Did anyone not have a traumatic start?

May 14th, 2015, 10:43 AM

Hi all -- first-time poster here.

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?

May 14th, 2015, 10:54 AM

Odds are if they did they are not here. Most traders come to futures.io (formerly BMT) to learn how to trade. If someone just got it, they wouldn't be looking for information.

March 22nd, 2016, 09:40 AM

My personal philosophy in life has always been one of looking to make mistakes early on.

I have always believed that, sooner or later, mistakes are going to happen, but when they happen early on they make you stronger.

This could apply to the child that grew up in a mollycoddle household and when they go out in the world (e.g. to high school) they struggle because they're the 'weaker' one, so to speak.

Or perhaps it could apply to a moto racing driver who has had no falls at all, but then later on he gets traumatised by his very first one.

In other words, the world is tough out there and I strongly believe that the more 'bumps' you hit along the road, the better resilient you become.

This applies to trading as well IMO.

March 25th, 2016, 07:26 PM

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.

Did anyone not have a traumatic start?

Discussion in Psychology and Money Management

Did anyone not have a traumatic start?