Realistic Expectations (Part 1)

What do I know?  You must be the judge.  I am now in my sixth year of trading for a living.  Over that time, I am profitable net living expenses.  In recent posts, I have dismissed much as the Holy Grail in sheep’s clothing and because of this, I feel it important to clarify my position on what I do believe is realistically possible to accomplish as a trader.

Let’s begin by reviewing the “trader’s wisdom” that was the subject of my last blog series:

> I think one of the most important things X teaches is trading the same market over and over and over again.

I do believe it is possible to trade one and only one market for a living.

> You get to the point where you don’t need any indicators.

I do believe I can trade for a living without indicators.

> You really understand how the market breathes.

I disagree.  The time to be most cautious is when I think I understand how the market works because inevitably it will change direction and catch me with my pants down.  If I ever start to believe this then I have become too arrogant.

> You get really comfortable [and really start to think] “okay, I know what I’m doing today.”

Do I know or was I just lucky?  I’ll choose the latter and thank goodness each and every day that I’m still in the game.

I will finish the review in my next post.