Is there anyone here who is self-taught, consistently profitable and confident of continued success?

Discussion in 'Trading' started by with interest, Apr 13, 2019.

  1. I think your numbers are reasonable. I have no plans to quit my job, however it would be nice to have that option in the future.
     
    #41     Apr 20, 2019
    comagnum likes this.
  2. I thought the most obvious first question to ask: it’s entirely relevant that others are successful in a field that I’m interested in entering. I’m unsure about your sports analogy(?). Unlike with sport which is well publicised, the success of retail traders isn’t obvious, so asking on a prominent trading forum seemed a low cost way to get some straight forward answers.
     
    #42     Apr 20, 2019
  3. Thanks sfwind, I agree with your points. I stated those fairly arbitrary 3 years / $50k figures as a filter, as I wasn’t so much interested in, for example, a new trader’s doubling of their $5,000 account in their first 6 months.
     
    #43     Apr 20, 2019
  4. You think luck not skill, and you’re confident of continued success? If so, then either you know you’re lucky or you’re being humble.
     
    #44     Apr 20, 2019
  5. schweiz

    schweiz

    If you are succesful in the market, you have no ego. The succes is proof of that. Ego destroys profitable trading.
     
    #45     Apr 20, 2019
    tomas262, yc47ib and themickey like this.
  6. volpri

    volpri

    Actually, the market has no idea if you are proud or humble so you can be either one it doesn’t matter. As long as your pride or your humility doesn’t affect your judgement and decision-making. Some of the most profitable traders are egotistical, narcissistic bastards and for that reason they win when others would have long ago given up.
     
    #46     Apr 20, 2019
  7. Stockolio

    Stockolio

    I think closed mindedness is a bigger obstacle to success then an ego, although an ego is sometimes a side effect of closed mindedness... Someone with a unhealthy amount of personal self esteem can still resonate to something even if it hits " home " per say, a closed minded person cannot resonate with anything that " threatens " ones view. I have frequently seen people feel challenged and even get angry over what was quite obvious in a specific debate. Closed minded people are more interested in proving themselves right than understanding reality, or the likely possible outcome of a situation

    You will meet some successful people in life with big ego's... You will rarely meet a self made successful closed minded person. From my readings on this specific subject, generally speaking the higher the EQ the more open minded you are, lower the EQ the more stubborn you are
     
    #47     Apr 20, 2019
    schweiz likes this.
  8. ironchef

    ironchef

    I have absolutely no confidence my success will continue.

    It is easy to mix up luck and skill:

    I started full time trading in 2010, betting with the market until 2019 and done well.

    Someone started full time trading in 2000, betting with the market until 2009 and lost his shirt.

    The only difference between us was time, not skill.
     
    #48     Apr 21, 2019
  9. schweiz

    schweiz

    That's exactly the main reason for failure. Big ego means avoid hurting your ego, so protect your pride at any price, adapt your judgement and decision-making.

    If your pride or your humility doesn’t affect your judgement and decision-making it means you have no ego.

    What the market thinks is irrelevant as only you have an impact on your ego.
     
    #49     Apr 21, 2019
  10. Andras

    Andras

    Majority of expert traders were self thought. I never attended a seminar or Forex class. The reason why you are asking this question is to determine whether you can make that same figure every years. You should understand that you can also lose that figure in a year. There is a formula to follow, find that formula and you are good to go.
     
    #50     Apr 21, 2019