Who is actually making money trading?

DHOHHI said:
After we've had a run (up) I just look for stocks that have high percentage moves and look to go short. I'm not looking for crappy companies. The ones I look at are often semiconductors and they may have great fundamentals but all stocks get overextended at times. And I'm merely looking for a slight pullback. I don't get greedy on the short side since there is no limit on your potential loss. A long position can only go to zero. I also look at stocks that have a beta that's maybe 1.5 or higher. And initially, if you decide to try some shorts, set a predetermined profit goal.
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Thanks. That is helpful.
 
ironchef said:
I agree with everything else except I have a question on #4:

It is hard to diversify. I found it very difficult to even master one aspect of trading let alone multiple aspects, be it long, short, equity, indices, commodities, currencies, futures....

So, how does one diversify without become a Jack of all trades but a master of none?.

Thanks
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Diversification with different markets and different strategies allows a better use of the available capital and smooths the overall drawdown
I have scanners, semi-automated strategies and even 100% discretionary strategies, for stocks and futures.
You are right, you need to master one strategy before even thinking about another one. Takes time.
 
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hurricane_sh said:
I always feel everyone is making money, I don't believe the statistics that only 10% traders earn money.
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Don't worry about statistics too much; if you're making money...then that's all what essentially matters o_O:cool:
People get wrapped up about what other people think or are doing -- Trading is an individual sport, not a team sport.

The more you talk to other people, or traders,...the more they just dilute, or poison, your mind. -- in my opinion,
 
I have feeling its the same on all forums about something where money can be earned. When i was 16 i developed app for Android, totally made around 30K USD after year, in country where 800 USD is average monthly salary. On all forums i visited about app development were people who were 1000% sure that individual cant make living of apps and bla bla and the other sort of people that made like 50 USD per month from apps and thought the same, and then there were me, "rich" kid who didnt tell them because it had no sense to argue with dumb people :)
 
Fonz said:
I guess that a lot of people will disagree with me.
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I guess that very few people who are actually making a living will disagree with much from your list.

Even I (a notorious contrarian skepchick) agreed with 12 of your 13 points and thought your post should be made a "sticky" somewhere ...
 
advoghado said:
I have not, but this year I want to start being profitable, gradually.:)
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I hope so, but I am happy because forex still great business to making money online, which although still treat as part time business but already happy with earning from forex business, although sometime loss has occured
 
It took me approx. 8 years on and off trading and about $20K in losses before I became consistently profitable.

Don't think I would've been able to do it if I didn't focus on system development at some point and my losses my have been lot bigger also. I've written about 100 detailed specifications for strategy/algorithm development and I believe this helped me refine my discretionary trading method.
 
radex78 said:
I hope so, but I am happy because forex still great business to making money online, which although still treat as part time business but already happy with earning from forex business, although sometime loss has occured
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I also have the Forex market, as a part-time business, and I intend to stay that way for a while, until you get a profit (fixed) even if it is not a great value, but I see it as an additional
 
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