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Good observations. Unnecessary actions indeed may harm more than idleness at times.

There's rake in every online poker room or offline poker room, otherwise there's no economical reason to do that for casino. That effectively is commission.

Right. Easier to make money when you don't do it by taking it from someone not willing to give it to you.

Of course poker does have commissions, aka rake.

That's one of the biggest drawbacks of trading. It's a labor, not a business, which runs whether you work, sleep or dive on the reef (which I did last time a whole 5 months ago, but already booked again, can't wait for 3 weeks to pass :D).

Very true. Moreover, the world is getting more globalized and more competitive. Nobody with average skill is comfortable anymore since someone with the same skill level from third world can offer services cheaper or someone with better skill can offer the same price. People, especially young...

That's the case with overall population. About the same % think they are smarter than an average person. :)

Lifestyle is up to a person, but one thing is sure: one should invest, not just save the money. The best state is when you won't even know exactly how much you have, because almost all your money works.

Yea it looks to me to have a decent edge a trader better be ahead of the public. As something is widely known, consider it gone. I had this experience with binary options. Great inefficiencies while relatively unknown, eventually gone soon after it was widely discussed on the Internet.

That relates much to my own interest (other than monetary) in financial markets. Understanding the dynamics really makes you very informed and probably more adaptive in other business decisions.

My professional background is psychology (MA and practice) and philosophy (near PhD). Not sure how useful in trading compared to math/physics skills. :)

Good if you always stick to the rule. Problem with trading is possible development of addiction, which leads to catastrophic results. Same result is possible in any business of course, but buying and selling tomatoes (as an example) does not have emotional base as fertile for addictions as...

Very interesting point of view, StarDust, thanks a lot for that. With my background being quite different however, I have to talk with my father (professor of physics) to understand some of what you said.

I hear you, but is your "flow" trading state possible to code as a logical algorithm or a set of conscious rules or it is mostly unconscious process?

Very interesting story, StarDust, thanks for that. Could you please elaborate: you consider risk management and psychology to be primary elements of successful trading? In what sense? Reading psychology of other market participants or controlling yourself?

Most people don't objectively know why they don't. :D

Mostly computers and big institutional money.

Objectively defined system (set of rules for entering/exiting the market, covering every possible condition), which provides positive expectation in the long run.

Well applied psychology is key to higher life quality. Well applied money management is key to financial freedom. But key to successful trading is having an edge. :)

As far as our limitations would allow. :) True, this is a process with two-way feedback. Of course. In my system of beliefs I found day trading too stressful and risky. For someone else it may well be very different. Finding out that difference which makes the difference (contrast analysis)...