then they are a SUPERSTAR in my book... daytrade or NO trade.
More...
 
Quote from gnome:

The market will fling a quiver of arrows at you many times in your career. If you do a good job of minimizing their impact, AND you quit trading with a pile of dough, then you were a good trader.

Until then, it's undecided.
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Couldn't have said it better myself. :D
 
Quote from ElectricSavant:

Well..

Just because a man is old, does not necessarily mean that he is wise...

I think we need to capture the essence of what trading is...sure the money is the benchmark...but to measure talent, may require an open mind...
More...

There is no talent without money Electric. Thus, we must measure money, not talent.
 
Well,

Yes...

Question: If a trader was at Heavens gate or hellfires...(you choose) and he reviewed his life...would his pluses of 10 million minus the losses of 5 million...make him a better or worse trader than say....the guy next to him with 8 million minus 3 million?

ES


Quote from TudorJones:

There is no talent without money Electric. Thus, we must measure money, not talent.
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