This quote belongs to supremeChaos who posted it on the topic of Scotty and, as I don't want to hijack his topic, I'll continue here.
My opinion that it is important to know how profitable a trader is, as long as he is highly esteemed and he posts trading advices. There are many reasons for this belief of mine.
Time is a resource. I don't have thousands of hours every day to read everything I would like and then to filter the useless junk. Therefore, if I decide to read a trading book, an article, a topic or the posts of a certain user I want to be sure that I'm reading something of quality. Something which will improve my knowledge and will make my capital grow.
How my capital grows is also very important. Maybe the guru whom I'm listening to has some millions and is satisfied with 10% every year, as this amount is more than enough to make a very good living. As I don't have this sum maybe would be better for me to listen to someone who can show a strategy or an approach which brings something like 50%, as compounding 10% every year, even after 10 years, will not make me rich.
It may be very interesting to take trading advice from Warren Buffet but I don't have billions to wait 5-10 years for a profit, after I bought value.
Please consider that these are theoretical values, used just to make a case.
It is clear enough that the profitability of trader X has nothing to do with mine but on the other way, if I take an idea from him and the idea is some discretionary trading which for obvious reasons can't be backtested, without knowing his profits and risks I don't know what to expect.
What is the opinion of the experienced traders, does it make sense what I've just said or am I completely wrong?
My opinion that it is important to know how profitable a trader is, as long as he is highly esteemed and he posts trading advices. There are many reasons for this belief of mine.
Time is a resource. I don't have thousands of hours every day to read everything I would like and then to filter the useless junk. Therefore, if I decide to read a trading book, an article, a topic or the posts of a certain user I want to be sure that I'm reading something of quality. Something which will improve my knowledge and will make my capital grow.
How my capital grows is also very important. Maybe the guru whom I'm listening to has some millions and is satisfied with 10% every year, as this amount is more than enough to make a very good living. As I don't have this sum maybe would be better for me to listen to someone who can show a strategy or an approach which brings something like 50%, as compounding 10% every year, even after 10 years, will not make me rich.
It may be very interesting to take trading advice from Warren Buffet but I don't have billions to wait 5-10 years for a profit, after I bought value.
Please consider that these are theoretical values, used just to make a case.
It is clear enough that the profitability of trader X has nothing to do with mine but on the other way, if I take an idea from him and the idea is some discretionary trading which for obvious reasons can't be backtested, without knowing his profits and risks I don't know what to expect.
What is the opinion of the experienced traders, does it make sense what I've just said or am I completely wrong?