How long did it take for you to be profitable in daytrading?

Discussion in 'Psychology' started by profitplay, May 30, 2006.

How long did it take for you to be profitable in daytrading?

  1. 1 month

    25 vote(s)
    7.6%
  2. 6 months

    50 vote(s)
    15.1%
  3. 1 year

    26 vote(s)
    7.9%
  4. 2 years

    22 vote(s)
    6.6%
  5. 3 years

    22 vote(s)
    6.6%
  6. 4 years

    11 vote(s)
    3.3%
  7. 5 years

    22 vote(s)
    6.6%
  8. 6 years

    5 vote(s)
    1.5%
  9. 7 years+

    21 vote(s)
    6.3%
  10. I am still working on becoming profitable

    127 vote(s)
    38.4%
  1. I started yesterday and I am still working on it.
    :D
     
    #91     Aug 3, 2006
  2. Rikelme

    Rikelme

    for me things went up, a few updates..
     
    #92     Aug 3, 2006
  3. pretty quick, i'm due to get whacked i think.:(
     
    #93     Aug 3, 2006
  4. Damn 55% of daytraders here are profitable after 5 years. Et is full of geniuses. Sdtrader is making 15000 a month profit from 10,000. Im too stupid to even know what percent that is anually. What ever that percent is it puts him in the category of greatest trader of all time. If he didnt pull out the money each month, he could probably be a billionare soon. All his friends make more than him which is scary.
     
    #94     Aug 4, 2006
  5. Rikelme

    Rikelme

    hey, I bough a call option of intell, strike price is 20, expiry end of aug. whar you think? it is a fundamental bet
     
    #95     Aug 5, 2006
  6. Joab

    Joab

    I'm of the opinion that one on is not "truly" profitable as a trader till one retires from trading.

    I've seen way to many people make millions only to lose it all back, wether that take 1 month or 10 years to get to that net result.

    The exceptions would be people that turn thier profits into other assets and KEEP the cash in those assets.
     
    #96     Aug 5, 2006
  7. Rikelme

    Rikelme

    Joab, I did not get it
     
    #97     Aug 6, 2006
  8. Joab

    Joab

    If a trader makes $1 everyday for a year but then loses $357 in a week is he a profitable trader ?
     
    #98     Aug 8, 2006
  9. The standard criteria for profitability (at the firm I'm at, at least) is to be able to net a minimum of 5K a month for 6 straight months. Usually there are enough small market cycles to flush out the guys who got lucky and the ones who can consistently put up these numbers are (usually) on their way to doing well.

     
    #99     Aug 8, 2006
  10. So when people say they were profitable after 6 months, does that mean that they made money on their 6th month(but your account is still down net) or that your account was up from where you started? Meaning you started with 5k, droped to 2k and by the 6th month you were back up and over 5k.
     
    #100     Aug 8, 2006