Instead of holding a losing position and hope it will come back, successful traders have this thinking "What's wrong if I sell it for a loss and then come back later".
I have supported myself and helped out my mom & dad with trading. I still felt, even as I was making money that I don't produce anything, I just leech off the monetary system. One can hide behind the "we are liquidity providers so market needs us" argument for only so long. One third of the country's economy is from financial services. Keep that in mind as we are watching the current events unfold. When moving money around is more valued than producing real goods, there is a BIG problem.
YOU are wrong. Anyone can easily make a living off a $million+ account. Almost nobody may make a living off a $25k- account, while so many here at ET pretend to.
Ha! You don't need an edge, but, what you have to do is get in on the basic auction process....otherwise you are out on your own, and this will only end in tears. Buy support, sell resistance, buy the sellers, sell the buyers. Have your wits about you, think about your order management/strategy, eradicate risk to your best ability, and hey presto....you are trading. Happy days!
if the 25k is all money one has left then I agree otherwise I strongly differ. 5k with such an account size is very doable. I read another thread here with the guy who plays crude claiming he pays even rent from his results of trading. All straight from the hand to the mouth. Well, I wish him good luck but he will go bust thats for sure.
I do not agree with the first point. first even you have siginificant un-depletable capital, if you do not know how to use them to extract money from the market, you may do the reverse, keep flushing your money into the toliet. just like an army, if you are not a trained qualified general, even you own a powerful army, you may be defeated by a less powerful army, the only thing siginificant money can help you is: your psychology, nothing more than that. as for the second point. I do not agree with it either. everyone can make money in the market by luck, even an idiot, i once hit the wrong button, I mean sell, but i hit buy button, kind of odd, I made money on that wrong key in error. diffenriate a professional trader from ameatur is: professional trade full-time, they own lots of experience (so they can gut-feel) , they own knowledge and the skill, and the strong psychology, so they can make consistent results, just like a well experienced well trained general he can defeat a war after another. welath built upon knowlede, deligence, skill, educatuion, experience...
This thread is a waste. If you were actually making money trading you wouldn't be posting why others can't. You can't! What will be best for you is to report to a cubicle from 8-5 and become a yes man. Then you won't lose money, just your soul. Or you can report to your computer screen all day. Every career has a downside. I kept my job because it's actually more interesting than trading, pays 6 digits, has good benefits, and no matter what happens on any given day I still get paid. A while back I took 3 weeks off and traded full time, it's ok and I may be forced into doing it full time if my job goes under. However on balance I now prefer the 7-4 gig. Not everything in cubical land is worse than trading. Besides, my boss is cute and she likes me.