How many traders win consistently

comino

Junior member
Question i would like to ask is, out of the 12,000 traders on this website.
1.How many, roughly make profit consistently
2.How long does it take to achieve this consistency?
3.What criteria do they use to accomplish this?
4.Do they trade just one market ?
5.Do they trade one methodology ?
6.How do they keep this special mindset?
7.Are they very self-disciplined individuals?
8.Have they learnt this self-discipline?
9.What kind of measures do they take to maintain this self-discipline?
10.Do any traders meditation for ading their trading?
I would be very interested in knowing what would be there main reason for reaching this consistency,is it just a winning attitude or the drive to make money.
My apology for so many questions.
Thank you
 

TheBramble

Legendary member
1. I have started making consistent profits in the last 9 months. (Consistent profits = make more money than I lose of a weekly basis).

2. I have been trading (off and on) for 8 years.

3. Simple systems / risk:reward awareness / money management.

4. At the moment just NASDAQ stocks and a few indices.

5. 3 Basic trading strategies (and constant research)

6. Got fed up with losing.

7. Not in all areas of my life. But in trading - absolutely.

8. ?The hard way!

9. If I find myself thinking about 'taking a punt' rather than trading my system, I close any open positions, turn off the machines and walk away from the markets for the day. Doesn't happen too often these days.

10. I meditate, but have done so for years - not just for trading.

To answer your overall query - consistent (if 9 months can be called consistent) profitable trading was reached after over 7years of consistent failure and an unwillingness to do so any longer.

Keep it simple. Stick to the rules (trading system, risk:reward, money management).

If you find yourself doing something outside your system - slap yourself round the face.
 
comino:

I'd like to suggest that you will get a better response by asking one question at a time - 10 is just too many, and it is difficult to post a reply and look at your questions at the same time (this needs two windows open).
 

comino

Junior member
reply

Yes i can see that would make things easier,
i'll keep that in mind .
Thanks
My answers are similar to your's The Bramble
1.I have periods of consistency couple of months maybe but fail to keep it going, then i start a loosing period so i'm not consistent at this moment.
2.Trading on and off for 5 years, fitting it in between working offshore,i seem to loose some discipline with going away all the time,my thinking is to stop working for one year and try to maintain the consistency for longer periods,getting into a routine
and staying in the flow of the market.
3.It took a long time for me to accept that money management is the main criteria to consistency, even if i trade my method over and over it wont give me consistent profit ,my MM has not been disciplined up to now ,it seems that i distort my criteria for entry and exit if i don't adhere to this discipline of MM.
This is why i've started the journal so as to aid my discipline in money management
4.I just trade the Dow,i have tried other markets but i don't seem to see the same flow in these markets.
5.I've developed a couple of simple Methods for the Dow 2 or 3 indicators,that's all i need,i overcomplicated things many times,but these simple methods seem to work ok.
When i joined this website and looked at all these different charts,i was startled to how much info was on them and then i thought ,wow i have a lot of studying to do ,but it seems the simpler i keep my charts the easier it is to see the flow.I look at the market as a snake and all i need is to find the place to jump on and jump off the right time.Having to fight through all that information to get inboards doesn't make it easier.
6.Sometimes i can keep a good mindset,mainly with having a good routine in daily life.
7.When i started trading i wasn't self disciplined at all,i now see that to survive in the markets i have to increase this more and more especially with my MM.
8.I'm learning the hard way, by still losing money but not as much as i used to.
9.I have a lot of work to do on this one so that i can walk away,like you can,it will give me a good gauge to test my self discipline ,that's great.
10.I started meditating a couple of years ago and this does help me a great deal in my trading,it does however seem to change my perspective of why i'm trading.Ive asked this question of why i trade many times and as time goes by,it seems to change,at first it was just to make money.Not sure about that now.But it's taught me a lot about my self and i have learn't a lot about Psychology,my English writing is still c***p though.
I struggled with a winning attitude for a long time and had big problems with self-sabotage,i won't go in to that now,but i have turned myself inside to find out about myself,it's been very interesting and painful at times,if someone would have told me to go for therapy before trading i would have laughed, but now i can see,it would definitely have been worthwhile and saved me a lot of money ,but being stubborn i had to find out for myself.
Thank you for your feedback.
Working with your answers will hopefully help me in becoming a consistent trader like yourself.
 
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BBB

Experienced member
11. How long is a piece of string?
 

Mr. Charts

Legendary member
1.How many, roughly make profit consistently
I do, virtually every day
2.How long does it take to achieve this consistency?
Depends on how you learn and adapt - several months for me.
3.What criteria do they use to accomplish this?
Tried and tested methods
4.Do they trade just one market ?
US shares intraday only
5.Do they trade one methodology ?
No, a range depending on the market.
6.How do they keep this special mindset?
Discipline
7.Are they very self-disciplined individuals?
Yes
8.Have they learnt this self-discipline?
Psychology books have been writen on this.
Determination and application and learning from experience.
9.What kind of measures do they take to maintain this self-discipline?
Practice
10.Do any traders meditation for ading their trading?
Not since my early days

HTH
 

neil

Legendary member
Flying Yogi

10.Do any traders meditation for ading their trading?
Not since my early days


No head for hights then Mr. C ?

:D
 

comino

Junior member
Keep it simple

Thanks Mr Charts,clear and simple answers,you don't seem to drag any baggage around.Nice to have a clear mind.
Still working on mine.
 

grubs50

Well-known member
Personally i think a trader's level of discipline is dependent on his capital ..........if u have a small pot of money 4 trading, there is a tendency to take on risks (and deviate from your system) inorder to increase ur capital.........this y i think the most consistent traders r more likely to be those with relatively big accounts.
 

Mr. Charts

Legendary member
FWIW I started off with capital of £3500.
Trading with a "large" amount of capital has its own problems, e.g. fills and a tendency not to respect the money enough.
Sorry to have the diametrically opposite view - only my opinion.

comino,
Thanks, hope it helps a little.
 

grubs50

Well-known member
Those problems (with large capital) would most likely occur if the trader is not experienced enough, e.g a novice starting off with a very large amount of money.
 

comino

Junior member
All will be revealed

Helps a lot,coming to this website has answered many frustrating question i've had about trading,and to be able to express ones concerns without fear of ridicule or embarrassment is a gift in itself.
This can only aid in this process to becoming a more consistent trader.I think as traders evolve they become more understanding and have more empathy to the understanding of other humans.
Whoops i let a bit of my sermon slip there.
 

SOCRATES

Veteren member
Dear Comino,

Here are the answers to your questions:~

(1) I can tell you that of every hundred properly trained to a primary level of competence, roughly 95 succeed in the initial stages, but as time goes on, more of are these are forced because of their own ineptitudes or inabilities, that are now beginning to be seriously tested, to drop out, for different reasons. ALso some are too busy with other things and are forced to put trading on a back burner. Others realise its not for them. Others discover they just can't cope and so on.But a very small proportion are lazy,greedy,impatient and undisciplined by nature.These individuals have been able to hide their failings very well in ordinary life so far, but, when they enter the world of trading and now discover the remorselessness of reality in real time with its yes/no outcomes that they find brutal and unfamiliar ~ now because they cannot manipulate the outcomes to make them right when they are wrong ...Then this is a different matter! Here the ninnies receive a shock.The weakest are sorted out straight away. It is not that they fail - these do not succeed, because they prevent themselves from doing so by the way they go about it, and what is worse, the ninnies that persist in remaining have among them whingers who try to corrupt the others.What they are lacking, that they have been able to hide so far all their lives perhaps is the right character. They start to do experiments, all on their own, trying to find a shortcut, that does not exist for anyone's benefit. Then it starts........
they do things they should not be doing, they look at things they should not be looking at, they explore ideas they should not be exploring, they forget what they have been taught, they make a mess of everything. In fact they work very hard at trying not to work to start with. All this in secret at first, because everybody wants to be right as a result of ego, this is a natural human reaction that works in ordinary life - but not in the world of trading. Now these individuals are totally corrupted and confused. Their pride prevents them from admitting these mud pies. They form little knitting circles. They are not only corrupted themselves, they do their best to seriously corrupt as many as they can, because they want to be proved right even though they are wrong. It's horrendous. They now become targets for unscrupulous individuals who try to take advantage of them as victims,by suggesting to them short cuts. Short cuts that at first appear plausible. There are no short cuts. This is a cruel world of yes and no, there is no room for individuals seeking priviledges. Then there is another tragic category of individuals who are not bright enough, but accustomed to the scenario in ordinary life that I have just described and refuse to modify their behaviour accordingly therefore they cannot learn on the one hand and on the other hand refuse to be taught because even when irrefutable proof is laid in front of them, they refuse to accept it, and proceed to argue ~ just imagine this nightmare, and everyone looks the same but is not. It is funny and sad at rhe same time, but practically impossible to carry out instantaneous character tests that are reliable.
Whilst all this is going on the greater majority are plodding along and slowly disengaging from the corruptive element( bear in mind that in normal life sharing is the best way of achieving - in trading being alone and coming to terms with what is laid before us is the best way of achieving) The plodders begin to succeed but have to pretend they are not in order not to be pestered any further. Time passes, and with help the plodders that remain are helped to higher levels of knowledge and awareness until on the basis of a pyramid the best are at the top. This process takes between 6 to 8 years. All those remaining in the pyramid succeed each according to their merits in achieving consistent profits over time. The best are not the best because they are geniuses. They are the best because they have what money cannot buy, which I have discovered to my amazement is the right character for this profession. I have discovered that it is impossible to develop the correct mindset in individuals that do not possess the right character. This is very far above mechanical trading. Only those individuals that have the right character can aspire to go higher.
 

comino

Junior member
Wow

Correct me if i'm wrong ,am right in understanding what you are saying that it's only the individuals that can stand aside from their ego existence of greed and fear and operate from a a level of higher self awareness that have the chance to succeed.
Is this process of 6 to 8 years a gradual detachment from our ordinary existence of ego activity.Is it like divorcing your self from your subconscious drives,then to attain a new identity with your how can i put it your Super conscious.
Wonderful piece of writing.
Thank you for that explanation
 

Salty Gibbon

Experienced member
I started out around 9 months ago with a US$ 50,000 pot and today I have US$ 49,983.15 or 99.97% of my original pot.

I have done hundreds of trades whilst learning the ropes and experimenting with many different methods of trading and teaching myself to be disciplined under pressure.

I am very happy today that I have only lost a total of US$ 16.85 in my initial learning experience - note the word initial because learning NEVER stops - and it is only now that I am clear and confident about my own personally developed trading methodology. I have recently made a few changes which have made all the difference and I am now ready to proceed cautiously forward. Caution is the key to not losing money.

I have read books, articles, had a little personal tuition and scoured this website looking for the various pieces in the jigsaw puzzle.

I am ultra cautious ( although I can be prone to the occasional lapse of concentration and just recently scared myself rigid taking a silly punt on RIMM - never again ) and still work with a pretty small position size.

The way I see it is, you have to respect your money as it doesn't grow on trees, and move forward slowly with caution and due care. Compared to 9 months ago I am a somewhat more knowledgeable trader and vastly more disciplined.

I will get to where I need to be and then I will get beyond there but it is a long, hard road and a bloody slog.

I did 3 winning trades so far today and even Level II was beginning to make a little sense. Progress !!
 

SOCRATES

Veteren member
Dear Comino,

Reply to question number 2:-

This consistency cannot be achieved via a mechanical route. It requires a lot of work on oneself in order to develop the correct mindset. Individuals who possess the wrong character will not and can not attain the correct mindset. It takes several years.
The good news is that it gets easier the more it is worked on.
 

neil

Legendary member
Excellent essay

Socrates

You seem to write in a Joycean like stream of conciousness.

Please write in paragraphs because it is easier on my old eyes :D
 
 
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