This is a big deal. If in hindsight you see you should have made a certain decision... it's not "that you got it wrong"... but more that "what would have been correct and why"?...you can apply that understanding the next and subsequent times you see it. The "why" is crucial...
I took a different path. 7 or 8 years ago, it clicked on me that trading was a mind game and I needed to get smarter to beat the market. So I had the idea to start pouring R&D in how to make myself smarter using psychology. I figured that during the system development state I needed to generate ideas. In my Research I figured out a method to "train" my mind to generate creative sparks at a higher rate then normal. Using these creative sparks would generate trading ideas at a high frequency. Then from these trading ideas would form the basis for my trading system. Now I'm trying to figure out a way to monetize my method of brain training so I can offer it to the masses. But problem is people are cheap if it's knowledge base. And I don't feel like writing a book.
Yep. 7 years ago I started a bunch of small thousand dollar accounts and kept on blowing up over and over. On the outside it look like insanity as it seem like I'm just throwing money away. But in secret I found that each time I blew up it caused me to develop out of the box trading ideas that I probably wouldn't have thought up if I didn't blow up. So I kept blowing up thousand dollar account over and over. Each time giving more insights on the market. However it probably was just fortunate circumstance. I was still in college. Why it works was that a thousand dollar was to me at the time a lot of money. Each thousand dollar failure was painful (to me). And it sparks my creativity. I highly doubt someone blowing up a $100,000 account would generate the same result. Or even $50,000. If failure lead to success. Then multiple failures can lead to higher success. That is why I understand now why in a lot of biography, people mention failure as a driving force for their eventual success. Therefore, that is why IMO I think people who come into trading with the mindset of being afraid to fail will usually end up not succeeding.
I don't really disagree with you, but I think there's surely some concealed "survivorship-bias" in this observation, too? (One doesn't hear much about all the ones who remained failures, after all.) I'm not quite convinced about the "therefore", but I agree with the observation, anyway.
This is ET...we all strive to be one of the rare survivors, and screw everyone else's well-being -- kind of like the rich people of the Titanic and the limited life rafts. In any collective grouping...many will fail and essentially die, or simply get nowhere. But who really cares...we all look out for mainly, exclusively...ourselves, Numero Uno.
Yeah, there was A LOT of luck involved looking back. That is why I wouldn't recommend daytrading or even trading to just anyone. There is no guarantee they would replicate my experience. Probably wouldn't imho. For example, there is only 2 or 3 trading related book that I would highly recommend. These books were ones that I read at the beginning. If I hadn't stumbled upon them I doubt I would have been able to develop a working trading system as the ideas from these books are the basis of how I trade. So I was lucky that I started out reading the "right" books because most trading books are garbage. If I had read the "wrong" books I'm not sure where I would be if I did. Like in chess, how well you can play in the end and middle game is largely dependent on how well you played at the opening. A bad opening can lead to bad middle and end game playing. But if you started out with a strong opening, then you have a fighting chance at winning. Which is why there is a lot of opening move tactics. I used to play chess. I don't anymore. It got boring once you figure out that the opening move was the most important part of the game because I didn't like memorizing a bunch of them.
It’s a community type of deal if you’re going down the road to become a salaried trader, you probably won’t get the job if you went to a state school. It also does help if you are among the Jewish community. Yes, you can become a profitable trader. I trade professionally everyday, although I’m clearly not on Forbes yet. The thing about trading is..... what separates you from the millions who’ve tried? The success rate for any retail trader isn’t 95% when factoring in actual trading, it’s closer to .001% Do you have the time and willingness to make nothing or lose money for 5-10 years while you filter out all of the “trading advice,” you’ll receive? If so, you’ll find your edge. If not, just stay in the market for the long term. (That is against my suggestion for the next three years.)
too young imho realistic is not the right word its possible, but how probable depends on many factors... still probability is low for anyone