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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?

  #271 (permalink)
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Yah but the truth is

The Truth is that not one person on this futures.io (formerly BMT) is willing to produce anything that proves they have made it. However they are all willing to make indicators, and write their journals, and "join the elite" team. And those same people will defend themselves by saying " I do not have to prove anything to you"! Well, ok, I guess ya don't. But then dont say you make your living from trading, that's pretty generic. I mean come on, your making your living from trading, and your hanging around here? That doesn't even sound right, Come on....!!!

The truth is that all the people who sell programs, and systems and on and on, have figured it out. Big Mike himself has figured it out. They have figured out how to make money from trading, TEACH IT, write about it, talk about it, make indicators for it, write journals for it, do everything under the sun except actually make money from it. The Bible says their is "Nothing new under the sun" and thats true here too.


Why is it that we see this same question? "Can a trader make it " Why is that? It's because no one is making it, and everyone is experiencing the exact same thing. You know why you do not find a person willing to prove it, because would you, if you had it! No..no you wouldnt, and their is no man or woman that is making a living trading sitting at their computer on a Sunday night or whatever night for that matter, scrolling through futures.io (formerly BMT) website.

Thats the truth.

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  #272 (permalink)
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skyfly View Post
The Truth is that not one person on this futures.io (formerly BMT) is willing to produce anything that proves they have made it. However they are all willing to make indicators, and write their journals, and "join the elite" team. And those same people will defend themselves by saying " I do not have to prove anything to you"! Well, ok, I guess ya don't. But then dont say you make your living from trading, that's pretty generic. I mean come on, your making your living from trading, and your hanging around here? That doesn't even sound right, Come on....!!!

The truth is that all the people who sell programs, and systems and on and on, have figured it out. Big Mike himself has figured it out. They have figured out how to make money from trading, TEACH IT, write about it, talk about it, make indicators for it, write journals for it, do everything under the sun except actually make money from it. The Bible says their is "Nothing new under the sun" and thats true here too.


Why is it that we see this same question? "Can a trader make it " Why is that? It's because no one is making it, and everyone is experiencing the exact same thing. You know why you do not find a person willing to prove it, because would you, if you had it! No..no you wouldnt, and their is no man or woman that is making a living trading sitting at their computer on a Sunday night or whatever night for that matter, scrolling through futures.io (formerly BMT) website.

Thats the truth.

are you are saying no one on bmt actually trades profitably consistently and do it for a living?

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  #273 (permalink)
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skyfly View Post
The Truth is that not one person on this futures.io (formerly BMT) is willing to produce anything that proves they have made it. However they are all willing to make indicators, and write their journals, and "join the elite" team. And those same people will defend themselves by saying " I do not have to prove anything to you"! Well, ok, I guess ya don't. But then dont say you make your living from trading,

Why not? It's just answering a question. If people asking questions online aren't going to believe answers unless they're given endless proof maybe those people should take a good hard look at themselves.


Quoting 
Why is it that we see this same question? "Can a trader make it " Why is that?

Obviously, because there's a endless stream of people getting into trading that can't do it successfully. (Actually I'd go so far as say that trading attracts people who aren't suited to it)


Quoting 
Thats the truth.

Trading hasn't been good to you, has it? ;-)

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  #274 (permalink)
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skyfly View Post
The Truth is that not one person on this futures.io (formerly BMT) is willing to produce anything that proves they have made it. However they are all willing to make indicators, and write their journals, and "join the elite" team. And those same people will defend themselves by saying " I do not have to prove anything to you"! Well, ok, I guess ya don't. But then dont say you make your living from trading, that's pretty generic. I mean come on, your making your living from trading, and your hanging around here? That doesn't even sound right, Come on....!!!

The truth is that all the people who sell programs, and systems and on and on, have figured it out. Big Mike himself has figured it out. They have figured out how to make money from trading, TEACH IT, write about it, talk about it, make indicators for it, write journals for it, do everything under the sun except actually make money from it. The Bible says their is "Nothing new under the sun" and thats true here too.


Why is it that we see this same question? "Can a trader make it " Why is that? It's because no one is making it, and everyone is experiencing the exact same thing. You know why you do not find a person willing to prove it, because would you, if you had it! No..no you wouldnt, and their is no man or woman that is making a living trading sitting at their computer on a Sunday night or whatever night for that matter, scrolling through futures.io (formerly BMT) website.

Thats the truth.

I agree since this is one of the easiest speculation results reporting to do on ur income taxes sure would give some credibility of those that appear to say they made money... ,, One entry bottom line from the broker tax statement... We need to come up with a catchy name (similar to birther) for the paper.. I will post my brokerage form and maybe I win by losing the least , which some construe as winning!!!!

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  #275 (permalink)
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Hrmm

I have been one of those "failed" traders and am working on a comeback. I think the point here is that we all enjoy the risk/reward trading provides for us and we are obviously willing to take that risk. At the end of the day I think the definition of a successful trader is someone who enjoys it regardless of profit/loss. If we only measured life in successes we would all be total failures.

I have often thought if we could build an indicator that actually went against the flow - we would be more profitable. I read in one of the earlier posts where someone jumped into a market and "hoped the market moved in their direction" - and this has got to be the most common feeling any of us have. It's obvious to those of us who have taken some pretty hard lessons to the curb that our instinct isn't going to cut it. I may actually attempt an "Against my instinct" trading week and see what happens

As to the original questions posed. I have not been successful, but only because I have taken stupid losses. I am not making a living off of trading but I am learning how to trade and that makes me happy. Trading has humbled me, and I think everyone can use a little humility in their lives. Just my 2 pips.

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  #276 (permalink)
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Caveman View Post
At the end of the day I think the definition of a successful trader is someone who enjoys it regardless of profit/loss. If we only measured life in successes we would all be total failures.

Assuming you're meaning people who consistently make an affordable loss every month and are happy with that - I'm afraid they're better classed as gamblers rather than traders.


Quoting 
I have often thought if we could build an indicator that actually went against the flow

If you learn why that doesn't work you'll have taken a decent shortcut in your learning.

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  #277 (permalink)
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Xeno I was simply pointing out the fact that success should be measured by a little more than the pocket book. On the second quote - that was meant in humor to contrast the fact that instincts tend to be wrong.

Oh, and every trade is a gamble unless you've got it all figured out.

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  #278 (permalink)
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Hehehehe This is funny.....

I am sorry guys, but this is really funny. The people that asking for proof if trading does work, most likelly have no idea what they want from trading and do not understand basics and never actually looked back as to what they really doing... All this may sound hash, but i guess i'll give you my story.....

Actuall have strated trading about 12 years ago with options. At that time i was very succesfull in my carrer as Solution Architect (IT-Telecommunications) and was running my own little consultancy business. My wife showed me marketing for Optionetics course and greed kicked in. I thought after reading their info-mercials wow, great work for an hour a week and you can do it over the weekend and make all these 100000% profit, how cool. So off i went. And as with majority of begginers made shitloads of money in first couple of weeks only to loose it all over next few months and much more than that.

At that time i was only focused on a 'ghost trades' no risk maximum return, happy life and absolute greed was driving me into the pits of despair. Went back and repeated the exercise couple of times changing the approach but did not change the fundamentals

The finally i met few people and got close enough to discuss more of the internals, and simple fact is the trading is just as any other business. Treated the same way. Consider how much have you invested in your current job and knowledge versus trading (in the form of learning and experience) Before i claim the ladder in my profession it took me years, how could have i expected that i will be succesfull in trading after 5 day course ( ) Funny is in it when youlook into that. Once you follow the method of learning and experience everyone will get there sooner or later. After that for four years i have not been trading as such (real money) Just studing, different methods, instruments and so on. It was a tedious work of backtesting, practicing on paper my methods, proving them and enusring that they are adaptive. Developing the intuition about teh price action and seing all the facts that needed to be seen to confirm TP's and continuations and the most important build confidence in trust into myself then developin the business plan, trading plan, adjusting it and fine tuning it and create understanding that as my eductaion and life go on, my BP will change, my TP will change and adopt, nothing is fixed and every day markets are different.

Once i was happy with that i started trading again, and further evolved, where now most of my income comes from FX SPOT and different approach to Options and daily charts, and so on....

Guys, it is simple, follow the basics, fine tune them and make sure that your head is in the write spot. There where few posts that mentioned 'Trading in the zone' read it and get in the 'zone'. and be preapred for this:

  • Take what market gives you, no more and no less
  • Trade only when you are in the 'Zone'
  • Trade only when market is tradable by your method
And you can make living, have reasonable expectations and do not trade what you can not afford to loose. Make sure that you neve trade while your wife is screaming give me the money!!! (Oooooppss that never happens) What i mean do not beunder pressure to make money while you trading. it will force you to jump into stupid trades and chase and not be confident into your entries......

I mean this is the topic you can write the 'War and Peace' about, but if you loosing money in the markets go back to basics and practice discipline, get confidence into the mathod and be patient

Good luck to everyone

Markets are logical and
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  #279 (permalink)
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[QU
Quoting 
I mean come on, your making your living from trading, and your hanging around here? That doesn't even sound right, Come on....!!!

I have not yet made a living trading on the screen but I made more in my best year in the pits than most people make in a lifetime (and I never had a losing year in the 16 years I spent in the pits and had very few losing months). I would be on this site even if I were still making that kind of money. There are some very smart people here.

I don't think Big Mike is doing this for the money. I think he's doing it for the education he's getting.

"You don't need a weatherman to know which way the wind blows..."
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  #280 (permalink)
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Caveman View Post
Xeno I was simply pointing out the fact that success should be measured by a little more than the pocket book. On the second quote - that was meant in humor to contrast the fact that instincts tend to be wrong.

Oh, and every trade is a gamble unless you've got it all figured out.

There's a difference between enjoyment and success. You can enjoy your trading, but that doesn't make you a success if you're a consistent loser.

Every trade is not a gamble, if you have a decent and well tested system with a definable and real edge.

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