How long does it take to become a successful consistant day trader?

[timsk]

Hi fudgestain,
Unlike chrisw, I suspect you're correct - unfortunately for me. An endorsement of your post from SOCRATES serves to confirm this view. A criticism that successful traders make of wannabes like myself is that the wannabes want to be given something of great value (i.e. advice and knowledge etc.) for nothing. Why should professional traders freely dispense their wisdom, acquired through seriously hard graft to the inexperienced and often work shy wannabes? No reason at all that I can think of. Also, on the occasions that such advice or knowledge is freely given, it is all too often criticised, ridiculed or simply ignored. Very annoying indeed, I'm sure. Having said all of that, how does the aspiring wannabe trader set about learning how to trade? What are the "right questions" that you refer to? How do you establish "an accurate model to amass money from the market?" And lastly, your analogy about charts and the tablecloth I like, but can you enlighten us as to what the table represents: price and volume perhaps? Or am I not asking the right question?

Tim.

 

[Zenda]

Negative Lives!

What a load of...

It took me 18 months to get me head around what I wanted from the markets and how to get it. For the last 6 months I've been earning consistent, comfortable profits, day in, day out. I didn't learn about myself or discover inner understanding. I learnt how to enter and exit the money without fear, just follow a simple set of rules and take a simple profit which earns me an above average income for 3 hours work a day.

Oh, and I use charts!

Totally agree - why are we surrounded by negative Failures? is there a spam filter for wallys?

 

[senyorqueso]

chrisw,

what sort of account size would you consider necessary to trade your way and make a living?

Thanks,

SQ

 

[wasp]

Enough to keep my maximum exposure below 2% at any given time.

 

[Roberto]

It took me 18 months to get me head around what I wanted from the markets and how to get it. For the last 6 months I've been earning consistent, comfortable profits, day in, day out. I didn't learn about myself or discover inner understanding. I learnt how to enter and exit the market without fear, just follow a simple set of rules and take a simple profit which earns me an above average income for 3 hours work a day.

I could change some of the numbers in the above but keep all the words identical and it would describe my situation perfectly, too.

Oh, and I use charts!

Likewise. I use a tablecloth, too.

 

[wasp]

I can appreciate the importance of the table though. Without it I'd be sitting on the floor.

 

[Trader333]

chrisw,

Can you clarify what you mean by "Exposure" as this means different things to different people ? Maybe an example would be best. The reason I ask is that exposure I think is defined differently for me.


Paul

 

[wasp]

Sure Paul,

For me, exposure is all my open positions at any given time in the worst possible case scenario.

ie. If I've got positions open on the Euro and Cable, losing on both would cause me no more than 2% of my overall balance.

 

[SOCRATES]

Sure Paul,

For me, exposure is all my open positions at any given time in the worst possible case scenario.

ie. If I've got positions open on the Euro and Cable, losing on both would cause me no more than 2% of my overall balance.

Now I am able to understand your post number 39, when viewed in conjunction with this one.
You are trading, according to your frame of reference, with minimal exposure and minimal risk.
That is your opinion, is it not ?

 

[wasp]

It certainly is.

As minimal as so to still earn a satisfactory income.

 

[SOCRATES]

It certainly is.

As minimal as so to still earn a satisfactory income.

Yes, good. This means that the slightest error can be rectified easily, does it not ?

 

[Salty Gibbon]

Theoretically !!!

 

[wasp]

... Like Salty says!

 

[SOCRATES]

Yes, good. This means that the slightest error can be rectified easily, does it not ?

I repeat my question to you. The answer I expect is not "theoreticaly", the answer I expect is whether practically "for real", yes or no please.

 

[wasp]

yes. For real.

 

[SOCRATES]

Yes good. Now, let us put our attention on this more closely shall we ?

 

[wasp]

gladly...

 

[SOCRATES]

Yes, good. Now, if your exposure is so minimal in proportion to the capital base, how do you expect to build up a meaningful balance relative to that capital base, in the form of an adequate consistent return ?

 

[wasp]

Firstly, Although my exposure is minimal to my capital, I am not disclosing what my capital base is (nor will I on a public BB), so we don't know how much I am actually risking per trade.

Secondly, I am not in the process of building to a particular financial objective.

I am perfectly at ease with my current trading capital, and my goal is to assatain an average as close to the same on a daily basis in order to pay my bills and keep my lifestyle at to which I am accustomed.

 

[pb]

Well said Chris. Here here.