Not really, I have been running my business for 5 years and have only just reached break even, I think with training from someone who is already profitable you could be break even at trading aftre 5 years also, but you need to find someone who is genuine and can actually show you how to progress
Is day trading worth it?
- Thread starter Laissez Faire
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Not really, I have been running my business for 5 years and have only just reached break even, I think with training from someone who is already profitable you could be break even at trading aftre 5 years also, but you need to find someone who is genuine and can actually show you how to progress
With significant volatility in earnings (20% return this year, doesn't mean you will make 20% next year).
@wwatson1 I was having the same discussion this morning with someone that I am guiding.
You are right that someone who has a mentor will learn faster (most times). However, they will almost always be less better than self-taught. The reason for this is that when someone is self taught, they make many mistakes, some repeatedly. In doing that, not only do they learn what "works", but more importantly, they learn and have a firmly established experience of what DOESN'T work. The value of this in the long run is priceless.
I have taught students and have taught employees, only 50% of employees learned to do it well, and students were at 30%. Students would learn by email and during the day real time for up to two years. Employees sit next to me for three months, exits were automated and few days each month there after. Employees had zero risk other than not having a job after six months/had guaranteed base salary and students had zero risk as I would make it close to impossible to go from sim trading to real time. Both had same problems of just following the rules, the worst ones were anyone that had failed in past in trading. After trying to teach for so many years, come to conclusion that if you are not ready to just follow rules, one is not going to get it no many how much time I spend with them. I no longer teach students and I am not hiring.
Maybe you would have done in half the time or been told to quit.
What is so funny to me is inexperienced traders buy systems which at some point stop working cause current conditions change and they have no idea that has happened. and they don't have the skills to adapt.
As an independent trader if you are doing it for a living you are doing it wrong. The only reason to even get into trading is to acquire wealth and acquire it fast, so that you won't ever have to worry about making a living or your life after trading. Grinding out a paycheck from trading is a losing proposition over the long term. You are either a hero or a zero.
True...But I would rather hang around successful people any day then me trying to do things on my own.. It's usually a losing strategy trying to do things on your own..
Sure--- I meant skills that will get you employed--- while those skills are needed, just try to sell your past as a stay at home trader to an employer-- 95% of the time the employer hasn't a clue-- sad but true.