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Great post -- if you enjoyed that, I'd encourage everyone to read the market wizard books -- much along the same vein. And for my thoughts on the same topics: On seed capital: Unless you are just starting out, you will, in all likelihood, blow out your account sooner or later -- particularly if you don't have enough to start with. Until you have 3-5 years experience "in the trenches" plan on seed capital being your tuition. You'll lose it, but you'll learn. I don't say this to be discouraging. However, I view myself as a very intelligent individual, with degrees in economics, computer science, and law. I spend lunches working through quantum mechanics with physics professors. I thought I had a handle on everything, and after two years of paper trading, lost my seed capital in two weeks when my "models" went to hell in a hand basket. The single most important thing in trading is risk management and loss management. Learn to do that and there are numerous ways to make money in the markets. Losing 50% on one trade is not bad if it was expected and allocated for. Losing 50% of your initial capital on your first trade.....well that is just depressing (been there, done that.....twice). On proprietary trading: I'd be surprised if there were many of these left in a decade. Look elsewhere. On Losses: I agree with the original poster. Plan for losses, expect them, expect long streaks of losses. Expect your perfect strategy to not behave as expected. And allocate for risk accordingly. Figure out the worst possible result, increase it, and assume it'll happen at least twice as often as it should. Now build a position sizing plan and risk management around those assumptions. If you come up with one -- you'll do just fine. As long as you don't overreact when those losses actually happen. On education: Learn statistics, learn computer science. If you didn't learn in college go buy a #*$(& textbook and teach yourself. Buy c++ for dummies, java for dummies,and anything you can get your hands on. If you're intelligent enough to be reading this post, you can teach yourself to program and to learn statistics. (Calculus helps too). If you spend 99% of your time for two years learning that, you'll trading career will be much better. On mentors: The best mentors provide counseling, advise on risk management, and help you avoid pitfalls. Mentors who offer the best market "secrets" are probably frauds. Anyone who advertises they made 300% three years in a row is, in all likelihood, just lucky. I know someone who dumped his entire account into NFLX puts right before it plummeted. His account increased over 10x. Now he writes advisory letters and sells his "advice." Give me a break. On “systems” Any system not based, at its heart, on risk management, will eventually fail. On chasing the rainbow Trading is hard work. Don't do it unless you REALLY enjoy it. If I had put the effort into any number of things that I have put into trading in the last five years, I'd probably be much better financially off. Hopefully that will change. But if you don't like this, and think it's just a way to make some money, or retire quicker, save your money and start a business doing something you like. On “making it” Don't every say I "need $500 a week trading." You'll chase trades and eventually hurt you capital. Aim for a goal per year and work for that. If you have a bad month, or two, or three, so what as long as you've risk planned accordingly and have a sound trading strategy, you'll PROBABLY be ok in the long run. Conclusion I love doing this. You should too. I have learned that there (i) there is always someone smarter than you, (ii) it is highly unlikely that your "secret" strategy is something that has never been thought of -- read everything you can, you can learn from someone else doing the same things you have, and (iii) risk management is the most important thing you can do. Sorry for the pontificating, it's pouring rain outside, I have a nice drink, and the Rangers lost. Everyone have a great weekend.