Good Morning MrMuppet, I hope the OP read what you wrote about 50 times. Because this is the bottom line truth.
Sim trading does work in terms of what you described. However, one can do this better with using a small account and trading small. That learning is real learning because Sim trading will make traders feel differently (specifically in psychology) and they have to correct it later, which causes more harm/trouble than good (by saving a little real money). My belief is that if you don’t lose big money you won make big money. There’s no free/easy lunch of not losing or losing small but making big money. That’s a fantasy of most amateur traders including myself for so many years until I finally realized it.
And yet you could not be more wrong, we succeeded, but as I said in another thread, the world's money valuation approach produces these types of comments, the markets do not allow sustained triple digit profits beyond a few months, but when you value time you can generate those returns and retire for the rest of the year, watching people fumble around for 1-2% per month while truly believing their meager returns are 'sophisticated'
Good Morning alistera, Help me out please Questions for you please and some clarification so I understand your comments: 1. Are running intraday (all trades close by EOD) swing trading systems? 2. Are you running daily/weekly/monthly trading systems? 3. Which of the above systems are you referring to when you state this comment "the markets do not allow sustained triple digit profits beyond a few months," 4. Which of the above systems are you referring to when you state this comment "but when you value time you can generate those returns and retire for the rest of the year," Thank you
"1. You need 10+ years of experience to possibly cultivate an edge, if it happens at all." Fade the 3rd apex of wedges and micro-wedges on a 1 min NQ/MNQ chart, first 2-3 hours of RTH. They're all over the place. You'll be an expert in a month or two. There's your winning system, saving you 9 years and 10 months of "cultivating an edge". Not going to argue a fact. It's your problem if you don't listen.
%% Money in metals. And pecans. Janet says everything FDIC insured. Not the weather. Ask Frosty. Maybe Farm Bureau
That is approximately, the return of most successful hedge funds which is around 20% any given year. Of course, if you can put those numbers up on a consistent basis, even 1 or 2 years you are negative is offset when the returns are more than the average. Warren Buffet did not grow rich overnight. Most traders want to be rich overnight which is not a very realistic goal. Time doing the same consistent approach with a positive expectation, is what gives you the big returns.
Hello again, first of all thanks to all of you that took your time to reply to my thread. I never once thought this journey would be easy. I knew right off the bat that it would be extremely hard and experienced how hard it is several times. Ofcourse, I had/have no guidance, no mentor ( I don't even know how real mentors are found to be honest and why they would be willing to mentor someone in the first place unless the mentee is a relative or a really close friend, since it costs them their time= money and at the same time they do not owe you anything in the first place). Next, my former career, was in the shipping industry. I was working onboard vessels as an officer, so I spent a good portion of my adult life, onboard a ship. And yes, I hated it. I stopped doing it, with a few years worth of living expenses available. And this might be a contributing factor to my failure, among others, the lack of a stream of income. So, I started this pursuit (wouldnt call it a career since I didn't manage to be successful in it and earn a living through it), in hope of escaping the "hamster wheel". Coming from poverty, my goal was/is, to live a good life. Do I like trading besides the promise of money? Yes, I do. But, it brings the worst out of me hence the monetary results. Then when it comes to paper trading. I tried it. Did I do it methodically and well planned? No, I did not. I was/am way too calm when paper trading, losses do not affect me, price fluctuations do not affect me. I am a completely different person when trading live. Regarding statistics. My win percentage is 64.5% in 2600 trades, which means, well nothing. Over the course of 2.5 years my total loss amounts to approximately 3500 euro. These losses, were accumulated over the course of, 4 days. 2 days (1500 euro) while trading equities in Feb 2022 with IBKR (revenge traded the result) and the next was on this Monday and Tuesday (same pattern, same result). After reading through all your comments, I am probably destined to fail.
WHY ON EARTH DO YOU TRADE ANYTHING ELSE BUT FREIGHT RATES WHEN YOU HAVE A BACKGROUND IN SHIPPING?????? This is something I will never understand. People work in housing and construction yet they trade fking biotech instead of lumber or REITS. Why would you do that? Why do you think you can compete against someone who is trading a handful of equity names for 20 years? Do yourself a favor: Quit trading and get a job as a freight broker, freight trader or something similar. Learn the ropes there and then move ahead to trading your own account again. What you're doing right now is absolutely ridiculous and factoring in your situation in life the chances of success for you are basically zero
$3,500? I thought this would involve at least a few hundred thousand if not more. The loses can easily be recovered with a part time job or as a tax write off. Plenty of traders have taken losses that they would be lucky to ever back fill in their life time. Its how we come back from loses that defines traders, for some its a just a blip in the past on their way to getting better.