Yes indeed Surf - how much is it worth to you I started with shit (35K) - then proceeded to lose ~ 40% of that Back then - not now RN
Asking here is much like asking lottery winner was worth the risk of the price of ticket for many yr..? YES, of course!
When I started trading in the bond pit on the CBOT floor I was told by my mentor that if in one year I had half of my original capital stake remaining that I was lucky and should consider it a success. As I recall, I limped along for awhile until I learned to just survive. Once I learned how to just survive, then I started slowly building capital. It is just so easy to burn through capital trying to learn; especially on your own. Even with one-lot futures you can piss away $10K in just a few weeks messing around. Personally, I think it's a mistake to start out and force trades thinking that you are going to pay the bills and make a living out of it from day one. The best thing to do is to support yourself in other ways and learn with really small shares of stocks. That's not the way I did it, but I think it makes the most sense these days. Levering up and compounding success is the easy part.
Thanks everyone. First, let me say that I am not trolling here. I am sincerely interested in the truth about this subject so please no degenerate gambler type taunts of "what's it worth to you" etc--- This just hurts your cause and lowers my opinion of the business. Redneck-- did you have one lucky trade that re-funded your account to a substantial amount-- or is your success the result of the process? Did you trade with a prop firm? Any info you can share about your success would be appreciated. thanks! surf
Wow, this carries some heavy weight. thank you for weighing in, bone. As a seasoned, vetted market professional, hearing this from you casts doubt on all the others here you claim to do so. I know with all my contacts in the business, I never met a real successful stay at home day trader--- surf
Alpha, There are investors who are still around ( plenty of them) but I don't know of any stay at home traders still eeking out a living solely by day trading after 20 years. Another thing WHY BE A TRADER IF YOU ARE NOT MATERIALISTIC? In fact, i would argue that the market attracts the most materialistic folks on earth-- remember trader magazine? Thanks for being cordial-- but are you are stealth vendor of some sort? you have talent as a writer and know the party line cold--- surf
Well, I overstated my point in order to discourage the unrealistic. I'm sure they do exist - I would personally doubt in great numbers and I think the odds of doing it by yourself from scratch are very long indeed. Personally, I would give better odds to starting out swing trading very small share positions versus day trading. This way, you could keep a "real" job to pay the bills and give yourself a fighting chance to learn to survive first and then eventually profit. IMHO, day trading has execution slippage and systematic discipline (discretion) and automated turbulence working against the methodology for a newbie.
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well, all I have to say to this is WEBVAN and ETOYS--- Here's a list of monster funded companies that failed despite mad money--- https://www.cbinsights.com/blog/biggest-startup-failures/ I know its anecdotal, but I started a biz just our of college in 1990 for $15.00. never put a penny into it and earned several million over the next 15 years--- not bad for a one man part time /one day a week work operation. So this taught me that capital has nothing to do with it. Another example, my close friend TK launched a biz with $5000.00. -- He grossed $10 million in the second year. surf PS Don't get me wrong, I love the markets and trading. It's just not the place to get wealthy by day trading. Simple observation should tell you this, but the attraction is seductive to give it a try...
Really... I get paid solely on my performance - you want me to perform - it'll cost This business is only about making money One lucky trade - aka shooting for the fences - is piss poor risk management It was.., and continues to be via a very consistent..., and repetitive process I've never traded 1 cent of another's money..., nor have I ever traded for/ with anyone - other than me (nor would I) Info about my success; It took / takes concerted effort Hoping..., wishing..., bitching..., moaning.., making excuses - won't cut it It also takes keeping one's head low..., and not getting wrapped in one's own bullshit (or anyone else's) RN