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Primary source of income: how many have made it?
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Primary source of income: how many have made it?

  #161 (permalink)
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jstnbrg View Post
In my opinion, what separates the ultra successful trader from the pack is the ability to trade size as though you were trading one lots. The kind of money we all aspire to earn comes from trading large size. If you can develop a winning methodology trading small and gradually increase you trading size as your account grows, the limit to your income is determined by the liquidity and depth of the markets you trade.

My posts on this subject are not aimed at the trader who has not yet figured out how to make money consistently and who has not learned to trade in a variety of market conditions from glacial to wild. You will blow yourself out if you trade larger than your capital and your skill set allow. My point is that as you build your trading business, growth needs to be part of the plan.

Thank you Jstnbrg. Nice to meet you. This is correct. I eluded to this earlier here: https://futures.io/psychology-money-management/3649-primary-source-income-how-many-have-made-13.html#post69274

Cheers,

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  #162 (permalink)
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swedein View Post
I'm a good trader when I'm in the mood and focused.
I have this terrible cold so today I'm not trading.


This is an important point. Others have made the point that your state of mind is important when you trade, but few if any have talked about the importance of monitoring your state of mind. You can do considerable damage to your account if you become emotional for whatever reason: big losses, big wins, distractions, personal issues, etc. As a pit trader I always either left for the day or at least walked away for an hour or so if I had three losing trades in a row, both to reflect on why I might have lost money and also to make sure I didn't start trading emotionally. If I lost money three days in a row I would take at least two days off just to calm down and get far enough away from the losses that fear wouldn't impact my objectivity.

Pay attention to your state of mind, both when things are going badly and when they are going very well. If you sit down in the morning barely able to see your screen, it's going to be tough to trade well, especially when things start to go against you. The same thing goes if you've just had an unusual string of winners.

Overconfidence has done me more harm in the past than fear by a wide margin. I once lost a year's living expenses in 15 minutes because I had been absolutely killing 'em for two weeks running. I broke every important rule I had laid down for myself several times on the same trade. How could I be wrong? The previous two weeks had proved I was God Himself.

One of the greatest traders I ever knew, a pioneer in financial futures trading and a legend in the business, was worthless the year he got divorced. I can't think of a trader I've known including myself who didn't pay in spades for building a trophy house, even if he could easily afford it.

One of the reasons I like trading for a specific goal every day is that it helps keep me on an even keel. Being on an even keel is critical, and you need to be aware of your emotional state to be sure that your decision making is dispassionate.

"You don't need a weatherman to know which way the wind blows..."
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  #163 (permalink)
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itrade2win View Post
I would prefer to be Trader #3, who makes money consistently who has a winning methodology or methodologies, great risk/reward stats, great discipline. Who takes between 30% to 50% of equity growth for income and the remaining 50% to 70% stays in the business account and when my account grows by $5000 I increase my size one contract. I don't live with my mom, but have living expenses LOL!!!

Me too. But not everybody can be Michael Jordan. The Steve Kerrs of the world can make their mark too, and still be amply compensated for it.

"You don't need a weatherman to know which way the wind blows..."
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  #164 (permalink)
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Private Banker View Post
Thank you Jstnbrg. Nice to meet you. This is correct. I eluded to this earlier here: https://futures.io/psychology-money-management/3649-primary-source-income-how-many-have-made-13.html#post69274

Cheers,

I've liked all of your posts. I was working through the thread from the oldest posts first and just commenting as I saw them. After I wrote this I came to all of the comments about compounding your winnings.

"You don't need a weatherman to know which way the wind blows..."
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  #165 (permalink)
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jstnbrg View Post
I've liked all of your posts. I was working through the thread from the oldest posts first and just commenting as I saw them. After I wrote this I came to all of the comments about compounding your winnings.

Thank you! You've posted some great insight as well! Keep'em coming!

All the Best,
PB

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  #166 (permalink)
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jstnbrg View Post
Me too. But not everybody can be Michael Jordan. The Steve Kerrs of the world can make their mark too, and still be amply compensated for it.


I don't want to be, or am trying to be Michael Jordan or even Steve Kerr. I just want to be me and make my own mark in life and in this world. And who says that I can't be better than Michael Jordan or any other trader in the world? No one and I know for a fact that NO ONE works harder than ME. I spend every waken moment studying charts, reading books, writing in my journal, taking notes and creating statistics 18+ hrs a day. I have sacrificed everything to this point to be a professional trader. When I mean professional trader, I am talking more than just being consistent. I will master this and I will succeed beyond most imaginations. I have done this before with other business ventures and I will do it with trading.

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  #167 (permalink)
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itrade2win View Post
I will master this and I will succeed beyond most imaginations. I have done this before with other business ventures and I will do it with trading.

Good luck, I hope you make it. But your efforts are no guarantee for success. Unfortunately.

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  #168 (permalink)
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itrade2win View Post
I have sacrificed everything to this point to be a professional trader. When I mean professional trader, I am talking more than just being consistent. I will master this and I will succeed beyond most imaginations. I have done this before with other business ventures and I will do it with trading.


oooo.... I like that!

I feel we have a similar mindset. I, however, have a career that a love that leaves me not as much time
as I would like to master trading. I am , nevertheless , learning everytime I trade or read. I am already
steadily at BE. Just a little more refinement and I'll be making that %50 drawdown back....

By the time I can't hear well anymore... soon, if I keep monitoring the way I do ; ) , I'll be ready for my
second career...


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #169 (permalink)
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itrade2win View Post
I don't want to be, or am trying to be Michael Jordan or even Steve Kerr. I just want to be me and make my own mark in life and in this world. And who says that I can't be better than Michael Jordan or any other trader in the world? No one and I know for a fact that NO ONE works harder than ME. I spend every waken moment studying charts, reading books, writing in my journal, taking notes and creating statistics 18+ hrs a day. I have sacrificed everything to this point to be a professional trader. When I mean professional trader, I am talking more than just being consistent. I will master this and I will succeed beyond most imaginations. I have done this before with other business ventures and I will do it with trading.

i appreciate your dedication is impressive but when it comes to actually trading it is this attitude that will be most effective in ensuring you do not make it.

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  #170 (permalink)
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MetalTrade View Post
Good luck, I hope you make it. But your efforts are no guarantee for success. Unfortunately.


Efforts alone are never enough to guarantee success. Being emotionally and psychologically strong will put the odds in my favor. Nothing else really matters.

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