Your post is a very pessimistic: 'the glass is 99.99% empty'. With that attitude you are doomed before you even start. My attitude is always if 1000s of other traders in the world can be successful then so can i. Ive never compared myself with losers and thought 'im the one who is different'.
the truth is few make it. i've been full time trading longer than most on this board and out of at least 100 people i brought in or became friends with outside me none are left. my good friend a trader of 10 years just left for a regular job after doing terrible the last 3 years. i've read only 5% make it and i have no idea if it's real or not. all i know is the #'s i've witnessed look ugly. the problem is people over time with families can't overcome the frieight of 100k a year living expenses. so if one can make 80k in a job and get health ins and a 401 k and invest there money they're much better off. i'd day to make day trading worth while you must make 150-200k a year
Great point. I'm single, work a night job, and after almost 3 years (of night and day working at it) I'm beginning to be fairly consistent with my trading. I "knew" what I was letting myself in for, so all of those constraints that someone who is "coupled" faces (the hopes, dreams and goals of somone else, as well as the financial obligations of having a child) were purposely never a factor for me. Jimmy
I personally know a guy that was making about 40k per year as a day trader of T-Bonds. However, about 4 years ago he got married and started a family (wife, 2yr. old twins and a 3 yr. old toddler)... Mortgage, car payment, private medical and dental insurance et cetera... He was forced to give up day trading and get a job that had medical, dental, 401k, day care and a few other perks. My point...if a trader has a family and want to be able to afford the basic needs for his/her family... 40k per year is not good enough unless your single and have no/very little debts. That brings up another thread of the past that got very little attention (a few replies)... Do traders that are single have a better chance at trading for a living in comparison to a trader that has a family??? Mark
Mark, I am one of those traders that have done both. However I find it hard to not have a full time job and split the trading duties with Wifey. Your point is well taken and I believe that I have overlooked this for the many traders here that have different life circumstances. I have found the freedom to concentrate on trying to take what the market gives rather than my own needs. In this quest for efficiency I base the possibilities on the instruments themselves as the market has no idea of my condition or needs. I believe this quest will allow the money to arrive for me...we shall see.. My first love is trading and I really would like to return to it full time. Michael B. Do traders that are single have a better chance at trading for a living in comparison to a trader that has a family???
Being single when a trader starts his game would probably be the optimal situation until they have developed a profitable method. Also, starting young with no debts and very low monthly expenses would be optimal from a psychology stand point - not as much pressure to NEED funds from the trading account monthly. The main problem with discretionary trading is that a persons emotional maturity level is in direct correlation to their trading performance - that is a problem for 95% or more. Hey, they say the truth makes for the best jokes....LOL! The other problem is ego imo - how many traders are unwilling to look at automated methods based on mechanical concepts. Why, because they JUST HAVE TO figure out how to trade discretionary on their own.....damnit!!! If I can't figure out how to trade discretionary then I must be stupid syndrome --- as Sponge Bob would say, "Well good luck with that!" Traders need to have more of an open mind as to all the types and forms of trading that are possible - spend more time in the beginning on research, concepts, and methods. Spend less time just shooting from the hip in the live markets with your own real money - be patient and be diligent.....that would be my advice.
I am single and living at home with parentâs to keep costs down. I have been at this for 3 years and although most around me wonder what on earth I am doing wasting my time I have decided to keep going until I either run out of funds or passion to succeed. I am not pessimistic It is juts that I have had a tough 3 months just after I was making some consistent green and it has really got to me that I am a few months behind where I wanted to be a few months ago. The most frustrating thing is that I am actually a good trader but I am in that horrible hole of low confidence. I know how and have done it before but am suffering from a lack of confidence. I do not need new methods or secret indicator I have everything I need except confidence seems to have left me temporarily. Indecently I am glad I started full time trading so young was 22 when I started. Hopefully by early 30's will have 10 years market exp intraday which is a lot and then I can really master this.
Trading for profit a fools game? You learned something very valuable. Your question: "that one can actually make money consistently trading?" should be replied to with YES. It will take much more work than gullible easy-goers ever can dream of.
Hi Mark; Problem with this story is that the median household income in US is 44K. http://www.census.gov/hhes/www/income/income04/statemhi.html While I agree that 40K (or so) isn't "good enough", giving up a profitable trading career (median houshold income) just because one has a family isn't very sensible, imo. This trader had the opportunity to up his income multiple ways, but instead chose to accept a conventional route, and for only 10K plus/minus in "perks"... It's likely this trader already had a mortgage (or rent), a car payment, and insurance while he was single, yes?... His departure wasn't about his family, it was about his beliefs of trading. Osorico
The high percentage of failure (90 %, 95 %, ?) should be the viewed as the best possible news for PROFITABLE traders .