Why do you have to make this statement then?" but anyway, congrats, you should be the richest man in the world in a short time " You know that it is nonsense, so stop using that to ridiculize other people. I am not in the top 100 list, even not in the top 10,000 list. But I know that I make now in trading between 10-100 times more money then in my last job. So I don't care that I am not in the top XXX and that I am not a billionaire. I am only interested in living good and don't want to spent all my life to become a billionaire who never had a life, but had plenty of money.
You just confirmed that you need more brains. I wrote already before: Great minds discuss ideas; average minds discuss events; small minds (you) discuss people. Let me guess: you trade options as you have no money to trade futures. You also have no clue about futures but yet have an "expert" opinion about what is possible or not.
schweiz: your problem is not having too little brain, your problem is only using 1 % of yours. You should aim for at least 2 %, then it would be on par with the returns you make a year.. Hopefully. Someday when you come back to earth with your dreams of 100 % returns per year.. When I see such a claim I immediately spot fake, some wannabe trader who is still paper trading in moms basement and hoping for riches someday.. And the best part, a clown like you then giving advice to other people. Too funny.. You are as far from a great mind as...
I see these comparisons all the time between day traders and big hedge funds. "If hedge funds with geniuses only make 13%, how are you going to beat that?" People think that because Buffet only makes 20%, it's ludicrous to even imagine making more than that. It's a false comparison. Buffet is working with so much money, so he can't do the quick trades that smaller accounts can do. He can't go in and out of the market 3 times a day with billions of dollars. And he believes in buy and hold, he doesn't day trade, or trend trade. You can't compare buy and hold to using your buying power in multiple trades 100 times a month.
Risepoint1879 you can see that I mentioned that already. Yes I know, big guys have problems moving that much money and liquidity becomes a problem. But at what stage? I see it the other way around. Small fish thinks oh Buffet and big guys have billions so that is why they can only make 20 % which means I can make 100 % easily with my 100k. Well... I think most of the excuses are the other way around. Everybody thinking just because they have very small account making much higher % returns is easier, I do not think so. bid/ask spread, commissions, taxed, everything still applies. Can you be lucky and double your 1k, sure. But doing it consistently is another story. And guys here are talking about doing 5-7 % per month consistently.. I seriously doubt that.. That would mean having a massive edge and not luck if you can do it month after months and where does a scalability becomes a problem? At 100 million and up? Again doubt they move such quantity.. Only if one is trading penny stocks I think it becomes a problem way sooner, but someone telling me he is daytrading ES, you can move a lot of cars and make a killing and become a multi millionaire before you are limited by liquidity. And even then you can add correlated futures to get more exposure (NQ,..), add options etc etc.. Are there traders that make good returns years after years, beating Buffet, 100 %. But they are few and far between and not every other trader making such claims here on ET
Sorry for hijacking the thread. NO more comments regarding this. As for how much I lost before becoming consistently profitable, I hope I can answer you in a few years
Yes I know but we should not let our emotions (greed) guide us because then it is game over. When I started trading my aim was to replace my income so that I can retire early. My aim now should be to preserve my capital so that I can maintain my income. I don't want to triple my account in 1 month and then lose everything the next
Though most are not, some day traders are very successful. If you read back through all of schweiz's posts I think you will find sufficient evidence to give him (at the least) the benefit of the doubt. If a successful trader posts on ET but is unnecessarily bashed for the effort, the result is that trader will eventually withdraw from the site, in which case we who are not so successful are the losers for it.