Is there anyone actually succeeding at day trading here? Who here makes a living off trading only and about how much a year/day/month etc do you make? I ask because I mostly only hear of people FAILING at trading, and hardly anyone at succeeding at it. I want to know the reality of trading and not only what I dream/hope will happen with me. Thanks. The Finn
The Finn Hi. The first recommendation I would recommend is that you read a few books called "Market Wizards, New Market Wizards, and Stock Market Wizards." They are interviews of some of the top professionals in our industry. Only about 15% of traders make it, but guess what.....?? It's the same 15% year after year. Plus or minus a few. That says something. It is skill, not luck. It actually says a lot. The reason I like the above books is that it shows how successful you can be constantly. In fact I'm related/coached by one of the Market Wizards so I know him and a lot of the others quite well. My coach has taught me his ideas, strategies which I've used to do quite well in the market. The problem with trading is it's an actual business. A lot of people are successful in one business and expect to be successful the second they start trading. Can you read a few books on brain surgery and do it quite well? NO, in fact you have to go to school for awhile to do it. Well WALL STREET is a school. It will teach you a lesson each time you make a mistake. A lot of traders don't learn from mistakes but blame others. This is the worse thing you can do. Learn from mistakes, trial and error is how you learned how to walk. The same is for trading. A lot of traders never learn. I was coached by a Market Wizard, read 100's of books on trading, worked on the floor of the CBOT, worked under a few masters, and I still failed for my first few years. Now I'm doing quite well. I learned about chart patterns , market conditions, and high probability trades. I learned how to limit my losses while allowing my profits to grow. I gained a feel for the markets as if it were a living being. I am now getting into daytrading, because my systems are doing so well, I'm increasing the frequency of my trades. Check out this website I own of some interviews of great traders. Especially Catalite. He is one incredible trader. Myst....well he has some skill but has a few lessons to learn still to be a true master. Brian... He is now coaching me, and WOW! Talk about some skill. I've got a few other interviews being edited which I'll post later http://communities.msn.com/Rtharpsland&naventryid=138 First I don't hope or dream. I am so well prepared you have no idea. I have a business plan/trading plan that would make IBM or Goldman Sachs jealous. It took a lot of work but I do very well because of it. On returns. Well I've had years of over 800% (small amount of capital) and I've had a few negative years too. I'm capable of doing anywhere from 50-1000% now depending on my risk tolerances and what I shoot for. Part of last year caught me off guard, as the market crashed. I quickly changed strategies and found some that worked. I'm now getting ready to publish my track record, and start managing money in a hedge fund, instead of a few friends /family. Have hope, it is possible. rtharp
We make money. Started in the early 90's starting with a few thousand dollars. Quit my job in 1997 and have made a seven figure annual income four years in a row...all from trading. Lost ALOT of money this fall but still had a great year in 2000. 1...develop a system 2...follow that system 3...risk is always high...don't go broke 4...never believe anything anyone tells you 5...evolve 6...NEVER ever tell anybody your system Where did my profits come from?...the 90% of traders who lose. Market have always been that way and always will be. PS...all that money hasn't made me any happier but I do stay in nicer hotels.
Gotta quote you here. First who is we? Are you a daytrading firm? or something. That's strange. I agree with developing a system and following system. Risk being high. Well no. Read Market Wizards. Do any of them have high risk? I've done very well because I keep my risk small. "Don't believe anything anyone tells you." I know a lot better than that. You'll get a lot more out of life by having an open mind. I speak on this message board because I like to give and by giving I know things come back to me tenfold. That's the wrong attitude. With time it is possible to evaluate who is full of it and who will offer you something valuable. evolve. can't argue with that. Never tell anyone your system.?? Actually I know it makes no difference. William O'NEil teaches everyone his CANSLIM system does it work yes. Because another 1000 start using it does it matter no. Actually I can teach my system very well. The problem is human beings usually have a lot of psychological blocks and won't follow a system to a tee. Money doesn't make you happy, that comes from inside. But having money allows you to help others even more which give a warm feeling, that is one of life's true treasures. so I agree and disagree with you rtharp
I'm making money, and know a lot of traders who are profitable. The fact that I have gotten around to becoming friendly with them probably means that they are good enough to survive. Just cut your loosers. It is more important not to loose your trading stash than to profit. Surviving, especially in tough markets, is what matters. If you don't loose much on your loosers, your winners will make you rich.
I agree with markboyd vis-a-vis never disclosing one's system. I would not risk a very successful system simply to share the joy. TucsonTrader
I disagree. I have learned my systems mainly by trial and error, but I am completely willing to share with as many people as want to know. I think that maybe 1% of traders have the discipline to follow it successfully anyway. I mean, I even post the basics on this site (look at the great new pattern section). I have many friends who also feel free to post their bread and butter patterns etc.(that one isnt my bread and butter, but it is getting close to it). If the mm's catch on, we will just adapt. Im versatile. Most importantly, I want to take all the money from the "BIG BOYS" or at least teach as many people as posible to do it.
(P) I'm with you. First if a system will be ruined by too many traders using it. Then soon everyone will discover it eventually anyway. When it is no longer a secret and it fails others will stop using it and the system will work again. Most traders can't follow a system the way it's intended. Too much of psychology is involved. My breakout system means being wrong more often that right. I can have 20 losers in a row. Most would throw away the system before getting to the 21st trade that makes back all my losses and then some. Think of it this way. If I have a dollar. Give it to you and you give me a dollar. I've gained nothing and lost nothing. But if I have an idea and you have an idea that we share now there are 2 ideas we have lost nothing but gained an idea. Rtharp
http://communities.msn.com/Rtharpsland&naventryid=160 see link for a copy of interview with Dave Floyd