my personal thoughts after 20 years of trading
- Thread starter padutrader
- Start date
.You have to develop your own trading system. Even if you bought a trading system, you will fail! The obvious reason is your biases and there will be many of them, will prevent you from following the rules of that trading system. So, develop your own and pick a time frame to trade. You cannot be a day trader, swing trader, position trader, scalper, all at once! Pick the one that you have done the best in. I was bad at day trading and position trading, I hated the large drawdowns so, I ended up swing trading. Incorporate risk management into your trading system, back test to see if you have an edge. Your wins have to be larger than your losses on average. Win percentage is irrelevant. Even a 90% win percent trading system that wins $100 each time but, loses $1,200 that one time you lose is a losing system!
It took 34 years to see the major leap forward... Technology changes, you change, world changes and then, suddenly you see 'it'. You go from up and down, in life, suddenly to mega rich. What has changed? Not the market. Not the world. You even do not have to use modern technology, to make it happen. You change. Some do it in 6 months, some do it in 5 years, ten, twenty, or 34. Who cares, their is no diverence 'when' you arrive. And if you do not arrive, that is ok too. It will not make you a lesser men or woman. You have tried... when everybody wants to quit, you still hang in there. Says a lot about you as a person. I would not mind to have someone like you as a friend. Winners never quit and lack of results are no reasons to quit. Just keep at it and live your life besides trading.
why not just buy qqq and hold... in 20 years you will be rich.
trying to squeeze some alpha out of price action is pathetic.... there is really not much there.. play the long game... let the smartest people figure it out for you... bezos, cook, pichai.... let these people make you rich.
we are in the 3rd inning of this AI revolution. the big exponential growth is ahead of us. ride this wave!
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You are "mega rich" from trading your own account? Just want to confirm and see how you define it/ accomplished it.
Thank you
Yes, very likely on all points. Great post. Happy to see some real intellect on this thread.
No, I'm not mega rich just from trading my own account. Several incomes, several business, good people working together. But trading is my solo entrepeneurship that fund a lot of things. And not only with money, but with thinking and being different in risk taking then other busines owners. I accomplished it with copying other people that are succesfull in their field and make it work for me. Fel in love with strugle. Fel in love with the down day's and the up day's. Really believed that when the winter sets in, the summer will come, just keep going. If I had a problem with something, I looked for help from someone who had solved the problem. Never thought about it myself. Made me only going around and around. See that a lot with people that want to solve something. Look for help/examples. That is how I did it and still doing it. Hope it is more clear for you. Wish you the best.
Better to try and fail, then to have never tried at all.
Good advise.
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and no one around them share their motivation, their dream, their effort, not wife not kids, not relatives, not friends - they just left to pick up the pieces after "their idiot" (how they call him) misses his shot at the dream...
Wow, there is a memory, my then wife never said I could make it or encourage me, I divorced her. All my relatives made fun of me and any friends I did have would laugh at me, they not laughing at me now, I made my ex million plus in her retirement account, relatives call but I never return calls and now have much better friends who been with me ten years plus and given me more than I ever received from relatives. I quit the jobs in 1999 I hated but was well financed when I did. You want changes, you make changes.
I never failed at anything in my life that I wanted, was born with fucked up brain and extra chromosome, medical problems all my life besides hearing noise that no one else ever hears, speech impediment, so I write what I can pronounce, Aspergers with high IQ, smelling ability highly increased. I have learned to overcome much of it by having an open mind. I had to take my stronger points and mesh them with weak points to learn how trade. I had mentors that today run large hedge funds but they were little use for day trading/scalping, and they don't go for ticks today. And I had seven years of harsh failures.
I have read some of trader god's posts, he is closed minded and stubborn. And anyone giving himself that name when he is unproven to yourself--you can only lie so long. I think having a public journal decreases your chances of being successful, too much stress, trading is a one against one battle on every trade, you against you providing one of you have well back tested method. If you going to take on the HFT's, chances are you going to lose unless you get in spilt second before them on right side.
I simple don't understand what most of you all talk about, been this way since I joined ten years ago. I can't comprehend most "obvious" thoughts others seem to have, they are illogical to me. I think more in terms of black and white, on/off.
And I have bought many trading courses, six I still trade today, parts I keep and other parts throw away, but systems best bought after you know what you are doing. It is like a doctor been practicing twenty years, and he reads of new procedure or drug that would help his patients more than before.
You will keep losing till you are tired of the pain, then if you lucky will be sideways couple years then start marking consistently till you die or retire. Most never get to sideways. It only takes one light or signal to enter, PS, when to lock in one tick, when market showing topping price action, then move your stop. Learn to trade wedges.