For all you self directed traders out there - can we get an idea of how long it took to become profitable and start making a good living, also what account size you started with, and lastly what market/s your focus is?? Thanks. __________________ Dan
Many, many threads on this subject already. You know trading doesnt always have to be approached from this angle neccessarily. I started trading as a hobby and it will remain a lifelong hobby. Fortunately its a profitable hobby but even if it wasnt I would still be doing it as it is the most fascinating subject I know of. If more people would go at it from this point of view it might take some pressure off. It takes a long time to get the hang of it and if your only worried about making a living at it you tend to try and rush things. Start trading as a hobby and if it turns profitable down the line, so much the better. If you get really good at it turn pro.
Everyone new trader keep asking how long it would take to become profitable, but they don't think about not making at all. Not every trader can be profitable. I think it usually takes 6 months to 1 year to break even or be profitable. It depends on your personality. And if you don't make money after the first year, I would suggest doing something else. Trading is not for everyone. They say that between 5% - 10% of the traders are successful. That is so true. Don't be scared to try. Trading is fun, but it can be a nightmare as well. good luck!
I bet among the 5-10% are so-so, the really successful is less than 1%. But do not discourage, keep learning. You can find some good ideas from experienced traders here at ET and especially learn from the Market itself. Mr. Market is your Master, do not argue with your Master.
Profitable from get go (1957). Nominal 10% a month. Initial capital 300 dollars plus 50% of weekly salary (135/week). Commissions equalled salary 3 years out(1960). I deem that making a living from trading since salary was secondary. From this point on all major purchases were from profits. Month's original percent profit was being compressed to a waeek by then. EOD data only using TA. All charts done by hand in pencil on brownlines. Today with the advent of copiers and PC's and new markets to trade in with new instruments makes building wealth much easier because of support services BUT ON THE OTHER HAND PROBABLY MAKES IT 5 TIMES HARDER BECAUSE BEGINNERS NEVER GET TO SEE THE MARKET NOR LEARN HOW IT WORKS. This severe trade off is why people constantly ask the questions of this thread. Most people, nowadays, will not make it to profitability simply because of the shortcuts they choose to take and because they cannot learn the value of money as a consequence of their unfortunate upbringing. Kind of a built in mean time to failure situation. Look up the 38 steps to whatever; it is really a nine step path that starts with profits from the get go. The comments above are "unbelievable" to 4 out of 5 persons. Let it go at that. You either "get it" or you don't.
At best, 50% of the active posters break even! No need for a poll, this is a fact. At best, 20% generate a net profit on here, that's being VERY generous. Just watch the attrition rate of posters! To answer the original question at large, 6 months-2 years to breakeven> to never! 95% on here are trading with under $100K. I dare someone to disagree with me.
So you are saying you took almost 2 years to get breakeven and you have well below 100K in the market. Probably you make month 6 out of 12 months of the year at this point. When do you estimate that you will be able to make a living?? I don't think you ever will.
Glad someone can read! Actually I have a multi million dollar Trust fund, and never really pay attention to my actual Trading P & L since I live off interest anyway. I just like the way the multi colors look like on my workstation. Have a nice life.
Its hard to argue how much are the successful day traders make these days. For me, I think someone who is making between: - 50K - 100K/yr is considered successful - but does it mean that they fall into the 5% successful day trader or - 100k - 500k/yr is very successful - also could mean that 1% is considered as the elite trader Anything below 50K/yr is considered average. what do you guys think?