95% of traders lose

Quote from jrkob:

I think proper training and infrastructure may have to do with the success of some traders.

The reason why I'm saying this is because as far as I'm concerned I've done all my career in IB (3 in total) and I am fairly confident that more than 5% of the traders around me are making money lol (and we dont live off bid/ask spreads from our clients...). Traders in my company all have something in common: years of training by senior traders and proper infrastructures: this is very expensive I think for our employers, but yet they may have reasons to do it this way. Traders don't get sent being butchered by the market after 3 months. My training took 3 years, yet I'm a hard headed and slow learner I believe lol.

What I'm trying to say, is that a beginner trader that starts alone in my opinion doesn't have the same chance of becoming profitable than one that starts with a few senior traders who know the in and out of the market around him, as well as proper mind training a bigger infrastructure can provide.

Of course some very successful traders are self-made, I just think that for the average lambda trader like me, being provided proper infrastructure and training, helps. In the companies I worked for I saw many more properly mentally trained and adequately capitalised people than Gurus lol.
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If only we could all have the benefit of that kind of training guru's would be out of a job and selling snake oil in buttcrack county instead of finding more than enough suckers on the net. True mentors are a rare commodity these days
 
Quote from fubar:

Is this why so many traders are drawn to promises of the grail such as Woodies CCI and Jack Hershey SCT?

And would it be correct to assume that the 5% of profitable traders devise their own methods and avoid the herd.. therefore leaving 100% of losing traders in the CCI and SCT category?

What is it in the human psyche that causes us to blindly follow others that ridiculously claim to have a method that never has a losing trade.. what is the fatal flaw in our makeup that allows us to ignore common sense?

I know students of Joseph Campbell would point out the 2 examples above are quite old men and the unconscious may be identifying with the wise old man/cosmic father archetype, even though the claims remain ludicrous they have the aura of the grail because of this unconscious association
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Don't discount the impact of luck either. Among the successful, there are those who just got lucky.
 
Quote from BloodTrader:

Don't discount the impact of luck either. Among the successful, there are those who just got lucky.
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There's an old saying... the more you practice the luckier you get
 
Quote from fubar:

I loved that series.. and I did want to believe, if only for an hour each week...
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What is it about shows and anxiously waiting for next week's episode? For some reason it's not the same just watching a DVD of an entire season, one show after another. There is something about watching contemporaneously with millions, mulling and talking it over during the week as you anticipate "to be continued...".
 
Quote from LeonPhelps:

What is it about shows and anxiously waiting for next week's episode? For some reason it's not the same just watching a DVD of an entire season, one show after another. There is something about watching contemporaneously with millions, mulling and talking it over during the week as you anticipate "to be continued...".
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Watercooler moments.. I'm still waiting for a sitcom to match Seinfeld and any show to match the production values of the X-Files, was like a mini hollywood movie every week.. the 90's were golden
 
Quote from fubar:

Watercooler moments.. I'm still waiting for a sitcom to match Seinfeld and any show to match the production values of the X-Files, was like a mini hollywood movie every week.. the 90's were golden
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Yep, and it was kicked off by Twin Peaks, one of the best.
 
Every great trader I know has had a mentor.

Your observations are flawed and you clearly do not have a grasp of the reality of trading and all it's complexities.
 
Quote from Joab:

Every great trader I know has had a mentor.

Your observations are flawed and you clearly do not have a grasp of the reality of trading and all it's complexities.
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Some great traders have mentors... none of them however were Woodie or Jack :p
 
Quote from fubar:

Some great traders have mentors... none of them however were Woodie or Jack :p
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I have had good experiences with both Woodie and Jack and both have contributed some value to my skill sets.

No offense but I think your problem is that your looking for someone to do it for you.

I once sat beside one of the greatest traders I ever knew (he averaged $150,000 a month) trading independently. After 3 months sitting beside him the best I could learn was a few key elements that I was able to add to my knowledge base.

Trading success is never found in a single over the counter bottle like Aspirin.

I only share this with you because I think you would benefit from the fact that you can learn more with an open mind then you can with a closed one. :)
 
Quote from Joab:

I have had good experiences with both Woodie and Jack and both have contributed some value to my skill sets.

No offense but I think your problem is that your looking for someone to do it for you.
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No offense taken, I developed my own successful method many moons ago.. you are certainly in the minority if you place any value in a man that claims to never have a losing trade, but there's a sucker born every minute according to Mr Barnum :p
 
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