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How was your path of becoming profitable


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How was your path of becoming profitable

  #11 (permalink)
 
Massive l's Avatar
 Massive l 
OR/USA
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If you want it you'll find it. Before the path to success comes the path to breakeven. You have to be in this because of an extreme obsession for coding, stats, numbers and winning. It has to be your #1 passion. If you're here for the money, you might as well kiss it goodbye. The money comes because of the obsession for the former.

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  #12 (permalink)
 
snax's Avatar
 snax 
Chicago, IL
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Massive l View Post
If you want it you'll find it. Before the path to success comes the path to breakeven. You have to be in this because of an extreme obsession for coding, stats, numbers and winning. It has to be your #1 passion. If you're here for the money, you might as well kiss it goodbye. The money comes because of the obsession for the former.

Hey @Massive l! How did you make the transition into coding your strategies as opposed to executing manually?

EDIT: In hind-sight, I should probably ask this question next time you post in your journal. Didn't mean to distract from OP's original intention!

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  #13 (permalink)
Howard Roark
Oslo Norway
 
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15 years of market exposure on/off. Made a lot of money. Lost even more. Some periods very intense. I've been fairly exhausted for the last 2 years juggling trading research/development with a full-time job. Lost contact with some friends and declined social stuff, but trying my best to maintain relationships with my closest ones.

If you want to succeed with this, you're likely required to make sacrifices. Also - it's much harder than you think and the harsh truth is you're not likely to succeed. There's really nobody to guide you as the ones who are most eager to help usually knows the least and those who know generally keep things for themselves.

My advice is to choose a volatile, liquid market and learn that market as it is. Not how you think it is. Now what some guru says. Or not what you think it should be. The market simply is.

What is that you see every day happening in front of your eyes. It goes up, yes? It goes down? Repeatedly? How much? How often?

As soon as you can - start logging information about what it is you see. Track the market and create statistics.

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  #14 (permalink)
 TraderDoc007 
Detroit MI/USA
 
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Massive l View Post
It has to be your #1 passion. If you're here for the money, you might as well kiss it goodbye. The money comes because of the obsession for the former.

Have to concur with this - trading has to be a passion and an obsession in the beginning. You Have to be determined to be successful and then carve out that path to success.
Look at a lot of charts and just observe initially. Your mind will start showing you things that gel with what is best for you. Maybe a certain pattern jumps out at you regularly, maybe volatility based bars show you some secret, maybe a collection of bars in some sort of format tells you something.
Bottom line is..do a lot of observing initially and read up on money management extensively. You need to master these 2 puzzles first and then deal with your own mind when you eventually start trading live. But live trading is way in the future so just concentrate on these 2 first.

Have fun initially but become very serious when it comes to training the mind.

All the best.

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  #15 (permalink)
 futrstrdr 
Cape Coral FL USA
 
Experience: Advanced
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It's taken 22 years but am finally getting the hang of it.

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  #16 (permalink)
 
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 mtzimmer1 
Upstate NY
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I was lost until I happened upon Damian Castilla on youtube. He is as legit as they come. Uses no indicators, sells nothing, and trades a multi-million dollar account. Learn the basics from Damian, and it will save you many months/years of struggle.

I sound like an advertisement but it really is worth checking out!

[yt]https://www.youtube.com/channel/UCy5Zq25cFK3FZeF26wn4m0w[/yt]

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  #17 (permalink)
 
Massive l's Avatar
 Massive l 
OR/USA
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  #18 (permalink)
 
Tuglife's Avatar
 Tuglife 
Escondido CA USA
 
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I am not profitable, but I am newly confident and feel I am on my way. The VWAP indicator and this thread really turned things around for me.


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  #19 (permalink)
 
SBtrader82's Avatar
 SBtrader82   is a Vendor
 
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I am not profitable yet, but the more I trade the more I feel that there must be some "turning points" that change everything.
Let me explain, suppose you are starting with a very small account of around 5K, most probably the account will go up and down a little and almost breaking even for quite a while until one day you make a nice trade and you "jump" to 8K, then you will go sideways and one day jump to 20K.... and so on.... until one day you will go above the 60K mark

It might take months to go from 5K to 20K, but from 20K to 60K it should be a lot easier and from 60K to 100K even easier.
Once you get to 100K you will have so many "degrees of freedom" that if you play correctly you can scale up to 500K extremely fast.

Of course this is just a theory, but it's something that I have observed whenever I passe the combines, the first part of the trading journey it's the most difficult. So playing safely at the beginning is crucial.

So, what I am trying to say is that once you feel that you are close to becoming profitable, maybe just one single day can change everything.
I believe that you need one big day, just one..... and it will se you up for a be profitable from that moment on.

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  #20 (permalink)
 
Massive l's Avatar
 Massive l 
OR/USA
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wrong thread

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