At least we've moved on from "1% a month is a heroic achievement of immense and near-superhuman skill" lol
I think believing in a human centric God in a universe as large as ours is outrageously silly. Am I right just because I believe its silly? That's what you are stating when you say that 1%/day is impossible. It may not be common but it certainly isn't impossible.
So your advice is - forget process, skills, ability, patience etc; etc;.....just put yourself in the right place in the right time, shoot for the moon recognize that if it works it was largely down to luck and that the real skill is in recognizing that and then exiting while you can? there is certainly some value in those words.
So much energy expended on such a subjective question. The answer is simple. A good trader is consistently profitable, affording a comfortable standard of living on "their Trading Profits alone". A great trader in addition to the above, achieves or surpasses his goals and expectations CONSISTENTLY, year after year, not just the past few weeks or months. [and grows] A good ET trader, talks of millions, while trading sim. A great ET trader, makes calls but doesn't take a position. Then re-posts only those which eventually go that direction. Ignoring, the losers or the deep draw downs which would have cancelled the trade if cash were on the line and Stops activated, regardless if fixed or discretionary.
That isn't really what I meant. I am only suggesting that this minimalist approach over the long run won't work. You need to be shooting for the 500%+ in a year for a short period of time and than moving on to a longer term approach to money making in the markets. Grinding it out at 1%/month on a smaller account day after day, trading, dooms one to failure. If you're seeking those kinds of low numbers, you should be investing, not trading.
it was a bit tongue in cheek But there is value in it - make it or go bust trying, better than slowly bleeding for many especially if they learn nothing. Sort of ironic that you really have to be a 'great' trader with small amounts of money but can get away with being an 'ok' trader with larger amounts.
"You need to be shooting for the 500%+ in a year for a short period of time and than moving on to a longer term approach to money making in the markets. " this advise is in the running, early in the year, for an award as the worst of the year. get a job and built up some capital.
This 500% a year (or even "only" 50% a year) stuff is really silly. As zdreg said, if a low account value is a problem, then one can build it from one's savings.