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Consistenttrader

Consistent Profitability, how long does it take?How long does it take to become consistently profitable as a trader? This is one of the most searched questions in the Internet when it comes to trading and the beauty is there's no right answer. When you do receive an answer, it's miss leading to beginners and everyone gets confused. There's a solid chance that you've looked at this before, or perhaps you just seen the title of this post and clicked on it. How long this is going to take you to master the arts of the market. There's a good chance you sat there and questioned, "what am I doing? how long are we going for? What should I be goal setting in terms of time with trading?" if you see yourself in this position or you've seen it previously, I finally have the answer you need to hear. How long does it take you to become consistent and profitable trading? As long as it takes. There's so many different sources which claim so many different time limits that it takes to master Forex trading or crypto trading or industry, trade, whatever it might be your embarking on. All of them say the same around two to three years to become a consistent and experienced professional. Yet, where are they getting this data from? I know traders that master trading within six months. I also know other traders that traded for six years and couldn't get the look of it. There's no time frame to put on trading in terms of success and consistency. It isn't a university course, we don't sit down and do all the course procedures and even if we do, the bare minimum, still graduate in three years. That's not how trading works. The question you should be asking isn't how long is this going to take me to master, but rather how many hours are you going to put into it. Day in, day out, how much work are you going to do? That is what will determine how long it takes you to become successful in this industry. There's so many people that will see 2 and a half years to become successful trader, then they trade half heartedly as if it is a hobby. They don't concentrate too much. They just trade here in there. Two and a half years pass and they'll call themselves seasoned professionals because they have been in the market for 2 1/2 years. Yet they couldn't show a single piece of consistency within their trading. Then there's other traders that put in hard work. I'm talking 8 hours a day of pure grueling backtesting, trade management, risk management, analyzing everything, and they put an exponential amount of work in and in six months they can outperform anyone else who's ever step foot in the market. Time is not an important factor. The amount of work you are putting in is the important factor. Yes, time will tell whether or not you can be successful in this industry, but if you're measuring time based off of when you've been interested or when you've been trading a little bit and rather than the actual hard, grueling hours that you're putting into trading. Then you will never get to that level you want to get too. You have to put in the hard yards. This industry is very advertised as easy, simple and the money making machine. There's a number of different factors in which we can blame for that, but we're not going to dive into that today. What I want to share with you is this is not easy. This is actually one of the hardest professions you could ever do, because work doesn't just stop, we don't just clock off and get paid the same amount every week. It's all dependent on the amount of time and effort you put into the market. Do you want to be profitable and consistent in trading? Then put in the hard work. Stop Googling how long it's going to take. Stop having a look at other people's success stories. Knuckle down and put in the hard work. Then in two years, three years, six years, 10 years, whatever it's going to take. Look back and be proud. When someone asks you how long did it take you? Don't answer about six years or two years, be honest. How many hours did you have to invest? How hard was the work?
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by the5erstrading
74
Generating SRC ProfitsLet’s talk about SRC profits. We’ll talk about what they are, why you must have them, and how to generate them. So let’s get started. What are SRC Profits? Lately, I'm seeing all of these YouTube videos showing claims like this where someone said, “I made $1,088 in profits day trading.” Or someone claiming, “I made $1,253 in profits in three minutes.” Wow, look at this: “32,625 pounds in only 24 hours” And you know what? I believe that all these guys actually did these trades. But here’s the deal when you trade, you’re going to have trades that just work out perfectly. Yes, there will be trades where you make a lot of money. And for me, the question always is, are these SRC profits? So let’s talk about this here, because if you want to trade for a living, you must be able to generate SRC profits. So let’s take a few minutes and talk about this. S – Systematic So here is what SRC profits are. First, it’s an acronym and the S stands for systematic. Now, I don’t know about you, but I want to make my profits in a systematic way. Yes, of course, you can make money trading Tesla if you’re catching it at the right time. But you see, how exactly do you decide when to enter, and can you generate these profits again? You know me, I like to trade what I see and not what I think. I keep a special mug on my desk that reminds me of this. See, that’s why I use indicators. That’s why I have a trading strategy. Having a systematic way means that we have a trading strategy that tells me exactly what to trade, when to enter, and exactly when to exit. Sometimes you exit with a profit and sometimes, you do exit with a loss. Losses are part of our business as a trader. In short, I have a system. I love to trade based on rules and not based on my gut feeling, because whenever I traded based on what I thought, it only worked for a little bit. When I switched to trading what I see based on science, based on probabilities, based on rules, that’s when my trading turned around. R – Repeatable Let’s move on and let’s talk about the second point, the 2nd letter in SRC profits. So the second point here is repeatable. Without a system, it will be difficult to repeat the profits. Now, think about it this way. Let’s talk about Tesla . Let’s say that you caught Tesla when they announced a stock split on August 11th. And let’s say during this run you made 30% in a matter of a few days, or maybe you traded options and you made 1,000% in a few days. Can you do it again? Well, you see, if you rely on the next stock split then you might have to wait a few years. Think about it this way, is it better to generate $10,000 on a single trade, or is it better to know how to make $500 every single week? For me, I’d rather trade a system that’s generating $500 per week consistently than relying on the windfall profits. Yes, these windfall profits will happen in your trading career we’ve just talked about it. And it’s nice when it happens, but I wouldn’t rely on it. If you can generate $500 every week times 52 weeks, that’s $26,000. For me, that is better than being able to generate these windfall profits. This brings me to the next point. C – Consistent Profit The next one is consistent profit. I want to make sure that I’m getting consistent profits. Let me give you an example here. Would you rather have an equity curve like a EKG machine? Or maybe a nice steady line gradually growing from left to right ;) What is an equity curve? An equity curve is charting your account, of how your account is going. Now, I don’t know about you, but I wouldn’t want my equity curve to be like a roller coaster. Even if this roller coaster would make me more money I wouldn’t do it. I would rather make slightly less money but still have my hair instead of pulling it out with that equity. I’m not a nail biter but if I had this equity curve, this roller coaster, I would probably bite off all my nails. You know that there’s some traders who are doing exactly this. Now that you know what SRC profits are and why you need them if you want to trade for a living, let’s move on and let’s talk about how you generate these profits. 3 Things You Need To Generate SRC Profits – Number 1 So the first thing that you need is that you need to have a trading strategy or trading strategies. The strategies that I use are based on indicators and probabilities. You see, I know exactly what to trade, I know exactly when to enter, I know exactly when to exit. I know my risk, I know my potential profit, and I know my odds of realizing that profit or loss. If you don’t know my trading strategies yet, let me briefly mention them to you. So my bread and butter strategy is the PowerX Strategy, and I have written a book about this. During the pandemic I was trading a strategy called Theta Kings. This was perfect as the markets were crashing, along with the PowerX Strategy. Now, another trading strategy that I’m trading here right now is a trading strategy called The Wheel. Anyhow, let’s move on. 2. To generate SRC profits you need to have tools What is the second thing that you need to generate these SRC profits? Well, I am using tools that make my life easier. You see, I know my odds. I know my probabilities, I know what to expect and I couldn’t do all these calculations in my head. This is why I’m using tools like the PowerX Optimizer that helps me to find the best stocks and options to trade. The PowerX Optimizer shows me for any given stock the signal, the position size, how much I should trade, how much money I can potentially make, and how long I’m in a trade. All of this is important to me so this is why I love to have tools. And for The Wheel strategy, for example, I use the wheel income calculator. I've built a calculator that I’m using for picking the best stocks and options for The Wheel. You see, I need to make sure that I’m getting the very best trades for my trading. I personally would never trade without the right tools. It’s like trying to compete in a Formula One race with a Toyota Prius. I mean, nothing against a Prius, but you won’t win a Formula One race with it. And when trading your trading against some of the smartest minds in the world. Don’t bring a knife to a gunfight, have the right tools. 3. You need to have the right mindset So finally, number three, what is the third thing that you need here? It is the right mindset. What do I mean by this? You see, when trading there will be losses and you need to know how to limit your loss because otherwise these losses will be devastating. Who knows what I’m talking about? You see, you need to know how to control your risk. Take care of your losses. The winners, they can take care of themselves. Summary Now, here’s something to remember that is super, super important. Trading is a marathon, not a sprint. So super important and here’s why. Good for you if you made a $1,088 in profits in day trading, or if you made $1,253 profits in three minutes. And you know what? Good for you if you made $32,625 during the coronavirus in 24 hours. But let me ask you this, how much money did you lose before that? How much money did you lose right after you made these profits? Did you give it right back? You see, I see too many traders being blinded by these windfall profits, by these, “Hey, look at me. Look at what I did” stories and they don’t see the full story. This is why I’m doing this here to show you the full story. When traders don’t see this full story, when they just see this “look at me” stuff, they start chasing these dreams and they lose a lot of money along the way. You see, for me personally, I prefer SRC profits. Trading is a marathon, not a sprint. 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NASDAQ:AMZNEducation
by rockwelltrading
1