You are a fool, if think become consistant within few years

Quote from mschey:

Here's a question for you Nanatrader, would you consider yourself a successful consistent trader?
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Your question and combining ET members mentality, i should
lie because my posts won't count anything anymore to anyone :confused: but hell i say No

I think the case is same with 98% ET traders, Now, if you
are successful for 5 continus years, the question rise here,
you then should have few 10s of million under your management
today:
 
Quote from Nana Trader:

Your question and combining ET members mentality, i should
lie because my posts won't count anything anymore to anyone :D but hell i say No

I think the case is same with 98% ET traders, Now, if you
are successful for 5 continus years, the question rise you
then should have few 10s of million under your management
today
More...

Thanks for being honest.

I have been trading my own money for the past five years. I am very passionate about trading, about winning, and I love the challenge. I also love the freedom trading gives me. I havn't had to answer to anyone but myself....I take that back, myself and my wife, and for that I am very grateful.

I have not ventured into the moneymanagment side, though it is a very distinct possibility for the future, for now I am content to take my personal trading to the next level.

Well, keep at it, the game can be beat!
 
nana trader is the reason why hedge funds can raise millions and millions of dollars with mediocre performance. hfs have done a great job generating an aura of eliteness by piggybacking on the names of a few top managers (Soros, Citadel, SAC, etc.). these top funds carry the image of the industry, but the reality is completely different. people (individuals, pension fund/endowment managers, FoF managers) "think" they are elite and they are special, so they become elite and special

btw, i have met pension fund, endowment, and FoF managers. you can just substitute those titles for posers and wannabes. well, to be fair, not all, but probably 95%. they actually speak of allocating money into and out of a fund is a "trade". due diligence on a fund is completely based on filling out their form instead of truly understanding the stratagy.

not picking a fight with you nana trader, if you see the industry from the inside one day you will know your impressions are wrong.
 
Quote from ozzy:

What if you can't find anyone. I guess your screwed then?

In my opinion if your smart, have the right psychological makeup and the situation/enviorment is fertile than you can do it on your own. But it ain't easy, I'll tell you that.
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You're not necessarily screwed. If a successful trader is there to guide and help you, that can be a big advantage. But with the right aptitude and application, 'distance' mentors such as authors, seminar speakers, ET or other forum contributors can be used to gain the required knowledge to trade successfully. The difficulty can be sorting out the wheat from the chaff or bouncing from one idea to another and not getting anywhere.
 
Quote from Nana Trader:

Today i came across a site with with shocking information
proved to me how trading with consistancy can be difficult:

1-The firm manages 100 billion in asset managemnt
2-They select from top quality undergraduates and MBA's seeking
their first international career opportunity
3-Out of few thousand applicants, 6-10 will be selected for
international candidate, who come out on top of assesment
interview and testing process.
4-They goes under very intense training for nearly 3 years, before
they are choosen to manage any assets

Now, what makes you think you get prepared to trade, after
going 1-2 monthes training done with most prop firms

Doesn't this tells you need some kind of serious self education
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Could you share the url to that website please?
 
Nana

Great post.

I started in 1983 as a messenger for a brokerage house in Toronto and during the last 20 years I have seen it all (but I'm sure I will still be surprised).

I always laugh at these 2-3 success stories because to me a real professional trader is someone that can last past 5 years min and average 10-100% per year (good and bad).

ET is filled with posers and snot nose kids that will come and go just as fast but I can assure that only 1-2% will be here over the next 20 years and it will most likely be the options sellers. :D

No disrespect to anyone, it's just the facts as I have seen them play out over 20 years.

I have recently completely abandoned trying to daytrade and returned to selling time.

It was a fun adventure but I found out what I already knew about daytrading but had to prove to myself and at least try it.
 
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