common thinking errors

Brutal honesty with yourself and a relentless pursuit of absolute truth are good weapons against these sorts of perceptual errors.

On lawyers :D

For every Decent Lawyer...
There are 1,000 lawyers who believe they will be a Decent Lawyer...
Of which 999 will never become a Decent Lawyer.

Like any profession (perhaps more so than most) the legal profession is full of barely competent, average IQ, muddled thinkers. Barely compotent is generous. I would guess its a similar proportion to successful:unsuccessful traders. In lawyering of course you don't blow up accounts you just move on to your next client :D. No disrespect to any ex lawyers hanging out here...I'm sure you where one of the few (very few) good ones.

Cheers.
 
Quote from nutmeg:

You don't see lawyers falling for the idiotic stock market scams...

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Why should they when they can create them. Milberg Weiss comes to mind.
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Hmmm...

well actually I would venture to say that many lawyers and other highly degreed professionals tend to not do very well in the market because they underestimate the fact that you must remain humble to succeed...they feel as if they are so talented because they are a doctor or lawyer that they will automatically succeed in the market because they are "so smart". Essentially I believe they tend to underestimate the difficulty because of their past achievements.

I think they would fall for less scams. yes I agree. But I don't think that the fact they are lawyers or doctors or whatever makes their chances for being a successful trader any higher than anyone else who is intelligent.

I think they come in blinded by pride, frankly. I am only speaking on a small sample of empirical evidence from a few doctors and lawyers I know that either play (because they essentially have a limitless amount of money to blow) or have tried to play (and were smart enough to get out after a blowup).

Not trying to necessarily make a blanket statement but that is my opinion.
 
Quote from Reaver:

Hmmm...

well actually I would venture to say that many lawyers and other highly degreed professionals tend to not do very well in the market because they underestimate the fact that you must remain humble to succeed...they feel as if they are so talented because they are a doctor or lawyer that they will automatically succeed in the market because they are "so smart". Essentially I believe they tend to underestimate the difficulty because of their past achievements.

I think they would fall for less scams. yes I agree. But I don't think that the fact they are lawyers or doctors or whatever makes their chances for being a successful trader any higher than anyone else who is intelligent.

I think they come in blinded by pride, frankly. I am only speaking on a small sample of empirical evidence from a few doctors and lawyers I know that either play (because they essentially have a limitless amount of money to blow) or have tried to play (and were smart enough to get out after a blowup).

Not trying to necessarily make a blanket statement but that is my opinion.
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You do not think logically...
And have obviously not been TRAINED to think logically.

PROOF?

This entire thread is about logical fallacy...
And there was some discussion about CERTAIN professions...
Where people are TRAINED to think logically.

Yet you just posted a 500 word speech...
Without addressing either issue directly...
Or even using the word "logic".

It's called "missing the point".

Since you have obvious difficulties understanding this thread...
You should stop trading right now....
You will never be competitive against the Pros.
 
"This entire thread is about logical fallacy...

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Regarding Reardens post,

It's a psychologically relevant premise, an informal fallacy.
 
Quote from maxpi:

I am sure that when an "amateur" takes away money from the markets consistently that he would be considered a pro! :D Therefore it is logical to say that amateurs can't take money away from pros!!
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Class! :D
And true...
 
I have yet to see how the amateur actually takes the money away from the pro...

Whether I win or lose, I don't really think about taking money from nobody else besides my broker... Where he gets them from, it's his biz... If he doesn't hedge my position, then I win and he loses. But for him, that is the cost of doing business, in the same way as my losses are the cost of doing business.

I don't see trading as a direction competition.... I think this is another stupid BS about trading that has been perpetuated since god knows when.

When your costs are smaller than your gains, CONSISTENTLY, then you are a pro. Period.
 
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