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Dream Maker - From nothing to 100% pure day trading living


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Dream Maker - From nothing to 100% pure day trading living

  #1 (permalink)
 
grahamg's Avatar
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OK - this topic hasn't been approached from this angle so give it a chance.

Threads have discussed "Is it possible?", "Should you give up?", "95/5" - all stuff that those very folks wanting to make it against these odds, will read plenty about.

Can Anyone Make A Living Day Trading - Maybe
Are the odds 95/5? - If you're lucky
Should You Give Up? - More than likely
10000 Hours - Or a lifetime

I get it! You get it! I reckon by far most of us asking these questions to the internet forum trading gurus would still, against all advice, be going ahead, trying to make a living from day trading under-capitalized, under-supported, and under-skilled right?

My question then is - is there any model day trader out there that has made it, from nothing to something? If you have, or have a reputable account of someone who has then please lets hear it!! All this reading about how the trading world is against you wears one down. I have stared into the DOM 5 hours a day every day this year, still aren't making any money, and still hopeful as ever that I'll come out the other side soon enough, scalping hundred lots a few hours a day from my yacht, island hopping in the Whitsundays.

99% of fulltime retail self-supported day traders I am guessing are that way by circumstance. Probably started with loads of $$$, or knew someone in real life that could show them how, or found a way to support themselves by the trading industry etc, and are providing advice from that perspective. Probably most of those that claim they 'made it' would crumble if they had to pay their rent out of their trading account. The other conundrum is that even if someone says they've made it, all you have is some text on an internet forum from those who say, who never seem to be willing to show it. Not having a dig here, just how it is. I would love to see someones cumulative profit chart and maybe a brokerage statement once in a while showing mega coin banking.

So at risk of turning into more of a rant, just after some motivating material here for the troops, if anyone's got the goods.

Thank you.


PS Please feel free to post the usual reality shaking comments. I like the idea that we get what we focus on though - so why not focus on the dream and not the obstacles for a change?

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  #3 (permalink)
 
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Hi Graham,

Just curious, if someone shows you that they've 'made it' as you say. So what? Does that have ANYTHING to do with whether or not you will make it. Nope

On the other hand, if no one is willing to show you evidence (which is an almost certainty). Again, so what? Does that mean that successful retail traders dont exist? If it does, once again I ask, does that have ANYTHING to do with whether or not you will make it. Also, does that mean you will stop trying and give up trading?

In all likely hood, you will never be shown proof of a retail traders success. And in the end, it is irrelevant to your success.

I hope I dont sound rude. I can understand where you're coming from. But in the end all that matters is if YOU can make it.

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I know of only 1 person that has made millions trading. He got to US$18M on his own account before he switched to trading OPM (but a lot of it). The bulk of that $18m was made when he got some information via his job in a bank and he borrowed as much money as possible and sunk it into the opportunity. I am not sure that was entirely legal.

I know other people whose primary income is trading but they don't have yachts, they trade for a living which means they have to turn up every day. They are not rich but they do earn more than say, a doctor would earn.

I think if you want to be very rich, then a business might be a better idea than trading to get there.

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  #5 (permalink)
 artemiso 
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Many of the richest in Netherlands made their wealth from the ground up in trading. (They run IMC, Optiver, and Flow Traders, among others.) There's one Australian who traded from ground up, if you discount pooling his bonuses at his proprietary trading job to start Tibra. He employs roughly 220 today. Citadel is probably the greatest from-the-ground up trading success story. One of the largest market makers in Eurodollar options (DRW) was founded by another from-the-ground-up pit trader. One of the founders of SIG went from the ground up, beginning as a pit trader at CBOE. Sun Trading is another CBOE pit trader turned success story. Tower Research is run by the guy who wrote Limewire (if you've used Napster and Limewire back in its heyday), traded from his ground up as well, and they are extremely successful.

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 shodson 
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DionysusToast View Post
I know of only 1 person that has made millions trading. He got to US$18M on his own account before he switched to trading OPM (but a lot of it). The bulk of that $18m was made when he got some information via his job in a bank and he borrowed as much money as possible and sunk it into the opportunity. I am not sure that was entirely legal.

I know other people whose primary income is trading but they don't have yachts, they trade for a living which means they have to turn up every day. They are not rich but they do earn more than say, a doctor would earn.

I think if you want to be very rich, then a business might be a better idea than trading to get there.

I once read a quote: "The greatest successes are often preceded by an even greater crime."

Think about it...

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DionysusToast View Post

I know other people whose primary income is trading but they don't have yachts, they trade for a living by turning up every day. They are not rich but they do earn more than say, a doctor would earn.

I think if you want to be very rich, then a business might be a better idea than trading to get there.

Just a living from it with enough free time to sail a couple hours a day. Two birth 90s yacht... 100k. Turning up each day... with a good view even! * Most expensive part of this dream is the satellite high speed Internet.

Earn more than a doctor? An engineer can earn 300k a year here easy if they fly in fly out. Thats my benchmark. Just need a Bahamas bank account.

Thanks for the accounts. I promise if I make it that cumulative profit chart in my journal will be updated and a picture from the yacht. Wonder how much writing a book on how to trade brings in lol

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  #8 (permalink)
 
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DarkPoolTrading View Post
Hi Graham,

Just curious, if someone shows you that they've 'made it' as you say. So what? Does that have ANYTHING to do with whether or not you will make it. Nope

On the other hand, if no one is willing to show you evidence (which is an almost certainty). Again, so what? Does that mean that successful retail traders dont exist? If it does, once again I ask, does that have ANYTHING to do with whether or not you will make it. Also, does that mean you will stop trying and give up trading?

In all likely hood, you will never be shown proof of a retail traders success. And in the end, it is irrelevant to your success.

I hope I dont sound rude. I can understand where you're coming from. But in the end all that matters is if YOU can make it.

Thanks Mr Tharp.

Reality shaking.

Trading success is more likely I think than Golf Success... less likely than swimming the english channel. Tangible comparisons?

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  #9 (permalink)
BlackSwan04
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I'm of the same opinion, that it doesn't matter what anyone else can or can't do. Success at trading isn't like sports team tryouts. There's no one there at the end of the day who's trying to fill 30 openings from 300 candidates. No one to enforce the perhaps too readily accepted statistics that 90% will fail.
It's more like climbing a mountain, ALONE. It doesn't matter what the success rate is, or how high each person makes it before they quit or fall. It's whether you have what it takes to get to the top, or halfway or whatever your goal is.
I think about this occasionally. I look at the chart, the time and sales, the Level II. It's all there, for the taking. The only thing that stands between me and success, even profound, masterful success, is the space between my hand and the mouse. With a few clicks here and there, fortunes are made and lost... It's pure potential.
The 90% rule doesn't matter. How fast people have made it to the top doesn't matter. How many people have been left dead on the mountain doesn't matter.
All that matters is whether you think you can make it. And whether you are willing to make the preparations for the climb, and then take the risk.
And if you are, good luck. Don't fall.



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Full Disclosure: I'm somewhere between base camp and advanced base camp in my trading career.

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BlackSwan04 View Post
It's more like climbing a mountain, ALONE. It doesn't matter what the success rate is, or how high each person makes it before they quit or fall. It's whether you have what it takes to get to the top, or halfway or whatever your goal is.

Now THAT is an analogy I really like and haven't considered. I have slept on the side of a mountain on the ice with a mate and guide before and that was the toughest challenge of my life.. and we still didn't make the top (Guide woke up with altitude sickness..)

STILL - Why can't we hear the story of the person that DID make the top of the mountain. Summiters love reading and hearing about Sir Edward and other climbers tails of how they defied all the odds and got to the top, cause they are dreamers. Yet to hear an account of the one trader that started out with the same tools, being DOM (charts even) and Mouse and clicked their way to success on their own is unheard of in the online world. Closest to this would be the story of a successful prop trader from scratch.. but still not same as the solo mountaineer. Are we saying that he/she doesn't exist? Thus the comments on 'what does it matter? it only matters if you can do it?' .. Defending our foolish pursuits (well mine anyway). Whats wrong with a bit of inspiration?

Lets define success as trading providing the only income you have, and this income being sufficient to comfortably support your lifestyle, and has done for at least a year. Lets define the prerequisite for reaching this success, of our dreamer - as having quit fulltime work with <100k savings to trade and live with. Perhaps taking casual work for bread and butter if needs be, but trading being 100% priority. Most of the online seekers probably haven't jumped off that ledge yet - of quitting their bread and butter and future providing jobs.

My scenario is not quite as bad as this prerequisite, that poor sonofa.. as I have an engineering business I lean on when money is tight.

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Last Updated on April 28, 2013


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