Percentage % of Get-Rich-Quick members on ET?

[murray t turtle]

The funny thing is as a trader, you will be tested, not once, not twice but, multiple times. So, if a person aspiring to be one, is so onion skinned as to accept a valid criticism, you will find it even harder to be a successful trader. You will believe that you are invincible, the greatest trader ever, nothing will stop you from getting rich overnight. Until, the one big trade wallops you in the face and brings you back down to reality.
You have lost all your monies or most of it and you vehemently, complain, the stockmarket is rigged. Nobody can make any monies. Then, you save more monies and give it a go a 2nd time and and a 3rd time and once, again lose all your monies again. You never learned and you never will. So much, for that get rich quick fantasy.

%%
1st time one blows up , or in my case short term grinds an account down to zero;
that's a word to the wise ''operator trouble '' as my banker dad used to say/LOL.
No wonder so many imagine a get rich quick/look @ all the ''lotto ads''
Even stranger , the few lotto '' winners'' unquote, blow it/bankrupt...……...
WHO would have though a get rich quick lotto player doesn't know how to budget/handle money?? [sarcasm]

 

[smallfil]

The worst thing to happen is to make a lot of monies right from the get go. Happened to me. In the dot com boom I had 100 shares of EMLX and 200 shares of TLGD. Do not remember the exact prices I paid but, long story short, I sold both stocks and made $25,000. That was a lot of money for me. All in cash in my bank account. I was stoked, treated about 60 people in the office for lunch at $18 per person in a Japanese restaurant buffet then. Not counting the soda and ice teas, I have generous tips on top of that. Went to Las Vegas 4 times in one year. Not a big gambler though, which was good. Then, I had 200 shares of CSCO at $120 and the market tanked and I kept losing monies on CSCO and my other investments. Buy and hold they said. Now, not only did I lose those monies I won but, my own capital on top of it. That is when I realized Buy and Hold as a strategy was crazy. CSCO closed on June 26, 2020 at $46.31. Had I held my positions, I would still be losing monies, 21 years after with nothing to show for it? Now, I know better and how to trade the stockmarket after all the expensive lessons. Eventually, you learn or you fail. Learning is better and making monies is sweeter.

 

[murray t turtle]

The worst thing to happen is to make a lot of monies right from the get go. Happened to me. In the dot com boom I had 100 shares of EMLX and 200 shares of TLGD. Do not remember the exact prices I paid but, long story short, I sold both stocks and made $25,000. That was a lot of money for me. All in cash in my bank account. I was stoked, treated about 60 people in the office for lunch at $18 per person in a Japanese restaurant buffet then. Not counting the soda and ice teas, I have generous tips on top of that. Went to Las Vegas 4 times in one year. Not a big gambler though, which was good. Then, I had 200 shares of CSCO at $120 and the market tanked and I kept losing monies on CSCO and my other investments. Buy and hold they said. Now, not only did I lose those monies I won but, my own capital on top of it. That is when I realized Buy and Hold as a strategy was crazy. CSCO closed on June 26, 2020 at $46.31. Had I held my positions, I would still be losing monies, 21 years after with nothing to show for it? Now, I know better and how to trade the stockmarket after all the expensive lessons. Eventually, you learn or you fail. Learning is better and making monies is sweeter.

%%
EMLX + CSCO= supergood trenders,
But one still needs some sort of selling plan ; CSCO=case in point

 

[smallfil]

%%
EMLX + CSCO= supergood trenders,
But one still needs some sort of selling plan ; CSCO=case in point

Got into CSCO late after I had already made my $25,000 from EMLX and TLGD. Started off as an investor losing a lot of monies before switching to being a trader. Still, I had a lot of things I did know then, like risk management and position sizing. Using stop losses and managing your trades efficiently. All of it important. Even if you are an investor, you still need to manage your investments and protect your capital at all times.

 

[nursebee]

I am new her and I am surprised by how negative and bitter many of the older timers are towards the new people. It's with great pains, long research, terrible stressed induced medical bills that one makes money trading, don't you know? How dare you think you can make money without paying your dues...

The questionnaire doesn't make sense to me. Who doesn't want to get rich quick here, even if most won't? would anyone seriously say they want to get rich slowly?

 

[nursebee]

Yes.

The plan is made for 60 - 70 years ahead.
All i want is just 30% per anum.
But, if one has $10 000 and manages to keep the return of 30% per anum, that will turn into...
$946,312,684,517.29

~~Word~~

Now the tax question and inflation - that depends on the region. Size problems when you get pass $1B, all of that is irrelevant, it will be figured out during the journey.

Most important part is - sticking to that vision.

Don't get surprised so easily, since the real world is much more cruel.

Many as you say, still could be a minority.
Try to look through their perspective -
if you were in your 60's and you have seen the elephant. You have the knowledge, experience, contacts and resources. And a random newbie shows up and starts preaching about BTC going to $1Mil.

Yes, sometimes, in rare cases, all of em are wrong, but most of the time - they are right.
And that's what matters.
View attachment 231874
Dalio - ,,Principles''

Interesting point in #1 in the image of the book.
Many in the markets do not tolerate divergent opinions.

 

[Nobert]

Interesting point in #1 in the image of the book.
Many in the markets do not tolerate divergent opinions.

He had cancer.

He consulted only 1 doctor (tho, supposedly, the best in the world).
Doctor told, that he has 18 months to live (or so).

Then he brought, the other two ,,best in the world''. Placed all of em, at one table.
Turns out that he will not need any surgery, and not only that he will live, but few pills per day will be enough.
I think, that's what he had in mind more likely.

He also said ,,bet against consensus'', thus #1, probably reflects that.
(multitasking atm (yeah,not good), sorry if written something completely off)

 

[nursebee]

He had cancer.

He consulted only 1 doctor (tho, supposedly, the best in the world).
Doctor told, that he has 18 months to live (or so).

Then he brought, the other two ,,best in the world''. Placed all of em, at one table.
Turns out that he will not need any surgery, and not only that he will live, but few pills per day will be enough.
I think, that's what he had in mind more likely.

He also said ,,bet against consensus'', thus #1, probably reflects that.
(multitasking atm (yeah,not good), sorry if written something completely off)

Huh?

Point one was to seek out the smartest people that disagreed with him and learn from them, their understanding. I think that is a good idea.

 

[Nobert]

Huh?

(laughs)
Probably my English, betrayed me once more.

I think the same as well. That's why it was marked in green and have a green - monday

 

[931]

Huh?

Point one was to seek out the smartest people that disagreed with him and learn from them, their understanding. I think that is a good idea.

Idk what sort of people we talk about but the "smartest" may not even start argumenting.
They may realize its more beneficial to keep information and watch surroundings instead of interacting.
Then maybe at some points show how well they predict and see you trough..
At least thats my experience with "smart" people