Is it really possible to make money in this trading lark?

This is a discussion on Is it really possible to make money in this trading lark? within the First Steps forums, part of the Reception category; I am a complete newbie to trading and have read a couple of books and visited websites such as this ...

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Old Oct 6, 2004, 1:32pm   #1
 
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Is it really possible to make money in this trading lark?

I am a complete newbie to trading and have read a couple of books and visited websites such as this to gain knowledge. What has most impressed me is how difficult it is to actually make money in this game unless (a) you have massive starting capital and / or b) you are a trading genius.

It seems that there are riskier strategies like options trading which can improve your return on capital but the downside is increased risk. As for day trading - forget it! All that I have read suggests that only a minute % make any money at it.

What I really want to know from you veterans out there (or anyone who has been burned) - can you really make money with this trading lark?

Thanks
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Old Oct 6, 2004, 1:42pm   #2
 
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Kazza started this thread Hi Mark

Thanks, the reason I am asking people is actually quite relevant as I am hoping that people who actually do make money will take time out to let me know how they go about doing it. I am not expecting a life story, just a few pointers, tips on what to do and what not to do, how they make their money, is it a living or a hobby..that sort of thing. How about you Mark, is trading a hobby or a full time job?
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Old Oct 6, 2004, 1:45pm   #3
 
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Kazza,

"is it really possible..." - then answer is YES. This doesnt mean YOU can make money !!

You might as well as ask "is it really possible to win an F1 race ?".
The answer is YES. This doesnt mean YOU can win an F1 race.

You have to train, and train. And then trade with NO EXPECTATION of making money.
Once you learn that, you can start thinking about making money.

People make the mistake that they will start earning money immediately.
Just ask around.
Most of the traders here took a couple of years before they flet comfortable to trade full-time.

I am still learning - blew my first account last week !!!.
Still learning...
Can I make money trading - not yet - but I will stick at it until I do !!
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Old Oct 6, 2004, 1:58pm   #4
 
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Kazza started this thread Hi Trendie

Thanks for that informative reply. Perhaps I should rephrase to say that I know a few people do make money trading but, and I suspect that this is true, the vast majority do not make money. In fact, the vast majority probably lose not just money but valuable time that could be profitably spent doing something else.

I think that you are right when you make the point about training - like anything in life you need to put the effort in. However, with trading, I am not sure that the effort is worth the payoff.

Do you actually know of anyone making money in this game trendie? I admire your approach but fear that it may be a while before you see dividends appear. How long have you been in this game?
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Old Oct 6, 2004, 2:06pm   #5
 
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Quote:
Originally Posted by Kazza

I think that you are right when you make the point about training - like anything in life you need to put the effort in. However, with trading, I am not sure that the effort is worth the payoff.

Do you actually know of anyone making money in this game trendie? I admire your approach but fear that it may be a while before you see dividends appear. How long have you been in this game?
Hi Kazza,
Payoff: if you have a job, your income is dependant on your boss giving you a pay-rise. Your pay-rise will be relative to the industry-sector.
With trading, if you re-invest your profits, your income can grow based on your trading ability, and not on how much somebody else thinks you are worth.

I have said that I am not consistently profit. ( I can make profits, but I fail to take my losses quickly. I can read the market correctly. But there are times when I impose my views on the market, and I lose. )

I have been in this game, off and on for 3 years. But only regularly and meaningfully since mid-this-year.
I am sure, that once I control my emotions, and follow what is a logical plan, I will succeed.

re: do I know successful traders? I can only go on what others are willing to tell me. In that case, perhaps, only 3 who trade successfully full-time.

I hope I dont come across as negative, but there is a learning curve, as in any profession.
Stick with it, and I believe, you too can succeed.
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Thanks! The following members like this post: mollymoomar
Old Oct 6, 2004, 2:13pm   #6
 
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Kazza started this thread Thanks for theadvice trendie, it's much appreciated. You're right, it will take application and effort to do well (unless you have some inborn ability). I will follow your advice and read up on the subject as well as start to papertrade. thanks for the honesty in your replies, I suspect the vast majority, like you, trade on the side and this is probably what I should aim for.
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Old Oct 6, 2004, 3:28pm   #7
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Making money from trading is simple all you have to do id BUY when prices are going up and SELL when prices are falling, it is not difficult.

The aim of all the charts, sytems, indicators, stategies is to identify these two facts.

As with anything in life the more you put into something the more you will get out, olympic athletes don't just train once a fortnight, it is the same with trading.
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