Stupidist decision I ever made.

Quote from Virtuoso:

There are people out there Danny who do what a lot of part-time swing and position traders do, but just without that other thing called a 'day-job'.
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Sure, but starting out Joe? Are you for real? Even if they had $200k starting cap, you and I both know that expecting to make anything over 40% on your capital per annum is really pushing it. So, they make their 80k, in this ideal example, and obviously they need about 40k of that to live on, so what's left? Where's the compounding if you're eating and paying rent with your profits?

Yes, at some point it makes all the sense in the world to go 'full time', or 'sole source of income', but starting out Joe, which is the topic here, can you say it's a smart choice?



I am truly sorry that you didn't cut it, because I genuinely like you. But I have to say that in your case it was probably 1/3 stupidity (for thinking you could make a living on 30k), 1/3 not enough experience/skills, and 1/3 you simply didn't have enough heart for what you were doing.

Don't be sorry, I'm actually not 'bitter' about it all, and I apologize for coming across that way. And I agree with your stats, though I don't know why you keep repeating 30k, 'cos it was 50k, although that's still too low and, yep, fact I ever made any money at all was 80% luck...shorting in a bear market...wow, genius! :)

Although I wouldn't say I haven't 'cut it' just yet. Afterall this is about -- all together now -- day trading, not all trading. As I said, I still love the markets and I continue to work on strategy for the longer term; but I'm taking my time there. I'm probably some five years away from starting there.
 
Quote from benysl:

I believe that when one decide to trade for a living he should first ask himself how much he wanted to make every month.

Most of the people I know when I tell them I can make 100% a year they are pretty impress and wanted to try trading for a living. Some will quit job and pursue trading for a living. When taking a closer look they actually wanted to make $5000 a month with only a $10000 account. (90% of the people fall here which is why most people losses money in trading)

For me I only withdraw profit after a year because I know that during months of trading some month I will make $20000 while some month I will lose $10000 but important is I will achieve my 100% in 12 months time.

When I told people that if you want to make $5000 a month or $60000 a year you need to have at least $60000 in your account + a very good system. The moment they hear me saying $60000 in the account they look at me like a idiot and venture on their own. Nevertheless most of them join back the workforce in a couple of months time.
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bensy,

This is a VERY wise observation. Now, we know why most daytraders both retail and prop don't succeed. With their 5K or 10K deposit of "risk capital", they want to make 100K/yr or even 50K/yr! That's 10x-20x in 1 year! I'm sure many people can become good daytraders, but the mathematics of money management and undercapitalization will get them before they can even realize their edge or figure out an edge.

sad, but true. Most people don't want to hear the truth. They just rather close their eyes and think positive thoughts all day long and hopefully everything will work out in the end...

The thing about trading and life is thatyou gotta know when to CUT your losses. When do you throw in the towel? 1yr? 2yrs/ 5Yrs? 10yrs? While others around you develope useful skills and move onto happy and fulfiling careers. Yes, they may get laid off. Yes, the corporate world can suck a lot. Etc. Etc. So, work for small companies then. Or go back to school,etc.

I'm not discouraging daytrading. Because ifyou have a real edge and everything udner control it could work out like magic. But unfortunately, most people aren't there yet...
 
Quote from benysl:

I..
When I told people that if you want to make $5000 a month or $60000 a year you need to have at least $60000 in your account + a very good system. The moment they hear me saying $60000 in the account they look at me like a idiot and venture on their own. Nevertheless most of them join back the workforce in a couple of months time.
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I need to talk to you :cool:
 
Quote from vox_lucidus:

werent you bragging in another post about how you had houses in diff countries from your proffitable trading?????
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Well I do, but it's not because of my trading. (And I didn't actually buy those houses myself....ever heard of having parents?)
 
Parents are a great idea if you want to be given the gift of life and join in on the fun the rest of the world is having.

Quote from spect8or:

Well I do, but it's not because of my trading. (And I didn't actually buy those houses myself....ever heard of having parents?)
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ET is full of bitter mf's
bitter b/c of their own failure
bitter & angry bc their doomed to a life of being a johnny paycheck or sally timestamp
i was proffitable r, and have been my first year and have been every year, although i started full time institutional
i traded in college, and was proffitable
ive had my drawdowns like everyone else
but u guys have misdirected anger because of what you couldnt accomplish and at the risk of sounding trite...........
DONT HATE THE PLAYER.....HATE THE GAME........:cool:
 
this reinforces my previous statement.....were so desperate for a retort that we reduce ourselves to arbitrary details such as grammar, which would be flawless if this were a letter....but wait, thats right! its a message board!!!!......frequented, for themost part, by bitter failures....such as you igor....ive read alot of your previous posts...and its obvious that your a bitter failure......so why do you even still come here?????
college boy??? i know that in the contrarian dimension you live in thats intended to be an insult, but here in the real world a college education is considered a positive thing.....
 
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