I have gone though like 500 different systems. Of course I know now the basics and how price reacts to volume etc. My main problem was to try to avoid DEALING WITH RISK by looking for the Holy Grail. I was tied up in that search until late september. As a beginner I believe many do that mistake. Instead of learning what things one is doing wrong and contiune dealing with LESS RISK after slowly grasping the fundametals like stop-losses etc you are trying to avoid the risk by looking for the holy grail. I now understand that I need to work with probabilities when entering the market and dealing with the risk that comes with trading. And also learn how to move fron an ANALYTICAL phase to an ACTION phase (I have been learning, now I need to do trial-and-error) and start trading some systems that I have been developing. With small size and slow to learn a little by little. Thanks everyone for your comments. It has been good reading!
good advice... i'd look to diversify "passive" income sources, but you see mto have an approach that works for you. im almost at point where i can go PT on my biz and trade FT. im trying to get to a point where i dont have to trade for income, but i grew-up poor and i dont want to be in that position again.
It is about 3 years ago since I posted on this thread. It took me awhile to get going, but now I am defintitely OnGoing. My systematic and analytical sides defintintely makes me more of a systems trader. I have developed one system since I started that I have focused on, and that has generated about $500 on average per day since I started. Of course with big winning and losing days, but on average this is what I have earned. I make around 10K each month. What was essential to earn money consistent trading? For me it was when I took the step from studying and educating myself to focus on trading. I tested systems and read books but the only thing that can really make you a trader is....trading. I am far from the top trader yet...lol, but I believe I have what it takes to become much better. What have I learnt? To cut my losses short and let the profits run.........Actually it was important to read a lot, and make sure that I knew what to expect, rules etc, but you have to put them to test in real life. What am I doing now? I know now that I have what it takes to continue making money. I think I am capable trading many different systems, and these first years served to teach me about the market and how to trade (I only trade stocks at the moment). I am researching and building new systems to get to the next level. And the question that comes up is: what is the next level? Personally it would be to make around 4 times the money I do now, around $2000 per day, or $500.000 per year. That would be a great next level....... Thanks for the inputs, and I just wanted to give some feedback to the people who took their time to write here. I have read some posts on ET a couple of times after, but few times. I love the idea of this community, just that the place is so full of ego that it is hard to know what to trust, and who to listen to. But I found some persons and they probably know who they are... Good trading to you all! Comments etc is always welcome so just keep it coming...
My brother, If you asset is $1million and you are making little over $100K, that's around 10% return monthly for the hard work you are doing. Put your money in real state worldwide and brings you at least 15% return monthly in long run, that's what i did. For trading you need to make at least 10% higher than Bank rate, per today 17% compound.
Thanks for your comment. I am not talking about the $1million I had (which has turned into more money). I am invested in real estate, hedge funds etc, and the payoff there is different from the payoff trading. The trading I do, I do at a prop firm with about $30k at the firm. I traded these years to learn, and now I trade to make more money and because it is fun. My other investments is a different ballgame...