How do u know u have made it in daytrading?

Discussion in 'Professional Trading' started by innovest_11, Nov 4, 2010.

  1. Have been trading for few years already, recent 2 months have been quite profitable for me in daytrading, but I seems not convinced, how many months/years of consistent big profit are needed to prove that you have succeeded in daytrading?pls comments
  2. Not how much money you've pockeded, but when you fully understand the market...
  3. You haven't "made it" until you quit and still have the money.

    There are tons of examples where traders did very well for years then blew it all in one bad patch.
  4. Yuk!
    I hate hearing that sort of thing.
    That says to me that there really is no edge and that people who make money are just lucky (and will lose if they play long enough) and we may aswell be all playing roulette.
    I hope not! lol
  5. Markets always humble those who think they "have made it".
  6. Rudyard Kipling


    If you can keep your head when all about you
    Are losing theirs and blaming it on you;
    If you can trust yourself when all men doubt you,
    But make allowance for their doubting too;
    If you can wait and not be tired by waiting,
    Or, being lied about, don't deal in lies,
    Or, being hated, don't give way to hating,
    And yet don't look too good, nor talk too wise;

    If you can dream - and not make dreams your master;
    If you can think - and not make thoughts your aim;
    If you can meet with triumph and disaster
    And treat those two imposters just the same;
    If you can bear to hear the truth you've spoken
    Twisted by knaves to make a trap for fools,
    Or watch the things you gave your life to broken,
    And stoop and build 'em up with wornout tools;

    If you can make one heap of all your winnings
    And risk it on one turn of pitch-and-toss,
    And lose, and start again at your beginnings

    And never breath a word about your loss;
    If you can force your heart and nerve and sinew
    To serve your turn long after they are gone,
    And so hold on when there is nothing in you
    Except the Will which says to them: "Hold on";

    If you can talk with crowds and keep your virtue,
    Or walk with kings - nor lose the common touch;
    If neither foes nor loving friends can hurt you;
    If all men count with you, but none too much;
    If you can fill the unforgiving minute
    With sixty seconds' worth of distance run -
    Yours is the Earth and everything that's in it,
    And - which is more - you'll be a Man my son!
  7. No, no. Traders are SUPPOSED to win... if they go about it the right way.

    And as for roulette... you might even be able to put the odds in your favor if you can gather enough data on a particular wheel.

    As for "edge", I believe there are only 2 real ones... both illegal.
  8. Yes, this is correct. There are many prop traders i know who have traded successfully for the last 7 years only to be flushed out of the game during these last 18 months, not due to big losses, but just an inability to pay for their bills anymore. Many are out of the game due to attrition.
  9. How do u know u have made it in [day]trading?

    When your results are consistently good and market dynamics does not make your stomach hurt.

    Author - "These Seven Trading (Investing) Secrets Will Explode Your Account: All I Know About Trading (Investing) I Learned in Flight School"
  10. What's up PM, unless you have a structural edge (even that doesn't last for ever), the true edge for us retails lies in our ability to adapt to the constant evolution of the markets. Think Darwinism.

    Good trading!
    #10     Nov 4, 2010