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I've known three traders that made huge amounts in futures. I'm not
one of them. All three used systems one mechanical the other two
discretionary but systems none the less. All of them made huge
amounts per month in the early years. Later on they traded more long
term as their fortunes became larger than their goal. This is very
understandable as any successful trader knows that trading to make
100% on your equity every week, month or quarter is very hard work.
Lots of tension. I'm guessing but I'm pretty sure they risked less
and less of their capital as time went on. Two of them as much as
told me this.
Many years ago I was with Paine Webber. Not a big force in futures
trading but they did have a presence back then. I didn't trade
futures then. The head VP of futures met with a few of us in the
office and asked us a question. "How many of Paine Webber's retail
commodity customers made money last year?" I was the only one to
answer. NONE. "Correct" he said. So if you take that and the
general statistic that at least 80 to 90% of commodity traders lose
money each year and then take a guess at the number of trades and
equity that represents then the 10% to 20% are making a ton of money.
The firms, as opposed to individuals, make good returns but nothing
like the individuals. A trader for a firm makes a lot of money
without risking his capital. He only risks his job. So a really good
trader doesn't need to work for a firm and he will make a lot more
than they do. I don't know the returns but I know in today's dollars
the three individuals I knew, one deceased, had at least eight or nine
digits in their net worth.
That is all I know. I'm off to join them as quick as I can get there.
Just kidding. I'm not a very serious trader. More of a hobby.
Jimmy
Tuesday, September 14, 2004, 8:23:38 PM, you wrote:
PZ> I have been in trading for many years, and only ever met one person who
PZ> often made 50% per month
PZ> regularly. I meet many people who claim to. I argue, show me your broker
PZ> statement, then work backwards.
PZ> going for (sometimes hollow) claims of money, paying for the course / or
PZ> software, then trading is not the way to go.
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