Hum, it is actually 21 years since my first trade in ASX futures ! I was on and off, and testing new methods that worked and then stopped. Overall profitable, but not to leave well paid job. TA works for a while then it stops and even reverses. Lots of stress in these. On top of that I found that in best trades I have been cheated several times which impacts end result a lot. After 15 years I found an edge that didn't stop working with helping 1 sentence from a trader here on ET that put all together. Took me a while to get initial rules. And I am playing it, when i am not too lazy and busy with life. i am one of these that is not really after money but rather enjoys the challenge of cracking nut. eh well
The one thing that hasn't changed for me is that i didn't know anything then, and i don't know much now either.
I don't mean to insult you or most others, but unless you change reason of trading, you will crash and burn. I have met or heard of others that trade for other reasons than to make as much money as possible, but cracking the nut is not going to make you a ruthless son of a bitch to steal as much money from others than you can. I don't think I am wrong on my reasoning as most of my friends think in think way as well and most have accumulated wealth. This is a game about money. So I think perhaps you are wealthy or too comfortable in your life, and maybe you are selfish too, if you don't want to make great wealth for yourself, donate it. There can be lots of motivational reasons to persevere the long hours and what all this does to our minds, but most people who succeed at trading well do it for the money and getting as perfect as you can is "cracking the nut", the years of working hard to just get good at it and make few trades, what a waste of your time and if you have family, years of cheating them out of the time of being with you. As dumb as this sounds, I don't like hearing people quit trading cause they couldn't get it or for that matter having bad days/weeks/months of the newbies., reminds me of my learning days/weeks/months/years. Not many like to be reminded of bad times of their lives. Do you cook(trade)? Have you ever made a meal from a cookbook(Trading Plan)? Do you think the recipes(signals) of the cookbook been used many years and refined(back tested) till when you apply all ingredients and followed cooking times(Money Management rules) it comes out as best as you can? Do you get excited preparing ingredients or does the excitement come about after you have made it? Cooking and Trading very similar, if you get excited preparing the meal-chances are you forget to put in right amount or if you tweak it during preparation, it might not come out right for your 25 guests, then the evening would be a disappointment. If you have kids, and you out swimming and one of the kids went under the water too long, do you get emotional and become like a deer in headlights or dive in the water to get him and start mouth to mouth for as long as it takes no matter the pain in your body, the emotions that are pouring within you, you continue. And when your son is coughing and hugging you, then the emotions come pouring out. There is a difference between doing your job and when you are done. Nice day out, yahoo. let's go.
I known as a really good cook, and almost never use a cookbook. I don't need to. I might glance at a recipe to see what's in it, but after awhile you know that there are only certain combinations which work. Then I will experiment around that. Every dish is never the same twice. I've been asked for the recipe to this or that and people are usually shocked when my gf tells them there is no recipe. Sure, if I'm in unfamiliar territory I might look at a map, but after once or twice I don't need it. I have a phenomenal memory, or at least I used to.
Yes the creative process can be very exciting. I try to tune into my emotions--the good, the bad, the ugly, when I'm engaged in anything. I use the same process in trading. I was taught a long,time ago that a certain percentage of the people are emotional as their primary makeup. If that's true, I'm one of them. Usually you find them in sales or the arts for example. And I was a pretty good lifeguard.
Here's another thing I've learned in my 3 decades of trading - and living in the Washington DC area. The politicians aren't going to change Wall Street. Bernie Sanders might, because he is legitimately void of the ability to do math or confront reality - but he's about as close as he's getting to the White House right now. Every single other politician (including Trump) will not touch Wall Street. I can't stand Hillary, but she would be great for Wall Street. All of this campaign talk is nothing but talk. Once they get into office, all that goes out the window. The lobbiests run DC and the Fed gov't and if they don't want changes, then there won't be changes. Chelsea Clinton is married to a hedge fund manager. Don't worry about the regs, just keep making money
Hope so KTM. I'm not saying Wall Street is completely devoid of blame or couldn't do with some changes. It could. But the talk coming out of politicians mouths would destroy the industry. Not only for genuine day traders. But also the hundreds of millions in tax revenue it brings in.
I just read: His father pleaded guilty to fraud in 2001 and spent five years in prison for scamming $10 million out of family and friends in a Ponzi scheme. Business as usual.