How long did it take for you to become successfull at trading?

Discussion in 'Trading' started by Dominic, Feb 19, 2006.

  1. Dominic


    I have been trading full time for almost 6 years and really haven't started becoming "successful" in my trading until the last year. I trade equities and have a very very very small trading account compared to others here. I started out with $6K in 2000 and trade the minimum PDT rule with approx $25K in account. I haven't been able to compound my account because I pull approx $6K out each month for bills, so I make a good % return, but my account doesn't grow due to overhead (bills). I don't trade a computer program; I mainly daytrade certain stocks and close flat each night.

    How long did it take you to become successful at trading; How much did you start out with; What type of training, etc. What where some of the lessons that helped push you over to the top? I heard from a couple millionaire traders when I first started tell me that it would take me approx 5 years to turn the corner; how wrong I thought they where, yet how right they turned out to be.

    With someone with 5 years under their belt and a small trading account, is there more money to be made on the equities, futs, or forex?
  2. I trade a small amount of my total equity.

    I trade Retail Spot Forex.

    I learned to think in one year yields. Do you realize that all you need to a make is 0.09% per day to make a 30% yield per year (retail spot forex pays me 365 days per year) ?

    Fortunately, I found a marketmaker that allows me to trade in one-unit increments (not minis or lots) and I can "dial in" a very small amount of leverage. It doesn't take much to bank an average of 0.09% per day.

    Michael B.
  3. Dominic


    Do you trade fulltime? How long did it take you to handle or become successful at trading Forex? I assume you must have knowledge in computer language or programming because thats probably what signals an entry for you?
  4. Dominic,

    I trade full-time (but I have another job too). I invested in Equities in my early years with moderate success, then I traded Futures after that for a few years, again with moderate success.

    It was not until July of 2004 when I opened up my Retail Spot Forex account that some lights came on. I got a margin call though within a few months. I then learned to lower my expectations.

    The last 91 days have been the most measurable and consistent days of focusing on my system and keeping auditable records. I am a system trader and have added a discretionary component. All my trading is manual, and could not be replaced with automation.

    Michael B.

  5. He receives a secret code embedded in the classified ads of the New York Times. The rest of us here have divided into teams to try to find the ad and break the secret code.

    Perhaps you would like to join us.

  6. You will never be able to reverse-engineer it baby...I write the signals...

  7. gkishot


    And the name of the game is 'Apprentice' and the winner is going to work for Donald Trump.
  8. My team will never give up:cool:
  9. steve...with all your talent/money why would you want my crap :) You could make on the ES in one day, what it takes me a year to do...

  10. Surely you must know i am kidding.:D

    Now if you will excuse me I have to go send a coded message to my team members. Where the hell did I leave that decoder ring?

    Oh yes here it is next to my cereal box

    #10     Feb 19, 2006