Question to trader who really trade?

jeffgus · Dec 8, 2002

Any body know the number behind the ratio of successful floor and screen traders to the number of Professional athletes??????

Is believe that it is a bigger number of Professional athletes than successful traders and what is the mean average income of those two population>>>>

LongShot · Dec 8, 2002

Quote from jeffgus:

Any body know the number behind the ratio of successful floor and screen traders to the number of Professional athletes??????

Is believe that it is a bigger number of Professional athletes than successful traders and what is the mean average income of those two population>>>>

why?

OPTIONAL777 · Dec 8, 2002

Quote from praetorian2:

My opinion is that most traders fail because they are undercapitalized. I have seen many people who give up when they get very near to the breakeven point b/c they have nothing left for the final push to breakeven.

Second largest reason is just that most traders come into the game without any real knowlege of how they will trade or what system they'll use. Buying something in motion and hoping it stays in motion is not enough to make you profitable in the long term.

Third largest reason is that someone doesn't follow his system, but dabbles in other systems that seem hot at the moment. If a system has had good results in the most recent time period, most likely, it's period of outperformance is just about over. Chasing what's hot is almost doomed to failure.

Fourth, most people think that trading is something you can do for 20 minutes a week. I know a lot of very profitable traders. Most of them are online and doing research at 3am on a saturday night. In fact, I often drop ideas on them at around that time. This is the reason for their success. They are a slave to their trading. If you don't intend to be that dedicated, just write a check to me. It will save me the commission costs. Trading isn't an effortless get rich plan.

The final reason is just sheer stupidity. Lets face it, 95% of all traders fail. I'd say that about 95% of the population is completely retarded. I think there's a similarity in the two statistics. Some people just lack the simple intelligence to trade profitably. Somehow most of these people seem to make it onto CNBC despite their best efforts to squander the retirement money entrusted to them.

I guess that means that 5% are egotistical as hell.

When you blow out, will that make you retarded?

LongShot · Dec 8, 2002

Quote from OPTIONAL777:

I guess that means that 5% are egotistical as hell.

When you blow out, will that make you retarded?

i have to agree with prae on this one. 95% are retarded. i see ample evidence of this every day. i wish i didn't feel this way, i truly do, but i fear it is a fact. no, if he blows out that doesn't mean he is retarded. actually he's pretty freaking smart for a history major

WDGann · Dec 8, 2002

95% of guys who are retarded guys are the ones in here expecting a firm or someone in this forum to "make" them a profitable trader. It's usually the guys who have a, "Gimme gimme" mentality.

Another type is the guys who have no respect towards trading and other traders. Debate of opinion is great and it's fine but plain cursing and immaturity doesn't work in any field.

Another thing is trading is a close to a 24/7 job. On weekdays you trade during market hours. Then you start doing your daily homeworks. You do some research and read books. Then you sleep wake up and do some pre-market preps. On weekends, you try to catch up on your studies or research.

Also, some retards need to understand that there's a lot going on behind and under all the money. What people see is just a tip of the iceberg. Below water, people are sacrificing a lot more than most can imagine.

One other thing in my list I want to add is:

1. You have to like trading, or like to succeed. Most traders don't last if they're 100% in it for the money.

OPTIONAL777 · Dec 8, 2002

Quote from LongShot:

i have to agree with prae on this one. 95% are retarded. i see ample evidence of this every day. i wish i didn't feel this way, i truly do, but i fear it is a fact. no, if he blows out that doesn't mean he is retarded. actually he's pretty freaking smart for a history major

Most history majors are egotistical enough to think they will not repeat the same type of mistakes that others repeatedly made throughout history.

Most people who can't see how they could fail are the ones who after failing say "I didn't see it coming."

thunderbolt · Dec 8, 2002

It's all about discipline. Such as, keeping a tight stop and sticking with it. I've seen too many traders become too apathetic about stops and they get toasted. Many times they have great trading plans that have the potential for huge returns but they give it all back and then some on their losses. One can have 5-7 small losing trades in a row with one winner and show a nice profit. But too many times he/she will either add to losers or allow a loser to become a crusher. I know it has been said many times, but it's the number one rule to follow.

BOLT

swoop[TR] · Dec 8, 2002

but you'll get toasted with a tight sell stop...

praetorian2 · Dec 8, 2002

Quote from OPTIONAL777:

I guess that means that 5% are egotistical as hell.

When you blow out, will that make you retarded?

LOL.... I never claimed that I was in that 5% category. I haven't blown out yet. Doesn't mean that I won't. Only time will tell....

Ask me that question again in 5 years.

stockerup · Dec 8, 2002

Quote from jeffgus:

My advice to breakeven traders is to stop ready TA books and work on subjects in Books like Trading in the Zone(Douglas), topics on NLP and Mental discipline books. Just my opinion. GoldenGate University in SF, has a solid Program on the above subjects. The Director, Hank Pruden, is a master on the subject. [/B]

jeffgus, that's interesting what you said about TA books. Are you saying that TA is not important?