Based on the data its safe to say atleast 97% of traders at this firm failed to make a decent living at it during the years shown.
For home based traders the results are likely to be atleast 99% failing to make a living.
Here's real verifiable proof 90% lose
- Thread starter Dissident
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Based on the data its safe to say atleast 97% of traders at this firm failed to make a decent living at it during the years shown.
For home based traders the results are likely to be atleast 99% failing to make a living.
This is simple really. Simulate this in the house. Let there be the whole family take part in this, say about 10 people. They will all start with say 1000 dollars funny money. They will trade with each other which is nothing more than the zero sum game and each of the players will give 1 cent to a piggy bank for trading and financing costs. After a lot of these games, they would all have lost and the only one to win will be the piggy bank, which is a broker.
The best way to trade is with other people's money, if you win, go shake hands with the people who lend with you the money, have dinner with them and share the money with them. If you lose, its their money, apologize and find someone else with money to invest. Sadly, this is how most of the money is made in the trading world.
The best way to trade is with other people's money, if you win, go shake hands with the people who lend with you the money, have dinner with them and share the money with them. If you lose, its their money, apologize and find someone else with money to invest. Sadly, this is how most of the money is made in the trading world.
This is a valid point. some of those who are successful will not stay succssful. I can think of cases like these. In addition to losing the plot, edge, not adjusting, having something that worked in a time and place now gone etc the longer you stay in the market with leveraged positions the more likely you are to one day get taken out.
e.g. today: http://www.elitetrader.com/vb/showthread.php?s=&postid=2501269#post2501269post2501269
Of course and hell yes to the above post.
Best way for one to trade is with other peopleâs money and you taking a cut of the profits for that year and a % of the entire asset base. The only major problem with above plan is obtaining other peopleâs money to trade with.
Look at people trading at Tuco. Many started trading with deposits amounts at $5,000 or less showing they themselves had no real capital to trade with.
I believe he is refferring to Dan Gibby, whose numbers are as follows:
November 1, 2006-december 31, 2006 Page 30, Lost 11303
January 1, 2007-December 31, 2007 Page 38 Lost 23086
Total loss of 34389 in just over a year, though since he became a VP at Title in the summer of 2007 it seems alot more like -34389 in about 6 months.
Note The glaring differences in Dan Gibby's Trading record vs. Dan Gibby's Bio as seen below, also note when you do a search of Dan Gibby some piker is spamming telling how awesome his DVD's are. Pretty comical if you ask me.
Here is Dan Gibby's Bio, taken from Title web site http://www.titletrading.com/dan.html Sounds pretty convincing to a new trader, this should serve as a fair warning to anyone thinking of signing up for training from someone else.
Dan joined Title Trading as Vice President in the summer of 2007, bringing over a decade of experience in the active trading profession. He was the lead moderator of Pristine Capital Holding's Advanced Stock and Derivatives Trading Room, focusing on stocks, options and futures. At Pristine, he was a Senior Certified Trainer, and presented internationally seminars, hands-on laboratories, and private mentorships. He has also made various DVDs on stocks and options for active traders. At Title Trading, Dan will focus on expanding our already world-class operation, manage all educational content, and develop advancement protocol for proprietary traders.
Dan has been instructing at many events and on-line chat rooms, educating students on the art of active self-directed trading, while actively trading equities and derivatives himself. Having traded in his lucrative law practice in Florida to trade the financial markets, he's an unusual mixture of clever academic and skillful trader. Dan relies primarily on Japanese candlestick chart patterns to assess classical technical analysis, market internals, and contrarian psychological indicators (extreme public optimism or relentless gloom) in making his trading decisions.
Dan is constantly studying the financial markets, and has been interviewed by financial media including Bloomberg.uk, CNBC Europe, The Money Channel, Trading in Todayâs Markets, and ON24. Dan started college at age 15, has a record of high academic achievement, and has strong communication skills. As a CPA (non-practicing) and attorney (member of The Florida Bar), he is uniquely qualified to interpret and trade on company specific news.
Quote from dwl603:
also note when you do a search of Dan Gibby some piker is spamming telling how awesome his DVD's are. Pretty comical if you ask me.
The practice of spamming search engines (especially Google) with supporting Web sites and paid blogs is staggering and widespread. This is also common with "forex robots" and various other "financial products". E.g., search a Forex robot-type product, and the first full page of Google's results are supposedly "skeptics" who have checked out the product and found it good (yeah, right), and all the ads on top or on the side also support the product in question.