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Successful traders are very, very rare to find

  • #21
  • Nov 28, 2017 7:07am Nov 28, 2017 7:07am
Quoting AntiVi
What incentive do successful traders have to put themselves out there? Think about it...
Right and it is also an advice to those looking for the outliers. You are far more likely to fall on a scammer than on the real deal.
When you see it, BET big.
  • #22
  • Nov 28, 2017 7:09am Nov 28, 2017 7:09am
Quoting profitfarmer
{quote} i was hoping you will define "successful" without that, it is hard to categorize. and as it is, "successful" has a different meaning to everyone. for example, in my own little world i am successful. i trade full time, make about 2x as much as my last salaried job, with less than half of the 'work' hours. instead of being away from my family weeks ( like last job), i am at home, trading from home. am i a millionaire? not. am i making 100%+ a month? not. am i feeling content with what i make, for the effort i put in? yes. in my own little...
Anybody that can generate income from this business, even if only 500$ is successful. The most important thing is to be a net winner.
When you see it, BET big.
  • #23
  • Nov 28, 2017 7:12am Nov 28, 2017 7:12am
Quoting OHLC
IMO, in terms of a statistic, I would say that one hasn't achieved trading maturity until 20% per month (without compounding) with a less than 5% DD is considered easily achievable. A lot of traders on FF will find this "insane" but I am almost certain that there are many traders out there that are doing much higher. They're just not here on FF to tell us about it
Yeah achievable, but hard to find. If I found a system like that I will leverage 4x more and get 80% with 20% draw down.
When you see it, BET big.
  • #24
  • Nov 28, 2017 7:16am Nov 28, 2017 7:16am
Quoting emadpsych
I trading in this market for a long time ( from 2006 ) and after all these years, I still lose, a lot, and never call myself a trader, gambler maybe. It's all about emotions, it's all about greed you know. You want be rich fast, you want make thousands of dollar profit in a week with your tiny low capital. you open big lots, and not set any SL and open more position in same direction even more ............................................................................ Long story short, until you not manage your emotions, no matter how long you...
You need to hold on your gambling instinct my man. For me the max position you should open with a 200$ account is 0.04lot and make sure you close your trades to shield for gap risk. If you don't manage risk, they will take you out always.
When you see it, BET big.
  • #25
  • Nov 28, 2017 7:23am Nov 28, 2017 7:23am
Quoting Erebus
{quote} where are you looking? https://youtu.be/4FJn-AkOAs8
For consistency using sound trading techniques. A sound trading technique for me is one where the risk is under control. I am not interested in any martingale and other likely blow up scams.
Second I am not also interested in seasonal strategies; strategies that work in a specific market environment e.g Strategies that work well at turning points where volatility increases and breaks even in slow trending markets.
Lastly I expect the trader to be volatile, I don't think short volatility strategies can survive every market condition.
When you see it, BET big.
  • #26
  • Nov 28, 2017 7:28am Nov 28, 2017 7:28am
Quoting Kxeroo
I really don't get why people are so monetary driven in life. We are talking about success and it is mostly seen as where you live how you live, what you drive. Although most people don't admit or deny that they are all too material. We are all greedy when we are not satisfied with what we have just by comparing ourselves with extreme examples but the reality is just having a 3 meals a day having a shelter and a happy family is the real richness no matter where you stand financially. Yes we all want best for our loved ones but there are a lot of...
Yes life is about the money anybody that things contrary is either dead or has not lived yet. I will love to see you appreciate family when there is no food on the table. I trade to become rich, I am greedy and will be till I die. I want to become rich, if that is not a noteworthy goal then what is.
When you see it, BET big.
  • #27
  • Nov 28, 2017 7:30am Nov 28, 2017 7:30am
Quoting KeenPips
Very good observation on the dangerous obsession with equating success with money and what money can buy. However, money is a key part of how business success is couched. Trade safe and prosper. KP {quote}
let me tell you what money is;
1.Safety
2.Generosity
3.Happiness
4.Better person
5.Freedom
When you see it, BET big.
  • #28
  • Nov 28, 2017 7:33am Nov 28, 2017 7:33am
Quoting fxprimate
{quote} It´s the f****** discipline/emotions/greed. That's why the same "system/strategy" dont work for all. Sometimes I follow price for hours until I have my setup (or what I think is the best setup for me to place a trade) but in the meantime the temptation is enormous. Sometimes after I have made a trade (or my day) in profit, I think why not another trade. I wish you could control these demons, your trade will improve But I also know that you already know that. Green pips.
We never get pass the emotional roller coaster, you just learn the hard way that if you don't follow your rules you will loose your shirt.
When you see it, BET big.
  • #29
  • Nov 28, 2017 7:38am Nov 28, 2017 7:38am
Quoting AntiVi
{quote} Buddy, if you can get 20% a month consistently with a maximum drawdown of 5% literally everybody will be lining up to invest with you. 20% is a lot and I don't think it's a good thing to spread that number as "trading maturity". If people get 3-5% on average a month they are doing very well and from my experience and the successful traders I have talked to would agree with that. I'm not saying there aren't any people out there that can do that but they're certainly not the standard for success. {quote} You see a lot of people struggle when...
I think you shouldn't limit yourself as to what is possible in Trading and life. This kind of performances from the wizard's interviews are very attainable. I know you will say the markets have changed, and my answer is tat they are the same cause men have not changed. People are as greedy,hopeful and fearful as back then.

The rest of your post is really really good,shouts to you.
When you see it, BET big.
  • #30
  • Nov 28, 2017 7:41am Nov 28, 2017 7:41am
Quoting Superflex
{quote} Alot of successful one's dont reveal their success. They keep it low key as to not want any publicity. I know if and when I get successful I wont reveal any.
Sure buddy, I feel you.
When you see it, BET big.
  • #31
  • Nov 28, 2017 7:50am Nov 28, 2017 7:50am
Quoting AntiVi
{quote} Buddy, if you can get 20% a month consistently with a maximum drawdown of 5% literally everybody will be lining up to invest with you. 20% is a lot and I don't think it's a good thing to spread that number as "trading maturity". If people get 3-5% on average a month they are doing very well and from my experience and the successful traders I have talked to would agree with that. I'm not saying there aren't any people out there that can do that but they're certainly not the standard for success. {quote} You see a lot of people struggle when...
I was trying to point out that success is not how much you make in life and how big your house is things rather everyone can reach. If one has determination they can built anything from ground zero. It again comes down how bad you want this to happen. Happiness is a different subject to talk. As for success again, check out fortune 400 list and see how many started in a well off family.
  • #32
  • Nov 28, 2017 7:52am Nov 28, 2017 7:52am
Quoting Rennaissance
{quote} I think you shouldn't limit yourself as to what is possible in Trading and life. This kind of performances from the wizard's interviews are very attainable. I know you will say the markets have changed, and my answer is tat they are the same cause men have not changed. People are as greedy,hopeful and fearful as back then. The rest of your post is really really good,shouts to you.
I'm not saying limit yourself and I'm not saying that it's not attainable. I'm saying that 20% a month shouldn't be the standard and that people that do 3-5% a month on average should be considered good traders.

The thing is that if people go for something like 20% a month they might end up over trading and shooting themselves in the foot. A lot of people do it because of lack of patience or because of greed and maybe even revenge trading etc.

I'm also not saying the market has changed...
  • #33
  • Nov 28, 2017 7:56am Nov 28, 2017 7:56am
Quoting AntiVi
{quote} I'm not saying limit yourself and I'm not saying that it's not attainable. I'm saying that 20% a month shouldn't be the standard and that people that do 3-5% a month on average should be considered good traders. The thing is that if people go for something like 20% a month they might end up over trading and shooting themselves in the foot. A lot of people do it because of lack of patience or because of greed and maybe even revenge trading etc. I'm also not saying the market has changed...
Ok, I get you. Like I said anyone that is a net winner for me in a consistent manner is successful.
When you see it, BET big.
  • #34
  • Nov 28, 2017 8:11am Nov 28, 2017 8:11am
I disagree with your list, bro. Money does not mean safety, happiness, freedom and a better person. There are stories of rich but unhappy and wicked individuals. There are stories of rich people shackled with fear and deluded with insecurity. Anyway, keep dreaming!

Trade safe and prosper.

KP

Quoting Rennaissance
{quote} let me tell you what money is; 1.Safety 2.Generosity 3.Happiness 4.Better person 5.Freedom
Do your homework, follow the footprints of smart money
  • #35
  • Nov 28, 2017 8:33am Nov 28, 2017 8:33am
Quoting Kxeroo
{quote} I was trying to point out that success is not how much you make in life and how big your house is things rather everyone can reach. If one has determination they can built anything from ground zero. It again comes down how bad you want this to happen. Happiness is a different subject to talk. As for success again, check out fortune 400 list and see how many started in a well off family.
I was mainly talking about why people are so monetary driven in life but I get what you're saying and I don't disagree.
  • #36
  • Nov 28, 2017 8:40am Nov 28, 2017 8:40am
Quoting profitfarmer
{quote} i was hoping you will define "successful" without that, it is hard to categorize. and as it is, "successful" has a different meaning to everyone. for example, in my own little world i am successful. i trade full time, make about 2x as much as my last salaried job, with less than half of the 'work' hours. instead of being away from my family weeks ( like last job), i am at home, trading from home. am i a millionaire? not. am i making 100%+ a month? not. am i feeling content with what i make, for the effort i put in? yes. in my own little...
I am in that same little world as profitfarmer. Comfortable, not opulently wealthy, not a star trader but happy and content making a reasonable living from trading my own account rather than in a salaried position or having client monies to manage.

You do need to define what constitutes success a little more tightly. If we take it as profitable trading the problem you still run into is twofold: risk assumed and longevity. Anyone can bet big and get lucky. They make a huge amount and are a fantastic profitable trader. For now. But can they keep it up over the long haul and avoid wiping their account when a trade or string of trades goes badly wrong?

My whole trading philososphy is based around being around tomorrow, and the next day, and the one after that. I could treble my income simply by trebling my current position size but I'm very risk averse. I assume the worst possible streak of losing trading I can imagine is going to happen from tomorrow. I want to be able to live through it without what's left of my hair deserting me, and I want to be able to recover the drawdown with ease and without increasing my risk. All that keeps me betting small and being content with the lesser but consistent and worry-free returns I do make.
  • #37
  • Nov 28, 2017 8:46am Nov 28, 2017 8:46am
Quoting marcmarc
{quote} I am in that same little world as profitfarmer. Comfortable, not opulently wealthy, not a star trader but happy and content making a reasonable living from trading my own account rather than in a salaried position or having client monies to manage. You do need to define what constitutes success a little more tightly. If we take it as profitable trading the problem you still run into is twofold: risk assumed and longevity. Anyone can bet big and get lucky. They make a huge amount and are a fantastic profitable trader. For now. But can they...
That's what I would call happy trading... Trading in your comfort zone. A loosing day wouldn't bother you or question your system. Tomorrow is another day with opportunities you go out come back. You make 5% a month just collecting those little bits. Stress free.
  • #38
  • Nov 28, 2017 9:26am Nov 28, 2017 9:26am
Quoting Kxeroo
{quote} That's what I would call happy trading... Trading in your comfort zone. A loosing day wouldn't bother you or question your system. Tomorrow is another day with opportunities you go out come back. You make 5% a month just collecting those little bits. Stress free.
Hi Kxeroo,
You sum it up very well. I don't worry about losing trades or days and my method is applied consistently trade after trade, whatever the immediate previous outcome. I know that if I just keep doing what I do properly, i.e. with excellent discipline, patience, consistency and risk control, I'm going to be OK.

That said, it did take two big things to get there:
1. Years of trying, practice, learning and adapting until I evolved a method I was 100% comfortable with & confident in
2. I worked for many years to save a decent capital sum to trade with. You can't make a living safely off a tiny account

I don't want anyone to get the idea it's easy. It isn't. But with enough commitment, proper planning & preparation, and sufficient resources, you can do it. But you really can't do it without this unless you are happy to have your trading as a simple hobby. Nothing wrong with that but don't then get delusional grand ideas, you'll just be handing over your hard-earned money to better and better prepared traders.
  • #39
  • Nov 28, 2017 12:40pm Nov 28, 2017 12:40pm
Successful traders are realistic, humble and balanced. They're truly a rare breed. I can't even remember the last time I met a realistic, humble and emotionally balanced person. Maybe you'll find one for every 100 people you meet in your life.
Simplicity is the key to brilliance.
  • #40
  • Nov 28, 2017 1:53pm Nov 28, 2017 1:53pm
Quoting AntiVi
{quote} Buddy, if you can get 20% a month consistently with a maximum drawdown of 5% literally everybody will be lining up to invest with you. 20% is a lot and I don't think it's a good thing to spread that number as "trading maturity". If people get 3-5% on average a month they are doing very well and from my experience and the successful traders I have talked to would agree with that. I'm not saying there aren't any people out there that can do that but they're certainly not the standard for success.
Not your buddy but I did use 20% as a statistic because I'm using nothing but publicly available information and resources.

I think 20% per month with a less than 5% DD is reasonable because I'm not doing anything others couldn't figure out. If 20% seems so shocking, it's because you aren't there yet. When you get there, you would also say 20% is just about the right for low stress trading. I could push my trading lot when trading several pairs but I prefer to keep DD less than 5%, usually it's around 1% to 2%.

You're from Belgium so imagine a tourist comes to Belgium and says wow, the houses here look amazing!! I've never seen houses that look like this!! If your houses look like that in Belgium, everyone in the world will want to live in Belgium!! But, since you're from Belgium you would think to yourself, "Buddy, calm down, what's the big deal, all the houses look like this in Belgium."

The point is, there's more... Just trying to be helpful by providing a goal for beginners. I am sure there's even more than what I can imagine right now but they're not here on FF to tell us about it
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