Most traders are part-time or trading is just a hobby to them. Thus, your concern about those small percentage of traders trying to trade for a living is strange considering you're behaving as if most traders are trying to trade for a living. Yeah, I'm sure they would love to quit their jobs and trade for a living but they can't except for a very small percentage...a fact that nobody denies. Simply, most traders already know trading is not a career and you don't see them obsessively concerned about it like you. Seriously, you've admitted that you're a retail trader and that you pay a monthly subscription to CQG every month. Therefore, due to the fact of you're message posts...you have another job and trading is either part-time or a serious hobby to you considering you obviously aren't among the small percentage of traders that's trading for a living. Why do you keep paying every month a few hundred dollars to a very expensive data vendor (CQG) ? With that said, there's an element of trading that you continue to ignore on one hand while acknowledging its importance on your other hand...that's the psychological aspect of trading. There are many traders that trade or continue trading because they have another job (another source of income). Its a positive benefit for them because they know they have a support while they try very hard to become a trader, they don't have that financial pressure that other traders have whom do not have another job. Note: There's a nice thread here at ET where a newbie traders ask if he should quit his job...now that he's been consistently profitable for a few years and making more money than his job. The consensus replies was NO because that job could be the psychological reason why he is a successful trader and that job has full health/dental benefits. Once again, some guys believe the reasons why they are profitable at trading as a part-time trader or full-time trader is that their other job gives them that psychological benefit. I have a friend that lives in Seattle. He works for a for a micro-beer producer and making about 42k per year with full benefits. Yet, he's a successful trader in the Hang Seng HSI futures and Nifty futures...consistently making about 25k per year for the past 5 years (he's been a trader for about 6 years). He's very happy about his financial situation and the extra money (25k) enables him to afford his lifestyle. Guys like that aren't on your radar because they adapted. They found a way to trade successfully while having a job. Yet, you come across as someone that believes nobody is profitable and those with another job do not count. This story now leads me back to my earlier post about Maria Sharapova, a tennis star and founder of http://www.sugarpova.com http://www.forbes.com/sites/markjbu...nd-the-worlds-most-marketable-female-athlete/ She once said that being a business woman helps her longevity as a tennis player and keeps her grounded and positive. Based upon your theory...if she was a good tennis player...she wouldn't need to have another job. Also, because she has a job...tennis is not a career to her. P.S. Your way of thinking about trading is very flawed. Its also gives clues about your psychological perspective about trading. You really should move on to another hobby because trading is very expensive via your views and your continuing use of CQG with these views is a perfect example of someone not able to deal with their own failure while others out there are finding ways to adapt (keep a job and trade successfully).
I think "multi decade periods" is a pretty steep criteria you are setting. How many people in any type of business achieve this. I have consistently made a full time income day trading for over 10 years (only left college 12 years ago) so who knows that figure could be 30-40 years.. just give me time! I know plenty of guys in their 40's and 50's that have been trading since they were 18, first in the pits now on the screens. How many other small businesses last 10 years? Not that many on a percentage basis. Dont get me wrong trading is hard, its all consuming and earnings fluctuate. If you want guaranteed pay go go and get a low paid civil servant job. But impossible to make consistent income day trading? Thats a pretty extreme comment to make seeing as I and dozens of other people i work with have done and continue to.
Yes, the multidecade bit is BS, one doesn't need that long to achieve life changing income, tt happened twice to me over the last decade for instance, in 2 different endeavours. There are many reasons one might stop an activity, or diversify besides it, although it has been profitable for him (enough to retire on for instance, i like the Sharapova comparison, who could retire on her endorsement and tournament gains ) If one makes enough money in 5 years to retire on and is smart enough to quit when his trading is no longer profitable before giving back the bulk of the gains, it's a good enough instance of a profitable trader in my book. As mentionned before when one has money available, more opportunities show up, and with enough capital, passive investing is enough to live on.
A lot of people think if you're profitable...you'll live the lifestyle. http://www.bloomberg.com/news/artic...ind-lived-with-his-parents-and-couldn-t-drive This guys obviously didn't live the lifestyle as a trader. There's a few things missing from this story. Another story had stated he was trading from his parents home when the alleged crime occurred that caused the flash crash of 2010. That firm name CFT Financials has produced a few guys that are now very successful retail traders (they prefer to use the phrase private traders) and has been as such for many years. You would here about these guys in Trader Monthly magazine...a magazine that verified all traders prior to listing them as top traders. Magazine stopped in 2009 or 2010. Anyways, will be interesting to see where these guys/gals are at 10 or 20 years from now...maybe hedge fund, maybe broke, maybe still profitable or maybe in jail/prison like our notorious flash crasher Navinder Singh Sarao. P.S. These are (were) large successful traders as a private trader (trader trading his/her own account).
"How Common Are Really Large Successful Traders" Unfortunately the randomness of shorter time frames makes us all a little unsuccessful. Increasing your success can be as simple as picking a longer time frame to trade in. You have to admit d trading is the hardest to master, yet this is where most start. Why ? Human nature for instant gratification. Money makes money the big boys don't even need stops, of course they have their own teams analyzing for them as for the right timing. I say if you can't make money trading daily charts don't even think about d trading. As an example of the large successful ... Soros, Rogers, others do not d trade they also have more money than anyone else. So yes there are "large" "successful" but learning from example these ppl do not d trade. Those that claim to make money d trading should really offer some proof via audited results. Apologies for the harsh reality but it would give you major credibility on this forum. Or another way to put it is why is it never offered.
Why don't you offer some proof? Everything you just printed is vague. Please spare us. If you don't believe in day trading, don't do it. But don't lecture me or us please. Thank you.--Swimr
Hi Cswim63 I guess some of what I said could be interpreted as vague, I have d traded for years so I know the pitfalls, make it give it back etc. I've also have exp with swing trading so really it was offering my exp not lecturing. I do however speak the truth. Proof : well what I was hoping for is for the ones who make the claims to provide the proof. I didn't make any claims I will share with you what I call REAL proof of d trading success. This is what I call REAL I doubt you will come forward with yours, see attached. ( all figures show negative this is because it is cash out and gone into my nominated account, banked money considered real profit and not before then)