on the money, I think you missed the gist of the thread. I said if you put the work in and didn't approach it like a moron, it was easy. Of course I haven't put the work in yet. So in a year or two, when I start trading, I will definitely post my results for you.
I did not misunderstand anything. You simply know nothing about trading. Even if you "put the work in", and you approach it as intelligently as you can, it is still not what you think. You are the same as the Monday morning quarterback, or the armchair general who has never been in the military. You are blowing hot air.
To explain it better to the OP and others reading. A mistake most newbies make when entering the arena is believing they have to figure out a way to beat the big boys. They consider the big boys their competition. In reality your competition is guys just like you, the newbies. Those are the ones you have to beat. And how do you beat them? By doing the exact opposite of whatever you think you should do from the start. The issue with this is that even if you are able to do the opposite everytime, how can you do it for a long period of time, if through it all you know deep down you don't know what you are doing?....it becomes impossible to hold on to your profits because of lack of experience. That's why it takes it takes so long to be consistantly profitable in this business. As JJ infered, achieving profitability trading stocks will be much easier than trading futures based on the higher number of professional traders in the futures markets.. .
We cannot accurately nor come close to forcasting how long it takes someone else to be able to trade profitably nor understand the market based upon our own personal experiences. There are just too many factors involved that separates one trader from another trader... I'll name a few out of many more I don't have time to mention. * Trading System * Trading Equipement * Capitalization * Discipline * Trading Instrument being Traded * Education Material * Trading Enviroment (home or office) * Screen Time Simply, next time someone ask YOU how long it takes to become profitable and/or understand the markets. Just tell them how long it took you along with telling them it could take them less time or longer time. Myself, I studied the markets for several years prior to getting to the point of saying I understand the price action. It's during such time I became properly capitalized. Next, it took a few more years to develop my trading plan. Then it took about 1 year to become a profitable trader (enough money to pay the bills and continue with the hopes of trading for a living)... Took another year to see my trading income equal the income (trading for a living) I had at my prior job. It would be very misleading for me to say it takes about 1 year to become a profitable trader. However, I started as a teenager when I was learning how to understand the price action and I took my time because I had no pressure what so ever. Therefore, I cannot guess how long it will take someone else... To get it. Mark
Most beginners would have a better chance if they began on the assumption that at least 5 or 6 out of every 10 trades are going to be losers ... then take a good long hard look at price and money management until they can figure out how to turn a profit whilst accomdating this assumption.
After 10 months I was in deep loss, then two further months (after 12 months) I had a profit (I call that accidental). Then followed 3 years of back-to-back losses. Glad I didnt quit. I have more than justified all the initial investment of money and effort.
Quote from Specterx: I don't think it will take that much time. Clueless Multiple years definitely seems excessive Clueless I've been participating in the market for about 6 months, of which 2-3 months could be described as active trading, and now it seems like I'm at the break-even point. Wrong, o Neophyte If you know you want to trade intraday, and you've already discovered the resources on ET and elsewhere, you're about where I was 3 months ago. Clueless? 6 months ago I was at zero, I thought I was hot shit because I bought into a bunch of funds during the August dip (entirely by chance) and my account went up 10% in a month... gave it all back of course before I'd liquidated everything. It hasn't been all that long but I've personally come a very long way. Apparently, you have made no progress since 6 months ago. I'm optimistic that the next few months weeks/months will net some good results for me, hopefully so I can certify myself as profitable. Clueless I also think that there's not much value in paper trading Very clueless. If you cannot make money on paper first for a LONG time, then you will NEVER be very profitable longterm. One of the main problems is, that people blow out their accounts because they greatly underestimate the incredible difficulty of becoming a regularly profitable trader. You are years away. getting used to the emotions of having money on the line is the biggest step, and you can't get that by paper trading. True, but preservation of trading capital comes first. Working out your "emotions" with money when you have only been trading 6 months is foolish. It is highly unlikely that most traders are even truly profitable on paper yet. Cart. Horse. Get profitable on paper for awhile. Then trade small to master some of the psychology. IF still regularly profitable, then start trading larger amounts, but still, stay within good risk metrics. cvds16 You are incredibly naive You are SO correct.
Quote from Optionpro007: In reality your competition is guys just like you, the newbies. Those are the ones you have to beat. And how do you beat them? By doing the exact opposite of whatever you think you should do from the start. This ranks as one of the truly useless statements. Opposite? So if someone tries to learn, they should do the opposite? If they try to find a good broker, they should find a bad one? If they study/ask for reading recommendations and good tips, they should strike out on their own and solicit bad tips? Etc. Etc.