Is there anyone here who is self-taught, consistently profitable and confident of continued success?

[with interest]

At a minimal you should have at least 4X capital of what you need to live on, and another 1-2 years stashed away outside of your trading accts.

Quitting your job to trade for a living after you have taken at least $250-$500k out of the market while at your job is confirmation that trading full time may work for you and its smart to fund your new trading career from profits already made.

It always takes a lot more capital, a lot more time to hit your stride, and costs a lot more in market tuition than most could have ever imagined.

I think your numbers are reasonable. I have no plans to quit my job, however it would be nice to have that option in the future.

 

[with interest]

may I ask why you want to know?

What is the use of this question?
What others achieve is completely irrelevant for what you can achieve.
I read all the time about sportsmen making lots of money. I tried sports too but it did not work. Now that I know that some people can make money, what difference does it make for me?
Did you become a profitable trader from the answers you received, or did you learn anything that makes you a better trader now?

Where can I make a complaint? Because there are people who are successful and I am not.

I thought the most obvious first question to ask: it’s entirely relevant that others are successful in a field that I’m interested in entering. I’m unsure about your sports analogy(?). Unlike with sport which is well publicised, the success of retail traders isn’t obvious, so asking on a prominent trading forum seemed a low cost way to get some straight forward answers.

 

[with interest]

Think in terms of return, not a $ number. Use a market index as a yardstick to measure your performance. Don't forget the value of your labor and time. If you can consistently outperform the market by 2 folds in ten years, then you are considered one of the few true elite traders. I am not there yet, but with 4 years of the triple-digit return to boast, I may have a shot. I can say this with confidence because I blew up my account once and survived...

Thanks sfwind, I agree with your points. I stated those fairly arbitrary 3 years / $50k figures as a filter, as I wasn’t so much interested in, for example, a new trader’s doubling of their $5,000 account in their first 6 months.

 

[with interest]

Yes but it is probably just luck and not skill.

You think luck not skill, and you’re confident of continued success? If so, then either you know you’re lucky or you’re being humble.

 

[schweiz]

Everyone has it and it's very hard to fix.
Somehow, it has to do with how successful one is in the market.

If you are succesful in the market, you have no ego. The succes is proof of that. Ego destroys profitable trading.

 

[volpri]

If you are succesful in the market, you have no ego. The succes is proof of that. Ego destroys profitable trading.

Actually, the market has no idea if you are proud or humble so you can be either one it doesn’t matter. As long as your pride or your humility doesn’t affect your judgement and decision-making. Some of the most profitable traders are egotistical, narcissistic bastards and for that reason they win when others would have long ago given up.

 

[Stockolio]

If you are succesful in the market, you have no ego. The succes is proof of that. Ego destroys profitable trading.

I think closed mindedness is a bigger obstacle to success then an ego, although an ego is sometimes a side effect of closed mindedness... Someone with a unhealthy amount of personal self esteem can still resonate to something even if it hits " home " per say, a closed minded person cannot resonate with anything that " threatens " ones view. I have frequently seen people feel challenged and even get angry over what was quite obvious in a specific debate. Closed minded people are more interested in proving themselves right than understanding reality, or the likely possible outcome of a situation

You will meet some successful people in life with big ego's... You will rarely meet a self made successful closed minded person. From my readings on this specific subject, generally speaking the higher the EQ the more open minded you are, lower the EQ the more stubborn you are

 

[ironchef]

You think luck not skill, and you’re confident of continued success? If so, then either you know you’re lucky or you’re being humble.

I have absolutely no confidence my success will continue.

It is easy to mix up luck and skill:

I started full time trading in 2010, betting with the market until 2019 and done well.

Someone started full time trading in 2000, betting with the market until 2009 and lost his shirt.

The only difference between us was time, not skill.

 

[schweiz]

As long as your pride or your humility doesn’t affect your judgement and decision-making.

That's exactly the main reason for failure. Big ego means avoid hurting your ego, so protect your pride at any price, adapt your judgement and decision-making.

If your pride or your humility doesn’t affect your judgement and decision-making it means you have no ego.

What the market thinks is irrelevant as only you have an impact on your ego.

 

[Andras]

Majority of expert traders were self thought. I never attended a seminar or Forex class. The reason why you are asking this question is to determine whether you can make that same figure every years. You should understand that you can also lose that figure in a year. There is a formula to follow, find that formula and you are good to go.