Trade for a living: Advice wanted...

Discussion in 'Psychology' started by vayu, Dec 22, 2008.

  1. vayu


    Hi All!

    I made my first trade in 1998.. It was not serious, I was just curious about... For the last ten years I traded from time to time, I had some profit and some losses, the biggest loss by the way was made when I hired a "professional advisor". The total result is close to zero (minus inflation).

    I had a small Internet business that generated a solid income for me, so I never considered trading as a serious income source.

    Unfortunately things have changed recently... Probably in the near future I will lose my business... and what's next? I used to be a free person. I am not sure if I can start another profitable business in the Internet, so trading seems to be the only suitable income source for me.

    I need at least 60K a year for a living and I have about 350K available for trading. So I have to make about 20% a year to cover my expensies and inflation.

    My question is quite simple: is it REALLY possible? I mean is it possible to make 20% in average from year to year during the _LONG_ time??

    I saw a lot of traders who had a good results but then lost a lot of money. Sometimes I think that the only way to be profitable is to sell advices to others ;).

    Does anybody have a positive experience??

    Thanks a lot!
  2. It's possible to average over a quarter mill/year from daytrading over a long period of time... averaging 100k/year is even more doable... IF YOU KNOW WHAT YOU ARE DOING. Those are the key words. The return you speak of is very achievable for skilled professionals.
  3. yes. doable.
  4. pneuma


    Just don't live on the profits you are making. Put about 60k in a cash account for your expenses over the year and trade the remainder - repeat at the start of the next year.

  5. I think it's absolutely possible. But whatever you do...make sure You know what you're doing!!

    * Don't follow the herd!!
    *When trading, do not go against a moving train (No matter how right you think you are,you will get crushed)
    *Don't get your trading edge from ET
    *Do your homework
    *Pay attention to Details
    *You've ran a business before, so run this like a business....NOT a hobby.
    *Understand the meaning of risk management, Gambling, and investing.
    *Have a strategy
    *Try not to turn a trade into an investment
    *Lastly, you don't have to trade everyday!! What you thought you could have made today, you can make more tomorrow if you take a detailed look at the market.

    I would advise you to start with only about 30k. That gives you the ability to daytrade stocks, and if you blow don't loose ur shirt.

    I wish all the luck in the world. I will root for you, and even keep you in prayer if needed.
  6. here I am the smartest person on ET

    and I still haven't been able to do it

    everything I tried failed :(

    someone CAN do it, but who and where :( :( :( :(

  7. A couple more things.

    *Know thyself!! (Keep your psychology in check)

    *You have an edge over most are relatively well capitalized!! That is more important than you may realize. So use it to your advantage.
  8. piece of cake........
  9. help me please :(
  10. nkhoi

    nkhoi Moderator

    it's because you always look down.:D
    #10     Dec 22, 2008