I've been trading almost a year, the one thing i can say that is the route cause of any losing day or week is when I change the rules.
It is by far the hardest thing to control IMO.
Thanks for the quote
If one is serious enough, then one can easily work out how long it will take them to learn what is required.
Any person who starts out to learn about daytrading, should realize that it is going to take some time, as with anything we try to do in life.
The "learning" is going to consist of experiences gained from placing live trades in the chosen market.
The "more" live trades placed the more learning will take place.
The "timeframe" chosen will greatly determine the number of trades one will do - all trades require groundwork to be completed before execution.
Taking all of the above into consideration, how does a person work out how long it is going to take them to gain the required experiences (learn) so that they can make money consistently by trading the chosen market?
You said If one is serious enough, then one can easily work out how long it will take them to learn what is required. I asked you to say more about this
You replied ........taking all of the above into consideration, how does a person work out how long it is going to take them to gain the required experiences (learn) so that they can make money consistently by trading the chosen market?
The answer is very clear to me, and many others who will read into what I have written.
You will not learn anything without thinking about the answer.
Those who look for the "short" answer are in the wrong game - there are plenty of people who are willing to give you all the information you want, for a fee of course - I am not one of those and have no intention of ever becoming one!
In 1985 Futures magazine published a great article about Marty Schwartz.
He had won the Norm Zadeh U.S. Trading Championship where he turned $300,000 into $1.4 million from August 1st to December 1st.
He was 39 years old.
He would take 200 S&P 500 contracts, scaling in 10-20 contracts at a time to avoid getting too big too soon. He never held a position more than 2 days. These are the Big S&P contracts.
His pain threshold on losses was $200,000 to $250,000.
Here are the key points I highlighted when I first read the article as a new Broker/Trader.
"Discipline is the most critical element. I became a big winner when I could accept a loss."
"I make errors every day~ bad trades, emotional mistakes, but I never get careless ever, with my money management."
"I start at zero in my mind and bear down and get into the black very hard in the first week to 10 days of month."
Now he's happy "banging out" $3 million a year. (1985 dollars)
Years later, hidden deep inside this article I discovered his secret. I had failed to highlight it. So simple. How had I missed it? OK. Here it is.
"A securities analyst in New York for 10 years...Schwartz started with an American Stock Exchange seat and $70,000. You get it?
He was 10 years a student of the market and negotiated low low commissions...and then he started trading!
I gotta tell you nothing has changed. I missed his secret because I blocked that out. There was no way it was going to take me 10 years. Yeah right! I'm still learning.
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