Andrea Wylan
Sponsor
You are entitled to your opinion. But, that's all it is, an opinion. I gave him mine.
Meeting with local prop firm. Good questions to ask?
- Thread starter itradeRisk
- Start date
Yes you did, but you keep encouraging people to use mental, yoga, and relaxation to follow "the plan" as if they already have a viable one. Better to be upfront about the statistical fact that 99% of them will never have a plan that's viable in the retail or prop arena.
It takes a certain (rare) type of person to eventually see what most don't. The rest can pray, exercise, float with their legs crossed, and it won't change that reality.
Last edited:
Come on. Don't you think the one percent achieved a high level of self mastery? She has offered a way to do that. Sure not everyone needs to do yoga but a disciplined mind is a must.
It is a must, but discipline is very common, and by itself ineffective to prosper. The proper knowledge and method is what is needed and most won't grasp it.
Last edited:
Hi ItradeRisk,
I thought I would share my thoughts on the trading part of your venture, rather than the prop firm part:
1. It is great you are even asking these questions. You seem open and like you want to do it right.
2. Also excellent that you were successful at poker. I think the two can be well related.
3. You seem to have a good sense of the risk which is a good place to start from and really key.
4. You have already decided to take the risk and know this is your dream. So many people don't even know what their dreams are or are too scared to follow them. (If you don't try, you will never know!) Your friends maybe worried for you, and also not understand from your perspective.
5. Running a successful business probably won't translate over to trading.
6. Suggestions: have a plan B. Give this venture a certain amount of time and money and expect it to succeed, but have a plan if it doesn't.
7. Create a complete trading plan (vision, goal, strategy, risk, max losses, etc.) like a business plan and follow it to the T. Make sure that your strategy and risk management together will earn you a living if followed.
8. Notice anywhere you don't follow your plan. This is where the mindset comes in. I believe it is by far the hardest and most important part of your trading. If you don't follow your rules, find a way to solve this.
9. Track your trades in a journal.
10. Track yourself in a journal! Feelings, thoughts, body sensations.
11. Use yoga, meditation, and other processes to calm the mind so you can follow your plan, if that is an issue.
Good luck! I hope it works out for you.
I appreciate the positive message and your suggestions.
To your point about the yoga, meditation and the mental "ying and yang" stuff... I feel like I get what your saying. With poker its a mental battle with yourself along with a battle against the players sitting across from you. Trading appears to be the same.
But that's not gunna be the sole reason of success. It's a strategy and plan that I'm trying to develop fully that will make or break me. And according to profitlocker I've got a 1% chance of nailing the one outter here on the river. Lol... good luck me?
I'm optimistic, but realistic. The numbers don't lie, but I don't discourage the long shot. Life is full of trials and errors. I'd rather die a gambler than a quitter.
Honestly, this whole 99% fail, 90% fail numbers being thrown out there seems like its a loose number not backed by research. I've done my own study on this issue and found that its more closer to a 65-75% fail rate. If 99% of all traders fail then the 1% winning is who exactly? Care to elaborate?
The very few who have the ability to see through the curtains of price action and structure a personalized trading model.
I am not sure it is 99% but it is probably anywhere between 90-99%. I heard from a clearing firm employee who stated that a very high number of very active accounts go bust.
I disagree that discipline is common. I do agree that more is needed than discipline alone. Acquiring self mastery helps for the psychological aspects of trading but not the methodology of the trading. Both are needed to succeed.