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Totally agree with DT. A lot of very unhealthy obsessed people on this forum looking for answers from other obsessed and in many cases mentally Ill people. I actually hacked at ta for some years 16-18 hours per day. I've been surfing every day now for weeks and now and seeing how insane the people of this forum are. The saddest part is the industry of lies that preys on this kind of ignorance.
Back to the topic of this thread, I recently read the book one good trade by mike bellafore, CEO of smb trading in NYC, a real prop firm that backs real traders. They don't ask you to pay them anything, they train those they think will succeed, in most cases they lose money in the training stage, as expected. You can read the book, they take a lot kids directly out of college, and have them trading profitably in three months to a year. When I was at Merrill lynch I used to hear that the new prop traders generally lost money in year one, but never year in year two, and certainly not year five.
Anyways, I suggest reading the real book by the real traders at the real prop shop rather than looking for the answer from other pontifitcators and journeymen. Only people who want you to dive deeper into your obsession with reaching 10000 hack hours are those who make money from your mental illness, hopes and dreams... Wake tf up...
Man I love the ocean....
Can you help answer these questions from other members on NexusFi?
Today’s trader is the most overwhelmed person in the history of trading. The platforms have created a perpetual paper trader, the educators have created traders who move from one method to the next, and the different software vendors also cause traders to move around from one method/platform to another. This is ALL in the hopes of finding the “right” consistent method.
The idea of a focus has gone out the window.
At some stage the attempting trader finally gets it. He starts the focus on the method that fits his/her personality (framework, time frame and frequency) learning a platform A to Z, ignoring the irrelevant info and focus on things that matter.
He starts to gather information from experienced traders and not those who know only 1% more than him/her. The process of tweaking starts and finally accepting the fact that not all the stars have to align to pull the trigger while simplicity could be applied.
The “getting it” part depends on the individual trader and would make the differentiation between the hours it takes to master it. When you “get it” might be 1K hours, 3K hours or 5K…after that the work begins. I must say that considering all the choices that traders have today 10K is reasonable. Bottom line is that the 10K hours is not always the learning part, sometimes it’s the hours of sorting the BS from the real content to learn from.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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I think a small trader with small capital need to invest more time than traders with bigger capital, as his 1 lot trade cant move market. Traders with banks will require less hours, and psychologically, have more confidence.
Therefore, to build up his money and confidence, the small trader need to be satisfied with small profits. After a while he can hold the position, looking for trends.
I think you may have that backwards, while the big trader will probably have more confidence from experience, it is going to be harder to trade your full size know that you will move the market. If you buy and move the market up you can't sell unless there are other big traders buying from you and if other big traders realize this they will drive the market down and when they cover their shorts they will be buying from you as you puke out your losing position.
The small trader can peck around and be in and out of the market without anyone even knowing he is there.
