DislikedHuge, huge misconception and mis-information concerning all the "legends" of the trading world. the biggest: Jesse Livermore, totally inconsistent, extremely lucky then suicide Your favorite guru, any of them (Larry Williams is typical) Some initial success (due to luck) + huge amount of salesmanship. Better marketers and sellers than traders. Get OPM asap while your star is shining. Once you have Millions$$$ under management, you can quit pretending and get easy avg return of 6 % / per year.Ignored
I am a huge fan of Jesse Livermore and in my opinion he was simply brilliant.Nothing luck.You don't start at 15yrs old become so succeful that backet shops would not allow him to trade.He earned a nickname "Plunger Boy"
He took sometimes months of reading tape (charts back then) then enter the market at its most opportune time!Calling that a luck is like saying Gary Gasparov arguably greatest chess player in history won his games on luck.Do you realize what you saying?
Please read Reminiscences of a Stock Operator to get an idea.
Humans are fallible and he suffered from depression.These days he would of been treated property.His suicide does not diminish his achievement a all.
To add article should be taken differently.
Aim as high as you can and develop consistency. If you aim 20% but fall short say 8-10% a month then that is beautiful return and certainly on a way to make a living from trading.However if you aim 1-5% then you might not even make any profit.
That is how I approach trading.
After trading 2yrs I learned some important lessons
One must NOT be in the market all the time!Wait for right set up.In surfing analogy not every ripple is surf able.
This is what Jesse said decades ego which is still true.
"There are times when money can be made investing and speculating in stocks, but money cannot consistently be made trading every day or every week during the year. Only the foolhardy will try it. It just is not in the cards and cannot be done."
"The point is not so much to buy as cheap as possible or go short at top price, but to buy or sell at the right time."
In trading, you have to be defensive and aggressive at the same time