Trading for a living.... how much years?

Discussion in 'Strategy Building' started by Whites, Dec 15, 2003.

  1. ozzie

    ozzie

    Heck, yes, you can win year after year!

    The author of "Pitbull," Marty Schwartz, appears very much to be a perennially winning trader. Click for a link to his autobiography:

    http://www.amazon.com/exec/obidos/t...103-1228182-0252634?v=glance&s=books&n=507846

    Certainly, by all appearances, Don Bright is a consistently winning trader, and he is one of the most active posters on Elite Trader

    Unless Jea Yu of Underdergroundtrader.com is a complete bald-faced liar, he comes up green very consistently. Check out his website for his daily daytrading results posted in near-realtime for all visitors to see.

    http://www.undergroundtrader.com

    It seems to me from my reading, and my limited experience and observations (I have only been at this game for going on three years) that a very rough rule of thumb is that 5 or more years of solid effort coupled with a decent aptitude, and above all, a LOVE of the "game," can start to produce a robust trader/investor who can adapt to all sorts of conditions thrown at him/her. (Certainly, mileage will vary.)

    It appears to me that becoming a hardy adaptable trader who can endure over the years involves a process very similar to becoming a doctor or lawyer or a damn good auto mechanic: there is no substitute for paying your dues! Ya gotta put in the hours!

    At the end of the thinly fictionalized "Reminiscences of a Stock Operator," the renowned book about the great trader Jesse Livermore, the main character asserts that it is not possible to beat the market consistently over the long haul (or something to that effect). With all due respect to this esteemed icon (and Livermore is indeed due the greatest respect), I say, "Hogwash!" Certainly one can beat the markets consistently year after year! Hell, Jesse Livermore could've left this earth a lifelong winner if he had merely socked away the first million he made in ultra-stable investments, such as well-chosen and well-managed income real estate, and NEVER AGAIN TOUCHED THAT MILLION in assets. It would've been "Game Over" right then and there. He would've locked in his lifetime win. As I understand it, the thrill of speculating did him in. (Correct me if I am wrong; I have yet to read the other Livermore-related books.)

    My 2.1 cents (2 cents, adjusted for inflation :)

    Ozzie
     
    #11     Jan 14, 2004