I'm reading and watching webinars in preparation for launching my trading in a few months. A few things are coming through loud and clear:
It's not easy. Plan to not be consistently profitable for a few years.
Frame your goals around remaining consistent and disciplined. Do not aim to make "X dollars by X date".
Focus on a handful of setups and aim to become an expert at them. Which implies not overtrading.
Hone your execution skills in Sim, introduce psychological factors by trading real money in markets that allow micro trades, like Forex.
Then graduate to risking about 1%-2% of your acct balance per trade -- never more.
Focus on surviving, not winning.
Question: does anyone know of a trader who did not have an bumpy start? Did not blow up an account (or come close)? Did not struggle, fail, and restart? Basically, are there traders who "got it" from day 1?
I'd like to believe that all the words of wisdom on the forum -- if taken to heart -- can result in skipping over many of the difficulties that most beginners face. Are there real-world examples?
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My experience is that those who experience "trauma" are 95% (or whatever) people, they might even limp along for 5 years but will eventually face reality.
There may be or seem to be many re-invention/redemption stories however I suspect as a percentage.. this is rare and grossly over-reported as it benefits the industry.
Be aware of and understand gambling addiction, if you can stay level headed and can afford the time to learn that is good. But...
Edit: late but as I re-glanced. Your overall analysis is fine but remember things are relative. Is the x time to achieve consistency for a part timer or full timer. If full time and your not there in < 2 years.. probably should reconsider. The type of market traded also affects things greatly. Its really not that difficult once it clicks but subconscious competence kicks in on its own schedule.
Last edited by Rory; March 25th, 2016 at 09:03 PM.
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