%% I use to be arrogant /know it all like he was, handle123,but good thing about blowing up an account;change is good. Well almost as arrogant i hardly ever insulted someone that had traded 10 years. NO offense intended; any offended,read it wrong.Thanks
It took me 3 months based on your logic. But then I lost $2K the next day. Consistent, month-over-month profitability is hard. It'll take me 2-3 years before I can say I'm consistent, though I'm leaning towards 6 months TBH.
There is a #4, you do #3 for so long then get it automated and it like not even trading where you really get bored and decide to start looking into #2, cause the huge problems in life is when you have to hire and work with employees, LOL. Just like most humans, don't know you have it real good and change it, from heaven to hell. Am getting tired of working/living in a cave. I seen plenty of guys inherit so much and they put aside so much dough each year to trade and after 30 years they go by what month they didn't bust out as way to see them getting better. Know one guy who got 2 million for his business and blew it all in markets in 4 years cause he started out doing 10 lots in ES thinking "how hard can this be". People tend to only see what they want to see, pina colada with tall blonde serving it on golf course. And after few years they have liver problems that is served by Hillary and golf course is a swamp, nice going Bill.
I see automation in the future. Currently I can do it just fine in person but there are limits to a human that machines don't have. I have some ideas on paper on how to do it. But need to see what programming can do first. I have a family member that works as a programmer. Was thinking of letting him in so he can do the programming grunt work. But after some thought I decided no. Prefer to keep the secrets inhouse for now. No one knows how I trade and I don't ever talk about it. It's the #1 rule of Fight Club.
Very very few risk management and signals I keep close to the vest, whereas the rest written in books, ET but you have to take what is in a book and add a twist. Like in my automation, I also included many systems written by other people, some old and some new, some are traded after huge drawdows and stops with different patterns of the new equity curve of those systems, and other systems that pretty much do breakeven after 10-25 years, they go into heavy sideways actions which I love the scalping action and that system is losing dough and looking for false breakouts. I didn't read the book or see the movie, but the fight for me was within my 2 ears, LOL.
@snowman80, @Handle123 make some great points. I'm a visual guy, so charts can say a lot. Today, they tried to buy the rumor, then sold the news: Regardless of what studies or indicators you use, there is one secret that is by far the single, most important thing I have learned from years at this stuff. There are also 1-2 related insights. I am happy to share next week. You'll say it's obvious, but especially if you're new - once you think about it and internalize it into your trading, you'll probably never look at markets the same way again...
I agree with Handle123. I know 3 people/traders personally I met about 5 years ago that loss +$300K trying to trade. One inherent money from family of $275k and lost it all buying systems, computers and different trading training and all sorts of stuff. You right they all started with like +5 contracts. But I do recall each was really thinking they would be very rich and very fast. It's best to achieve success slowly I belive.
if you figure it all out in 3 months and then blow up the next day, then you really didn't know how to trade. same goes for the so call professionals that made consistent money over the years and then blow up one day, they don't know how to trade either. sorry to break it to you.
I believe it's best to achieve success quickly rather than slowly. Kinda the old adage from mammoth hunting times, you know: It's better to be young, strong and intelligent than to be old, weak and dumb. Well. More or less. You can add lots of variants to this great principle of plain truth, my dear SimpleMeLike. Having said this, I do wish you some happy trading trails.