How long did it take you to become consistently profitable ?

This is a discussion on How long did it take you to become consistently profitable ? within the General Trading Chat forums, part of the Reception category; Originally Posted by dr.blix i'm consistently unprofitable. i'm looking forward to the day (probably in about 5-6 years time) when ...

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Old Jul 14, 2009, 10:43am   #36
 
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Originally Posted by dr.blix View Post
i'm consistently unprofitable.

i'm looking forward to the day (probably in about 5-6 years time) when i can make as much money from trading as i'd probably get from working at mcdonalds.

saw an old school friend a few months back, chatting he asked what i was up to..."trying to learn how to trade equities", i told him...

"aah", came his dismissive northern socialist reply, "easy money..."

needless to say i knocked him unconscious.
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Old Jul 14, 2009, 10:46am   #37
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Originally Posted by dr.blix View Post
i'm consistently unprofitable
I make thousands on demo and lose hundreds live

Not equities though. I'm gonna be giving stocks a shot soon.
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Old Jul 14, 2009, 10:47am   #38
 
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might i ask paulie_5...what happened to paulies 1 to 4?
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Old Jul 14, 2009, 12:04pm   #39
 
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[QUOTE=megamuel;831144][QUOTE=GladiatorX;830344]Personally i don't understand why people are taking years to become profitable in trading? All you need to do is put a moving average on a chart and you can make money...
Quote:

Bloody hell which MA is this???
SMA ... (Secret moving average)

Seriously though, let go of all your disbelief and a stick a 20EMA on a chart and think of a discretionary method to trade it... I can't see in any way that would be difficult to profit from, there is hundreds of things you could do with it. Unless you want to be TOLD exactly from the EMA when to buy and sell rather than adding a discretionary element in terms of whether the trade is good or not... From your eyes you can tell if a market is choppy or trending, you don't need the ADX to tell you.
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Old Jul 14, 2009, 12:06pm   #40
 
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Originally Posted by dr.blix View Post
might i ask paulie_5...what happened to paulies 1 to 4?
They died from old age.
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Old Jul 14, 2009, 12:15pm   #41
Joined Jun 2009
[QUOTE=GladiatorX;831626][QUOTE=megamuel;831144]
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Originally Posted by GladiatorX View Post
Personally i don't understand why people are taking years to become profitable in trading? All you need to do is put a moving average on a chart and you can make money...
SMA ... (Secret moving average)

Seriously though, let go of all your disbelief and a stick a 20EMA on a chart and think of a discretionary method to trade it... I can't see in any way that would be difficult to profit from, there is hundreds of things you could do with it. Unless you want to be TOLD exactly from the EMA when to buy and sell rather than adding a discretionary element in terms of whether the trade is good or not... From your eyes you can tell if a market is choppy or trending, you don't need the ADX to tell you.

"I read a lot of the posts on these threads and we both know that the disappointments are many. If you say that it is lack of experience I would reply that it is more likely that the experienced traders only save themselves on their ability to leave the trade as soon as it goes wrong for them but, make no mistake, a lot of the trades go wrong."

by Split

http://www.trade2win.com/boards/fore...tml#post830002

......

http://www.trade2win.com/boards/us-s...tml#post778448


" A common occurrence for me is that I will go into a trader’s room and observe him/her trade. Although the trader may be struggling and losing money every day, generally they make money while I am watching them. This is not because I am offering such grand market insights; usually I do not impose my market views on a trader. Rather, I require the trader to verbalize the reasons behind his or her trade. This has the natural effect of slowing down their trading and making them distinguish between genuine trade ideas and mere trading impulses.

From my vantage point, all trading ideas boil down to variations on two themes:

1. The market is trending, and we want to buy pullbacks in an upward trend; sell bounces in a downward trend;
2. The market is range bound, and we want to sell moves toward the top of the range once buying dies out; buy moves to the lower end of the range once selling dries up.

If I am employing solid reasoning in my trading, I want to assess the status of those themes in both the time frame that I am trading and in the larger time frame. A trend in a shorter-time frame may be part of a range in a longer frame; a range in the short time frame may be a consolidation within a larger trend. Not infrequently, your ideas regarding targets for a trade will come from the assessment of the larger time frame.

A sure-fire way to identify impulsive trades is by their absence of a well-conceived exit. Ninety percent of the effort is going into getting into the trade—the entry—because the purpose of the trade is to be in the market, not to make a profit. The impulsive trader seeks action, not results. Because exits are associated with the cessation of action, they get short shrift.

Conversely, the reasoned trade contains several components:

1. An assessment of current price behavior: Is buying pressure expanding or contracting; is selling pressure expanding or contracting; is price volatility expanding or contracting?
2. An assessment of market conditions at shorter and longer time frames: trending or bracketing?
3. A target for the trade: A move to new highs/lows for a trend trade; a move toward a price mean for a bracketing trade.
4. Criteria for stopping the trade: Conditions that will convince you that your trade idea is no longer valid
5. A decision of resource allocation to the trade: How much of your capital you are willing to put at risk on the trade idea.

If talking these five components out loud before each trade would lead you to trade less often and would lead you to trade far differently from how you’re currently trading, there is a likelihood that you are overtrading. There is definitely something to be said for having a feel for trading. That doesn’t mean, however, that feelings substitute for market knowledge and awareness"

by Brett
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Old Jul 14, 2009, 12:32pm   #42
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Paulie_5 started this thread
Quote:
might i ask paulie_5...what happened to paulies 1 to 4?
Always had this as an internet username - I think paulie_1, paulie_2, paulie_3 and paulie_4 were all in use when I first registered on a website.

Christ, I even bored myself with that response.
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