I just started trading in Jan 2009, and I did the typical thing: Started trading with no strategy or idea of what I was doing, made like $10K then lost $25K. In March, I decided to get serious, so I stopped trading and read about 20 books on TA, developed my own strategy, backtested it, and studied the charts everyday up until August. I just started trading again, but I'm running into other problems (such as, setting my stops to low, moving my stops up to quickly & getting whipsawed, etc). I have lost about $2500 over the last month of trading, some days I make $1k, then I lose $600 2 days in a row from stupid mistakes. So my question is (& I'm fully aware that it varies per person): What amount of money did you lose until you became profitable ? How long did it take you to become profitable ? I'm just curious what others have experienced. Thanks
I started out trading treasury bonds. Never lost at that. When I started daytrading, I lost 100 bucks at the start and then started making it back. I traded with a firm that had free trades. I would trade a single share until I figured out the best strategy that I ever had. Great way to start. All newbies could use a firm like that.
still losing overall... I'll let you know when I'm making money though. :eek: Actually I'm back to about flat to slightly positive from where I started (14-15 months). But for the work, I could have been in a growth fund since March and done great compared to my results.
The amount one loses (must lose before changing) is in direct correlation to how egotistical, closed minded and stubborn one is IMHO of course eta - took me 18 months of hell (fought myself the whole way- yee ha) RN
I've been a full time trader since the 70's and I still pay too much and sell too cheap. I'm better than an ATM. Seriously, until you've been in the business for 5 years, in bull and bear markets, you don't know if you'll make it. 5 years is the litmus test, but then again, I know 30 year traders that went belly up last year. You're only as good as your last trade. Jeff
Assuming "profitable" to mean now profitable on a lifetime basis (not just "last 2 months") and assuming "profitable" means "don't have to work" The answer is, 95%+ of traders never reach this. But if you meant this for "paper traders" then there are lots here.
Another pussy ass comment by traderzones. You seem to know a lot of the 95% that don't make it. If you make trading your career, and work hard, you will make money. Go in everyday being defensive, and utilizing aggressive selectivity and you will make money. I had to go through a big drawdown through Jun-Sep, but all the sudden I became profitable. Sometimes you will need a 25-50k drawdown, if you are starting at your size, to develop a proper trading strategy/edge. GL. Don't listen to losers like traderzones.
I made a lot of money when I first started trading. I had the Midas touch. I cleared about 250k in profits in my first 18 months. Then reality struck. I have about 100k of it back the next year and another 75k in other failed investments. I did buy a sweet car though. Then I rolled hard again. I made about 180k in 6 months and I burned through more than 60 percent of it again. I always made more than I lost but was never able to keep it all. Such is the life of a newb.
TRADERZONES speaks the truth , so most losers here refuse to accept the fact... the fact is there is as much wishful delusional thinking as you will find at any blackjack table or racetrack anywhere in the worls