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In my view, the question of whether somebody can build a sustainable trading business is a matter of what they are willing to sacrifice.
Trading requires sacrifice, a great deal more sacrifice than you are led to believe when you embark on this path. For a lot of us this means changing your entire frikken life, radically.
For instance: getting up at four a.m. to prepare for the trading day.
When they say to preserve your trading capital? Yes yes, you change your diet to gummy bears, Charms Blow Pops and Kraft Mac-n-Cheese! Boy, what a great enjoyable life we have chosen! Wheee!
This is a generalisation, so take it for what it is worth.
I think successful traders need to have a mindset where they are more greedy than fearful. Fearful traders avoid winners as much as losers, when the greed (or opportunistic) side is dominant, you will get right back in after getting stopped out for example, brush yourself off and keep going. The fearful trader will take the loss and move on. There is a lot of subtlety in this of course, many shades of gray so to speak but I think that asking yourself if you are failing, are you more greedy or more fearful, is a step many of us have to overcome.
Hey Mike, what exactly do you mean by the work required? Would you be able to pinpoint me to the required work for someone who wants to be a successful CONSISTENT trader.
Thank you.
Hey Mike, what exactly do you mean by the work required? Would you be able to pinpoint me to the required work for someone who wants to be a successful CONSISTENT trader.
Thank you.
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Can't answer for Mike, but my answer would be--- All the time and energy and money that you will go through trying to find out the answer to two questions.
#1 What do the guys doing this for a living know that you don't know?
#2 Is there a way to make them tell?
95 to 97 people out of every 100 people doing this, think they know enough of the answer to question #1 that they will ruin marriages, loose sleep, and loose all their money because they think they know how to trade when in fact if they were honest the answer would be--- they really haven't a clue.
Answer to #2 is-- Will any one ever give you the directions to their buried treasure?
How to know when you know the answer to question #1--- you no longer even think about trading any more. It's just some thing you do.
Example-- today 12-05-16, turned on computer, entered a trade with in a few minutes, a few minutes later entered another trade and was done. 33 minutes total. There was a total of 12 trades today, but I only took 2. All 12 would of hit target. It's like this every day. This is what you are looking for.
Most traders guard their "secret" or "edge" or whatever they want to call it. They feel like it's all their hard work and they don't want to give it away. "I've worked so hard on this I'm keeping it to myself" is the basic thought process. There may be more to it, but that is the general premise.
But .. I ask .. why not?
Let's say you give 100 people your "secret" and they understand and enter/exit exactly like you. Lets say all 100 of them trade 5 contracts. That's 500 contracts more that get traded at the same (or very close to the same) price as you. Which way does the market go? In your direction, even more quickly and likely with more force than when you kept it to yourself, and likely for larger wins than what it originally was before those extra 500 contracts started trading. Almost like giving yourself free $$.
Front running, aka tailgating. It works but unless your the broker you need to make sure everyone is on the same chart and your stop if you have one is safely away from theirs.
There is no secret, it's like watching porn; watch enough and you know when they are going to cum. Watch more, and you know when its real, enough of the time. But don't watch it, it's terrible for the mind.
(Edit: People could) study the Dunning-Kruger effect and self-reflect. Everyone at some level is affected by this however trading is different as running out of money and time is quite clearly delineated.
If you have worked in a job where personal charisma does not matter (it does not to the right edge) and always got fast promotions, been objectively judged by others as a consistent asset then you have a chance. The only problem is your probably not reading this as you are happy in your career and trading is gambling to you etc. etc.