Am I Wasting My Time?

Discussion in 'Trading' started by Tall Mike, Jul 5, 2020.

  1. ironchef

    ironchef

    You are too modest.

    I have never came across a good trader with a losing strategy, negative expectancy and still make money. :D
     
    #201     Jul 10, 2020
  2. 007Arb

    007Arb

    Trading is like any other profession requiring a specific mindset and skills. There are also no shortcuts. Like any other profession it will take years of study and hands on experience. It is a cumulative process that requires a commitment over time in which you progress in stages from novice to expert. If you can't cut it part time building up your trading capital you sure aren't going to make it full time. I didn't venture into full time trading until I had accumulated $300,000 in profits from part time. Much to my surprise, after initially building up capital daytrading stock index futures and then progressing to trading tech and small cap growth funds, I found my most consistent and largest profits came from trading bond funds - junk, emerging markets, and recently securitized. All traders eventually find their trading niche.
     
    #202     Jul 11, 2020
    yc47ib, Onra and smallfil like this.
  3. themickey

    themickey

    Perhaps think of trading to be similar to artistic or non artistic painters.
    'Painter A' can spontaneously create a work of art on canvas using pure talent.
    'Painter B' paints by numbers on a piece of paper bought at Walmarts, nevertheless, 'Painter B' still does a fine job because maybe he's been doing this sort thing every weekend for years.
    'Painter B' is me with algos. Just following the numbers. :)
     
    #203     Jul 11, 2020
    dartmus, Axon and Onra like this.
  4. Bugsy

    Bugsy

    In my experience the best traders are those who enjoy the skill. The money is just a measuring stick of their success. Like any skill, profession, trade, hobby, or endeavor, the best are those who enjoy it for the challenge itself, and not for what they can get out of it. If you are only in something for the money then you will only be blown around anytime the next "opportunity for riches" presents itself.

    Napoleon Hill continually beat the term "Definiteness of Purpose" into your mind in his books. Putting everything into being the best at one thing, and never giving up through all of your failures to reach that goal. Most people with that type of commitment would have to enjoy the skill or business thereof itself, even to the point of risking total defeat, failure, and ruin again and again. The thought of breaking their entire investment capital would be secondary to their absolute need to achieve their goals.

    You mentioned you were into it until "life came around." Life comes around for every person in the history of human civilization. The difference is the successful people are the ones who were so committed to "definiteness of purpose" that that was life. They refused to give up no matter what the hurdles, no matter how many times they failed, no matter how many times they went broke, no matter what the cost. If you want to be successful at anything then you have to be prepared to pay the price, no matter what the cost.
     
    #204     Jul 11, 2020
  5. ironchef

    ironchef

    I like to know which Walmart sells your algos so I can go buy a copy and trade by number.
     
    #205     Jul 11, 2020
    murray t turtle and Onra like this.
  6. smallfil

    smallfil

    A lot of the great traders failed multiple times before they got it right. Nicolas Darvas was one of them. He continued to fail while, continuing to dance. That was his occupation but, his passion was trading stocks. He never stopped trying to figure it out and then, some. Finally, he developed his box theory and made millions of off it.
     
    #206     Jul 11, 2020
    Onra likes this.
  7. Speedo, What a great reply.
     
    #207     Jul 11, 2020
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    #208     Jul 11, 2020
  9. Off topic, but is the DOW really relevant anymore? When I hear talking heads at the end of a newscast say the “The was up today (or down)”, I think why does it matter.
     
    #209     Jul 11, 2020
    murray t turtle likes this.
  10. ironchef

    ironchef

    Minor correction: All profitable traders eventually find their trading niche.

    And if they move away from their niche they often get burn. :banghead:
     
    #210     Jul 11, 2020