>>I'm certain that if one puts the work in it is achievable<<
I suspect that you are right -- though it obviously depends also on how much capital one is using for trading futures and the risk management disciplines that are being utilized.
I don't know that I have any set target for the trading results that I seek to achieve in terms of an annualized return whether in futures or other trading. As a full-time trader whose primary source of income is from trading, I have a broad objective which at a minimum, requires that I should be able to maintain my current life-style and at the same time achieve a rate of return that will maintain my net worth on an inflation adjusted basis, at about where it was at the start of the year. For the current year, I have no doubt that barring some sort of disaster in trading during the remaining couple of months, I will be able to more than achieve this goal -- I have been able achieve this goal for the last 5 years that I have been a full-time trader.
I have figured out that if I can do this, I will, when I am too old to do this or am otherwise disinclined to do so, be able to retire without impacting my life-style when trading is no longer a source of income.
Now this is not an overly aggressive goal -- but it does give me the flexibility to take time off as and when I please. It also ensures that I am never over-extended to a point where I worry about my positions and the likely outcome of what the next economic report will do to my trading capital. I also tend to "reward" myself if my trading produces exceptional results -- for example the vacation that I took in August was more extended and elaborate than I had originally planned and it was because I had an exceptionally successful period of trading for a couple of months prior to this.
I would be curious to know what other futures traders are able to achieve and what goals they have in terms of an annualized return on a reasonably consistent basis. I have asked this question of others in the past and interestingly, those who are relatively new to futures trading seem to have very lofty goals and those who have been at it a while seem to have rather nebulous expectations.
>>But in effect, good trading seems easy but there is a lot of work to being a day trader, and much of it is off hours<<
Day trading is something that I stumbled into -- and is probably, in large measure, because I met you. I told you that my last attempt to day trade some years ago was less than successful. At this point, I do believe that I have all the ingredients in place, save one, to be successful at it -- and it has taken me the best part of a year to get there. As you know, I am a great believer in mechanical systems -- and I do believe that I have developed a system that works. My problem is that I have difficulty in following the rules rigidly -- a problem that I do not have when position trading. Yesterday, I had a clear sell signal at 66 late in the day which I did not take and it was an easy 10 pointer -- there have been at least three other missed opportunities this week of similar or greater magnitude. Being a somewhat introspective type of individual, I am trying to fathom this apparent contradiction that causes me to be able to blindly follow signals when position trading and yet have difficulty doing the same when day trading.
I was talking to another very successful trader on the phone earlier this week -- an extended conversation -- and most of our conversation centered around trading. We both expressed the sentiment that we loved trading -- and we both view it as a challenge. I literally look forward to each trading day. How many people can truly say that they do something for a living that they love to do -- and are able to make a very comfortable living at it??
There is such a lot that one learns more or less continuously -- from a myriad of sources. Amidst all of the fluff that one sees posted on SI, there are gems that one picks up from time to time. For example, the day trading system that I have developed which shows so much promise, is based on a couple of indicators that were introduced to me by someone from SI -- I moulded them into a system. If it had not been for this individual telling me about this indicator, I doubt that I would have thought of it.
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