Probably some profitable status would be only short shelf-life. Q "How long did it take for you to be profitable in daytrading?" http://www.elitetrader.com/vb/poll.php?s=&action=showresults&pollid=2400 http://www.elitetrader.com/vb/showthread.php?threadid=70105 1 month 24 7.92% 6 months 47 15.51% 1 year 23 7.59% 2 years 21 6.93% 3 years 19 6.27% 4 years 11 3.63% 5 years 19 6.27% 6 years 5 1.65% 7 years+ 18 5.94% I am still working on becoming profitable 116 38.28% UQ
Oh yeah. .I forgot to mention.. It took me 3 years to get there. Thus, 11 stages per year. That means, it would take 1 month to complete one stage.
Nah. Well OK, the majority will run thru these stages over time. I have had two careers already each ten years in duration (boorrriing after a while) and I have certainly gone through some education and experience, I learned along time ago that I can learn from others and avoid their mistakes. I don't beliecve in destiny, which is what these stages represent. You can skip the majority of this kind of thing if you wish to be a student and then, do your job. Of course this does not maker one instantly profitable either. There is a curve, but we can come up it fast Good trading!
I first thought this thread was crap but actually seems fairly in tune with a traders progression after giving it a second looks. This is me: Year 1- Stage 1,2 straight to 37 skipping all inbetween Year 2- Back to stage 7-14 and give up Skip year 3 Year 4, 5- Stages 15-24 and give up again Skip year 6 Year 7, current year- Stages 19-21 Total earnings during the period Account size start- 7K After first 8 months- 205K...not a typo..205K End of year 2 account at 60K End of years 4-5 account at 40K Currently account flat at 40K. Good news is I'm still up. Bad news is I haven't been profitable in 6 years. However, I have stopped the bleeding. Round and round we go. Most important lesson learned: The only thing more expensive than education is lack of it. That, and confusing skill with dumb fucking luck. The journey continues!
The 38 rules can be, I suggest, condensed into one rule called fantasy & discovery. It operates for the amateur world of trading. First there is the fantasy of success or untold success and then there is the discovery that this fantasy is not reality. Thats the story for everyone or certainly most. The process may take months or years .. but thats it.
Q Yes, each stage would take a few months. 7 36.84% UQ Based on the above statistics, a worse scenario would be it could take about 10 years to reach the final stages. Not too bad, isn't it?