The Paved Road to Success for the Average Joe (or not)
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Thread: The Paved Road to Success for the Average Joe (or not)

  1. #1
    The aim of this post is to warn would be traders of this unpleasant long road to success. here goes. .

    Suppose the likelihood of your egy r slightly worse than a 50-50 coin flip at 40(triumph)-60(reduction). But improve your advantage by taking $ two profits for each $1 you risk

    your e(v)= ($1x 40%x 2R) - ($1x 60%x -1R)= $0.2
    (aka u can expect to earn $0.2 on average for each $1 risk)

    suppose your target income bankroll averaging as follows
    tgt mthly income = $5k
    acc bal = $10k
    risk/trade = 2 percentx 10k = $200

    crunching a few numbers. This usually means you've got to take 125 transactions to churn a $5k profit with your egy's 0.2R e(v)
    avg trade e(v)= $200x (0.2)= $40
    est no. Of transactions to hit tgt mthly income= $5k / $40 = 125 transactions

    too demanding? Break it down to realistic 1st steps:

    milestone 1) earn 4 2R transactions each mth= $160
    milestone 2) double acc bal deposit to 20k
    earn 4 2R trades each mth= $320
    milestone 3) compound.

    It is appealing to use leverage, but if you dont know what you're doing. A word of caution- it isn't for the ordinary joe. Mental preservation is more important than capital preservation.

    This tough road can also be why allegedly successful traders bestselling systems. It is so much easier to amass $ pple r willing to throw for hope. It is also why moderately successful traders register for a commission- to increase their income reduce the burden of investing for a living on their mental frame of mind.

    Trading for a living is demanding. Give up today save precious time money. Do something else you've got a passion for. OR slog at it to get a mean of 7 years it requires to make the average successful trader.

    Edit- lost multipliion signs

  2. #2
    Hi Jmcd0301, just a couple questions to better help you :
    How long a day do you need to study and develop?
    Have you got work at the moment?
    Can you have a family to provide for?
    Just how old are you?
    What's you personal plan for the forthcoming 3 years (I am professional plan, job, earning money you got the point?
    Just a quick inside look, do not feel pressed to a long comprehensive response (but of course write it if you feel like doing this


  3. #3
    The fact of trading is as such. The fantastic news is that there's a way to accelerate perhaps half of this timeframe. . That's to learn from successful traders. I'm talking market wizards, well known traders who printed novels. Search for podcasts interviews with these kinds of traders. There is wisdom condensed in those short interviews. What's gold is not finding out what setups they choose, but their respective special thought procedure.

    The 1 similarity I see is. Most people have been without mentors experienced this long lonely journey. All of them concluded that managing risk is how you live in this business. All do not exchange their pnl. They known e(v) (see article 1 above). All of them were driven however long it took them to succeed. If you were to dissuade them in their initial struggling years. . saying. . Hey possibly trading is not for you. . at least you tried. They will see this as a challenge to proceed.

    There is no shame in giving trading up. at least you tried. There may yet be something else you have the enthusiasm for could succeed in.

    In case you choose to proceed, know that you might not enjoy what you find. Its like staring at the mirror viewing an ugly beast. Trading is mostly a battle with understanding yourself beating your personal demons.

  4. #4
    Quote Originally Posted by ;
    the reality of trading is as such. The good news is that there is a way to accelerate maybe half of this timeframe. . That is to learn from successful traders. I am talking market wizards, well known traders who printed books. Search for podcasts on interviews with traders. There's wisdom condensed in those interviews that are short. What is gold isn't finding out exactly what setups they choose, but their various unique thought process. Is. Experienced this long lonely trip. All of them concluded that...
    You make some great points. Nevertheless you have missed the point that it is all well and good to read all sorts of publiions, videos concerning trading and to learn from successful traders, ultimately, you have to think of your own egies that you have created or evolved from the expertise, your transactions and what you have learnt from others.

    I concur trading isn't appropriate for everybody. Trading may not be your calling. Keep looking.

  5. #5
    Quote Originally Posted by ;
    quote You make several good points. However ... .... In the end, you have to come up with your own egies which you've developed or created from your expertise, your trades and everything you've learnt from the others. I concur trading isn't appropriate for everyone. Trading may not be your calling. Keep searching.
    Excellent point! Every trader that has fought long enough will arrive at the point at which he/she needs to discover a style that is balanced using his/her character.

    If you're constantly looking to do something, long term swing trading shares for eg may not be for you personally. Intraday may be more suitable. On the reverse side, if you find intraday trading a lot on your core, swing trading may be more acceptable for you.

    Everybody's experience differs. This is where you have to discover your own style.

  6. #6
    There is no road.
    And if there were one it wouldn't be paved.

    You arrived at a fork on the street.
    One way will lead to your success and fortune.
    The other way will lead to your perdition.
    There are just two religions standing there.
    You know that among them always tells the truth, and the other one always lies.
    You can just ask 1 question to both girls.
    Just 1 query with a reply from the old hags will take you on the ideal path.

    What is the question ?

  7. #7
    OR slog at it for a mean of 7 years that it requires to create the average successful trader.

    Hi econbizer,
    Out of curiosity, how did you come to this amount (7 decades?)
    From my personal experience, what makes this work really hard is the almost lack of reliable eduion.
    Better stated, Surely you will find valuable insight to absorb, here inforexintuitiveas in different areas (I don't have any problems whatsoever admitting I subscrided myself for a paid tuition), but YOU have to loe them in an Ocean of useless substance.
    And, If trading is not for everybody, of course it's SUBJECTIVE, meaning that given a prosperous methodology results WILL wary.
    Just because it's true that many will just choose not to exchange it, if it's not in accord with their vision of the market and of the business.
    Thank you for the valuable informations.

  8. #8
    Quote Originally Posted by ;
    OR slog at it to get an average of 7 years that it requires to make the average successful trader. Hello , Out of curiosity... ... maxx
    I collected this from all of the podcast interviews, articles I listened/read, together with powerful traders. Some took 10, a few 5. Rarely less than that. Here really is the ninth duration for the average joe who had a smooth sailing life, without a mentor. You will find rare traders who triumph in a really short quantity of time, possibly because of exceptional way of looking at matters. . A skillset into trading. For example, they had a challenging background, are professional texas holdem players, professional athletes.

    You've already uncovered part of the reason why it takes so damn long. It is challenging to distinguish what instruction info is dependable what's not. This is also part of the self-learning process where we learn to filter BS from gold. Once you get enough of this, you can smell BS from a mile away. There are reputable instruction out there. . Many pro traders r mentoring / selling services for a fee. This is an alarming fact of how tough trading for a living is. Why is a pro-trader not scaling up. . Promoting their knowledge?? Bcos trading is tough.

    Another issue is that even if you find what's reputable, you're confronted with the upcoming significant step of deciding if that trading style is more appropriate for your character. This may take longer. This is the reason why precisely why most newbies pour overforexintuitivesearching for the 'holy grail', leaping from system to system, becoming stuck in the constant cycle of failure. I had been this newbie. I'm just less of a greenhorn now.

    After that, it is only making time to do your own homework commerce.

  9. #9
    I had been that newbie too, and also also a work in progress .
    Worse yet, I used to give value to schooling that was somehow in line with my perception of market mechanisms at the time.
    Naturally with the naive understanding I had which was a sure road to failure. . .and I have failed myself more than once.
    The big base of it all is the WHY? ....but this is possibly material for a different thread.
    (In case you do not have a large enough WHY, then is far better to give your cash to a Foundation you trust).
    So in the end is just searching and growing....and for definition it may never finish. There's no limitation for BETTER.
    But now, given you've already the passion and are prepared to put in the attempt : Where the hell are you going to find all the time that it has to find results in a fair amount of time?
    I mean, because we are here in order to build ourself to great, consistently profitable, full time traders, it usually means that we aren't there yet.
    So we have to supply for oursefves (AND FAMILIES) in another way. . .dayjob for the most of us.
    This lead the Average Joe (wannabe)trader to possibly 2-3hrs per day at best, providing up with a life or giving up on sleep.
    That is where I quit and cannot find answers....and thus wake up at 4:30am to study.
    I'm sure I'm overlooking something, or could not be any thriving full time trader out there.


  10. #10
    Quote Originally Posted by ;
    I was ... ....there. Maxx
    I feel you. I am also in a similar circumstance. Family comes first. That's why we must sacrifice something like sleeping. You are on your way. Seeing you wake up at 4.30am, you are hardcore. It is fantastic to see such passion!!

    One thing that helped me was podcasts (such as ch@t with tr@ders). It is an excellent time saver. In addition, I utilize economist audio for weekly highlights. On the lookout for that next opportunity on bits of news like bursting sungs to provide me a reason to long apple.

    There are many times once I feel tired the have the fleeting idea of giving up. I then asked myself what have I dwelt for, if I were to die this case. And I push on. When it's so easy to lose money in the market, it has to be simple to win it to, after I receive my sh% t together.

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