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Well, that, in my opinion, is a very professional attitude: Not necessarily the school thing, but filtering for those that have the mental make up to make it. Layoffs, sure, but as I said, if you are persistent enough there is opportunity on the sell side, a friend of mine with no prior...

Check out: http://www.e-analytics.com/fudir.htm Then you might want to have a look at: John Hull, Options, Futures and other Derivatives and David Freedman, Statistics (very applicable to trading probabilities) Not that this has much to do with trading successfully or not, but...

Canuck and Darkhorse, good points, I do agree. Canuck, what's that book you are referring to, seem to have missed that somehow? Thx

'Scuse me, it's just plain wrong to claim that no firms are hiring traders who can earn a very good comp package. Check out all the big banks, investment banks, (it's definitely more difficult to get a position when the markets are where they are now, but that doesn't mean "no", not least...

On a conciliatory note, I've gone through some of Don's posts and I like the fact that very often he tells it exactly as it is in the industry, as in self ordained gurus aka papertigers trying to sell get rich systems-websites-chats-books, and so on and so forth, showing the industry that makes...

Don't like my smilies?

That's absolutely true. However, say you wanna go work for a bulge bracket investment bank then having an Ivy League education is an initial hurdle you'll have to overcome for filtering purposes, prestige vs clients, and so on. Of course there are always exceptions to the rule, but not all...

Probably statements like that.:D Because in reality it's only a good way to make a living for very few as a full 95% will never make it.:eek:

I guess the way you need to think about Trading Recipes is that it's exactly like Omega's Tradestation or WealthLab, meaning it's a software that let's you develop and backtest gazillions of mechanical trading strategies yourself, no more and no less, and then on top of that, as does Wealth Lab...

Registered April, 1 Post, and what a post, at that, W O W But I'm sure that many will look forward to learning step-by-step whole new edges that they can immediately, with confidence, and, last but not least, profitably start using come Monday

Bguang, I'm starting to like you already

Haha, that was good

Actually Trading Recipes is not a buy when the you see a green arrow<>sell when you see a red arrow newbie rip off black box junk type of thing at all, he just included some simple systems for demonstrating purposes thats all. Actually what it is is a great software for backtesting multi...

Remember that 80's tune? Neverending Story?

Guess it's time to think about possible alternatives if you've invested:

My educated guess based on industry stats would be that of a 1000 people starting out at one of those firms or trading on your own, doesn't really matter, is that 95% will never earn more than they lose after total costs. 5% will earn more than they lose after costs. Of those 5% maybe 1%...

Agree, but I'd venture that as at some point the floor aint gonna be no more, you might be getting used to an advantage that at some point you won't any longer have, and then you'll have to start learning to walk from scratch again. Just a thought.

Churn and burn, as in heavy duty scalping, which I'm just gonna say is probably the most difficult way to earn a living trading and also with severely limited upside, but, apart from that, I really gotta say that I totally agree with your post, sure makes a lotta sense, that's really what people...

:D