How many successfull traders do we have on futures.io (formerly BMT).
who is able to make consistant profite at the end of each month.
For me its turning out to be a myth or figue of my imagination. On all the discussion, I come accorss it's eaither I have to improve on this or work on this . Not once I have read someone saying yes I do make consistant profite or I make money doing day trading. I just want to know if your out there.
I just want to say that I think it is very typical that when someone thinks like this, they can't even do the research themselves to find out who is a profitable trader. They expect everything to be handed to them.
Anyone that thinks similarly to the OP is better off closing their trading account and not looking back. Trading is not for everyone, but I think it is simply impossible to be successful with a mindset like the OP.
Anyway, it's all be said before in much greater detail in prior threads.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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It's not likely you will find many successful traders who are regularly posting in forums and / or selling "how to" information. Not that exceptions don't exist - but if you think about it, I think you'll understand. Good luck.
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You are asking the wrong question. Therefore you will not receive the right answer. Do not worry about what other traders are or aren't doing. Their profitability or lack there of will have no effect on whether or not you are successful.
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Ive heard that anywhere from 90%-95% of people who get into trading fail, trading is tough there is no doubt about it. If you believe it is impossible or you are shrouded with negativity this will prevent you from being profitable regardless of your know how because your psychology is out of shape. It is crucial that you are honest and critical of yourself, but also maintain an positive attitude and not talk yourself down. Even the best traders out there earning millions will have times where they cant make a dime and will question their ability. Resilience is key. Great book called one good trade by mike bellafiore, it gives you a good insight into how professional traders think (the guy runs a successful equities prop shop in NY). In that book typically it takes their average trainee 6-12 months to become consistently profitable and that is with professional guidance. Some guys at another prop firm told me it takes their trainees 9-12 months. Just keep working on your game and don't give up is all I can say.
It is possible to be consistently profitable. It takes alot of work though. Sometimes it's good to take a break. I was struggling and I couldn't imagine being profitable. So I took a a break a came back with a better attitude and less urgency. I took a more scientific approach and made sure my method worked in back testing and on SIM before I went to trading real money. Once you know that your method works from backtesting and from SIM then you don't get so stressed when you have a few losers. When I take a loss I just look at my equity curve and see that it's going up.
I am profitable. But as I mentioned, it takes alot of work.
The following user says Thank You to Hood for this post:
I had this same question and I've come to realize that there are a lot of professional traders out there and on the forum who nail it everyday and live just like how you think they do. Try searching on youtube, you'll see a plethora of retail traders making a living at home. Don't be discouraged by Mike, sometimes he just comes off a little blunt. You have to understand he's gotten these types of questions thousands of times and has no tolerance for people who don't do their own research or ask questions obliviously in a defeatist tone.
After you journal for a couple years to just go from unprofitable, to designing a system, and then finally profitable most people get burnt out from journaling. The problem is that you get ever increasing diminishing returns by journaling for years especially once you start really being able to do it for a living. Eventually you feel like either the people who are listening are just trying to mimic your system for their own profit or they just stop caring because you're doing the same thing over and over creating a sense of boredom. It sometimes makes you ask yourself "what's the point?". It then becomes about just maintaining the friendships you've made through your process. Why keep journaling if you're profitable showing the same trades over and over and over. What I try to do is mix it up and share my life and interesting tidbits so it's not just the same type of trading hundreds of times with photos stops and targets etc.
Even if you look at the polls you'll see many are doing this for a living. I'd assume most just use the forum for technical reasons like asking questions about platforms, taxes, or indicator problems etc. Journaling is really best used in the beginning to get feedback and making friends. I hope that clears up why you see such a lack traders journaling about daytrading and investing for a living. Most who doing it for a living are busy with the task at hand.
Last edited by Itchymoku; December 19th, 2014 at 05:40 AM.
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