trader99: you said $1k/day is very easy for you correct? are you trading option or stock for that $1k/day and how much amount are you using to make $1k/day?
Made a lot of progress, but feel like there's so much more to go...
- Thread starter trader99
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trader99: you said $1k/day is very easy for you correct? are you trading option or stock for that $1k/day and how much amount are you using to make $1k/day?
I would rather be lucky than be good and those of us trading from 2009 to now are a lucky bunch. All we needed to do was bet on the bull market and would do OK.
Option trade is all about probability so luck plays a big part every time we trade. However, after enough trades the expected return will emerge and shows if our method has any real edge. I do think we need to trade through a recession to know if we have an edge or are just lucky.
Your real edge.
Ironically, I did NOT benefit from the bubble since 2009. I was stupid and shorted and lost a lot. Only in 2018 onwards was I able to go LONG and SHORT and profitted both ways. There were years since 2009 that I did not trade and focused on my professional career.
In 2015, I was profitable. 2016 was mixed. 2017 lost a lot on stupid countertrend. 2018 profitable. 2019 so far good..
All the while working FT. Hopefully 2019 will be my big breakout year. Let's see..
Your real edge.
Totally agreed. Even if I make 2x my salary I would still work FT. Even 5x. At 10x maybe... But even then. Benefits and steady income give peace of mind in trading.
no matter what you think you know..the reality is that there is a lot of luck involved..you could make 10 winning trades in a row..in fact I had much more than that in the past..had more than 50 without one loser.. thought I knew it all..so decided to make more..like your $5k a day..then .the black swan arrived..I do not have to tell you what happened next..just that I really was a silly willy back then
forget about the $5k a day..set a target of $500 a day..risking no more than 1% of your account value per trade..if you can do this..and get good at losing first..then I can guarantee that you will make on average your $500 per day over a set number of trades..the set number depending on your approach and chosen market/s
it's a numbers game..but most think they can get an "edge" and beat the pros..forget it..the only way to stay in the game with the pros is to be not a silly willy..and play the numbers..if you are not improving afte 30 to 50 trades then you have to change and adapt until you do improve.. most never get enough experience to improve..and by risking too much per trade never get enough time to gain the required experiences
I am afraid I have to agree with previous poster.. you will blow up unless you change and adapt..get rid of the high notions and do not let yourself be a silly willy..like I once was!
ask what you like..if I can I will point you where I think is right..if I can't I will just say so straight out..nothing magic about trading..a clear and focused head is worth much more than any bullshit talk about edges and skill!
your real edge is to be debt free..owe nothing to anyone..be retired with a pension..and have some money saved..or access to money belonging to close relations with whom you have a good relationship and trust
the next requirement is to never be in a hurry to make..or more importantly..lose..money!
next is the hard bit..so much easy money out there just to pick up off the ground..after all..you only need a few hundred dollars to dayrade the e-minis..ha ha..the cannon fodder guys really did a good job..I have to take my hat off to them..so many "structured product" these days..wtf !!!!!!
there is a lot more luck than you can imagine..but..when you are "there" when your chosen market reaches a major level..the odds are now in your favour of you just wait for confirmation..just look at any chart if you don't believe me..how many times has the ES tested a previous high or low..to either bust up or pullback and head down..the so called "edge" is just being in the right place at the right time..or..for most who are not doing this as a full-time job..being lucky..but.. being lucky is no good unless you are able to act..and react..sitting there wishing and hoping for the red to turn green is being a silly willy..and that will never make you any money..never!!!
no matter what you think you know..the reality is that there is a lot of luck involved..you could make 10 winning trades in a row..in fact I had much more than that in the past..had more than 50 without one loser.. thought I knew it all..so decided to make more..like your $5k a day..then .the black swan arrived..I do not have to tell you what happened next..just that I really was a silly willy back then
forget about the $5k a day..set a target of $500 a day..risking no more than 1% of your account value per trade..if you can do this..and get good at losing first..then I can guarantee that you will make on average your $500 per day over a set number of trades..the set number depending on your approach and chosen market/s
it's a numbers game..but most think they can get an "edge" and beat the pros..forget it..the only way to stay in the game with the pros is to be not a silly willy..and play the numbers..if you are not improving afte 30 to 50 trades then you have to change and adapt until you do improve.. most never get enough experience to improve..and by risking too much per trade never get enough time to gain the required experiences
I am afraid I have to agree with previous poster.. you will blow up unless you change and adapt..get rid of the high notions and do not let yourself be a silly willy..like I once was!
ask what you like..if I can I will point you where I think is right..if I can't I will just say so straight out..nothing magic about trading..a clear and focused head is worth much more than any bullshit talk about edges and skill!
Sure. In a field like trading there's a lot of element of randomness and it's difficult to distinguish between skill and luck. I totally agreed with that. And it's NOT about how many times in a row you win. I think that's a poor measure of having a real edge. To me if one has defined a particular set of conditions X,Y,Z for a trade and enter that with set of exit criteria and those are well defined and have proven to be good then there's a small chance of a real edge. I have tested via simtrading on unseen data and it worked. Surprising me. % of winning is very lowly correlated to long term net winning methods/systems.
Additionally, I agreed that trading with large size in proportion to one's account can increase the "risk of ruins." I've been there a few times. So now I'm more cautious.
I think everyone's experience is unique.
the entry criteria is much more important than the exit criteria..much better to win $100 than lose $1,000 anytime..so..we are now getting somewhere..as after risk management..we have identified entry criteria as the next most important thing..seems real easy does it not!
how are so many people able to trade different markets? i trade mainly emini and during the RTH there is always so many trades just in emini, that you do not have time to follow other markets. Closest i can trade along with emini is the CL but that would be an either or situation, but i really do not get it how some traders are able to trade 3-5 markets simultaneously. Are they day trading or swing? My trades are all short duration and hold period of less than 3-5 minutes. AM i missing something by not trading all the markets??