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motely fool says 95% onfday traders out in 6 months
- Thread starter stockripper
- Start date
Quote from Boib:
So what is the answer. There seems to be hundreds of vendors out there that want hundreds if not thousands of dollars to teach me to trade.
I can also subscribe to any number of tip sheets that scan the market, pick stocks and tell me what to buy and when.
Someone takes these courses and subscribes to these newsletters. Are these the 3% that make it? I personally doubt it. Trading to me seems to be more about discipline, money management and managing your emotions than it is about chart patterns, setups or deciphering a level II screen.
I agree that a mentor would be nice but where to find one? Is anyone aware of a site that rates the different courses and seminars that are available?
It seem reasonable that I would need more training than reading a few books or watching a training video but where do I start.
In the snake pit of vendors, only one trader has the talent & integrity to be worthy of consideration. Her name is LBR.
Quote from risktaker:
For many, it's an addiction, like gambling, alcohol or tobacco.
That wouldn't make sense for me: I feel so bad when I lose I have to take a breathing, I can't keep trading and losing that would kill my confidence and my self esteem. If I take a significant loss I pause, suffer, recover, analyze and try to learn; and then move on but with a different mind-set and attitude, more like if that loss would have given me something.
So far this way I somewhat contained my losses
Quote from RNRBAND:
in january of 2002 I saw hundreds of Naz traders became unprofitable. It was if a bunch of black boxes got turned on overnight.
Everyone rushed to the NYSE using ARCA to hit regionals/read the tape to catch turns. The NYSE hybrid model could wipe out 1000's of NYSE scalpers in 2006. The transparancy will be no better than nazcrap soon
transparancy......rofl
Are you surprised by numbers that say a vast majority of "traders" fail ? Just how do you define a "trader" ?
You really dont have a business if you have no capital, no business plan, and no experience.
If you added up the people that had these threee attributes and asked the question as to how many were still in business a year later the number would be quite a bit higher than 1%.
Most of these surveys - this one and the other one by the "accountant" who cant keep his mouth shut about his clients books - are poorly constructed and based upon biased samples.
Take them for what they are worth .. that is nothing.
You really dont have a business if you have no capital, no business plan, and no experience.
If you added up the people that had these threee attributes and asked the question as to how many were still in business a year later the number would be quite a bit higher than 1%.
Most of these surveys - this one and the other one by the "accountant" who cant keep his mouth shut about his clients books - are poorly constructed and based upon biased samples.
Take them for what they are worth .. that is nothing.