It's time to get rid of misconceptions in trading

[increasenow]

Quote from 4DTrader:

Misconception 1: 95% traders fail, 5% succeed. Where do people get these numbers? Out of their own dreams? Outdated data from a foreign island?

Misconception 2: It takes at least five years to make money in trading. What kind of five years, occasional dabbling, part-time investment, swing trading? Only intensive day trading should be considered, not other sporadic attempts. If you don't make serious efforts in trading, 10 years or 20 years won't make a difference. Give me a break, don't count your college trading club years, OK?

Misconception 3: Trading is difficult. Trading is NOT difficult, it's one of the easiest and simplest jobs you can do in your life. Anyone with above-average intelligence can do it. We must not mix difficulty with confusion. Trading is confusing, because there is no formal training school out there, also because many people are trying to scare others into thinking that trading is difficult.

GREAT POST..I totally agree your statement that..,"trading is NOT difficult"...

 

[andread]

Quote from Dustin:

I started in '97, so yes I was. Actually 2000 was my breakout year and it was a great trading environment. Volatility is everything.

I don't like you anymore. My envy is getting too big

 

[bathrobe]

in an unofficial poll taken at a MENSA gathering only 3 out of 70 had made money in the markets. The other 67 consistently lost, I got this information from my father who is a member of MENSA, I am not

 

[TravelTrader]

"Trading is not difficult"

If you are finding it difficult and are consistently losing money, just switch to doing the exact opposite and now you will be making money.

 

[overspool]

Up, down, or sidways -- whats so hard?

 

[MarkBrown]

to be successful at trading you have to get a tablet and start making notes on what to do and what not to do. then when you have so many rules you need a computer to keep up with them and prod you into action. when you have done this work you will make it if you become a servant of the method.

 

[Bootsie]

Quote from 4DTrader:

Misconception 1: 95% traders fail, 5% succeed. Where do people get these numbers? Out of their own dreams? Outdated data from a foreign island?

Misconception 2: It takes at least five years to make money in trading. What kind of five years, occasional dabbling, part-time investment, swing trading? Only intensive day trading should be considered, not other sporadic attempts. If you don't make serious efforts in trading, 10 years or 20 years won't make a difference. Give me a break, don't count your college trading club years, OK?

Misconception 3: Trading is difficult. Trading is NOT difficult, it's one of the easiest and simplest jobs you can do in your life. Anyone with above-average intelligence can do it. We must not mix difficulty with confusion. Trading is confusing, because there is no formal training school out there, also because many people are trying to scare others into thinking that trading is difficult.

(not my quote)

"Trading is the hardest way to make easy money."

B

 

[Dr.Greenback]

Quote from Bootsie:

(not my quote)

"Trading is the hardest way to make easy money."

B

Correction, It's "Trading is a hard way to make an easy living"

 

[BSAM]

Quote from bathrobe:

in an unofficial poll taken at a MENSA gathering only 3 out of 70 had made money in the markets. The other 67 consistently lost, I got this information from my father who is a member of MENSA, I am not

This probably surprises many, but it shouldn't. High IQ is not a requirement. May possibly be a detriment, in some cases.

 

[bathrobe]

Quote from BSAM:

This probably surprises many, but it shouldn't. High IQ is not a requirement. May possibly be a detriment, in some cases.

This is very true, my father (high IQ, mensa member) wanted to trade but he could not understand some very basic indicators, he also has trouble w/ computer knowledge. Yet at the same time he can do some math that I find nearly impossible and has a great deal of knowledge of high finance.

6 or so months ago I was looking at the Bear Stearns website for jobs and came across a quote from a higher up stating while other investment Banks like to hire and promote MBA's they look for those who are: Poor, Smart, and have a desire to become rich. I also know Goldman Sachs looks for those with degrees in liberal arts, not necessarily finance or business.