It is IMPOSSIBLE to make money in the markets

Quote from traderdragon:

Many people will try their entire lives in this game and still fail.

Telling them to go home, for many, will save them from many years of hardship with no rewards for their efforts, and a shitty non-existent retirement.

If your perfectly happy trying your entire life and failing, when you could have done something else and at least had a decent retirement and an easier life, be my guest. But not everyone holds those values.

Ive seen too many people crash and burn, and do it again many times, and I know for a fact, they simply dont have what it takes, and never will, and yet they keep trying in vain. Sad.

Trading is like watching 10,000 guys trying to become pro NBA players, when 9,999 are 4 feet tall, and one is 7 foot tall. Im telling the 4 foot tall guys to cut their losses and go home :D Thats damn good advice.
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Telling all the marks to go home in a poker game
is pretty fvcking stupid in my book.
 
Quote from Ripley:

..only a matter of time before you run into probabilities... :(
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It's only a matter of time before we all die. :) Why bother about such things?

Do you know how many people perish in car accidents? And it is obvious that the more we drive the more chances we'll be among that number too because of the same stuff: probabilities. But is anyone here thinking of getting rid of car and use bus instead? :)

Till my strategies make money I trade them, if they stop I'll search for something that works (in reality far in advance), but please don't tell me that the money I make is not real. :)

P. S. I think wise trader should diversify his earnings to reduce a risk of trading just one system/strategy. Chances of several DIFFERENT systems for DIFFERENT instruments and DIFFERENT time frames running into bad period are really slim.
 
Quote from traderdragon:

Good post. Most people completely underestimate what it takes.

They try "real hard". At least what they think is trying real hard.

In the mean time, theres a thousand guys putting in 10X the effort they are putting in.

Then they sit there wondering why they cant make money.

Answer: Because your best effort simply wasnt good enough. Youre not cut out for this game. Go home.

Wait a sec. Please stay. ;-)
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Probably it's the first time a winner's secret edge is disclosed on ET openly for free. :)
 
Can someone please bail me out! I am an accountant looking for how much 1 share of IBM was trading for on July 28, 1967. I pulled up yahoo historical quotes and I get an adjusted number of $506.50 on that day. I think it works out to around 12.62? for that one share before splits.

Thank you in advance. I am an accountant in need!
 
Quote from traderdragon:

Many people will try their entire lives in this game and still fail.

Telling them to go home, for many, will save them from many years of hardship with no rewards for their efforts, and a shitty non-existent retirement.

If your perfectly happy trying your entire life and failing, when you could have done something else and at least had a decent retirement and an easier life, be my guest. But not everyone holds those values.

Ive seen too many people crash and burn, and do it again many times, and I know for a fact, they simply dont have what it takes, and never will, and yet they keep trying in vain. Sad.

Trading is like watching 10,000 guys trying to become pro NBA players, when 9,999 are 4 feet tall, and one is 7 foot tall. Im telling the 4 foot tall guys to cut their losses and go home :D Thats damn good advice.
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One name for you: SPUD WEBB, shortest player in NBA history quite successful....

Now if you are telling the people who really don't belong in this game to go home, I understand you. But what I'm saying is that the financial markets have a way of weeding out those who really don't belong there. Even if a guy loses for years and years and years.....something is keeping him coming back.....he belongs there whether he is rich or poor....

My point is that if you really want something, you can achieve it if you relentlessly persevere and persist. Who would have thought Spud Webb would have a chance?
 
Quote from traderdragon:

Many people will try their entire lives in this game and still fail.

.
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Is this really the case? I haven't been in it long enough to know. I assumed most folks burned out quickly, within years.

You've known someone to try and try fulltime, and fail year after year for more than 3 years (screw lifetime, thats too hard to imagine)? Sounds painful. And i'm talking about someone grinding it out, not some trust fund baby or some consultant hacking it on the side. Somebody that works at the bar to stay alive while trading unprofitably.
 
IMO, there are usually only a few good opps a year to make money in the market. You have to hit them hard and time them right to make a great living in this game... unless you are one of the pigmen with inside information.
 
Quote from MFK:

Can someone please bail me out! I am an accountant looking for how much 1 share of IBM was trading for on July 28, 1967. I pulled up yahoo historical quotes and I get an adjusted number of $506.50 on that day. I think it works out to around 12.62? for that one share before splits.

Thank you in advance. I am an accountant in need!
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Data I have:

7/28/67 IBM: OPEN 12.56, HIGH 12.60, LOW 12.56, CLOSE 12.57
 
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