99.5% fail because trading is too simple, easy, and too boring

[athlonmank8]

I agree with the original poster. It is boring.

In fact those that have read the New Market Wizards....

There's an excerpt there where the psychologist taught the trader how to detach himself from the trade. The trader made a huge amount of money.

The psychologist thought it was great and then the trader turned around and said "this is boring".

He later blew out the account.

Just kind of ironic lol to see this post come up and so many people argue it.

 

[trader_david]

rading is really hard since as a trader you need do the things most people think it is easy! but actually it is difficult, even you know you are fat and you know you should eat on balance to cut weight but you can not!

"you know today the market will be wild since there is a major report due, but your greed drives you to act before the report or gamble before the market, oops, the report comes out and it is the opposite and you lost BIG!" ...... you named it! greed/fear/hatred etc. is our natural part, you can not remove them and it is there, only few people can handle them quite well, most people are the victims of their emotions

trading is the toughest job just like a sales job, looks easy but hard

 

[Reaver]

Quote from mark77418:

Trading is not that difficult. It takes time and effort to learn about the markets and develop a system but I think the number one reason most people fail is because of a lack of discipline. Most people lack discipline in all areas of their life. A good example is people who struggle wih their weight. most likely they are fat because they lack the discipline to eat healthy foods in moderate amounts. They would rather eat sugary, fatty, high calorie foods beacuse they taste good or they will eat some fast food or some shit out of a box because they are to lazy to make something healthy to eat. Most people don't have the discipline to get enough physical activity either. How many people join a gym and go on a diet on new years but then they fail to follow through with their diet and exercise plan? I would say the percentage is pretty high, maybe close to 90 percent.
A lot of people go on these crazy fad diets that don't work instead of learning about nutrition and how their bodies work and developing a sensible plan to get to the weight they want to be. How many people buy stock trading systems or pay to go to seminars that are suppose to make them rich then they end up blowing out their accounts. I bet a high percentage of people do this. How many people dilligently study the markets, backtest their trading method then follow all the rules of their system. probably not very many
I have found that every time I blew out an account was because I did'nt have the discipline to follow my stops. Discipline is the key. Mastery of the markets are more about mastery of yourself.

HOLY HELL THAT IS A PERFECT POST!

OUTSTANDING!

 

[avarus]

http://www.nlpweekly.com/?p=550

 

[avarus]

It all starts by just taking action.

 

[twofacedjoker]

Everyone is an expert. Hey, can I borrow a couple million?

 

[oddiduro]

Quote from pairsarbtooo:


Because it was such a small number we were able to observe and not worry about this trading system's operation (I say system becuase I have software I write but I execute the trades in a discretionary fashion). The ability to execute without worry, I have found, is one of the most important aspects of trading. Also has honed my outlook that trading is the most important thing, trade small numbers at first, build trading skill. Your positive equity curve lets you know when you can go bigger and start really making money.

This is key, if you have stress about losing the maximum amount of your disaster stop, then the leverage is too high.

But many traders need to get rich tommorrow, so they get rich never.

Best Regards
Oddi

 

[oddiduro]

Quote from rcanfiel:

Most managers cannot beat the market, because people seriously underestimate how efficient the market really is. There is an endless supply of people who trumpet their 3 month or 1 year performance and then get shellacked the next period. They confuse "luck" with "skill"

I agree with this also. Fooled by Randomness.....

 

[alex.samant]

and to complete mark77418's post:

it's also like the people buying those bigger penis solutions because they think that will get them better sex...

...burp



happy new year guys!!!!

 

[Thunderdog]

Quote from mark77418:

...A lot of people go on these crazy fad diets that don't work instead of learning about nutrition and how their bodies work and developing a sensible plan to get to the weight they want to be. How many people buy stock trading systems or pay to go to seminars that are suppose to make them rich then they end up blowing out their accounts...

Good post. I like your comparison of crazy fad diets and get-rich-quick schemes. Added to the notion of discipline is that some folks need to be in the market almost all the time, and that is not so different from someone who is almost always eating. So, as I see it, the element of discipline is not limited to execution, but also involves the mapping out of high-quality setups. I think the method/system/strategy should be designed with fairly high standards in mind and should not be used as an excuse to gorge in the market. The latter would be the equivalent of designing a diet of excessive junk food and then having the "discipline" to adhere to that junk diet.