At this point I believe one does not need any help or degree to profit in the long term (note I didn't say ethernally).
simple systems work.. all you need is the analytical skills to test without bias and the guts to place your bet.
The more you learn about trading the better you get.
Remember we are trading a zero sum game against the banks - so we have to be better than 50% of them to have any chance of succeeding.
However, there are some trades that are a walk in the park.
Geopolitical news based trades are so easy - my 10 year old son could do them
Last week Barnier said that there was a great chance of a deal being done- pound rallied
Then at 7.30 am the following morning the deputy Irish PM said that the UK's proposition was a long way from what is required - how easy is that it to sell the pound.
Remember, we are all dead longterm I myself am a cheetah-er (not a cheater) Meaning that I like to get as much as possible as fast possible...
I have long(er) periods of not trading.. But when I do... I hunt for the kill. Long-term trading is exhausting to me.
So yeah, I know many people that MADE it.. unforuntatelly not many HOLD it... because they were not aware that almost any strategy has its prime time...
The worse to do is to adjust lifestyle (fixed costs) to temporary winning profits/streaks.. unless you found the vein of gold...
Well should one find any strategy/system that works consistently... he might know the secrets of the universe itself At which point...
Why need money?
Remember this guy? Grigori Perelman solved the math problem and declined the 1mio prize... True story.. He prefers to live with rats etc...
Also, this is one interesting case..
a guy solved 25year old math problem like nothing. Knowingly or unknowingly, not sure.. Some people just do not care for publicity, they live in their world, have own beliefs.. MrRobot anyone...
Dealing with people is exhausting, to some.. So why bother if you do not have to?
So I think this assumption that everyone is looking for success/money is debatable
And also, I get to knew some genius/nuts people They could have made a lot of money but they have so many fixations/rules... that it would be impossible..
Just for example.. "everything should be divided by certain number", "money=evil".. I mean, it's crazy... That is why I am a firm believer in breaking down trading to components like price prediction, risk management etc... Because some do have gold but it gets washed away by other deadly components that kills the overall profit...
I personally believe that the best traders ever.. are laying low. Why bother with publicity?
But there are many more that do wonders for some time... The smartest among them are humble enough to be aware that it might be over in the next trade.. so they preserve the money and if/eventually move to other markets/investments with much lower but stable (fixed) income
The best ones that I knew did this...
So, possible? Absolutely? Forever/consistently? It is not for me to say.
I started my trading journey last year, for the first 6 months I suffer lost, and backtest my strategy.
This year I finally proven my consistency profit, and I joined fxtm as strategy manager..
My past main trading mistakes:
- Believe high risk high return, but eventually become gambling mindset.
- Always look for best entry & best exit (should eliminate this mindset, and take whatever adequate profit).
How am I doing now?
- Good, at least in these economy "recession warning" period I am still able to have 5-10% monthly.
- I play safe now. Anything exceed 10% is a bonus to myself. I am ready for consecutive profit than jackpot.
I spent a lot of time coding, but I love it even though it's more like an art for me and backtesting is better than playing videogames.. so I do it mostly for the fun and not for money... while live trading is like a meditation tool.
I think that people who do things just for money are crazy, but if you really want to make money forget "passive income" and get a job
I agree with the thread... You know why? Because they invest a lot of time/money to stay hidden
Simple as that... Stealth wealth for REAL traders... I mean just imagine... Whatever one would achieve.. either stability/consistency.. or high return.. Won't need to publish much... money would either find him itself... or he would not need any outside capital... So if we put ego out of the equation, why pollute successful mind/record with negative thoughts? Which is what happens mostly.. Just look around you... And trading is soft as it is... why adding additional doubts, arguments...
BTW this is what bothered me in the movie... Limitless (2011)... If they guy would really be able to make that good return, why the hell would he need any outside capital... I mean power of EXP or compounding... It is mentioned in the trivia also..
"Eddie learned how to quintuple his money daily. He decides to borrow one hundred thousand dollars from a loan shark to speed up the gains. He would have made one hundred thousand dollars on his own in just over twenty-four hours, if he kept quintupling his money daily."
if successful process steps are known, why there is no shingle profitable trader
It is the easiest thing in theory... REDUCE kcals, thats it!... Believe me... 90% of the time... genes, health etc... is not that/the (of a) factor...
Everyone can lose weight, we all know how... You do not have to do shit in fact... just EAT LESS... that's it... Forget exercise.. that is for being more athletic, muscular... not for losing weight, not needed... But yet it is a multi-billion industry, billions of recipes... coaches.... diets, philosophies etc...
I know a lot on the subject and I have challenged many to the simple test.. They all fail at this simple "rule"...
In fact.. the more complicated (to this) system they want to have instead (specially reducing carbs = cracks already weak will)... the harder it is...
But also, I get your point... but before I might agree or not, could you please repeat successful process steps for us?
Not favouring any of the sides, just providing counter argument
Hard to escape stop hunting these days. A tip I can share with y'all is to look at your trades and see how often it moves in your direction after haven taken your stop loss.
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