InnerCircleTrader said:Where are we Slug... update us.
sqa, I appreciate the kind the words and motivation you have given me. I really hope there is a career in trading for me. I have put a lot of time and effort into it and would really like it to pay off for me in the long run. I believe as long as I can keep risk under control and not get caught up in greed, then I will be able to stay alive long enough to get there.sqa said:You're up 7.3% On the Year, on real money, over at least 3+ months. If you can roughly produce that over the year, that's around 30% YoY. That ain't bad, by any stretch. In the current bounding/muddled market, that's not a bad place to be.
But, the nicer part will be this: a massive amount of *real* information about your own trading. With a foundation to build from (and hopefully a bit more of a trending, violate market), that means there's a career there in a few years. Or, even baring that, toss 30% into a compounding calculator. In the near future, you're talking a good chunk of change.
Keep up the good work Slug. You really are doing a good job.
sqa said:I don't know how old you are, but let's assume you're 40.
If don't "go pro", but can find a way to pull out this amount via Swing/Position type trading each year, 20% adds up to a lot, over time. And, this is probably the key, how much you need to "produce" goes down a lot as your supply of money gets higher.
20% (I'm trying to do a basic account for taxes) on 10k is 2k. Not bad, really, as long as the work isn't too much. And, for most people, their hobbies probably cost a lot more than *make* them money. But, roll this forward a couple of years. 20% on 100k is 20k. That's not quite a living, but if you don't have to put in all that much work, that's a pretty dang nice side income.
What if we roll forward a bit further. Say you have 250k in your account. The first note is "NICE JOB!". The second note is that 20% of 250k is 50k. If you're still doing both this & your normal job, you should have 0 debt, a good house, good car and be living real pretty. But this is also an inflection point, as you could (with little to no debt) simply live of that yearly.
So, if you're 40 and this is your "side hobby" until retirement around 65, you will know why compounded interest is so wonderful: $1,192,452. Seems like a nice retirement account, along with other savings you should be doing (401k and the like from work). Pays off a lot better than stamp collecting.
But here's the fun kicker: This is assuming adding no money extract to the account. If you're getting consistent returns, and you have the control to not bomb it out, you can add money.
If you start at $12,500, add 250 a month and "make" 20% per year, you're at $155,272 by year 10. If you can get it up to 40%, it's 100k after 5 years.
But, looking back at the start of the thread... have you taken an account from Jan/Feb 2013 @ $5000 and gotten it to $12500 in 14 months? I think you might be doing better than you realize.
On the "bigger" thoughts, I'm way too new to give technical advice, but I'm very good at self-analysis and eliminating problems. (I have way too much practice at that) If you're consistently *profitable* over *months* and not taking wild swings, that means "you've gotten there". The issue now is "getting over the hump" and getting more out of winning trades/limiting losing trades more. That'll be worth a good bit.
But, the outer goal, is to really refine what it is you "know" happens. What's your Insight. What can you "see" about to happen. What is *your* edge? It'll take a while to both find & understand it. Don't fret if you don't have it for a while. Most people never got to that point in whatever it is they do. But let the concept rumble around in your head. What do you consistently "hit" in trading? Like Smart Money, it leaves hints.
If you find it, refining it and cross-applying it is where the "big money" shows up. Whether in Trading or Academics. Not joking. This is an adapted version of an insight one of my professors gave me about being "great" in the Sciences. You find your 1 key Insight and just apply it everywhere you can find to apply it. It'll make an entire academic career.
Keep it up, you're already doing really well. And a whole lot better than most traders. Be glad in that and relax. Step into the next phase in confidence.
sqa said:I heard ICT say that during one of his really, really long videos. While I was thinking it's the NYO tactics video, it's probably in the 2014-01-15 Webnar. It's 3+ hours (which is why Sniper #8 seemed so short, haha), and I'm pretty sure that's where he mentioned it. It was something like $930k or $960 at age 26. He also mentioned losing $50k on a trade as well around there. I think that was also the video we learned he lived near a major path that Fire Engines use, haha.
As for the people that complain about him, there's a skill to figuring out fakes & experts. It's quickly noticeable with ICT that he was either the best actor at being random or he knew what he was doing. He showed none of the tell-tale signs of a fake. You really can't fake subtle details without extensive work, and, given his own admitted ADD tendencies, it was really noticeable he knows what he's doing.
There's also the issue that he put more effort & money into his production than every other "mentor" that's actually selling "systems" as a career. It's a bad idea to have "buy my system!" videos that look like they were shot on a worse camera than I was doing student film work with a decade ago. Plus he's now showing what he's up to on 1 or 2 pairs each week. It's a little hard to fake calling stuff early.
Speaking of which, I'm waiting for him to let slip how much he had on that GBPUSD run on Tuesday. You know he was hunting that after the small NFP move/lack of bounce. (I don't trade that pair, but a quick look shows a lot of what he hunts)
Someone might be able to help me with this. I'm going through the 2011 Christmas videos and the Asian Session one he talks about seeing the directional bias for the day from the Order Pairing that happens there. He can "see" it, but I don't know what he's actually looking at. There's some aspect of Price Action that he really keys on that I don't "see" yet. Or, if I see it, I don't know which way it's actually pointing. Anyone know where he goes into detail about this?