Exactly, i did not want that my logic and behavour would be influenced by others. If that would happen I would be number XXX of traders that start by copying others. Even succesful traders will not tell you their secrets, so why read or follow them? Started with a blank sheet and only my own knowledge and way of thinking. The final result was an original style of trading that has no links at all with the usual trading indicators. The road to succes was equal to the road for other wannebee traders: failures, start over again and again, wipe out account, studying,testing and improving,studying,testing and improving,studying,testing and improving,studying,testing and improving,studying,testing and improving,studying,testing and improving,......the usual stuff.
In other words, you never gave up until you found what worked for you, then improved upon that and again and again until you had some thing that could tackle most market conditions. I am in my 7th year and I also understand from my own experience that you have to do the opposite of what most traders do. In my own observations I have also come up with a method; one that works. This method has not been taught or at least not that I'm aware of as advertised. However method alone is not enough, my challenge (at this point) is controlling the emotions and applying more emphasis on the risk management side. BUT there are so many more intricacies that need to be understood that will put the finishing touches to any trader, then again it never ends does it.
lmfao! Me, tudor jones and Stevie Cohen are huge fans of Ken Grant and the ideas in the book. There's no value there. You have become a cartoon of a failed trader. Maybe listening and learning would be a smart place to restart your trading? surf
Controlling emotions became a problem for me after I wiped out a 50K account. It took me a very long time before I had confidence again. And yes, it never ends, I still study every day. My risk management is limited to a 3 points stop in the ES. I never needed anything additional. My systems control the risk apparently enough.
Once the repetition exercise is maxed out, .... what your suppose to do during the trade should become automatic. As well as the analysis and reading the market. Then you can rubber stamp the process suited to yourself then it sometimes comes together. For some it never does because it could be for them they gave up 1 or 2 years too early etc. who knows. but one things for sure you can't be defeated if you keep getting back up from your setbacks. The ones that make it simply are the ones that never gave up on themselves and the constant evolution process required. I am pretty much describing day trading here. Daily chart trading would be I believe a much more relaxed affair. One where you had a lot more time to think. newbies are advised to START there but they never do.
Hi everyone. I am a venture capitalist in my day job - with 5 years of corporate investing experience. Prior to that, I had 20 years of operating experience in software companies and continue to operate one today as its CEO. In the 90s, my stock options from a public company that I was working at, where I was still very young, were worth millions. I didn't have the knowledge to buy puts at the time and by the time I had vested out, my total profit was around $300K. I did waht I could to invest that money wisely with investment managers and made nothing over 9 years. So after working up my way through management and taking salaries, and then suffering some real estate hits in 2009, I took it upon myself to try and see if a trading strategy could offer more consistent results. While continuing to work, I had studied various trading strategies and had a couple of "aha" moments in 2009 / 2010. Developed a strategy, paper traded it, and then committed my capital in 2011. Starting in 2011 I committed $700K of capital. The strategy is a weekly trading strategy that uses ratio strangles to make income. In the 200 weeks since its inception, it has returned .39% compounded weekly growth rate, which is just a smidge over 22% yearly. This is net after commissions. Largest draw down from peak to trough was around 17% in 2014, but that sort of drawdown was expected given the nature of hte trading. My approach requires a minimum of 12 month horizing before withdrawing capital to adjust / roll / recover from a 4 or 5 standard deviation move. I tried trading this full time for a couple weeks once, but life got boring, so got sucked back into investments, software companies, and operating. Life is more exciting that way. While it is not the author's original request of someone who started with very little capital and made it on their own. I can relate to the post. I started the pursuit of my algorithm in the hopes of finding a strategy that would let me trade indefinitely while providing for family. My target was a mere 12% / year, and have far exceeded that. While when I started, I did not feel that I had the confidence or the capital to exclusive trade and survive, I do now. the combination of successful results in the strategy combined with a much higher base of capital to work with has created a lot of interesting freedom. In this sense, I have made it and feel confident that I could walk away from all business commitments if necessary and still live a happy productive life purely through trading. But what fun is that? Running software companies is as much fun as trading.
Hi NPT Trader, Your story is an uplifting one, especially for anyone with a longer longer term trading approach. I also agree that it doesn't really belong in this thread.
i wrote a reply, but because it was so hard to see or learn all needed to learn, i erased my reply all i say is hi,nice to read your posts,i can relate to a lot, even your board name
I'm actually taking on this challenge for the next 3-5 months, I'll see how this goes. I've even put up my own thread and would like to blog about it someday.
I derive my income solely from own trading at home. Attached is my brokerage statement for past year. You can see the withdrawals I made for living expenses. This is my third year now. Not sure if I started with "modest" means though. My first account was less than $10k. But after blowing that up later I got consistent and was funded $100k. Sort of falls into "modest" in my opinion as almost all traditional businesses require a few hundred k to startup..ie a cafe, if you would call that modest I think you can call this modest. Anyway that's not the main point. It is possible, but very hard.