So Ive been reading alot about trading lately and was thinking about trying my luck at it. Ill keep things short - Its 6 AM (Im a total newbie at trading):
Ive talked to loads of people - Some of them say trading is the way to get rich, some of them say if youre really good at it you might have 10% gain a month one day. Right now I can easily make 4digit months in Poker and maybe within the next year 5. With a bankroll of let`s say 5.000€ how fast can some crusher with his avgswing and game grow it?
I know this is a sorta stupid / irrational question but just try to give me some sort of idea being as specific as possible.
Leverage: Can your Tradingaccount go into -? Let`s say I have 10$ and I trade fx USD/EUR with a leverage of 10.000 (= 100.000$?) and we end up losing 2pip (not sure if you can actually say “lose 2pip”) that would be a loss of 20€/$. How do they prevent my account of getting red?
In Poker every forum is full of graphs winnings and stories about how people made or make money? Why didn`t I see anything like that in trading yet?
That`s it for now. I hate those “How much can I make out of XX money” but please have mercy and try to respond as specific as possible.
There are very few “so called” profitable traders who actually display their success unfortunately, and when I say success I mean a good 12 months of trading data as a minimum.
Making the transition to trading is a good decision to make, and I wish you all the best. However I would honestly say that you are looking at a minimum of two years before you are making consistent gains over the long term. Just like in poker you can win a few games on the bounce and it feels great, but that doesn’t mean you are a good player, right. Beginners luck can be the worst thing with any game, be it in a casino, or financial trading. You will need to first of all develop a trading plan which will take a good few thousand hours of screen time which requires ample testing.
Realistic monthly gains can be around the 10%-20% mark after this length of time, so you spot on with that. Sure some people will claim to make far more than 20% a month, but chances are that in 6 months time they have gone bust.
So Ive been reading alot about trading lately and [B]was thinking about trying my luck at it[/B]. Ill keep things short - Its 6 AM (Im a total newbie at trading):
Trading has nothing to do with luck. If you are still thinking of giving it a try, than most probably you are not going to make the cut.
If you believe in such concepts like luck etc have anything to do with trading, than I dont think it is going to bring home the bacon for you.
Ive talked to loads of people - Some of them say[B] trading is the way to get rich, some of them say if youre really good at it you might have 10% gain a month one day.[/B] Right now I can easily make 4digit months in Poker and maybe within the next year 5. With a bankroll of let`s say 5.000€ how fast can some crusher with his avgswing and game grow it?
I know this is a sorta stupid / irrational question but just try to give me some sort of idea being as specific as possible.
¿¿ What people tell you is the truth. But one size does not fit all. Just because we saw Mohammad Ali box, it does not mean we are going to be able to box like him.
It might have taken Ali to be as good as he was with 2 or 3 years of training. Someone else might need 10 years to get there. It is different for each and everyone of us.
Why is it so different? Because at one point in every traders trading journey, we will come to THE point, the one point where now its no longer you against the market.
At that point, it will be you against yourself. Not many will get pass this point. Very few actually do.
That is provided you actually survived the earlier hurdles of learning the tricks and taking the right advice and in many cases, making significant U Turns and coming back to an earlier point after realizing that your assumptions and your choice of advice to follow were wrong.
Some might need just a year to get there, some might take a whole 10 years. The average that I have been seeing around here is a minimum of 4 years before being able to say they are profitable on the long run.
And that 4 years was not with minimal screen time. I personally put in a minimum of 12 hours a day, at times 30 odd hours in one stretch when I was first trying to figure it out. And that included the weekends.
If you think this has anything to do with luck, than I am sorry to say that you are most probably going to be dissapointed.
----- In regards to Leverage and you loosing 20 dollars when you only have 10 dollars in your account. Well this is the real world real time money market. The largest in the world in terms of dollars and volume. They have no time for IOUs. The moment your loss reaches around 8 bucks your broker will make the decision for you regardless who you are. Your position will be terminated, your loss deducted from your account and dont even expect to get a ’ I am sorry but I really couldnt help you on that trade´ note.
++++ You seen graphs and statements of winnings in poker, I never have. But I have seen some pretty crazy trading returns on an account as small as 300USD and some members here can vouch for that. But dont expect to see traders being so generous with what they do or how they go about it nor how much they are really taking back home on a monthly basis.
That I only saw after religiously following one trader for more than 3 years. Three years of coaching and chatting and being friends. Than I got my first glimpse.
Its on a strictly none of your business basis.
I am sorry if the above were not answers that you were expecting.
In this business, it does not matter what your expectations are or were.
Well there have to be some popular persons or famous ones who have some data/graphs to share like in Poker tom dwan or ivey. I`d pay for it so feel free to PM
Trading has it’s similitude with poker but in the end is a big different thing, here you cannot see or feel the other players and your deposit can be sucked out in matter of seconds.
Also in trading there are much more distractions like greed (more money), when markets trend higher and faster people tend to get too greedy wishing they had hopped in. The next time they will try to catch prices or even take bad setups fearing they wont be able to ride the next big move.
These things i believe are a lot harder to fight than the ones in poker.
its completely the same. swings in poker are way bigger than swings in trading and can be way more stressful (a friend of mine “davin” whos a highstakes pokerplayer and trader said that)
