When do you feel successful as a trader? | Forex Factory

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When do you feel successful as a trader?

  • #1
  • First Post: Apr 10, 2007 6:35pm Apr 10, 2007 6:35pm
I've seen traders who are happy with 5-10 pips a day.
I've seen traders who just want $100 a day.
I've seen traders who won't allow themselves to feel successful unless they are doubling their bank account every 30 minutes!

When do you allow yourself to feel successful as an FX Trader?

...AggieTrader...
  • #2
  • Apr 10, 2007 6:48pm Apr 10, 2007 6:48pm
Quoting AggieTrader
I've seen traders who are happy with 5-10 pips a day.
I've seen traders who just want $100 a day.
I've seen traders who won't allow themselves to feel successful unless they are doubling their bank account every 30 minutes!

When do you allow yourself to feel successful as an FX Trader?

...AggieTrader...
It was when I became consistant in profit as measured year over year.

Some apprentice's will become craftsmen others, journeymen and yet others will be unable to complete the course.
  • #3
  • Apr 10, 2007 7:37pm Apr 10, 2007 7:37pm
Quoting AggieTrader
I've seen traders who are happy with 5-10 pips a day.
I've seen traders who just want $100 a day.
I've seen traders who won't allow themselves to feel successful unless they are doubling their bank account every 30 minutes!

When do you allow yourself to feel successful as an FX Trader?

...AggieTrader...
The pips/dollars per day are not what I consider my sign of being successful. Its having profitable results consistently over time. That, plus knowing my method and its results and understanding the markets are what I consider to make myself a successful trader.

GirlFlyer
  • #4
  • Apr 10, 2007 7:43pm Apr 10, 2007 7:43pm
Quoting GirlFlyer
The pips/dollars per day are not what I consider my sign of being successful. Its having profitable results consistently over time. That, plus knowing my method and its results and understanding the markets are what I consider to make myself a successful trader.

GirlFlyer
Hey Girl, On Course an' got your 6. Clear an' g'd t' go...
  • #5
  • Apr 10, 2007 7:47pm Apr 10, 2007 7:47pm
min profit about 0,4% from equity per day (holiday not counted) till next 10 years....
and after that 10 years, 0,2% per day.

i think i can start pull out some equity starting next year about 20% from my profit per month.

and save 50% from that withdrawal
  • #6
  • Apr 10, 2007 9:26pm Apr 10, 2007 9:26pm
Quoting Bemac
It was when I became consistant in profit as measured year over year.

Some apprentice's will become craftsmen others, journeymen and yet others will be unable to complete the course.
This is what made me feel truly successful as well, being consistently profitable. Even if I end the week up a single pip, it's still been a profitable week.

I more or less transcribe a bad quote from a movie into a powerful affirmation for trading. From, "It doesn't matter if you win by an inch or a mile, winning's winning"; into, "It doesn't matter if you make $1 or $1k, profit's profit."
Never underestimate the powers of the Force.
  • #7
  • Apr 10, 2007 10:27pm Apr 10, 2007 10:27pm
My account is too small. The profit and money is nothing to shout about. But I'm happy as long as I follow my method correctly.
  • #8
  • Apr 11, 2007 8:05am Apr 11, 2007 8:05am
consistantly having winners and increasing my account, however slow or fast it may be.
  • #9
  • Apr 11, 2007 8:32am Apr 11, 2007 8:32am
I feel most successful when I'm following my rules consistently, trade after trade, and seeing my method's edge manifest itself over a series of trades.

For me, the evidence that my method's edge is manifesting itself, is by a percentage increase in my equity over that series of trades.

I don't count pips; I don't count money. Only percentages count.

The phrases "a day" or "per day" are meaningless to me.

Dial
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  • #10
  • Apr 11, 2007 8:55am Apr 11, 2007 8:55am
weekly % gain is how i measure success...
Keep it simple stoopid....
  • #11
  • Apr 11, 2007 2:38pm Apr 11, 2007 2:38pm
Quoting AggieTrader
I've seen traders who are happy with 5-10 pips a day.
I've seen traders who just want $100 a day.
I've seen traders who won't allow themselves to feel successful unless they are doubling their bank account every 30 minutes!

When do you allow yourself to feel successful as an FX Trader?

...AggieTrader...
I will feel successful as a trader when my closing balance by the end of the decade is higher than its' closing at the beginning with a compounded average yearly return of not less than 30%. And I will feel more and more successful if this calculation is made by the end of my trading career compared to the beginning....


Thanks,

Nader
  • #12
  • Apr 11, 2007 4:31pm Apr 11, 2007 4:31pm
I was thinking about this question today... about success and I think part of my challenges with trading comes because I REALLY LIKE INSTANT GRATIFICATION!

30% over the course of a year isn't fun afterall... but tripling your money in a month... a week or even a day? Now that's a job well done, eh?

The question was... when do you consider yourself a success? The bigger question behind this one is HOW OFTEN must you feel your a success?

My guess is the more successful the trader... the less they have to feel success. Or is it that you feel success on smaller levels... celebrating the small victories, per se?


...AggieTrader...
  • #13
  • Apr 11, 2007 7:17pm Apr 11, 2007 7:17pm
that way i feel lucky but not success.
yess there is greed that devour our nerve and rationale. that's why we keep journal, to remind us again and again , and again, even if we bored.
  • #14
  • Apr 12, 2007 12:07am Apr 12, 2007 12:07am
Quoting AggieTrader
I was thinking about this question today... about success and I think part of my challenges with trading comes because I REALLY LIKE INSTANT GRATIFICATION!

30% over the course of a year isn't fun afterall... but tripling your money in a month... a week or even a day? Now that's a job well done, eh?

The question was... when do you consider yourself a success? The bigger question behind this one is HOW OFTEN must you feel your a success?

My guess is the more successful the trader... the less they have to feel success. Or is it that you feel success on smaller levels... celebrating the small victories, per se?


...AggieTrader...

In my opinion, liking instant gratification is destructive in trading over the long term. The fact that many traders want to initiate a trade and reap off large profits out of it 5 minutes later or at least see it going their way right away is self destructive.

In a Poker game, and excuse this metaphor, every player wants to win every hand immediately. Everyone wants the best possible cards at the beginning of the deal. Of course, because this is not the case in our real life, and because probabilities play a large role in the game, it is not possible to win every single hand. In my opinion, a trader must be able to know when to fold his position, when to bet, when to raise and when to stay.

Success is nowhere related to instant gratification or how many trades the trader wins in his career. If this was the case, then the luckiest person in the world would have been the richest person in the world and we all know that this is not true.


Thank,

Nader
  • #15
  • Apr 12, 2007 4:35am Apr 12, 2007 4:35am
Quoting narafa
In my opinion, liking instant gratification is destructive in trading over the long term. The fact that many traders want to initiate a trade and reap off large profits out of it 5 minutes later or at least see it going their way right away is self destructive.

In a Poker game, and excuse this metaphor, every player wants to win every hand immediately. Everyone wants the best possible cards at the beginning of the deal. Of course, because this is not the case in our real life, and because probabilities play a large role in the game, it is not possible to win every single hand. In my opinion, a trader must be able to know when to fold his position, when to bet, when to raise and when to stay.

Success is nowhere related to instant gratification or how many trades the trader wins in his career. If this was the case, then the luckiest person in the world would have been the richest person in the world and we all know that this is not true.


Thank,

Nader

Couldn't agree more! That's another reason I like trading actually... the personal development I HAVE to go through in order to become successful. The hardest step is recognizing that I have something to develop...

I like the suggestion earlier of "reframing" success into just "luck" as well. There is a HUGE difference. I wonder though, is the need to feel successful just there in some of us? If so... can't we focus on other things to "get our fix?" Focusing on the little things and allowing ourselves to feel successful about those.

Sometimes staying out of the market... no matter how badly you emotionally want to get in. Maybe just researching... knowing that you are improving your skills as you do. Maybe joining a forex forum and admiting that you can't do it alone and need some help?

...AggieTrader...
  • #16
  • Apr 18, 2007 4:57pm Apr 18, 2007 4:57pm
I'll echo the sentiment of a few others. As long as I follow my strategy, make fewer mistakes and continue learning then I'm happy. Some weeks aren't good and others are great, as long as my account consistently goes up long term then it's all good.
  • #17
  • Apr 18, 2007 7:25pm Apr 18, 2007 7:25pm
I keep track of my equity on a spread sheet and graph that and a 30 day moving average. When I can keep above that moving average constantly for three months and ALSO earn half my day job income then I'll consider my self successful. At which time I plan to go down to 2 days a week to pay for the daily bills and trade full time.
  • #18
  • Apr 18, 2007 7:36pm Apr 18, 2007 7:36pm
Quoting Marrethiel
I keep track of my equity on a spread sheet and graph that and a 30 day moving average. When I can keep above that moving average constantly for three months and ALSO earn half my day job income then I'll consider my self successful. At which time I plan to go down to 2 days a week to pay for the daily bills and trade full time.
?Why did you decide that a 30 Day MA would be the measure?
AND...
Is it {i'm guessing} a Simple MA?
  • #19
  • Last Post: Apr 19, 2007 12:13am Apr 19, 2007 12:13am
My mentor seems to think that things flow in around 5 week trends, as a rough rule of thumb. So I wanted to pick a period shorter than this, plus, I get paid monthly

EDIT Yes, a simple MA
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