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I'm a newbie with very little trading experience. I did some reading and tried my hand for a short time 8-9 yrs ago with very basic charting knowledge and was successful, maybe accidentally or just beginners luck. Maybe, fortunately for me, I knew so little, if I knew more, I'd screw myself up. I stopped because I needed cash for other things and could never pile up enough to do this more seriously.
I've got a bit of cash available now and wanted to get into it more earnestly. I am reading more now, taking online courses (cheap ones) and trying to put some simple plan or strategy in place for swing trading to give me about 10% returns every 2 mths.
However reading the accounts of ppl on forums, it almost seems to me small traders are hurting for the most part than making steady money and just 'chasing' the pot of gold at the end of the rainbow.
I'd like to do a poll if you'll humor me - On a scale of 1-5, 1 being total disaster, 5 being most successful, how successful do you think you've been in your recent trading after going through your initial phase of learning/losing.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,052 since Dec 2013
Thanks Given: 4,394
Thanks Received: 10,209
Not sure if the results to this so far are not representative of the population in general, or whether people have convinced themselves of something that isn't true, but I would have expected the opposite of what this poll says.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,052 since Dec 2013
Thanks Given: 4,394
Thanks Received: 10,209
Which part?
"results to this so far are not representative of the population in general"
It is possible that since there are a large number of successful traders here at futures.io that they have dis-proportionality replied to this poll and the results are not representative of the general trading population.
"whether people have convinced themselves of something that isn't true"
Why does everybody think they are an above average driver? Do they think too highly of themselves or do they not really understand what the word average means. (Or both!).
In reality people generally have unrealistic and over hopeful expectations. Nobody thinks they can be a doctor, or an architect, reading a couple of books, so why do people think they can be traders.
"I would have expected the opposite of what this poll says"
Because statistics show that most (reportedly as high as 90%) traders (especially small and new ones) lose!
Yes, why is that ? Especially since these people are supposed to be "smart money" who have put in time to either understand the mechanics behind price movements or a system to predict how they will move.
I want to swing trade making 10% returns every 2 months. I'm up for whatever meaningful learning effort/research is needed but cant go insane learning every pattern/indicator combo out there. Personally, I have commitment and discipline. I am ok with risking all of my initial investment (meaning it won't kill me) but will have to stop completely if I lose that.
Are those returns doable ?
Great piece of work by by @artemiso BTW. Thanks for posting it.