The job of a trader is to make good risk / reward decisions over and over.
To get better and better at doing this over time.
The cash will follow.
If you are only about the money your longevity, in my humble opinion is limited.
One danger about only focussing on the $$ is that you push it too hard in the quest. The risk is burning out or blowing up your account. We’ve all seen or heard of traders who break down under the pressure that they’ve put themselves under to hit their monetary target or who have swung for the fences so hard that they have destroyed their account. Occasionally these traders fly through the finish line in magnificent style.
On the other hand:
If you love the process that you take to define the good risk / reward trades and the execution of them then you are likely to be a success. (more…)
Top daytraders have the discipline to follow their daytrading system rigorously, because they know that only the trades that are signaled by their system have a greater rate of success. Matching a method of trading with your personality is the only way you will ever feel comfortable in the markets. Some websites have sought to profit from day traders by offering them hot tips and stock picks for a fee.