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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?

  #11 (permalink)
 
sharky's Avatar
 sharky 
MIAMI,FL
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i make about 30-50 k a month i would agree that the stats are about right been trading 7 years but i went to school to learn this stuff and was mentored by one of americas best traders...sharky

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  #12 (permalink)
 
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 rassi 
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sharky View Post
i make about 30-50 k a month i would agree that the stats are about right been trading 7 years but i went to school to learn this stuff and was mentored by one of americas best traders...sharky

So you don't trade your indicators or systems then?

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  #13 (permalink)
Day Trading Fool
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AR01 View Post
1) No
2) Simulation
3) 1 year but only 1 hour of screen time a day so for me about 200 days * 1 hour = 200 hours. I believe screen time is more important than duration and should be considered in the measure.

Andrew

Well put and changed.

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  #14 (permalink)
Day Trading Fool
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sharky View Post
i make about 30-50 k a month i would agree that the stats are about right been trading 7 years but i went to school to learn this stuff and was mentored by one of americas best traders...sharky

That is the kind of success I like to hear about - freakin awesome!

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  #15 (permalink)
 
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 ThatManFromTexas 
Houston,Tx
 
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Eric j View Post
From trading ? not me . I always get a little disturbed by that 95 / 5 thingy . First how do we know that ? Second , is that those that make a living at it versus those that wash out completely ? . Personally I think its perpetuated by those that are in line to sell advice or access to the holy grail .

If its true then why are there so many brokers , dealers , platforms , software , vendors , coaches , mentors , books , indicators etc. ? Who feeds them ? Do so many people wash out then get replaced by more rubes ? Like I said , it just gets my feathers ruffled lol .

If a trader was winning... would he need to buy books, hire coaches and keep jumping from one broker/data feed to another?


webart View Post
The figures come from brokers, actually the figures for those that make money for more than a year are 98%/2% according to a CBOT lecture I was listening too ... and they should know....


You also have to factor in the traders who blow up an account... get a new grub stake and open another account.

I personally think "I Dreamed a Dream" was inspired from a former trader... I'm just sayin'....

I dreamed a dream in time gone by
When hope was high
And life worth living.....

Now life has killed the dream I dreamed.

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #16 (permalink)
 
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 Dragon 
Bellingham, WA
 
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sharky View Post
i make about 30-50 k a month i would agree that the stats are about right been trading 7 years but i went to school to learn this stuff and was mentored by one of americas best traders...sharky

you lurker...

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  #17 (permalink)
 
sharky's Avatar
 sharky 
MIAMI,FL
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rassi i dont have any systems everything i post is to teach people what to look at and to train their minds on how to see price action easier,to let them pratice stuff on sim over and over again until a light goes off and they say oh thats what he means,i look at charts 15-20 hrs per day for about 5 years and paid thousands and thousands for my school and mentored under real traders its not easy or cheap to trade i sacerficed relationships and lost friends,its a long hard lonley road and you have to decide how bad do i really want this and is there a eaiser way to make a buck...sharky

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  #18 (permalink)
 
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 David_R 
San Jose, Ca
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I find this thread very depressing because it almost feels like a reality check in some ways. In other words, what the heck am I thinking that I can beat the percentages?

1. not my primary income. Have never made anything that I kept.
2. Have never made $100K or even $100 at the end of a years time.
3. 6 years time, some of it part time and some full time. I can't say I've looked at charts for 15-20 hrs a day like Sharky, but I know I've spent many more hours doing so than I though I ever would.

Question: I've read the phrase "under capitalized" many times and have heard the term many times. What account size is considered to not be under capitalized?

D

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  #19 (permalink)
 
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 Big Mike 
Manta, Ecuador
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David_R View Post
Question: I've read the phrase "under capitalized" many times and have heard the term many times. What account size is considered to not be under capitalized?

D

It will depend on your trading style (scalper/intraday/swing). I'm actually briefly going over that in tomorrows webinar about trading MTF's w/trend.

But the general rule of thumb is you cannot risk more than 2% per trade. On CL, 20 ticks is $200 stop. If your trading style allows you to risk less than 20 ticks and be profitable, then your minimum account size would need to be $20,000 to trade 2 contracts on CL. And this is really an amount that is needed once you are well educated, it is not a "tuition" amount which is likely substantially higher.

Mike

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  #20 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
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David_R View Post
I find this thread very depressing because it almost feels like a reality check in some ways. In other words, what the heck am I thinking that I can beat the percentages?

D

David,

I have to say that I've always thought your posts and style were pretty sound. Your method is complex for my personal tastes, but when compared with the majority of others, I would say your method makes more sense to me than most.

I know you've had a very hard time. I don't think it is due to your understanding of the market or your method. I think it is all psychological, and because of the position you are in and your environment and surroundings in life, it is very difficult to break through and overcome this challenges. Trading is hard enough without all the added complications that can make it even harder.

Mike

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