What % of traders were net profitable at your firm ? What years were this? Do you have any stats on traders who were net profitable and what their mbti classification was?
The ones day dreaming are those following you, Jack, and DB. Some of them have been at it for years and years and years....... a neverending dream (or rather, nightmare)! :eek:
What DB preaches is quite similar to classical TA used by people with verified returns, such as Vic Sperandeo. The other question is: DB in his "SLA-AMT" document makes it look "a little bit" easier than it really is.
Well it is more than "a little bit"......... when he talks of 80% WR and 10:1 RR...... then claiming credit for calls he never made....... it turns this into a joke and calls into question anyone who joins onto his bandwagon. That is why guys were hammering DB/ND last week. Some people just want some sense of authenticity in who they are dealing with............... When people feel they are being misled or lied to..... or that someone is making a mockery of what they work hard at..... that's when it turns into one of the classic ET witch hunts....... I think I need a vacation from ET.................. this place can drive me nuts sometimes...
That would be a true state IF and only IF TST combines had no time limits. When you place a 10 or 20-day limit with small loss to outsize profit ratio as a mandate for success, you now introduce market variance as a major factor. $50k balance and 5 contracts can lose -$999 any given day or -$1999 total while working towards +$3,501 mandate inside ten sessions. Let's use last week for an example. The ES chopped inside a 10-point range every single day for the first four sessions.. Mon thru Thu. On Friday it continued the same wedge chop until 11am est when it promptly fell out of bed. If trading ES, you had four days of nil profit opportunity and when into the first 90min prime time on Friday with same. Your only opportunity to make "consistent" gains was during one brief selloff stretch for one day. Meanwhile, the other four sessions prior have you hopelessly behind the $3,501 and 55% day win rate curves. ES is the problem? What else is there with consistent momentum? CL is a hot chopped mess more days than not. Friday was typical of late... 60-cent chop range all day. ** There is a reason TST combine graduates ebb & flow with market volatility. When volatility runs high, they announce this one and that one got funded. When volatility is low, crickets chirp. The minimum profit mandate in a brief period of time introduces the outside variance of high market volatility required to pass. It is a factor of timing, luck and random chance that your chosen market will be unusually active for many/most of your ten days to permit a chance to win.
IMO the issue with TST requirements is that realistic returns are not often that smooth. Even in businesses with much less variance of income it can be said to be true. Much more so in trading, unless one scalps with high frequency and is able to trade any market conditions with equal profitability. If they measured their DD's and profit targets say on a yearly basis, there would be more successful funded traders.
Not sure if ALL would be correct, but yes, for example many of the Market Wizards broke into the business with a bet-the-farm trade and simply got lucky.
Correct, some are funded by their own wealthy family, wife , self made money from business not trading related. The non previously wealthy have all made one or more extremely lucky trades at the start.