Seek advice from SUCCESSFUL/PROFITABLE traders

Discussion in 'Professional Trading' started by BPtrader, Jan 12, 2009.

  1. I plan to start trading after reading a few trading books. But I really need some advice from REAL people.

    If you are a SUCCESSFUL/PROFITABLE trader, please throw me some bits of advice, any advice will be appreciated.

    I am especially interested the number of years you took to become successful/profitable, because it will give me an idea of how much time I should be prepared to spend.

  2. promagma


  3. Euler


    Please also keep in mind that there is no defined schedule under which people "become profitable" -- it seems that the vast majority never do, and a large portion of the remainder get a taste of what they think is success due to the random nature of the market itself, then spend months to years trying to regain something that was never really there in the first place.

    There is no equivalent to medical/dental/law school in the trading world. There are organizations/individuals that "educate" people for fees (often into the thousands), but most people who complete such programs seem no better off when they started, so caveat emptor extremus. :D

    In my opinion, go in if you can do so with an attitude of high curiosity and low expectations. Otherwise, you're just wasting time/money/emotions, which to a certain degree is unavoidable even under the best of circumstances.
  4. lindq


    Be prepared to spend as much time educating yourself for trading, as you would with any other profession.

    A few years, and thousands of hours of screen time should start to get you close, IF you have the discipline and the assets to survive the steep learning curve.

  5. When you go within, you will never be without.
  6. Loki


    SUCCESSFUL/PROFITABLE traders do not give advices, they are busy making money....

    ...and who is not able to make money gives advices.

  7. Actually there is a point in trading, that when you get there it is actually boring making the money and you find yourself no longer busy like in the beginning.
  8. Loki


    If making money is making $ 10.000 x year I agree with you, but if making money is $ 1.000.000 or more and some traders do make that kind of money, rest assured they spend their free time with some hot women and they are not bored...whatever they do they are not here giving advices.
  9. veggen


    Also important is the ability to believe in yourselve, that you will make it, no matter what. Do not give up!

    The funny thing is, the more you learn about the market - the more you understand how little you know. This might be a scary thing to realize, because you will realize this at one point or another.

    But remember this, you only need 1 little edge to beet the market, one tiny edge and you have the 1. ingridient to succed. But do not be fooled and think this is the only ingridient nessecary. In fact, it is probably not even the most important one. You will soon find the real battle happening inside your head.

    To mention a bit about this edge you need. Do not EVER think there is only 1 way to Rome. People have found the edge in the strangest thing, things most people would not even think about. Be curious, search around in threads. Do not fall in love with the first strategy you come across. Explore different ones, and find what suits you best. Things to consider might be: discretionary trading, mechanical? How many R/T a day? Is accuracy most important, or R:R? Would you like swing trading, scalping? And so on.... Try different things, and do not settle with the first.
    - A tip here: Ignore posts around the net stating things like "PA is bullshit", "indicators are liars", and so on.. People saying this believe they have found the one and only way, never bee this pathetic.

    Remember, you are about to start a long and lonely road, with its ups and its downs. Most downs in the beginning
    But never loose faith, do not let all the people around the net who have given up, drag you down. Because they will try.

    One last thing to mention. As I said earlier, the more you learn the more you will realize how much there is to learn. But do not try to grasp the whole apple at ones. Foucus and master one thing at the time, and you will sooner or later start seeing some light at the end of the tunnel!

    PS: I am slowly starting to see this light , and its a pretty sight! Ohh wait..... Naw, never mind, it was only the stearing lights of a moped. Damnit!!

    Good luck to you.

    #10     Jan 14, 2009