How much training is required before you can make CONSISTENT profits? (i.e. you can earn all you living by trading) In the Stock Market Wizards, Mark Cook said at least 5 years. How about yours?
At least five years? That seems rather excessive. If you are a daytrader and you haven't managed to achieve consistency after five years I think you should probably begin seriously considering that perhaps you aren't really cut out for it. I know that if I don't manage to do it within a year or two at the most I'll certainly consider myself to have failed at the endeavour. I can't imagine what there could possibly be that I failed to learn within that two year period that would suddenly catapult me into the trading elite were I to persist.
But as Mark Cook said, if you could survive in the market for few years, even you didn't achieve consistency, you still had chance to make it. Many guys wiped out in the first few weeks.
If you get into a good program, it would take you about 6 -12 months before you start making 400 - 500 a day consistently. I think the five year time frame was referred to longer term trading. Those guys took huge positions, not the several hundred or thousand share position a day trader will.
I have only been doing well for the last 2 months. I got the first of the Don Miller series in July and it helped me. I am now on my 3rd set of tapes. I reccommend them highly. However today I really stink at it C'est la vie!
Might I point out the fallacious logic of your statement, sir? If those guys were trading on a longer term and taking "huge" positions they would be far more likely to last less than five months, let alone five years.
What exactly do you mean by "training"? Do you mean working with a literal trainer of some sort, or are you including self-training? --Db