I am done with trading.

BP,

This will be my 13th year of trading and I can say what happened to you has happened to me. Not to the tune of 25k but hell I remember sending orders with my fist. That's probably 8-9 years ago.
 
Quote from BPtrader:

I finally accept the statistics that 99.9% will fail in trading. I guess those who discourage others from trading are right after all. I am at peace with myself: Trading is not for me and 99.9% of those who tried.
More...
Sad you had to learn this way.

If you had read my posts...
 
Quote from crgarcia:

Sad you had to learn this way.

If you had read my posts...
More...

Your posts are so predictable now.

I have read a few of your 3179 posts. (More than I want)

Basically they are all around the same theme of:

- Nobody can make money by trading.
- If you make money by trading, you are only lucky.
- You lose because you day trade.
- Nobody makes money trading except your brokers.
- I don't trade. I invest.
- Trading is the same as gambling.


You should save a generic post and re-post it every time. It will save you some typing.
 
I have never seen a trader in seventeen years who added to a losing position as a strategy and wasn't overtaken by risk of ruin.

Now, if a trader can manage to add to winners and scale out of his profits, then he becomes very wealthy.
 
Quote from bone:

I have never seen a trader in seventeen years who added to a losing position as a strategy and wasn't overtaken by risk of ruin.

Now, if a trader can manage to add to winners and scale out of his profits, then he becomes very wealthy.
More...

If it works...Do it again!


That "dbl down...get back to even in the same trade" mentality is mindless.

Pump the winners; cut the losers or reverse them.

If it didn't work the first time...why do it again?
 
Quote from Debaser82:

Just buy some gold each month and bury it in your yard.

This method has outperformed 90% of all investors for a decade now.
More...

And it was a disaster for the twenty years leading up to that...
 
Quote from guardiangel:

well i think there are a lot of elements to enforce discipline. for one, you have too much in your account to lose. depending what you trade, if u don't NEED that much cash to trade u should keep your account size as small as possible so you would not go double down on your losses.
true, most traders fail. but look at how most successful traders and hedge funds have gone broke, washed dishes on minimum wage only to use the money to trade again.

quit or not its only a matter of passion. for many friends and i, its either make it or die trying. if you don't have that kinda resolve, i would say this is what shakes most "traders" out of the business.

i agree with ur post, cold it may be, but as u said its zero sum.
it is war. in war losses are part of the "process".

i never believe it should be losses that drive people to quit. i believe is the self realization that one is incapable of making it, self efficacy that SHOULD be the driving force for someone to throw the towel
More...

I agree ga with everything you've written.

Also, what you're describing doesn't only apply to trading it's pretty much any endeavor or occupational success. Life is an all-star game. You have to have the passion, determination, and persistance to do what it takes to succeed. Everybody wants it but few will go the distance.

As for 99.9% of traders failing. I'd add that 99.9% of people can't play in the NBA, NFL, drive a mining truck, fly a fighter jet, run a fortune 500 company, etc, etc,. The amount of money at stake in trading is on par with being one of the elite and people definitely underestimate the time and character development necessary let alone assessing talent qualities. If you have talent applicable to trading that should drive your edge.
 
Quote from yepso:

I'd add that 99.9% of people can't play in the NBA, NFL, <i>drive a mining truck</i>, fly a fighter jet, run a fortune 500 company, etc, etc,.
More...

Whoa, what's the deal with mining truck drivers?.
 
You must log in or register to reply here.
Back
Top