Globetrader on Being Profitable
October 8, 2006 by Trader Rich
Fellow blogger, Globetrader has a very personal post on what it takes to be profitable. He is quite honest when he says that he just started to be a profitable trader; as of June 2006. It's also scary to hear him say that it has taken him 5 years to do so.
I would think it is everyone's plan to become consistently profitable as soon as possible, I know it's mine. In Globetrader's case, he just started to be profitable in June 2006. Does this mean that he is consistently profitable? I don't know. There is a big difference between profitable and consistently profitable and I've told myself that before I jump into this full-time, I have to show profitability over 12 straight months. This doesn't mean I have to be profitable month in and month out but after 1 full year of trading, my profit loss statement has to show certain results. I've mentioned this before but when I first started trading, I was giving myself 1 year to learn until I traded full-time. I have since revised that and really haven't placed a time table on it. I was being unrealistic. If I had to, I would say that if I'm not consistently profitable in 3 years (2 years from now), then I might have to think about doing something else with my life. Since I've already been able to achieve a certain level of success in my current career as a Linux engineer, I don't know what I would do if my plans don't come to fruition. It's kind of a scary thought because I just don't know what else I would want to do at this point except trade for a living. It's only a matter of time before my current job gets outsourced overseas.
Globetraders post can be found at http://globetrader.blogspot.com/2006/10/being-profitable.html
Popularity: 2%
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The link has an extra space at the end which returns a bad page (%20), Iremoved it and got the correct page
Hi Rick,
Great to see you make positive progress in your trading. You article in currency mag. is awesome. You are probably getting more hits to your website now .
Best,
Wim
Thanks Wim. I received more hit 1 day but that was really it. The site continues to grow a little each day though.
It’s not particularly the time it takes to generate consistancy, but what you do with that time slot & how you marry the psychological apect of this business with the actualities of your desired trade plans.
Everyone progresses (or not) at their own pace. Also folks have a tendancy to overcomplicate trading.
Most of the groundwork revolves around strategy construction. Your personality will influence the type(s) of execution plays which suit your aims. What folks often fail to grasp, is the fact that a strat or method won’t necessarily signal trades every day, or even week.
Depending on what type of set-ups you become familiar & comfortable with, will determine how & when you get the opportunities to trigger them.
Patience & the discipline to follow them, are the key ingredients in executing your plan.
Waiting & stalking your instrument accounts for much more time than actual trade participation!
Once triggered, the management (size/risk) of the trades will ensure how fast (or not) the account progresses.
Size (of account & contracts) is everything in this business - unfortunately, the self learning path can be awful tiresome
FX T.D, great comments. I absolutely agree with you and am realizing that more each day…