Random, in the spirit of that question of $100 -> $100m, what do you think is a more realistic goal for the successful retail trader?
It's such a massive topic Viel that I lack the motivation required to go into any form of detail. What I would say is that it takes proper planning, accounting, supplier relations, funding etc to run a close company corner shop that intends to produce £50,000 p.a. for each of the directors with many long hours at work for each of them. Yet, in trading, people take the insane notion of "10 pips a day, compounded" and consider that to be a comprehensive business plan or listen to some of the other dreadful sh1te that's out there on their way to a supposed million a year, hoping to work a few hours at it a day. I posted around this in an earlier rant directed at lack of professionalism in the business plans of many retail traders:
"If people prefer the idea of making a million dowwar by starting with a few grand and constantly generating unheard of returns to a proper and comprehensive business plan then more power to them. If they think they can do something that has never been proven possible in the modern era then they need more than I can offer them in terms of advice.
Instead of considering a reasonable return on reliable capital under their control, inflation adjusted drawings on a 10 yr basis, software, tax, contingencies, capital repayments as they arise, working capital generation, then they can write down the number £5,000 with a little pencil arrow to £1,000,000. Business plan = done.
Instead of factoring in the reality of seed and AUM scaling later in their careers and how 20% on a realistic initial seed might look like to them, plus 2% back to the introducing firm then they can just take that £1,000,000 and draw an arrow to a very nice mansion they saw in Hamptons estate agents."
In my opinion if you don't have a 10 year plan that isn't within the realms of some form of reality, then give in now. Many have a pipe dream and nothing more - I think deep down they don't WANT to consider the reality of paying their day to day expenses with variable income such as trading offers, because once you write it down, you realise how damn hard it's going to be without decent capital.
Instead of doing that, they become aggressive know-it-alls quoting dead and old traders left, right and centre, thinking this will somehow become their reality too...? It probably shouldn't bother me if the majority of competition out there is unsophisticated.
In summary, if what you are doing doesn't feel like work or running a business or you're not on a trajectory to have it that way, then the idea you're going to be showered in riches because of some savant talent you possess is beyond a joke.
