I don't have any profit target at all at the moment. Since my recent history shows borderline loss/breakeven, the current target is just to get the curve in the right direction. My focus is on discipline and methodology, and the rest will follow.
spanish, filling your posts with useless bullshit again spaniard? well let me tell u something... Here in this country, it doesnt add inches to your dick. LOL
do your thang! but yeah.... not being profitable and ditching your job does sound like a pretty serious hurdle. i would try to find out exactly why you arent turning a profit?
Looking back, it's obvious that my strong tendency to always come up with a new and better trading method has made me ditch methods that may very well have worked over the long run. I think I enjoy analyzing the markets more than earning the money. However I don't regret, because I think it's essential for me to have the development I've had. Currently I suffer from a combination of related issues: 1. Uncomplete trading plan 2. Hesitation to take signals 3. Profit protection after completion of successful trade 4. Lack of focus during trading Probably more, thats from the top of my head.. The very reason I start this journal is to bring in another aspect of accountability, in order to progress on these issues, and other stuff that might evolve. So I'll address each trading day and hopefully bring a new level of honesty upon myself.
Hold on there, doggie... It does NOT mean that. Out of the 5%: there is a large group who probably break even there is a large group who probably make a small amount there is a smallish group who probably make somewhat of a living and a TINY TINY group who "succeed" by the definitions you see the OP gave - 2.5K to 100K in a year. He has a better chance buying $2500 in lottery tickets.
so what is then? 2 out of a 100? 1 out of a 100? I say it's still not too bad. But I guess if you never made that cut in anything in your life, then I guess it seems impossible. Good luck to you too, but please decrease your font size..
Thursday 25.Sept. 6 trades, 3 breakeven, 3 loosers Net (219$), (loss) 5 signals (technically) 1. BE (SL) 2. Missed (Winner) 3. BE 4. Pass (BE) 5. Pass (winner) Other: 1 misinterpreted (SL) 2 chasers (BE, SL) GOOD: Signal potential BAD: Tendency to pass on trades after ~150$ intraday drawdown. May reflect unconfirmed rule of daily cut-off. Lack of confidence in entries due to focus on market action. For improvement: Complete trading plan
What exactly are these 'signals' that you see though mate??? :eek: Cos im not taking the piss, but whatever they are they seem to be very inaccurate.. So maybe your current view on what a certain pattern means is incorrect?? Or is it just that you got the direction right, but too tight stoploss, so got taken out of the trade??
To achieve "success"?? Meaning wealth? To turn $2.5K into $100K in a year? I think I said. Try putting it into the millions to one. Take a look at major institutions, who are just happy to beat the annual average rise of the S&P of 8-10%. Hear anything about a 4000% rise? 1 or 2 out of 100? Positive thinking or setting out to do this is not a plan. The entire endeavour is amazingly naive. The people here encouraging you on this have no clue about the realities involved. They are paper traders, at best. I will not in any way believe your results if you chart out a sucessful path to $100K on this thread. I already know that it would be fiction. You might as well step out of an airplane at 30,000 feet armed only with 2 feathers. You will have a better chance of success.