The true test of being a profitable trader is to be able to write your own systems and as each one fails find a new one. I separate these three duties and apply them...but a CONSISTENTLY NET PROFITABLE trader need to SEE all three imho.... or he needs a lot of money. SEE System Development Experience Execution ElectricSavant My prayer. Oh Lord thank you for my salvation. Thank you for allowing me to trade currencies and be profitable for a while. Please do not let me grow lazy and give me the wisdom to search now for the next system in preparation for what you have for me. I know you will not test me beyond my capabilities, I just pray that I hear you when the time comes. Praise you and I rejoice in the knowledge that I mattered enough to you that you gave your only begotten son to die for me on the cross...bearing my sins which allow me to humbly stand before you. I pray that my walk with you and my testimony to others would be the seeds you want to plant and I could be used for your work. Glory to the Lord Jesus Christ, Hallelujah and Amen
Hi Osorico, Thanks for the stats especially since I thought the number was around 48k for the average median household income. By the way, I'm curious, do you have a family??? I do and so do most of my personal trading pals (institutional traders, retail home-based traders et cetera)... (a few years ago most of my trading pals were single) Don't underestimate the impact that a spouse has on the household decisions regardless if your a trader or have a non-trading related job The job he took was 72k per year and not an equal job via comparing to his 40k per year when he was single and spending most of the money he made (a party guy). Also, he lived prior in an apartment, owned a small two passenger car (it was payed off) et cetera. My point with the comment about the spouse is this and in no way am I saying that all single guys have such happen to them when they get married... He got married and spouse saids its time to move out of the apartment and get a house (her hint that its time to start a family). Spouse than saids the two person car is no longer suitable because where will the kids go...they get a bigger car. He now has a car payment (he hadn't had one in over 7 years) and has a house mortgage (completely new finanical situation). Next...soon after...she begins baking and I'm not talking about the oven in the kitchen. Then in three years he has three kids...kind'uv spooky a little for him especially since he's no longer staying up late with the buddies at some house party. Further, he now regrets not compounding his trading income while he was single (party guy). Simply, his departure was all about his family and the woman is gorgeous (tough to say no too). The only way I can see him returning to trading if spouse grants him permission. I know the woman...it ain't gonna happen because she's a socialite type and the dinners, parties associated with his job suits her very nicely. Mark
Yup. Married. 20yrs. Been there, done that, got the T-shirt and it has holes in it! :eek: No way would the wife give up the self-reliant/self-sustaining/more $$$ than ever earned in a "real" job/potential for "raises" life. Wasn't always like this, but she was supportive. And she trusts that I won't blow up. (Sweeping accounts weekly keeps her happy and helps prevent the blowup too!) Sorry to hear about your friends life :eek: Osorico
my thoughts: trading, like anything, only sees a small % of its participants succeed. How many hockey, basketball, golf players actually make 1 mill a year plus and can do so consistently vs how many people play the game? How many businesses, small, med or otherwise succeed and let their owners make 1+ mill a year? Trading is unique in that the barriers to entry are zero. You can walk into a shill daytrade shop, no money down, and you are a trader. Most guys: a) arent capitalized to get through the learning curve. b) arent willing to work hard at it c) don't enjoy trading as a passion, which is truly the key in anything - becasue it means you will stick it in when it gets rough. and trust me, it gets rough The Quantum Fund, run by Geoerge Soros, had you invested 100k in 1969 at inception, would have been worth 6 billion dollars in 1993. The odds of randomly achieving this success are 1 in 473 million. THis is of course an extreme and rare example but it tells me can be done with a LOT of work, determination and balls. NNE
Hehehe, I understand...when I got married and started a family... I do more account sweeping as a family guy instead of compounding when I was single. P.S. For all you soccer fans... The score will be France 2 - Italy 1 Mark
What tickles me, is that I can sit in my living room and in my boxer shorts....nobody knows where I live, knows who I am or what I do...I keep a low profile. Living like this allows me to avoid people and be the anti-social that I am. Everybody is on the take and I do not need them to do what I do, unlike other professions... Wifey and I are having a great time. we hope this lasts for a while. we are frantically looking for the next system we can trade as we know this one will not work forever. How much do we make?...Well it is growing trade by trade and the power of compounding is addicting. We find ourselves doing without things we really do not need. We have set a goal to buy a bigger house and get out of this Metro Denver studio condo. well wifey wants the Hummer in the driveway of the new house too...we have set a two year target for this. I will not reveal our system to anybody, so trading OPM is out of the question, and I recently gave up on it. Michael B. Trading is unique in that the barriers to entry are zero. You can walk into a shill daytrade shop, no money down, and you are a trader
Trading is also unique in that one can find himself making 7 figures one year and zero or negative the next as the market shifts. To those of you who think you've "made it" after your first million, think again, keep thinking, stay on your toes, and never take your eyes off the ball.