One quick question to all traders who consider themselves as successful....
- Thread starter WOD
- Start date
Exactly, the idea behind 3 yrs is that when you start trading everything is going great and you are on the top of the world and then start feeling invincible and then the bad times start rolling in. If you consistently made profits for 1yr and then give back all of it in the second then it doesn't make you sucessful. Because in trading, sucess = equity.
It take 3 yrs because you have to go though the up's and down's in the market you need the screen time and experience looking at the charts, and more importantly be able to constantly change to market conditions make adjustments to your strategy when required and survive. Even Larry Williams said - It's all about survival. Profits may come only after a yr but can you survive till then?
After all a bunch of newbies (not to say everyone here are newbies, but few including me) arguing about the rules laid down by trading greats who've made fortunes in markets and survived decades doesn't make sense.
It take 3 yrs because you have to go though the up's and down's in the market you need the screen time and experience looking at the charts, and more importantly be able to constantly change to market conditions make adjustments to your strategy when required and survive. Even Larry Williams said - It's all about survival. Profits may come only after a yr but can you survive till then?
After all a bunch of newbies (not to say everyone here are newbies, but few including me) arguing about the rules laid down by trading greats who've made fortunes in markets and survived decades doesn't make sense.
Ah...you are already on your road to success my friend.....I am certain you will reach the destination.....
When I look back on my struggling period ( I still struggle,but that is another story :lol
I find that my handicaps were as under :
1) I was undercapitalised....I was trying to make Rs 10 K on a trading capital of 50 to 60 K....it cannot be done with any regularity...
2) I was supporting my household on trading...so I needed some money for paying my bills...so whatever I made,used to go in expences....no capital generation.....it was a scared money which never wins in trading....
3 ) I was not waiting for the right set up for trade to mature....my entries and exits used to be determined by amount of money I needed and when it was needed....
4) I was searching various methods,experts,trading gurus....all waste of time...I was in search of "holy grail"....which does not exit.
5) My struggling period was very painful......frustrating....I would never like to be in that position again. Only my passion for trading kept me sane and firm on my path during that period....without the passion,I would have called it a day in 6-8 months.....
6) Capital generation once it starts it grows very fast....
7) I could not afford to take small stoplosses...so I used to avoid taking losses and in the process take large losses and sell my investments to replenish losses in my trading account...
I hope I have not painted a totally bleak picture ( I have undergone all the above )....the brighter side trading is very satisfying....it is like solving a puzzle...good money...no bossing,I am my own master etc. No other profession for me please.....
Best Wishes...and hope that others cut on the struggling period....
Smart_trade
When I look back on my struggling period ( I still struggle,but that is another story :lol
I find that my handicaps were as under :1) I was undercapitalised....I was trying to make Rs 10 K on a trading capital of 50 to 60 K....it cannot be done with any regularity...
2) I was supporting my household on trading...so I needed some money for paying my bills...so whatever I made,used to go in expences....no capital generation.....it was a scared money which never wins in trading....
3 ) I was not waiting for the right set up for trade to mature....my entries and exits used to be determined by amount of money I needed and when it was needed....
4) I was searching various methods,experts,trading gurus....all waste of time...I was in search of "holy grail"....which does not exit.
5) My struggling period was very painful......frustrating....I would never like to be in that position again. Only my passion for trading kept me sane and firm on my path during that period....without the passion,I would have called it a day in 6-8 months.....
6) Capital generation once it starts it grows very fast....
7) I could not afford to take small stoplosses...so I used to avoid taking losses and in the process take large losses and sell my investments to replenish losses in my trading account...
I hope I have not painted a totally bleak picture ( I have undergone all the above )....the brighter side trading is very satisfying....it is like solving a puzzle...good money...no bossing,I am my own master etc. No other profession for me please.....
Best Wishes...and hope that others cut on the struggling period....
Smart_trade
It needs
1) very strong conviction on our own ability to make it, whatever may come and
2) trust in trading profession to overcome those dark days.
It was (and still it is ) one of the biggest battle that my concious mind has taken with my own subconcious mind.
Happy Trading
sir,
i never meant he was not successful, what i intended was u one has to change their strategies with time , he was supposed to have become larger than markets, was not able to control the ego of himself that he can go wrong, which ultimately resulted in wrong trades, loosing of confidence from over confidence which resulted in his ultimate downfall. he didn't commited sucide because he lost money but for his trading skills were not able to adjust to the changing regulations of the market
understanding one's immotion,mind & individual is as important chapter as any other chart reading.
i never meant he was not successful, what i intended was u one has to change their strategies with time , he was supposed to have become larger than markets, was not able to control the ego of himself that he can go wrong, which ultimately resulted in wrong trades, loosing of confidence from over confidence which resulted in his ultimate downfall. he didn't commited sucide because he lost money but for his trading skills were not able to adjust to the changing regulations of the market
understanding one's immotion,mind & individual is as important chapter as any other chart reading.
Um.. A case of "Do as great people say, not as they do". Nicholas Darvas was a similar case.
Hope you didn't feel offended but I'm sure you said there is nothing called successful trader. My apologies.
Making fortunes by trading can be called successful but there are many who trade and make a living out of it. They may not make fortunes and not be very famous but they damn well make enough profits to live a luxurious and happy life and I'm sure there are many here who are already doing and many who are on their way there.
Hope you didn't feel offended but I'm sure you said there is nothing called successful trader. My apologies.
Making fortunes by trading can be called successful but there are many who trade and make a living out of it. They may not make fortunes and not be very famous but they damn well make enough profits to live a luxurious and happy life and I'm sure there are many here who are already doing and many who are on their way there.
After recommendation from my friend scorpio, I visited following thread:
http://www.traderji.com/equities/equities/futures/2123...tml#post298851
I also visited this link previously but did not thought much about it, but while reading the same today, I went into the deep thought. After this realization, I have prepared a plan for next 3 months for me which should cut the time for me becoming a good trader....
1. So, for next 2 months I will be following only one system of trading. I have chosen prides method; because of the fact that it is very simple and many good traders have backtested it and given very good feedback about it. Though I need to mould it for swing trading and differnt time frames.
2.Will be studying deep and applying only these to my trading:
Chart patterns, Candelstick patterns, NR7, Fibonacci, Cam pivots, Elliot waves, EMA, Stochostic, Market profiles.
3.Most importantly will be very respectful for the risk.
If I am able to make it happen all the three points then I am sure I will be entering into the 5 step very soon.......
http://www.traderji.com/equities/equities/futures/2123...tml#post298851
I also visited this link previously but did not thought much about it, but while reading the same today, I went into the deep thought. After this realization, I have prepared a plan for next 3 months for me which should cut the time for me becoming a good trader....
1. So, for next 2 months I will be following only one system of trading. I have chosen prides method; because of the fact that it is very simple and many good traders have backtested it and given very good feedback about it. Though I need to mould it for swing trading and differnt time frames.
2.Will be studying deep and applying only these to my trading:
Chart patterns, Candelstick patterns, NR7, Fibonacci, Cam pivots, Elliot waves, EMA, Stochostic, Market profiles.
3.Most importantly will be very respectful for the risk.
If I am able to make it happen all the three points then I am sure I will be entering into the 5 step very soon.......
Last edited:
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