Are you above average

[cafeole]

I just read an article in the Dallas Morning News with the title "What if most people are above average?" by Faye Flam. It is a very good article. The part I think is more relevant to beginning traders is this:

"The psychologists I interviewed brought up something called the Dunning-Kruger effect, more a brand of human folly than a disorder, in which people who lack a skill tend toward overconfidence because they have no idea what it takes to possess that skill. It's part of learning a skill to recognize how far you need to go to reach a desired level, and where to shore up weaknesses."

See anyone here on ET like that?

 

[speedo]

Everywhere you look.

 

[sle]

"Well, that's the news from Lake Wobegon, where all the women are strong, all the men are good looking, and all the children are above average."

 

[destriero]

"Well, that's the news from Lake Wobegon, where all the women are strong, all the men are good looking, and all the children are above average."

lol to Keillor reference in light of recent events.

 

[speedo]

lol to Keillor reference in light of recent events.

 

[sle]

lol to Keillor reference in light of recent events.

Indeed. In fairness, though, it was David Myers who identified the effect and called it "the Lake Wobegon effect".

 

[Slartibartfast]

Greed, laziness, you name the constituents of the DK effect.. trading is a vast concentrator of guys who don't know, don't care and only stop when they hurt their pocket. Often other people's also.

Impostor syndrome seems rarer.

Anyway, nothing new, was and always will be:
"I seem, then, in just this little thing to be wiser than this man at any rate, that what I do not know I do not think I know either." Plato quoting Socrates.

 

[speedo]

Greed, laziness, you name the constituents of the DK effect.. trading is a vast concentrator of guys who don't know, don't care and only stop when they hurt their pocket. Often other people's also.

Impostor syndrome seems rarer.

Anyway, nothing new, was and always will be:
"I seem, then, in just this little thing to be wiser than this man at any rate, that what I do not know I do not think I know either." Plato quoting Socrates.

"I didn't say half the things I said."
Yogi Berrra

 

[CSEtrader]

Greed, laziness, you name the constituents of the DK effect.. trading is a vast concentrator of guys who don't know, don't care and only stop when they hurt their pocket. Often other people's also.
.

And here is the beauty of trading - all this weak humans qualities are perfectly hidden with the most of normal professions. But in trading in order to be successful one must recognize that he is affected and to overcome it. People who are stepping in trading out of greed, arrogancy or desire just to gamble, will not last more then few months of active trading.
I am wondering why society still dose not recognize and respect traders as one of most courageous beings in the peace time, who are bringing prosperity and balance? Why this continues scamming with 95% losers statistics, and labeling with all type of various syndromes? Is it to cover the very failure on market of this posters?

 

[Slartibartfast]

And here is the beauty of trading - all this weak humans qualities are perfectly hidden with the most of normal professions. But in trading in order to be successful one must recognize that he is affected and overcome it. People who are stepping in trading out of greed, arrogancy or desire just to gamble will not last more then few months of active trading.
I am wondered why the society still not recognize and respect traders as one of more coragious beings in the peace time, who are bringing prosperity and balance? Why these continues scamming with 95% losers statistics, and labeling with all type of various syndromes? Is it to cover the very failure on market of this posters?

The recognition we deserve gets ruined by all the psychopaths in Wall Street

I think that a 95%+ failure (including abandonment) rate over time is common to most businesses with any level of competition.

I have never seen traders as being that different to other self-employed business' survival rates unless they have a monopoly.