The Novice Trader

The minimal acceptable performance for a new trader is a loss of 15-20% a year. Most new traders start trading with high expectations. Like any job or business, the 1st year is always the toughest as this is the learning period. While most new traders expect to profit on the very 1st trade, this is unlikely to happen. A beginner who profits on the 1st trade is likely to blow it all away and more on the following trades as they have no idea how they profit in the first place.

While it may sound pessimistic to set a goal of not losing more than 20% of your portfolio in your 1st year of trading, do not forget than most novice traders will self destruct within 6 months of trading. Some will even lose 20% or more in less than a month. If you can survive the 1st year of trading by losing not more than 20% of your portfolio, then your trading education is cheap and you are well ahead of the crowd.

A reasonable yearly goal for a novice trader is to cover expenses and be able to generate an annual return on portfolio that is equivalent to the current rate of T-Bills or other comparable risk free investing instruments. Expenses such as software, data, courses, books, or newsletter subscriptions have to be charged against your trading account. Your trading account has to work like a business account where you need to use it to pay for expenses. At the end of every month, keep proper records to know where you stand. As you progress into your 1st year of trading, you should see improvements in your balance.

Once you manage to cover your expenses and be able to match the returns of T-Bills, you can no longer consider yourself a beginner. Congratulations! You are now an Intermediate Trader.

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