To who? Some guy in India is willing to do the same work for 10% of US minimum wage.
Is it time to throw in the towel?
- Thread starter TheDailyTrader
- Start date
Ah, I love the sarcasm, very good.
For starters, i'm 21 and in uni so no, i'm not the big deal.... sorry
I, however, love everything that revolve around risk. I have a relatively small BR, I hedge myself with options and I analyze anything I can find. That's me. I also don't urge myself to trade so I may not take trades for days if I don't feel like it.
My ''tip'' isn't really from a trader perspective, it's more of a general idea. (you may not agree but that's my opinion nonetheless)
** I also have my little system which consist of 2 MA + ATR for entries,exits. I also have a preset screener to look for specific type of companies.
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Depends on the complexity of what you want done. According to your logic, IB could increase profit simply by hiring Indian developers. Unfortunately, we're still waiting for the American ones to not suck.
Lol. Good point
IDK-this sounds like the road to learning how to trade to me. (As long as you're not blowing up) look at your stats and see where you're making money and where you're not - cut out the bad and focus on your performance on the good. The stuff you're going through now will keep on happening in the future- learn to manage it. lowering size is always the thing to do..."back against the wall" is an effective strategy... idk about paper trading as I've never done it, but if you have a simulator to practice, I'm sure that would help. Throw in the towel if you don't actually want to be a trader-I've seen many do that.
What do you mean you trade with him live? Do you see his screen? Maybe you're chatting over voice? Chatting via texting? Does he tell you when he enters and exits?
It seems to me like you are comparing yourself to him and using this are a barometer. But once this guy is exposed, your frame of reference will evaporate. So much of what I read you want seems to be tied to this guy, to this version of what its like to be a trader.
I think your first task needs to be to establish how authentic he is. If he is legit, you have the best resource that anyone can wish for and its a million times better than chatting with any stranger here. But if he isn't legit, you're trying to follow/copy someone who doesn't have a clue about how to make money, so you're going down a dead end
So lets first figure out how it is that you think he makes 600k. Does he call out trades in real time as you converse with him? Is there a firm entry and exit? Or is it all just mentioned after the fact?
You see, my reasoning for being so precise with all of this goes like this. If you know exactly in real time what he is doing, then all you have to do is follow him and pick his brain until you can pick up his skills. (kind of like how baby bears follow mama bears and imitate what she does until they learn the skills)
But if you don't have access to this kind of detail, to this kind of mentoring, then you have nothing, and this resource isn't so much of a resource, but more of a hindrance. Imagine if mama bear just steals food off the grill, but tries to pass it off as food she killed herself. Baby bears would need to learn to hunt, and mama bear could "explain" how she hunts, but since she doesn't really hunt and just steals food, baby bears will never be able to learn from mama bear and when they kicked out to fend for themselves, well, they die. They would have no idea that her hunting skills are non existent, even though she tried to "teach" them how to do it, and whatever knowledge they thought is useful for hunting just because its what she said might be actually crap.
In conclusion, your mentor is either a fraud, or at the very least a horrible mentor since it should be him who is guiding you through this. Or, you're just a terrible student because you have a mentor who is telling you exactly what he does but you can't even follow him and duplicate his 600k. I bet he's not giving you enough transparency, so you can't really follow him, and if you can't see exactly what he is doing and when, then all of his "teachings" are worth total crap and obviously haven't been helpful to you in the slightest.
In life, it is better to pursue your dream and failed rather than regretting you should have tried while you had the chance.
But,
Why not become a mentor? You have more experience than half the guys teaching right now. Use some of your money to buy a camera and spend some on marketing. You are still in the "trading the breakout" phase which means you are quite a long way from turning a long term profit. Being a mentor provides a great life style, something I personally keep in the deck of cards for when trading/my career goes sour.
I am friends with a guy who lives down the street from me, he goes by the name of @UncleTed on Instagram. He's got 2 sports cars in the driveway, travels 6 months of the year for client meetups and most importantly a dime piece for a wife.
Follow Jeff Bishops strategy, the guy came out of no where and is already raking in hundreds of clients. You can also pay guys like Ryan Scribner, Techbuds etc who will feature you on their show once you have a few videos up and running. Trading requires constant research and continuous self and model improvement. Doesn't sound like the life your looking for if you ask me
I am friends with a guy who lives down the street from me, he goes by the name of @UncleTed on Instagram. He's got 2 sports cars in the driveway, travels 6 months of the year for client meetups and most importantly a dime piece for a wife.
Follow Jeff Bishops strategy, the guy came out of no where and is already raking in hundreds of clients. You can also pay guys like Ryan Scribner, Techbuds etc who will feature you on their show once you have a few videos up and running. Trading requires constant research and continuous self and model improvement. Doesn't sound like the life your looking for if you ask me
I would agreed with @fan27. Get a JOB!!! I started trading in 2001. I was in prop trading full-time from 2001-2003. Then went back to Corporate America. After that, I didn't want to trade anymore. I just focused on my career. Then I traded off and on on the side with stretches of many years not trading at all. Then in 2015 I started trading seriously again. I was so happy that I had a decent positive year. But it was SIGNIFICANTLY BELOW my professional job salary. I realized I would need to continue to work at a nice paying Corporate job FULL-TIME while trading on the side.
Then 2016- to Sept 2018 I did pretty bad! I mean I had good days but then I would lose it all again. I had poor risk management. Then all of sudden everything just CLICKED! From Oct 2018 everything just shot up!
And I know this time it's NOT random. I have a few real edges. My risk management is great too. My winners are a few MULTIPLES of my losers. When I realize things are not right, I get OUT immediately. I take the loss right away! When things are good I ride my winners for HUGE profits. When I have a losing day I bounce back the next day or so. My equity is upward sloping and smooth. I trade in a way I only dreamt or heard what good traders should do.
Not sure why it took so long to put all of this together. But it now it's here. It feels great!!!
But the reason I'm able to get here is because I was realistic. I know this will be a long journey. I took my time. I develop other marketable skills that will be my backup in case trading doesn't work. So during the last 18 years, I've gotten a graduate degree from a respectable grad program, I have gained a bunch of technical skills, moved into management and developed great people skills, have good public speaking skils, and developed my leadership skills.
Even at this trading skill level I still go to work normally and trade on the side. Despite my monthly trading gains are more than most people's job monthly salary, I still focus on my job and continue working because I know my nice cushy Corporate job provides me the peace of mind to trade without worries. I'll continue to do this for a long time to come. That's the safest way to go.
But you will get there if you are patient and have a steady source of income.
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