Becoming wealthy from trading, is it possible?
After learning what trading with personal money entails, can one make serious money while still applying money management and considering all of the other factors like drawdown, etc.? I am not talking about prop trading or trade desks, I mean with ones own personal capital, I know there are some traders and hedge funds that had produced massive gains at one point (ie Paulson) and now are losing a lot of money. It seems like these types of trades or hedge funds are just taking gambles rather than applying sound money management, so my question is, when trading and applying solid money management could one still become very wealthy from doing so? Or would they be trading for a living but just barely getting by in terms of personal finances?
Yes, but it's extremely difficult...
Yes, I know some people that can be the real life example for this.
Is it possible to become wealthy by going to a casino?
Mps721,
Is it possible to golf better than tiger woods? Yes but rare right. The odds of that happening are too subjective for me to answer for you.
Is it possible to make a career as a professional poker player? Once again, yes but rare. However, people do it and the "ones" who do it kill it.
Is it possible for you to rise through to the top of the corporate ladder and become a F500 executive? Yes but once again lol the odds are stacked against you.
My point is this. Yes it is possible from becoming wealthy from trading. Wont happen overnight. Probably wont happen for a really long time to be honest but just like anything else in life, you need to work at it to achieve success in it.
Thats my personal 2cents
have you ever bothered searching the board bro? jesus christ
it's so much easier if you're trading other people's money
Possible, somewhat difficult
Ask Michael Marcus, Bruce Kovner, Paul Tudor Jones, Ed Seykota, etc.
They all made a ton trading
They are definitely doing a lot more than just taking bets. Kovner now runs one of the world's most successful hedge funds.
I'm bored during lunch break w/o any positions on, so I read through this thread for entertainment. Dude you got a great sense of humor. To answer your question and possibly end this thread, my answer is yes and no:
Yes one can become wealthy by trading and No, it won't be you. (Based on the way you think and the questions you ask)
Party's over.
Class A twat
It's possible, but not the best way to go about it. I would suggest running a business instead.
Yeah, the original one, all the aforementioned traders are in the first 4 chapters. Yes, many macro funds operate on time frames that can go below a day.
I'd check out this post from Josh Brown that explains how it's possible to become rich from trading but also how it's extremely difficult http://www.thereformedbroker.com/2013/05/12/advice-for-dylan-the-daytra…
Don't just do it for the sake of money. If you want to be a professional, just got to take time + effort + hell lot of persistent
Yes you can become wealthy, although its harder than it used to be. No it won't be through "solid money management." I know some people that still make a killing and some people that haven't been able to adapt over time. I'm talking commodity futures here btw. The guys that still have success leverage themselves using spreads and scale in and out. Basically the opposite of conventional risk management.
It's possible as long as you have a lot of time and some skills. It's also great if you start with a lot of capital upfront.
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