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Is anyone actually making money?


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Is anyone actually making money?

  #111 (permalink)
sequential
New York NY USA
 
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Bubba1 View Post
There are many profitable consistent traders of stocks and futures. You just need to know where to find them. They are young, they work, and they are focused. You can find a few of them on Twitch. Yesterday, Matt, a funded $150k trader at Topstep was down $2900, took a break, and made $7,000 to finish up the day with profits over $4,000.

jtradezdays is another consistent trader. You see his trading live, you see his face and his focus.

I can lead you to many more but that should do for a start.


I just came across Matt and his YT channel yesterday evening. Do you know if any profitable traders who use Bookmap other than FT71 and have a room or live stream? Thank you for posting this information.

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  #112 (permalink)
 
vmodus's Avatar
 vmodus 
Somewhere, Delaware, USA
 
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Analytic View Post
The Hard Truth is that no one actually knows if any retail traders actually make money over the long term (5 or more years)

To actually know that a trader makes money consistently you need at least the following:

1) Two full sequential years of verified sequential daily broker statements/annual broker statements with very few gaps in trading days
(So you can see the year over year performance)
2) Summary Statistics: Expectancy, MAX DD, Net Profit/MAX DD, Average MFE/MAE
3) Additional years of verified daily broker statements/annual broker statements covering a wide variety of different volatility levels and different market regimes (including if available flash crash days, limit up/limit down days, market halt days).

*Important: all broker statements must be audited and signed by a regulated third party.
--------------------------------------------------------------------------------------------------------------

Take the following below with 'a big grain of salt'

The generally accepted thinking is that about 95% retail traders lose money over the long term
If you look at just retail traders who trade without having a robust statistical trading process that number is 100%

Of the 5% who make money, about 80% trade mechanical systems and 20% do discretionary trading
Again no stats here just compiled what I've read, seen, and heard over the last 20 years.

All of the metrics you mentioned are useful, but for us it is simply end of year P/L. Our 1099-B's tells us if we are profitable. I know this seems like an oversimplification, but in my mind profitability is binary: you either are or you are not.

With respect to your comment on mechanical systems (we are algorithmic traders for 12+ years), I don't know if your numbers are accurate but I would love to find out. Unfortunately brokers cannot tell who is trading algorithmically versus discretionary, though many (all?) publish the percentages of retail and institutional traders who make money. I can tell you that as soon as we algo traders stick our fingers in the pie, we are discretionary, such as when we have to correct a bad entry. I know every algo trader has had to intervene manually at some point. I have known of some traders who have blown up accounts with their automated systems. Hopefully someone is able to commission and perform a study that can provide us with how many algo traders are profitable. Maybe when my pockets are deeper I will do that .

Okay, I went off rail there. Anyhow, I think the metrics you mention have a ton of value, but some are more important than others, depending upon what you trade (softs, metals, indexes, equities, options, wine*, etc.), how you trade (style), when you trade (timeframe), and why you trade (goals and expected outcomes). Profitability eventually comes down to: did I make money?

Anyhow, great comment, thanks for sharing!

~vmodus


* I have traded wine futures once upon a time, for real

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  #113 (permalink)
goodoboy
Houston
 
Posts: 380 since Dec 2016
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Meklon View Post
Here is your problem, right there. Everything you have described above. I guarantee you will loose money following this method. Stick to TREND strategies, eh? Did he also tell you when NOT to trade? Markets are NOT in trend mode 75% of the time, they are consolidating. Besides, everything he tells you to use are LAGGING indicators and in roughly 35-70% of the time you are too late for the move.

Meklon,

I kinda of disagree with you. It depends on the timeframe chart a trader is using. If I trader is using a 4 tick range chart, everyday the trader will get a trend to trade maybe once or twice a day. If a trader is using a 1 minute timeframe chart, the trader will get a trade once or twice a day. If a trader is using the 60 minute chart or 4 hour chart, then yes, i agree with you, there will not be a trend daily and trader has to wait for those setups.

There is nothing wrong with a trading trainer teaching trend strategies as long as the trainer informs the students, that a trend may not occur daily and it really dependent on time frame of chart.

There is nothing wrong with indicators if the indicators prove to make money over time, it helps the mental. Now I kinda of disagree with 10 indicators on the chart cause too much confusion.

IMO, it all depends on the style of trader and what he or she likes.

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  #114 (permalink)
 
JonnyBoy's Avatar
 JonnyBoy 
Montreal, Quebec
 
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Big Mike View Post
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goodoboy View Post
Meklon,

I kinda of disagree with you. It depends on the timeframe chart a trader is using. If I trader is using a 4 tick range chart, everyday the trader will get a trend to trade maybe once or twice a day. If a trader is using a 1 minute timeframe chart, the trader will get a trade once or twice a day. If a trader is using the 60 minute chart or 4 hour chart, then yes, i agree with you, there will not be a trend daily and trader has to wait for those setups.

There is nothing wrong with a trading trainer teaching trend strategies as long as the trainer informs the students, that a trend may not occur daily and it really dependent on time frame of chart.

There is nothing wrong with indicators if the indicators prove to make money over time, it helps the mental. Now I kinda of disagree with 10 indicators on the chart cause too much confusion.

IMO, it all depends on the style of trader and what he or she likes.

Yeah, he ain't replying anytime soon...

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  #115 (permalink)
goodoboy
Houston
 
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JonnyBoy View Post
Yeah, he ain't replying anytime soon...

Hello JonnyBoy,

May I please ask why Meklon post was removed? What happen?

Thanks

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  #116 (permalink)
 
JonnyBoy's Avatar
 JonnyBoy 
Montreal, Quebec
 
Experience: Advanced
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goodoboy View Post
Hello JonnyBoy,

May I please ask why Meklon post was removed? What happen?

Thanks

Read his posts above.

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- Trade what you see. Invest in what you believe -
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  #117 (permalink)
goodoboy
Houston
 
Posts: 380 since Dec 2016
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Bubba1 View Post
There are many profitable consistent traders of stocks and futures. You just need to know where to find them. They are young, they work, and they are focused. You can find a few of them on Twitch. Yesterday, Matt, a funded $150k trader at Topstep was down $2900, took a break, and made $7,000 to finish up the day with profits over $4,000.

jtradezdays is another consistent trader. You see his trading live, you see his face and his focus.

I can lead you to many more but that should do for a start.

Thank you Bubba1,

Can you please provide their twitch link of Matt and jtradezdays please?

Thank you sir

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  #118 (permalink)
 
FuturesTrader71's Avatar
 FuturesTrader71 
 
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Bubba1 View Post
And, I just saw the post by FT71. He has some good things to say so read that closely. I remember many years ago he and I were banished together from a trade room that we were in. We moved over to another room with just us 2 in it. I was glad to see he moved on up to where he is now.

Dude...you are THAT Bubba...holy crap. That was like 15 years ago. Remember how much I used to call those other people out with their trades. Turns out they both got arrested for fraud or something. Every time I posted a live trade (and I did a lot of them back then as a scalper), they would make comments. Anyway, glad to see you here. 15 freaking years...wow I'm getting old.

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  #119 (permalink)
 
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 Blash 
Chicago, IL
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Big Mike View Post
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goodoboy View Post
Hello JonnyBoy,

May I please ask why Meklon post was removed? What happen?

Thanks

Big Mike said, "....for unwelcome rude behavior."

Trading is hard enough. Doesn't need to made harder still.

Report a post by clicking the little yellow octagon in the upper right corner of any post.

Ron

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  #120 (permalink)
 
vmodus's Avatar
 vmodus 
Somewhere, Delaware, USA
 
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Blash View Post
Trading is hard enough. Doesn't need to made harder still.

Word.

~vmodus

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