Are you consistently profitable?
Cause if you are, I cannot believe you make a statement like this!
Cause if you are, I cannot believe you make a statement like this!
I'm sick and tired of work! :)
- Thread starter elit
- Start date
There is a corner to turn in knowledge, once you turn this corner, will have the information that you require to be a profitable trader. You will then need to act on it consistently to become one.
There is the element of randomity in the financial markets, yes. That is why you only take trades that have a higher probability of working out (succeeding) than not.
They are called High Probability trades.
It's just taking a chance to pursue a dream, man. Same as opening a business, pursuing a theatrical career, trying to be a top athlete, or anything else.
In regards to the commission structure ... the brokers aren't making the traders overtrade the financial markets, the traders do that all by themselves.
Good trading requires a dispassionate and extremely focused and concentrated state of mind, you have to know your methodology down pat.
Love as they say, has nothing to do with it. And hyperactive running and gunning has nothing to do with a good methodical trading plan.
***
There is actually an extraordinary amount of information here on ET, no matter how many weekends I spend studying many of the written works, there is always more for me to assimilate and make my own.
You are mistaking Low Barrier to Entry with Impossible to Succeed at Making Money. The two are completely and totally different.
There. I honestly hope that was less cryptic for you. In this game, as in most others, good preparation is a pre-requisite to success.
Best Regards (um, especially to those who might find this to be helpful)
Jimmy Jam
I'm a novice trader. Although I have traded off and on for the last seven years. I will not consider myself as an experience trader--Not at all!!
Consistently profitable?? Too soon to answer this question. What do you mean by consistent?? 2,3,4....10 years of profitability?? Brian Hunter was consistently profitable for a long time until a few weeks back?? I'm not sure if statement is correct--I think it is.
Yikes, what's *that*?
My point is, how can you say that "luck" plays a very big part then if you havent found consistent success yet? You really dont know what causes success in trading if you think about it.
Its very easy to say "oh, I dont make consistent money trading yet, it must be that I am not lucky." The statement you made earlier in the thread basically discredits successful traders. I'm sorry but trading is almost 100% skill (daytrading is my reference point). Sure, I get lucky occasionally with fills here and there but also get raped on fills so all that stuff evens out in my mind. But net/net, I know the reason I am profitable is because of the skill I've attained from the 1000's of hours traded..
Its very easy to say "oh, I dont make consistent money trading yet, it must be that I am not lucky." The statement you made earlier in the thread basically discredits successful traders. I'm sorry but trading is almost 100% skill (daytrading is my reference point). Sure, I get lucky occasionally with fills here and there but also get raped on fills so all that stuff evens out in my mind. But net/net, I know the reason I am profitable is because of the skill I've attained from the 1000's of hours traded..
I still believe trading can be "Not Gambling" and every trader has a choice. (by the way the choice is not proof in itself against trading can be "Not Gambling", so wisenheimers need not reply)
do some of you consider it an insult to attribute your success to "luck"...???
I have often wondered how famous gamblers feel from the poker tournaments...Have they risen out of a trap to a new level...hehe..I do not think so and I could never live that lifestyle...Call it a bluff, but rollercoaster rides are not my style and I give up yield all the time to avoid them
so call me a loser then, but not the opposite of a person that trades while "Not Gambling".....
Also do you respect money or love it? These are both "feelings" to some degree. Would a person respect money more than another...would this be scared money?
The dreams that having an edge brings and the changing character of the market then shatters them. What does it mean then to be a "trader"...
Please honest replies only from traders that actually trade...ok? this thread author is looking for answers and the other guests here really need to know There are a few in this thread that do not trade and do not have a clue, so read at your own risk, please do not fill your brains with BS
Michael B.
do some of you consider it an insult to attribute your success to "luck"...???
I have often wondered how famous gamblers feel from the poker tournaments...Have they risen out of a trap to a new level...hehe..I do not think so and I could never live that lifestyle...Call it a bluff, but rollercoaster rides are not my style and I give up yield all the time to avoid them
so call me a loser then, but not the opposite of a person that trades while "Not Gambling".....Also do you respect money or love it? These are both "feelings" to some degree. Would a person respect money more than another...would this be scared money?
The dreams that having an edge brings and the changing character of the market then shatters them. What does it mean then to be a "trader"...
Please honest replies only from traders that actually trade...ok? this thread author is looking for answers and the other guests here really need to know
There are a few in this thread that do not trade and do not have a clue, so read at your own risk, please do not fill your brains with BSMichael B.
Seeing as I posted a long reply with my advice here, I will fess up.
I have not actually completed a live trade for real $$$ yet.
However, from July '06 - present, I have completed hundreds of simulated trades using XTrader sim and a souped up version of the sim proprietary to the firm I'm with.
So while I may have more insights into trading than a total newbie, I'm still a wannabe.
So take anything I say with a grain of salt !
-T
I think you are a better position than you think. IT is a very flexible industry where can easily allow you to do both. I'm an IT as well and have worked several jobs with shifts in both swing shift (3-11pm) and midnight shifts where I can make the time possible to do both. The beautiful thing as well are evening and night shifts are generally slow and gives you time to research while you wait for stuff to "break" on the job. The other factor is many jobs have you work weekends (trade on your days off) Sounds like you should consider a new job that gives you the schedule you need.
I'm kind of in your position to where I don't have a passion in IT anymore but enjoy it enough to tolerate it. I've caught myself more and more wanting to read more about stocks vs. routers and maybe one day will try trading full time. Until then, im going to keep stress down knowing I'll have consistent pay with a good amount of time/opportunity to still get back into the market when I'm ready (paper trading now.)
Good luck!
I'm kind of in your position to where I don't have a passion in IT anymore but enjoy it enough to tolerate it. I've caught myself more and more wanting to read more about stocks vs. routers and maybe one day will try trading full time. Until then, im going to keep stress down knowing I'll have consistent pay with a good amount of time/opportunity to still get back into the market when I'm ready (paper trading now.)
Good luck!