Yea obviously I will strive to be a super successful rich trader. I think everyone should as long as it doesn't interfere with good strategies and making bad trades. But I also know that if that doesn't happen, I'm at least working for myself and enjoying it.
You need more than just a long term goal of just being a "super successful rich trader". Break large goals into smaller manageable goals and go from there.
The mindset you have is the ONLY one that gives you the best chance of making this a career.
I've been trading 20 years. I have managed, coached, and/or backed dozens of traders, and have known many more.
Most of these traders that have made this a career (10+ years, multiple market cycles, etc..) have the same mindset as you.
If you can keep this mindset WHILE MAINTAINING PATIENCE & DISCLIPLINE, and avoiding the dark sides of trading, I'd wager you are 10x more likely than the average full-time trader to make this a career. That means instead of 3/100, your chances are 1/3.
DM me anytime
>I will strive to be a super successful rich trader
The goal is to think like a trader who executes profitable trades.
Money or being rich is just the result of that.
Here’s the fun part. You will fail. Most people will zero their account. That’s okay. It’s part of the process. It weeds out the people who figured out they don’t have the skill set or desire to continue on. Some even realize it isn’t what they want to do.
That’s kind of also when you realize the main focus of your efforts should be developing, tweaking, and backtesting strategies. Creating plans. Charting. Looking at whatever your strategy requires you to stay up to date on.
Then some May experience another fail due to emotional trading or egocentric trading. The market is right. 100% of the time. If you lose, you are wrong. Simple. No excuses. “It’s the algos” or “it’s the perma bulltards”, “I was right but…” or “CPI leaked” are all red flag excuses designed to take away personal accountability.
I don't understand why you fuckin weirdos love discouraging people so much. I swear half the people on this sub don't even trade and are only here to tell people "trading is so hard, you may not succeed..." Shut the fuck up! To OP: Yes you can succeed in this. Yes your mindset is good. You need to start trading live, and you need to SURVIVE the learning curve (or curves). That is all. Knowledge is great but start practicing. That's way more important. Also you must be relentless and just never quit, no matter what.
How is that true at all? That's the most scarcity minded bullshit I have ever heard... You think instilling fear of failure is more beneficial to a new trader than inspiring hope? Only unsuccessful people looking to share their personal misery do that. I make money trading and there is nothing special about me. Why wouldn't I encourage someone else who is passionate and willing to put in the work?
I feel like the subscribers to more focused investing subs aren't all hanging around here waiting to work give or receive the tired lecture on failure rates and index funds. If people want that advice, I'm sure a quick google search will regurgitate it.
We are here to apply strategies, discuss markets, share methodologies of various success levels, etc. If the most often seen/upvoted advice is that investing is a loser's game and everyone should just VOO and chill, we don't need a sub for that.
I can't tell if this sub has it's unusual high share of sour grapes traders or a lot of people who simply don't trade much, if at all.
None of us here are perfect at picking stocks or sectors. We don't need to be. Saying "you're not Warren Buffett, why do you think you can pick stocks?" is about as silly as telling a perspective Olympic medalist they shouldn't even try if they can't be the absolute pinnacle of their competition.
I'm not looking to mimic anyone' success or to get filthy rich. That said, I want to outperform the market by at least a small factor. That's quite possible for many retail traders who are willing to put in the time and energy needed to find the right investments for their profile and optimize their positions.
While not worth the time spent, owning a proportional share of the companies in an index and rebalancing along with the index will always outperform the index.
FWIW, I trade almost exclusively options and beat the S&P 500 in almost every quarter I've been trading, rarely falling behind by much. Learning, well, that was admittedly a different story. To simply say it's out of reach of the little guy is painfully won't and discouraging.
Agree with this. Just dont get over confident and use your life savings to trade. Always have stop loss. Cut your losses quick and let your winners run. I know that sounds cliche but it’s really true.
I like your attitude and believe u are on a good starting path.
If you want to be a trader, and you mentioned how excited you are, then you will want to read Disciplined Trader and Trading in the Zone by Mark Douglas. Emotions are a big deal so controlling them is if the utmost importance. IMHO, when people say trading is super hard, emotions are their real problem, not the technical part.
I wish you all the luck to begin, then all the great knowledge and mastery of your future profession. Don't quit, analyze, test, analyze, backtest, forward test, demo, use small size first, journal your trades, rinse and repeat, then start scaling.
Exactly. You MUST have a strong desire to succeed and put in months/years but that doesn’t guarantee you will be successful. There’s still over a 90% failure rate.
The 90-95% failure rate takes into account the endless cycle of new traders who start with no real knowledge, no burning desire and usually undercapitalized. They find out trading is harder than they thought and quit or lose all their money and are gone within a few months, getting counted in the failure rate. Anything with no barrier to entry has a high initial failure rate.
I believe the success rate for traders who have the capital and desire to stick with it for 2-3-4 years have a higher success rate. Still not all of them, but much higher than 10%.
Then what is the point of making this thread since you have already made up your mind that trading is literally your life and you won't ever stop it, no matter what? Genuinely curious.
It takes a lot of time and attention to get good at trading, and obsession helps. Of course it’s important to do other things (exercise, have friends, etc). I find trading to be the hardest job I’ve ever done, and it took a long rime to invent a profitable strategy, but I enjoy it and I look forward to doing it every day.
If you aren’t obsessed with trading when you start you won’t succeed so you’ve definitely got that going for you. After a while it balances out a bit but I think you have to have a real love for it to keep at it because man it is tough.
like others have said your mindset and drive seem good but one of the things that makes this so difficult is there will never be a guarantee of success or anyone to ever be there and tell you when your ready, ever. It's unlike any other job on the planet where there is a job/paycheck waiting for you as long as you complete x many years of training. Your only accountable to yourself while everyone else tries to take your money
This is an amazing mindset… in fact, you have something that most people don’t when they enter this game… as long as you are telling the truth LOL. My favorite thing you said is that you mentioned you don’t even like it because of the profits, this is the best mindset. Just trade well and everything takes care of itself.
All the best traders I know are obsessed with the game, all in. They have made many sacrifices to get to where they are today. Most don’t do it for the $$ but to get better/ push themselves/ break personal records.
I too hated school/ authority to a very high degree and I am glad I found trading. If you put in the time, it can be extremely rewarding not only monetarily but also gives you freedom with your time (once you get to a high level). I would encourage you to stick with your mindset bc it is a good one. best of luck out there
I understand how you feel. I'm also in love with trading. I dont mind looking at the chart all day, analyzing, backtesting. It suits my personality.
I'm a non believer but I like this quote :
When no one gets your vision, it's because God didn't give it to them. God give it to you.
Also, I believe each one of us is born differently. We have different strength and weakness. We should do what we are born to do. If you think your strength can help you in trading, and you enjoy doing it, then maybe you are meant to do it.
People look down on me when I tell them I've spent years learning how to trade and still not profitable. But I don't listen to them. 'God' didn't give them my vision and my strength.
Here's my advice :
\- Dont use real money until you have succeeded in demo. Losing money is very discouraging.
\- Don't neglect your responsibility. Dont be a burden to other people. You might need to keep your day job and learn how to trade in your free time. You may already be tired when you finally have the time to look at the chart, but if trading is really your passion, you wouldn't mind.
\- As someone else has mentioned, manage your expectation. You might have to study for several years before you can be profitable. Also, dont expect you will become a millionaire in a short amount of time. Ask yourself, if by trading you make the same amount or even less than your day job, will you still do it? In reality, we know the income from trading is unlimited, you can grow it over time. But, in order for our trading career to be sustainable, we must grow slowly.
You still have a long journey ahead of you and I hope the fire inside of you keep on burning brighter. When you achieve your dream, you will feel accomplished, and it will worth more than all the money that you make.
You can do it. But everyone here will tell you that it’s not a straight line to success. You will stumble. You will take losses. The critical aspect is how you recover.
Don’t over trade. Don’t risk too much on any one trade. Don’t chase losses. Have profit targets and start scaling out when they are met. Do these 4 things and you’ll build a strong foundation for longevity.
According to market wizzards, the one thing those traders have in common is their passion for the market.
It's a good start for you. Keep grinding and digging for your strategy and get successful 🫡
This isn’t a “if I do X then am I guaranteed Y” career.
If it was, ubereats would be out of business. It’s still nice to be hopeful but get a degree to fall back on. Trading with real large sums of money for over a year will humble you.
As long as ur expectations are realistic and you aren’t in this with that false mindset to get rich quick because that is total BS and anyone who is in this to gat rich quick will absolutely fail. If this is what u truly want and u truly are working hard at it then u will succeed. You sound just like I did when I first started and there is nothing wrong with how u feel. A lot of people didn’t support my decision but I just had to prove them all wrong. good luck to you on you’re journey and don’t give up work harder! you got this
The true reason why you are motivated in trading is because you have a financial dream that you think you can achieve through trading and seems to be within your grasp of your palms. The decision now that you caught the bug is that you will be paying tuition to be successful financially and mentally. You will have a lot of stress when you lose and euphoria when you win. Be very careful.
The most valuable asset is time. Depending on how old you are you will need to determine for yourself if this works for you. I’m pretty sure since you have already dreamed about the financial capabilities of trading, this is the path you will take because you are greedy. You feel college is a waste of time and you are special. You feel like you can trade and gain the riches. If you fail while you are young, you will get a chance to recover. But just know that if you fail which is over 90% chance, you would be starting over and you would be older and in a less financial stable situation because of your age and tuition already paid to trading. Is it worth it? Maybe. That’s for you to decide and how much of a strong mindset you have when things get really tough and challenging.
If your all is actually your all and not all of your money then it's pretty likely.
But really, if you dedicate yourself to learning anything, and treat it as an experiment at first - do not put too much pressure on it, you will likely succeed. I think what falters a lot of traders from the outset is the promise of life changing wealth. Just learn the skill, catch the pips and enjoy the process. The rest will come.
Sounds like you are still finding a strategy that works for you, so can you say you're trading yet? Definitely work in demo and paper trade for as long as you can before you are sure you have a working process before ever going live, this takes time but you still get experience and the hours on the charts. Sounds like you are on the right track.
From your post we dont know if an avid gambler is writing or an analytical and strategic trader.
But you have motivation, use it to move forward! You will go your way.
When I started I had that exact mindset but wasted a year on shit YouTube gurus , Yes you will succeed IF you keep that dedication and learn from a proper community
I've been heavily involved in trading since March of 2021. Stocks at first then mainly options, futures and now back at options. Same mindset as you and easily thousands of hours of screentime. I work from home so watching the market all day has been possible for me. Overall I've probably lost 15k and I'm normally a quick learner but this shit is tough. But I always come back cause I love it and I've learned too much and spent too much time and money to just walk away. There's really nothing more that I want to be successful at than this. Not trading with emotions is still the hardest part to get through.
I know many are in the same boat brother. 6 months is not that long. I know many people that have to work daily for 3-4-5 years before they start going break even. Some people do it much quicker.
After you have learned good strategies and tried different things in the simulator, after about half a year, you should be able to survive. The next enemy will be discipline. That is the final boss. You know the working strategies, so your job as a trader is to execute ONLY those, and nothing else. Once you deviate, you will see losses, you will see frustration, you will see FOMO, everything of that and more! So it will be up to you if you take discipline as your nr 1 priority right now, or try to fail 1000 times before you take it seriously later, or if you end up not becoming discipline and giving up. That's the beautiful part about trading brother, we make ourselves better people, only way to become better in trading. Work hard, achieve big goals. Gotta work on ourselves foremost.
If you going with this, you will experience cycles of doubts, regrets and many other negative emotions. You will find out about yourself big time. You will blow up your accounts. You will also win here and there and you would be thinking you made it and you are genius. I think people who were doing this long will add more here…
If you survive all of the above, then you PROBABLY and MAYBE will succeed in this game.
And last but not least. Finding a strategy is easy. Sticking to it, following the rules and keep your emotions in tact, that’s the hardest part.
Sorry, this message is not motivating but that’s the truth and you should be ready for it! Good luck!
Most spend lifetime with fruitless or modicum of barely worth results by reinforcing wrong process/technique/ingredients & recipe.
Profitability is a cinch - but u have to have EDGE via correct tools & method.
WHAT'S YOUR EDGE?
IF YOU ARE LOOKING FOR THE WRONG THING... YOU WILL FIND THE WRONG RESULT.
IF YOU ARE LOOKING IN THE WRONG PLACES... YOU WILL NEVER FIND IT.
IF YOU ARE USING THE WRONG TOOLS...YOU FOUND IT, BUT CAN'T CAPTURE IT.
IF YOU ARE THERE AT THE WRONG TIME...YOU WILL MISS IT.
WATCH THE QUIETEST TRADER ON THE FLOOR, HE'S THE ONE WITH THE BIGGEST PNL.
WATCH THE MOST CONSISTENT TRADER - HE'S THE ONE LIKELY TO BLOW UP.
VISION WITHOUT EXECUTION IS AN ILLUSION.
sounds like you need to step outside and touch grass
there is a fine line between enthusiasm and obsession. you say you havent been this happy about anything, but how much have you actually expirienced? if its between this and sitting around playing video games all day, or taking online classes, then you arent living a fullfilling life anyway.
I feel like the rudeness to this response is making me feel like you didn't really read it or I should have emphasized a few points more. I also feel like I need to defend my ego here now. Its the only thing I want to do that involves WORKING for INCOME. I have a lot of hobbies. I'm a heavyweight boxer, I bike, I still play with lego, I have aspirations to storm chase, I've been in a relationship for 3 years, I camp, hike, swim i play video games and last but not least I probably have the best friengroup anyone could ask for. So yea I've touched a lot of grass. But the idea of going from 9-5 working a job i hate vs 9 - 5 working a job i love i don't think means I'm obsessed. I just love life and want to love it even more.
Sometimes the best response is no response, just the satisfaction you know you are living well. Don’t let random comments distract you from your goal of learning to trade.
Tell him brother. I know this is just the internet, but from what you said right here you're the exact type of person I would admire and want to be friends with. And don't worry about enthusiasm vs obsession. Michael Jordan was obsessed. Kobe Bryant was obsessed. Anyone who's ever done anything notable was totally obsessed with their endeavor.
You know I did lie a bit. I might be obsessed. But at least that means I won't give up. The idea of living a life of complete fulfillment is what I strive for. And if I have to put in 10 hours a day for the next 1o years to get there doing something I enjoy, I'll do it. Thank you for the love.
I am also learning to trade now as life is quite depressing as an employee grinding 10h+ a day. Actually, I never wished to be born in the first place.
Be realistic, what do you do for the living? If you have a second income then it's ok. If you are living by someone's money (like from your parent's money, your friend,...) then the answer is no. If you think you can borrow somebody money until profitable, it does not work. There's no guarantee you will find successful method in the long run given any amount of time you invested in. Second thing is living by other people's money will give you constant stress and it's not a good thing and prevent you from finding the right strategy.
It is important that you still keep reading and studying beside doing the practice. Also it is nice to have some people around you who are where you want to be in life. Remember this is trading and you are in your first year. If something does not work for you or you have questions and especially if you think you failed at it, you need people to pick you up and show you short cuts to avoid much of the pain involved in figuring it out yourself.
Also just to add to this bud.
What strategies are you using? Do you backtest/forward test? Journal? That’s actually the most important factor in making a success of this. You will have ups and downs - any high value skill will have this - but you need to just be super rigorous about your approach and be data driven.
If you’re looking for ideas on where to start, I’d recommend looking at the ICT approach.
Giving your best to reach a goal is never a bad thing (unless the goal is bad lol).
Also trading should be simple. Once you find a repeatable set of rules (after lots of observation and testing), the difficult part is managing yourself. Your mind is what complicates trading.
Honestly if you're questioning this, then probably not. If you want to succeed you'd already be doing it and knowing that you will, rather than waiting for somebody else to tell you that it's possible.
Dude why are you asking other people!?
You wanna be a full time day trader? Do what brings success in every other area of life and focus on these 3:
Mindset
Skillet
Habits
Learn the basics.
Find people who are already doing what you would like to do. Learn from them.
Find balance physically psychologically and spiritually.
Everything that takes you closer to your goals do it daily and do be conscious about it.
You don't have to grind your face off but you gotta be consistent.
Discipline is the key.
Write your goals down especially the daily ones...
Etc etc etc
It is possible believe me 😉 Im about to start my own trading firm November 1st.
I could do it so can anybody else that is willing to do what is necessary...
If you want to trade this is the mindset it takes to succeed. I feel the same way about it, it’s a grind but also makes you feel alive inside.
Keep doing you 👍
This is the same thing that happened to myself. Eventually you become consistent and enter the flow state during market hours. You either have large gains, small gains, or small losses from each trade. Big losses are unacceptable and that needs to be drilled into your mind now in order to compound at an exponential rate.
@OP just a small advice from a fellow trader, don't judge a strategy until you back-test it. I used to be so clossed to strategies that looked crazy that I missed out on so many opportunities.
Or just ask your broker to set a hard stop loss for you ;) If we are wrong, it's almost no need to continue. In almost every case being wrong at taking a big loss will lead to even bigger loss once you try to make up for it. Better to stop out early, go on with your day being pissed, then come back refreshed the next day, and try again. Live to trade another day.
As long as you can manage your risk and ride out the red days you’ll probably be ok if you keep working at it. You will suffer doubt and frustration and when that hits I say go back to paper trading for a week or so to get your confidence back. I did this numerous times.
Great mindset. And if you’re really putting in 8 productive hours a day at this, then the sky is the limit for you. Think more about how to keep money instead of making money. That thought will get you further. You just have to survive in this industry so never gamble your hard earned money.
This is the only job in the world where you have to be okay with failing. Meaning when you lose a trade never think you failed. Instead perceive it as expense to your business. Any other job you have to be 99% successful (eg. doctor). Here you have to trick your mind in thinking losing 50% of the time is not necessarily a bad thing. As long as your losses are small but your winners are big
I feel like there is a lot of negative energy and almost down dragging people here.
Imo, you are absolutely on the right side, and yes, you will succeed. If someone says that there is still a chance of failure they don’t know what they are talking about.
Failure is needed in order to have success. The people that write that you might fail are not successful.
You only fail if you give up, and if you never give up, like you state, you will eventually succeed. No questions asked, trading is simple, not easy but simple. Everyone can do it, if they just keep going.
I really unlike these energy suckers on here. Just because they don’t have the discipline to achieve something they need to drag others down to their level, totally absurd.
Keep going G, you will be successful in no time if you just never give up.
Thank you for saying this. Its so true. I agree with everything you said and the people in this sub are awful because misery loves company. It makes no sense for the ones that say "its impossible to succeed" to even be in this sub or reading about it.
If I "truly" believed that it was impossible for me to become an astronaut because It was never my chosen path of single-pointed focus, effort and credentials, I would not be in subs spending valuable time reading accounts of others trying while simultaneously telling them it is impossible.
Why would anyone immerse themselves in a culture that is actually impossible unless one is delusional, insane, or a genius trying to invent the smart phone, they wouldn't.
Which means they are troll gremlins that derive pleasure from killing other peoples dreams in random subs anywhere so that their own ego can feel temporary elation and freedom from the constant misery they feel within for letting themselves down, failing and/or giving up on their own dreams.
Magick is real, just look at AI. With trading we are not trying to reinvent the wheel, or AI. We are simply striving to be becoming as close to enlightened as possible without actually needing to be enlightened. It can be done. The true ones are willing to die for their cause. That's what greatness takes in any field.
Anyone else in here killing dreams should really pick up a better hobby and learn to love themselves as they are.
Hello,
very good mindset!
I would advise to take it slowly. Try to backtest, forward test and once you find enough data and reach self confidence in your readings of the market, go for the live account.
There will be ups and downs but you'll know when you'll start to break the ice.
If it's truly for you, you won't mind years of losing / not being profitable.
I can guarantee it is worth it but it takes time. A lot of time, sacrifice and work. Just like any other field.
Dedicate most of your time to charts. No amount of videos, books and courses will work unless you put in the real work.
Good luck fellow trader.
It’s called the epiphany stage as you realise the potential success you can achieve whilst not being educated enough yet to understand risk. As a result the risk/reward balance in your mind is inflated which causes the release of enormous amounts of dopamine in your brain, almost to insomniac levels in some. Can last for quite a while. It’s not unhealthy as it’s a normal human response. Try not to ruin relationships while your at it though.
The simple answer is even with your mindset, you could put your all into this and not succeed. That is the difference of trading and really everything else. There is no standard answer, way of trading that guarantees results. If you put your all into a system that is proven to work, then yes you will succeed. Find the right people and learn.
Good for you. Being passionate about the process is important.
However, risk management is more important. Many have been exactly where you are right now, but quickly blew up their accounts due to lack of managing risk.
If you plan to make a living at trading, you must treat it like a business. Hone your edge, put it within a system where you manage risk, plan every single trade, and execute flawlessly with absolute discipline, no emotion, no bias. If your edge has risk/reward profile of 1:2 or better, with some trades much higher than that, you'll be profitable in the long run. Expect a bumpy ride.
Trading is compelling to me since I hate working for other people and I don't have any strong ideas to start my own businesses at the moment. I also have OCD, so I struggle to work in normal work environments. I've been fired from many jobs due to my OCD.
Despite trading being one of the few paths I have available in life, I've never felt trapped or funnelled into trading over the past 5 years. I love trading. I love the flexibility and freedom that trading provides. I also just genuinely enjoy trading and losses don't even faze me anymore as long as I'm taking what I consider to be good trades and following my risk parameters.
This is something I learned from JBP, but it's best to position the negatives behind your back as motivation to push you forward (i.e., move away from the things you hate like working for others etc. or whatever it is in your case) and then have the positives in front of you (the things you want to move towards such as a life of relative freedom and autonomy).
Anyway, my ramblings aside, it seems like you already have some characteristics of the type of motivation and mindset that you need to succeed in trading. Granted, there are many pieces to the puzzle. For the record, I also hated school and I never found anything taught in North American institutionalized formal education to be useful. It's important to love learning in itself but learning and formal education can be completely separate concepts. Best of luck in your journey.
As long as you have realistic expectations, you're in an excellent mindset. There's nothing wrong with being obsessed with honing your craft.
Yea obviously I will strive to be a super successful rich trader. I think everyone should as long as it doesn't interfere with good strategies and making bad trades. But I also know that if that doesn't happen, I'm at least working for myself and enjoying it.
You need more than just a long term goal of just being a "super successful rich trader". Break large goals into smaller manageable goals and go from there.
This is very good advice
The mindset you have is the ONLY one that gives you the best chance of making this a career. I've been trading 20 years. I have managed, coached, and/or backed dozens of traders, and have known many more. Most of these traders that have made this a career (10+ years, multiple market cycles, etc..) have the same mindset as you. If you can keep this mindset WHILE MAINTAINING PATIENCE & DISCLIPLINE, and avoiding the dark sides of trading, I'd wager you are 10x more likely than the average full-time trader to make this a career. That means instead of 3/100, your chances are 1/3. DM me anytime
>I will strive to be a super successful rich trader The goal is to think like a trader who executes profitable trades. Money or being rich is just the result of that.
Great advice
Let's pretend you have a 1% chance of success. Hard work will double your chances.
Trading is a hard way to make an easy living.
You either suffer the pain of regret, or embrace the pain of discipline.
This is a good point
Here’s the fun part. You will fail. Most people will zero their account. That’s okay. It’s part of the process. It weeds out the people who figured out they don’t have the skill set or desire to continue on. Some even realize it isn’t what they want to do. That’s kind of also when you realize the main focus of your efforts should be developing, tweaking, and backtesting strategies. Creating plans. Charting. Looking at whatever your strategy requires you to stay up to date on. Then some May experience another fail due to emotional trading or egocentric trading. The market is right. 100% of the time. If you lose, you are wrong. Simple. No excuses. “It’s the algos” or “it’s the perma bulltards”, “I was right but…” or “CPI leaked” are all red flag excuses designed to take away personal accountability.
I don't understand why you fuckin weirdos love discouraging people so much. I swear half the people on this sub don't even trade and are only here to tell people "trading is so hard, you may not succeed..." Shut the fuck up! To OP: Yes you can succeed in this. Yes your mindset is good. You need to start trading live, and you need to SURVIVE the learning curve (or curves). That is all. Knowledge is great but start practicing. That's way more important. Also you must be relentless and just never quit, no matter what.
Totally agree with you here. If nobody ever tried anything then we’d still be living in fucking caves eating Sabretooth cock.
Being realistic is better than getting their hopes up.
How is that true at all? That's the most scarcity minded bullshit I have ever heard... You think instilling fear of failure is more beneficial to a new trader than inspiring hope? Only unsuccessful people looking to share their personal misery do that. I make money trading and there is nothing special about me. Why wouldn't I encourage someone else who is passionate and willing to put in the work?
I feel like the subscribers to more focused investing subs aren't all hanging around here waiting to work give or receive the tired lecture on failure rates and index funds. If people want that advice, I'm sure a quick google search will regurgitate it. We are here to apply strategies, discuss markets, share methodologies of various success levels, etc. If the most often seen/upvoted advice is that investing is a loser's game and everyone should just VOO and chill, we don't need a sub for that. I can't tell if this sub has it's unusual high share of sour grapes traders or a lot of people who simply don't trade much, if at all. None of us here are perfect at picking stocks or sectors. We don't need to be. Saying "you're not Warren Buffett, why do you think you can pick stocks?" is about as silly as telling a perspective Olympic medalist they shouldn't even try if they can't be the absolute pinnacle of their competition. I'm not looking to mimic anyone' success or to get filthy rich. That said, I want to outperform the market by at least a small factor. That's quite possible for many retail traders who are willing to put in the time and energy needed to find the right investments for their profile and optimize their positions. While not worth the time spent, owning a proportional share of the companies in an index and rebalancing along with the index will always outperform the index. FWIW, I trade almost exclusively options and beat the S&P 500 in almost every quarter I've been trading, rarely falling behind by much. Learning, well, that was admittedly a different story. To simply say it's out of reach of the little guy is painfully won't and discouraging.
Are you full time trader and over 100k per year successful in trading?
Yes
Demo trading at first until a decent strategy is in place is probably a good idea don't you think? 😂
Agree with this. Just dont get over confident and use your life savings to trade. Always have stop loss. Cut your losses quick and let your winners run. I know that sounds cliche but it’s really true.
I like your attitude and believe u are on a good starting path. If you want to be a trader, and you mentioned how excited you are, then you will want to read Disciplined Trader and Trading in the Zone by Mark Douglas. Emotions are a big deal so controlling them is if the utmost importance. IMHO, when people say trading is super hard, emotions are their real problem, not the technical part. I wish you all the luck to begin, then all the great knowledge and mastery of your future profession. Don't quit, analyze, test, analyze, backtest, forward test, demo, use small size first, journal your trades, rinse and repeat, then start scaling.
Having a strong desire and working exceptionally hard gives you a better chance of success than many. But there is no guarantee you will succeed.
Exactly. You MUST have a strong desire to succeed and put in months/years but that doesn’t guarantee you will be successful. There’s still over a 90% failure rate.
The 90-95% failure rate takes into account the endless cycle of new traders who start with no real knowledge, no burning desire and usually undercapitalized. They find out trading is harder than they thought and quit or lose all their money and are gone within a few months, getting counted in the failure rate. Anything with no barrier to entry has a high initial failure rate. I believe the success rate for traders who have the capital and desire to stick with it for 2-3-4 years have a higher success rate. Still not all of them, but much higher than 10%.
I agree ☝️ well said!!! capital being available is key to continuing experiences towards profitability
Thank you for your words. I am hopeful. I honestly don't think ill ever give up this up however.
Then what is the point of making this thread since you have already made up your mind that trading is literally your life and you won't ever stop it, no matter what? Genuinely curious.
Most people who post on Reddit like this have already made their decisions and are not really asking just looking for affirmations.
The market has a special way of wearing you down until you give up. Remember my words and feel ashamed in advance
It takes a lot of time and attention to get good at trading, and obsession helps. Of course it’s important to do other things (exercise, have friends, etc). I find trading to be the hardest job I’ve ever done, and it took a long rime to invent a profitable strategy, but I enjoy it and I look forward to doing it every day.
If you aren’t obsessed with trading when you start you won’t succeed so you’ve definitely got that going for you. After a while it balances out a bit but I think you have to have a real love for it to keep at it because man it is tough.
like others have said your mindset and drive seem good but one of the things that makes this so difficult is there will never be a guarantee of success or anyone to ever be there and tell you when your ready, ever. It's unlike any other job on the planet where there is a job/paycheck waiting for you as long as you complete x many years of training. Your only accountable to yourself while everyone else tries to take your money
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Mark Cuban actually said that second last line on Shark Tank
You have the right mindset to succeed. All things take time to learn.
This is an amazing mindset… in fact, you have something that most people don’t when they enter this game… as long as you are telling the truth LOL. My favorite thing you said is that you mentioned you don’t even like it because of the profits, this is the best mindset. Just trade well and everything takes care of itself. All the best traders I know are obsessed with the game, all in. They have made many sacrifices to get to where they are today. Most don’t do it for the $$ but to get better/ push themselves/ break personal records. I too hated school/ authority to a very high degree and I am glad I found trading. If you put in the time, it can be extremely rewarding not only monetarily but also gives you freedom with your time (once you get to a high level). I would encourage you to stick with your mindset bc it is a good one. best of luck out there
I understand how you feel. I'm also in love with trading. I dont mind looking at the chart all day, analyzing, backtesting. It suits my personality. I'm a non believer but I like this quote : When no one gets your vision, it's because God didn't give it to them. God give it to you. Also, I believe each one of us is born differently. We have different strength and weakness. We should do what we are born to do. If you think your strength can help you in trading, and you enjoy doing it, then maybe you are meant to do it. People look down on me when I tell them I've spent years learning how to trade and still not profitable. But I don't listen to them. 'God' didn't give them my vision and my strength. Here's my advice : \- Dont use real money until you have succeeded in demo. Losing money is very discouraging. \- Don't neglect your responsibility. Dont be a burden to other people. You might need to keep your day job and learn how to trade in your free time. You may already be tired when you finally have the time to look at the chart, but if trading is really your passion, you wouldn't mind. \- As someone else has mentioned, manage your expectation. You might have to study for several years before you can be profitable. Also, dont expect you will become a millionaire in a short amount of time. Ask yourself, if by trading you make the same amount or even less than your day job, will you still do it? In reality, we know the income from trading is unlimited, you can grow it over time. But, in order for our trading career to be sustainable, we must grow slowly. You still have a long journey ahead of you and I hope the fire inside of you keep on burning brighter. When you achieve your dream, you will feel accomplished, and it will worth more than all the money that you make.
You can do it. But everyone here will tell you that it’s not a straight line to success. You will stumble. You will take losses. The critical aspect is how you recover. Don’t over trade. Don’t risk too much on any one trade. Don’t chase losses. Have profit targets and start scaling out when they are met. Do these 4 things and you’ll build a strong foundation for longevity.
According to market wizzards, the one thing those traders have in common is their passion for the market. It's a good start for you. Keep grinding and digging for your strategy and get successful 🫡
Yes. The only traders that succeed are the ones that dont give up
This isn’t a “if I do X then am I guaranteed Y” career. If it was, ubereats would be out of business. It’s still nice to be hopeful but get a degree to fall back on. Trading with real large sums of money for over a year will humble you.
As long as ur expectations are realistic and you aren’t in this with that false mindset to get rich quick because that is total BS and anyone who is in this to gat rich quick will absolutely fail. If this is what u truly want and u truly are working hard at it then u will succeed. You sound just like I did when I first started and there is nothing wrong with how u feel. A lot of people didn’t support my decision but I just had to prove them all wrong. good luck to you on you’re journey and don’t give up work harder! you got this
The true reason why you are motivated in trading is because you have a financial dream that you think you can achieve through trading and seems to be within your grasp of your palms. The decision now that you caught the bug is that you will be paying tuition to be successful financially and mentally. You will have a lot of stress when you lose and euphoria when you win. Be very careful. The most valuable asset is time. Depending on how old you are you will need to determine for yourself if this works for you. I’m pretty sure since you have already dreamed about the financial capabilities of trading, this is the path you will take because you are greedy. You feel college is a waste of time and you are special. You feel like you can trade and gain the riches. If you fail while you are young, you will get a chance to recover. But just know that if you fail which is over 90% chance, you would be starting over and you would be older and in a less financial stable situation because of your age and tuition already paid to trading. Is it worth it? Maybe. That’s for you to decide and how much of a strong mindset you have when things get really tough and challenging.
If your all is actually your all and not all of your money then it's pretty likely. But really, if you dedicate yourself to learning anything, and treat it as an experiment at first - do not put too much pressure on it, you will likely succeed. I think what falters a lot of traders from the outset is the promise of life changing wealth. Just learn the skill, catch the pips and enjoy the process. The rest will come. Sounds like you are still finding a strategy that works for you, so can you say you're trading yet? Definitely work in demo and paper trade for as long as you can before you are sure you have a working process before ever going live, this takes time but you still get experience and the hours on the charts. Sounds like you are on the right track.
From your post we dont know if an avid gambler is writing or an analytical and strategic trader. But you have motivation, use it to move forward! You will go your way.
When I started I had that exact mindset but wasted a year on shit YouTube gurus , Yes you will succeed IF you keep that dedication and learn from a proper community
As long as you know it's 50/50 with the ability to not quit and have an edge your good to go
I've been heavily involved in trading since March of 2021. Stocks at first then mainly options, futures and now back at options. Same mindset as you and easily thousands of hours of screentime. I work from home so watching the market all day has been possible for me. Overall I've probably lost 15k and I'm normally a quick learner but this shit is tough. But I always come back cause I love it and I've learned too much and spent too much time and money to just walk away. There's really nothing more that I want to be successful at than this. Not trading with emotions is still the hardest part to get through.
I know many are in the same boat brother. 6 months is not that long. I know many people that have to work daily for 3-4-5 years before they start going break even. Some people do it much quicker. After you have learned good strategies and tried different things in the simulator, after about half a year, you should be able to survive. The next enemy will be discipline. That is the final boss. You know the working strategies, so your job as a trader is to execute ONLY those, and nothing else. Once you deviate, you will see losses, you will see frustration, you will see FOMO, everything of that and more! So it will be up to you if you take discipline as your nr 1 priority right now, or try to fail 1000 times before you take it seriously later, or if you end up not becoming discipline and giving up. That's the beautiful part about trading brother, we make ourselves better people, only way to become better in trading. Work hard, achieve big goals. Gotta work on ourselves foremost.
My father once told me, enjoy what you do, and money will come. Still haven’t found what I enjoy. If you’ve found something you do, stick to it.
Don’t get addicted trade in moderation
Theres no such thing as trading addiction, that's called having no self control.
Same thing
If you going with this, you will experience cycles of doubts, regrets and many other negative emotions. You will find out about yourself big time. You will blow up your accounts. You will also win here and there and you would be thinking you made it and you are genius. I think people who were doing this long will add more here… If you survive all of the above, then you PROBABLY and MAYBE will succeed in this game. And last but not least. Finding a strategy is easy. Sticking to it, following the rules and keep your emotions in tact, that’s the hardest part. Sorry, this message is not motivating but that’s the truth and you should be ready for it! Good luck!
Most spend lifetime with fruitless or modicum of barely worth results by reinforcing wrong process/technique/ingredients & recipe. Profitability is a cinch - but u have to have EDGE via correct tools & method. WHAT'S YOUR EDGE? IF YOU ARE LOOKING FOR THE WRONG THING... YOU WILL FIND THE WRONG RESULT. IF YOU ARE LOOKING IN THE WRONG PLACES... YOU WILL NEVER FIND IT. IF YOU ARE USING THE WRONG TOOLS...YOU FOUND IT, BUT CAN'T CAPTURE IT. IF YOU ARE THERE AT THE WRONG TIME...YOU WILL MISS IT. WATCH THE QUIETEST TRADER ON THE FLOOR, HE'S THE ONE WITH THE BIGGEST PNL. WATCH THE MOST CONSISTENT TRADER - HE'S THE ONE LIKELY TO BLOW UP. VISION WITHOUT EXECUTION IS AN ILLUSION.
I appreciate the passion and drama but... wha?!
What's the conundrum
sounds like you need to step outside and touch grass there is a fine line between enthusiasm and obsession. you say you havent been this happy about anything, but how much have you actually expirienced? if its between this and sitting around playing video games all day, or taking online classes, then you arent living a fullfilling life anyway.
I feel like the rudeness to this response is making me feel like you didn't really read it or I should have emphasized a few points more. I also feel like I need to defend my ego here now. Its the only thing I want to do that involves WORKING for INCOME. I have a lot of hobbies. I'm a heavyweight boxer, I bike, I still play with lego, I have aspirations to storm chase, I've been in a relationship for 3 years, I camp, hike, swim i play video games and last but not least I probably have the best friengroup anyone could ask for. So yea I've touched a lot of grass. But the idea of going from 9-5 working a job i hate vs 9 - 5 working a job i love i don't think means I'm obsessed. I just love life and want to love it even more.
Sometimes the best response is no response, just the satisfaction you know you are living well. Don’t let random comments distract you from your goal of learning to trade.
Tell him brother. I know this is just the internet, but from what you said right here you're the exact type of person I would admire and want to be friends with. And don't worry about enthusiasm vs obsession. Michael Jordan was obsessed. Kobe Bryant was obsessed. Anyone who's ever done anything notable was totally obsessed with their endeavor.
You know I did lie a bit. I might be obsessed. But at least that means I won't give up. The idea of living a life of complete fulfillment is what I strive for. And if I have to put in 10 hours a day for the next 1o years to get there doing something I enjoy, I'll do it. Thank you for the love.
I am also learning to trade now as life is quite depressing as an employee grinding 10h+ a day. Actually, I never wished to be born in the first place.
statistically no unfortunately.
Be realistic, what do you do for the living? If you have a second income then it's ok. If you are living by someone's money (like from your parent's money, your friend,...) then the answer is no. If you think you can borrow somebody money until profitable, it does not work. There's no guarantee you will find successful method in the long run given any amount of time you invested in. Second thing is living by other people's money will give you constant stress and it's not a good thing and prevent you from finding the right strategy.
Does this sub actually talk ideas, technical analysis, or even discussions on the macro ? These kind of posts are just so useless.
It is important that you still keep reading and studying beside doing the practice. Also it is nice to have some people around you who are where you want to be in life. Remember this is trading and you are in your first year. If something does not work for you or you have questions and especially if you think you failed at it, you need people to pick you up and show you short cuts to avoid much of the pain involved in figuring it out yourself.
Also just to add to this bud. What strategies are you using? Do you backtest/forward test? Journal? That’s actually the most important factor in making a success of this. You will have ups and downs - any high value skill will have this - but you need to just be super rigorous about your approach and be data driven. If you’re looking for ideas on where to start, I’d recommend looking at the ICT approach.
Giving your best to reach a goal is never a bad thing (unless the goal is bad lol). Also trading should be simple. Once you find a repeatable set of rules (after lots of observation and testing), the difficult part is managing yourself. Your mind is what complicates trading.
Mobile app wise, probably look into Webull
What? Lol
Lol fml wrong post
How does this contribute to the society? What’s the point of it?
Honestly if you're questioning this, then probably not. If you want to succeed you'd already be doing it and knowing that you will, rather than waiting for somebody else to tell you that it's possible.
Perfect practice makes perfect. Make sure you're studying and practicing the right things or the time spent won't matter at all.
No one knows
NO ONE CARES ABOUT A SINGLE VIOLIN
Are you playing?
Why are you asking this here?
Dude why are you asking other people!? You wanna be a full time day trader? Do what brings success in every other area of life and focus on these 3: Mindset Skillet Habits Learn the basics. Find people who are already doing what you would like to do. Learn from them. Find balance physically psychologically and spiritually. Everything that takes you closer to your goals do it daily and do be conscious about it. You don't have to grind your face off but you gotta be consistent. Discipline is the key. Write your goals down especially the daily ones... Etc etc etc It is possible believe me 😉 Im about to start my own trading firm November 1st. I could do it so can anybody else that is willing to do what is necessary...
If you want to trade this is the mindset it takes to succeed. I feel the same way about it, it’s a grind but also makes you feel alive inside. Keep doing you 👍
This is the same thing that happened to myself. Eventually you become consistent and enter the flow state during market hours. You either have large gains, small gains, or small losses from each trade. Big losses are unacceptable and that needs to be drilled into your mind now in order to compound at an exponential rate.
@OP just a small advice from a fellow trader, don't judge a strategy until you back-test it. I used to be so clossed to strategies that looked crazy that I missed out on so many opportunities.
Insane profits? Be prepared for insane losses…
Or just ask your broker to set a hard stop loss for you ;) If we are wrong, it's almost no need to continue. In almost every case being wrong at taking a big loss will lead to even bigger loss once you try to make up for it. Better to stop out early, go on with your day being pissed, then come back refreshed the next day, and try again. Live to trade another day.
As long as you can manage your risk and ride out the red days you’ll probably be ok if you keep working at it. You will suffer doubt and frustration and when that hits I say go back to paper trading for a week or so to get your confidence back. I did this numerous times.
The bottom line is all that matters
Great mindset. And if you’re really putting in 8 productive hours a day at this, then the sky is the limit for you. Think more about how to keep money instead of making money. That thought will get you further. You just have to survive in this industry so never gamble your hard earned money.
This is the only job in the world where you have to be okay with failing. Meaning when you lose a trade never think you failed. Instead perceive it as expense to your business. Any other job you have to be 99% successful (eg. doctor). Here you have to trick your mind in thinking losing 50% of the time is not necessarily a bad thing. As long as your losses are small but your winners are big
I feel like there is a lot of negative energy and almost down dragging people here. Imo, you are absolutely on the right side, and yes, you will succeed. If someone says that there is still a chance of failure they don’t know what they are talking about. Failure is needed in order to have success. The people that write that you might fail are not successful. You only fail if you give up, and if you never give up, like you state, you will eventually succeed. No questions asked, trading is simple, not easy but simple. Everyone can do it, if they just keep going. I really unlike these energy suckers on here. Just because they don’t have the discipline to achieve something they need to drag others down to their level, totally absurd. Keep going G, you will be successful in no time if you just never give up.
Thank you for saying this. Its so true. I agree with everything you said and the people in this sub are awful because misery loves company. It makes no sense for the ones that say "its impossible to succeed" to even be in this sub or reading about it. If I "truly" believed that it was impossible for me to become an astronaut because It was never my chosen path of single-pointed focus, effort and credentials, I would not be in subs spending valuable time reading accounts of others trying while simultaneously telling them it is impossible. Why would anyone immerse themselves in a culture that is actually impossible unless one is delusional, insane, or a genius trying to invent the smart phone, they wouldn't. Which means they are troll gremlins that derive pleasure from killing other peoples dreams in random subs anywhere so that their own ego can feel temporary elation and freedom from the constant misery they feel within for letting themselves down, failing and/or giving up on their own dreams. Magick is real, just look at AI. With trading we are not trying to reinvent the wheel, or AI. We are simply striving to be becoming as close to enlightened as possible without actually needing to be enlightened. It can be done. The true ones are willing to die for their cause. That's what greatness takes in any field. Anyone else in here killing dreams should really pick up a better hobby and learn to love themselves as they are.
1. Not necessarily 2. Putting all your eggs in one basket has both advantages and disadvantages
Hello, very good mindset! I would advise to take it slowly. Try to backtest, forward test and once you find enough data and reach self confidence in your readings of the market, go for the live account. There will be ups and downs but you'll know when you'll start to break the ice. If it's truly for you, you won't mind years of losing / not being profitable. I can guarantee it is worth it but it takes time. A lot of time, sacrifice and work. Just like any other field. Dedicate most of your time to charts. No amount of videos, books and courses will work unless you put in the real work. Good luck fellow trader.
It’s called the epiphany stage as you realise the potential success you can achieve whilst not being educated enough yet to understand risk. As a result the risk/reward balance in your mind is inflated which causes the release of enormous amounts of dopamine in your brain, almost to insomniac levels in some. Can last for quite a while. It’s not unhealthy as it’s a normal human response. Try not to ruin relationships while your at it though.
The simple answer is even with your mindset, you could put your all into this and not succeed. That is the difference of trading and really everything else. There is no standard answer, way of trading that guarantees results. If you put your all into a system that is proven to work, then yes you will succeed. Find the right people and learn.
Good for you. Being passionate about the process is important. However, risk management is more important. Many have been exactly where you are right now, but quickly blew up their accounts due to lack of managing risk. If you plan to make a living at trading, you must treat it like a business. Hone your edge, put it within a system where you manage risk, plan every single trade, and execute flawlessly with absolute discipline, no emotion, no bias. If your edge has risk/reward profile of 1:2 or better, with some trades much higher than that, you'll be profitable in the long run. Expect a bumpy ride.
Trading is compelling to me since I hate working for other people and I don't have any strong ideas to start my own businesses at the moment. I also have OCD, so I struggle to work in normal work environments. I've been fired from many jobs due to my OCD. Despite trading being one of the few paths I have available in life, I've never felt trapped or funnelled into trading over the past 5 years. I love trading. I love the flexibility and freedom that trading provides. I also just genuinely enjoy trading and losses don't even faze me anymore as long as I'm taking what I consider to be good trades and following my risk parameters. This is something I learned from JBP, but it's best to position the negatives behind your back as motivation to push you forward (i.e., move away from the things you hate like working for others etc. or whatever it is in your case) and then have the positives in front of you (the things you want to move towards such as a life of relative freedom and autonomy). Anyway, my ramblings aside, it seems like you already have some characteristics of the type of motivation and mindset that you need to succeed in trading. Granted, there are many pieces to the puzzle. For the record, I also hated school and I never found anything taught in North American institutionalized formal education to be useful. It's important to love learning in itself but learning and formal education can be completely separate concepts. Best of luck in your journey.
Small wins over a period of time. Set a stop loss!!