Although I am not sure, I heard that his father was a rich congressman so that his initial seed was a lot more than ordinary people. But born in rich is not important matter here, but compounding is main issue. From 20 with 1M, it takes 50 years to make 9100M, AS LONG AS HE KEEPS ANNUAL 20%. [Quiz] Reversely, someone made 1M for the last 20 years, what is initial seed amount 20 years ago, if we assume 20% annually?
Overall, most traders are losing traders for whatever reasons (e.g. lack of discipline, cost of trading too expensive, no trading plan or poor trading plan, trading the wrong trading instruments or whatever reason you've seen at this forum where someone actually admitted what's causing them problems). Therefore, the above is part of the answer you seek. Fix the above...you'll have winning streaks and hopefully they are big enough to compensate for flaws that show up in our trading here and there.
Ok. So your approach will be more about getting enough big winning streaks to cover the losing one, And impossible to have a 100 days winning streak.
I used a software : around 30,000. Could it be that Buffet added capital on the way? I mean if his family saw he was doing well, they would certaily keep adding money for each good performanes.
Thanks for this : I now understand better why he is quoted as saying "the key is not to lose money". Makes sense.
Also 20% a year : less than 2% a month less than 0.5% a week less than 0.1% per day over 200 trading days!!! now for those who trade 2 trading periods a day: less than 0.05% per trading period Damn!!!
Its not so much about having bigger winning streaks than the losing streaks (e.g. 6 consecutive winning days versus 3 consecutive losing days) because a trader can be a consistently profitable trader even if for example 50 winning days and 50 losing days. Thus, the real issue is what happened in those 50 winning days versus what happened in those 50 losing days. I know you're into the psychological aspects of trading. So am I...its an enormous issue for me and I believe the key to trading success or that final puzzle that puts everything together...giving us the clarity we need to perform successfully consistently...its the psychology of trading. We must know ourselves as a person and know how that person interacts with the markets especially as the markets change multiple times each year...a back n forth relationship between the person and the market. If we can gain that clarity in our trading, winning streaks occur more often than not. Its a reason why I monitor the behavior of other traders around me at forums and in person. I can see what's holding them back or sabotaging their trading and most of the time it has nothing to do with their trade strategy. These observations are key for me as a person and for my own trading. A classic example is when the traditional trader hits a losing streak, they tend put energy and time into tweaking their trade strategy. In contrast, I would rather put my energy and time into tweaking my persona as it interacts with the markets. I want to know what has changed in my relationship with the markets to cause a losing streak. Anyways, my point is that its impossible for 100 days the way the OP described because the mind is just not capable of such when we factor in the conditions in the market with the persons life doesn't line up for such to happen. Therefore, its more about the psychology of such than the trade strategy...for me personally. In contrast, if we change those numbers to like 5 consecutive profitable trading days on any type of profit...the mind can manage that much easier than 100 consecutive profitable trading days of 3% on each day. Than if we can consistent have those 5 trading days...it opens the door for possible 10 consecutive profitable trading days and so on until our mind reaches a threshold that can not be bypass. Thus, we need to train our mind for small steps like 5 consecutive profitable trading days or whatever small number that specific trader can mentally manage, that right there gives us a mental edge to be able to increase that number in the future. Simply, had the OP discussed his past trading results and typical winning streak and losing streak along with what happened in each streak...my opinion may have change but only just for him and not for anyone else.
Ok so basically, it would be about starting from say 5 winning streak days at 3%, and then working out how to increase the length of the winning streak. This makes sense : even losing strategies have winning streak days, and many winning strategies are traded with losing streak days. Also, out of curiosity : do you trade a mechanical trading system or are you into discretionary trading? I assume you are not in algo trading.