Here in Europe we say: "One doesn't talk about money. One has it." And it really doesn't matter what amount. I don't gamble with prop shop leverage of 100 or so, and it's enough for a decent living.
Worst mistakes, big hedge into Oil at the wrong time. Most recently, the FDX and APPL hiccup. Work by myself, use industry tools to find prospects and test out my theories. I cannot tell you how diversification is so important. At one point, I had over 22% in energy. I stayed in long enough to make my money back, even though people thought I was crazy. I would say tech and oil are and always will be risky. Chasing trends can eventually lead you into a brick wall. Never have more than 5% of your portfolio in one sector or stock. Some people I've talked to over the years have said as little as three. It really depends on how big your portfolio is. I started out on only four or five stocks. I now have a portfolio manging around 34 stocks, 10 options, and some futures. While I know this is not easy for everyone, I take the system as a game. If things just get too hectic, I jump on the sidelines and take a breather. Not even the best trader/investor can win all of the time. Considering what I started out with and never added another dime, my growth has been fairly good. Stops placed in good positions also have helped over the last few weeks. Sometimes, on really volatile stocks, making only a few hundred on it is not such a bad thing. There had been stocks where I was up four or five hundred dollars and I did not take any profits. Then some big players or insiders sold some stock or position, and I was then in negative territory. Greed, in my opinion, is the thing that can kill you. I know some people would not agree with my following statement, but if I am up as much as 5% in a stock, I raise my stop loss to protect my original investment and a little profit. This has helped in the recent down turns in CC, SHLD, JST, CHL, and many others. It may be a little too conservative, but a little of something is better than a lot of nothing.
these single guys in nyc or new jersey got to be be paying 60k or more 200k or income. for one many are in offices and have no expenses plus most are single with no overhead and few writeoffs plus the 10 or 11% new state and local tax.
Europe is so diverse that there is no such thing as "here in Europe WE SAY..." Nevertheless, if you are happy with the $$$$ made then I am happy. However, I was under the impression that being secretive about how much one makes was ... rather American and so un european.
through hard work and the willingness to forgo outside issues outside of trading .... I made 4000 % on my main trading acct in 2006 ... but was up over 5000 % until I started to wilt under the pressures outside of trading that I tried to supress in 2006 these issues will need to be addressed by me in early 2007 during which you will probably not see me on ET posting that frequently if at all I urge others to find time to address the "quality of life" issues and other "realities of life" and give back to the world in some way as life is too short ( note this last comment will probably be ignored by those on ET under 25 who have a goal in life to be the next trader monthly superstar ) happy 2007 to all ps ... do not think that I do this yearly .. in fact I have not had a yr like this since 2000 and edges and markets change as we know
Well, I managed to lose more this year than I made last year!!! Lost $8,000 which is not much have been in the hole since, 2000 with the only positive year in 2005 with a positive $5,000. Have been trying to learn as much as I can in all this time. Good luck to everyone in 2007. Hopefully, it will be a good year for everyone including me.