Is it really possible?

This is a discussion on Is it really possible? within the General Trading Chat forums, part of the Reception category; Originally Posted by Calinor But yeah 50% would be pretty profitable Donald. And if that can genuinely be achieved (no ...

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Old Feb 28, 2009, 1:20am   #8
 
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Originally Posted by Calinor View Post

But yeah 50% would be pretty profitable Donald. And if that can genuinely be achieved (no offence meant, I don't mean to doubt your word, it is just hedge funds would be delighted with 15-20% a year) I'd be impressed. You say that is easily possible year in year out. So you have made more than 50% each year over the past several years? Can you give an estimate of your % gains over the past 5 years say? Perhaps you can teach me
Its good to see that you are realistic is in your expecations.

I have averaged much more than 50% over the last four years. My systems are profitable about 80% of months.

As for teaching you, there really is no incentive for me to do that.But nearly everything i know about trading can be learnt from books. The rest you must learn yourself by actually trading and losing real money.

I am prepared to trade systems that only win 40% of the time, i am prepared to have 10 losing trades in a row. Sometimes (but thankfully not often) i only get 2 winning tades out of 20.
Most traders are not prepared to trade that way and are not prepared to take 30%+ drawdown like i am prepared to do. Most people lose discipline after 3 losing trades.

Im not saying this is the only way to trade. Some people claim to be profitable with systems than win over 60% of the time, even 80 or 90% of the time. I have never been able to develop such day trading systems (atleast not ones that remain robust for long periods) but perhaps they do exist.

Anyway a high win rate is not required to make money as a trader as i am sure you know already.

People fear losing money. My biggest fear is missing a valid trade. I also have a level of comitment to trading that most people would not be able to match.
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Old Feb 28, 2009, 7:10am   #9
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In a nutshell, yes.

I'm not prepared to put my details on here, you'll just have to take my word for it, but I have not had a losing day this week, for example, and losing weeks are rare.

It has not, always, been like that. I've been trading for thirty years. The first thing that I had to come to grips with was "the get rich quick" attitude that I had. Now, I'm no spring chicken, and I have a much different outlook. Without doubt, the first years are the most dangerous for a new trader, because most of us are all the same in that we try to fight the market.

If, as you say, and I have heard the same, 90% fail it is because you are asking the wrong question. I would suggest that a large proportion of beginners are, by nature, gamblers. Once they have disappeared, the serious traders are left. How many traders, who have been trading, regularly, for over ten years, are failures?

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Old Feb 28, 2009, 11:59am   #10
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you'll just have to take my word for it, but I have not had a losing day this week,
Is that because you didn't do any trading this week ?


Paul
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Old Feb 28, 2009, 12:08pm   #11
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Is that because you didn't do any trading this week ?


Paul
I haven't missed a morning. It seems to be better than having money in the bank or owning a house. Now, that is getting to become a problem.

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Old Feb 28, 2009, 12:28pm   #12
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I'm 18, quit 6th form to trade, trading 8-10, then 11.30-12, then 2.30-5.30 mon-fri, then 6-7 for end-of-day data trades.
I've only ever had one losing day, i'm sure there are more to come.
I make about 113 a day with 10 maximum loss per trade.
Target this year is 100k in profit as i increase my stake.

Any questions, do ask.

David.
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Old Feb 28, 2009, 7:15pm   #13
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Which broker are you with ?


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Old Feb 28, 2009, 8:34pm   #14
 
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Hi Taylor, how much do you have in your pot to make 113 per day, and I'd like to know what broker you use too - i use oanda and fxcm but am about to start with alpari
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