The 98% Who Fail

[bone]

I cannot for the life of me recall any really worthwhile and potentially lucrative profession where the majority of those attempting it did not experience failure.

Whether it is medical school or Pro Football or a software company start-up, the odds are really quite small. The other factoid is that traders, like restauranteurs or novelists or inventors or etc. etc. do fail along the way. You pick yourself up and re-think things and focus your efforts and try again.

It is called the human experience.

 

[ProfLogic]

Quote from Cheese:

Threads on failure and the failure rate are very popular at ET and they recur and recur and recur. And they will go on recurring.
The reason for these 'failure' threads is that ET is about progress. So where and why are we failing is a matter of prime importance. It relates to every amateur wanting success. And it speaks to honesty and frankness and what is happening to them.
Contrary to prior comment, threads on success, if they do occur, mostly get started by breast-beaters whose claims of being right are suspect and unproven if not also either shallow or ridiculous.
This thread contains contributions of positive advice and observation, if often predictable. All the things we do that are foolish, mistaken, inadequate or plain niave are our footprints as each time we pick ourselves up and start moving again towards out goal of success.
Posers and pretenders aside, we all tread the path of discovery and improvement.

The name of the site is "Elite Trader". Either some exist or they don't.

It is a given that 95 to 98% fail. Sorry but common sense says that the 2 to 5% have something the others don't possess.
Some of us KNOW why the 95 to 98% fail. It doesn't take a rocket scientist to figure that out. I don't understand why dissecting the successful traders to see what their recipe for success is made up of is not progressive?

Common sense dictates that you can only beat a dead horse into so much dust.

Cheese, are you a successful trader or not? If not are you here to learn how to improve on your trading or what?

 

[ProfLogic]

Quote from bone:

I cannot for the life of me recall any really worthwhile and potentially lucrative profession where the majority of those attempting it did not experience failure.

Whether it is medical school or Pro Football or a software company start-up, the odds are really quite small. The other factoid is that traders, like restauranteurs or novelists or inventors or etc. etc. do fail along the way. You pick yourself up and re-think things and focus your efforts and try again.

It is called the human experience.

Again I agree. I think people are disillusioned that this career path is an easy one . . . anything but. The reward for the successful ones are great just like Pro Football or being a specialized medicine practitioner but the odds are definitely against you.
None-the-less there is still the potential and one must study what works not dwell on what we already know doesn't work.

 

[Cheese]

Quote from ProfLogic:

The name of the site is "Elite Trader". Either some exist or they don't.

It is a given that 95 to 98% fail. Sorry but common sense says that the 2 to 5% have something the others don't possess.
Some of us KNOW why the 95 to 98% fail. It doesn't take a rocket scientist to figure that out. I don't understand why dissecting the successful traders to see what their recipe for success is made up of is not progressive?

Common sense dictates that you can only beat a dead horse into so much dust.

I have been in this business as a floor trader and subsequent CEO, so those of us who have taken riches from the market know that professional success formulae do not get offered on ET.

You have tried selling your notions to an unsuspecting and naive public; need any more be added.

 

[shortie]

Quote from Cheese:

...

You have tried selling your notions to an unsuspecting and naive public; need any more be added.

i see...

 

[ProfLogic]

Quote from Cheese:

I have been in this business as a floor trader and subsequent CEO, so those of us who have taken riches from the market know that professional success formulae do not get offered on ET.
You have tried selling your notions to an unsuspecting and naive public; need any more be added.

I appreciate your experience on the floor and as a CEO in this industry but to belittle my accomplishments without knowing exactly what I do is irresponsible. I'm currently developing financial software along side one of the largest private programming firms in the US. Their engineers and the venture capitalists behind the project call what I do, ground breaking. I think I will take the opinion of those individuals who have a direct access to what I do and a vested interest in the outcome of their labors over someone who can't answer the question of whether they are successful at trading or not.

 

[Swan Noir]

Cheese,

I don't disagree but the raving maniacs who speak as if no one can make it because the can't get awfully tedious over time.

Quote from Cheese:

Threads on failure and the failure rate are very popular at ET and they recur and recur and recur. And they will go on recurring.

The reason for these 'failure' threads is that ET is about progress. So where and why are we failing is a matter of prime importance. It relates to every amateur wanting success. And it speaks to honesty and frankness and what is happening to them.

Contrary to prior comment, threads on success, if they do occur, mostly get started by breast-beaters whose claims of being right are suspect and unproven if not also either shallow or ridiculous.

This thread contains contributions of positive advice and observation, if often predictable. All the things we do that are foolish, mistaken, inadequate or plain naive are our footprints as each time we pick ourselves up and start moving again towards our goal of success.

Posers and pretenders aside, we all tread the path of discovery and improvement.

 

[SnakeEYE]

Quote from ProfLogic:

What is the purpose of constantly concentrating on those who fail?

Why not focus on the 2 to 5% that succeed and figure out why they succeed?

It is a defeatist attitude to be negative all of the time. Some on this board live there life in that house and it isn't healthy.

What are the experience traders doing here,besides sponsors?What is the purpose?

 

[bone]

Quote from SnakeEYE:

What are the experience traders doing here,besides sponsors?What is the purpose?

There are actually some really big, very successful traders who search out certain topics and forums but they never post. I have taken some on as clients - typically they have like nine posts and they joined in like 2003. The only way I became aware was because of my client business. It's too bad they don't post, but they just don't want to deal with the retail punters. There are so many posers.

 

[ProfLogic]

Quote from SnakeEYE:

What are the experience traders doing here,besides sponsors?What is the purpose?

Why not ask them?
I know that some of the sponsors here are successful but I don't know that any of them are successful traders except bone. Maybe they are, I'd like to hear from them.

I know I like to hang out here as a distraction to the riggers of watching and trading the charts and doing research. I've learned some neat things here as well. I think whether you are a new person learning the ropes or a seasoned professional, we still learn each day. Look at what technological advances that have happened in the last 10 years. I think that is pretty amazing. I've been on this board for only 7 years and the advances since then have been numerous.

I've openly shared a majority of my method on here as well and freely helped many traders knock some of the bumps off their trading skills. I think giving back is important but then that is only if you were brought up understanding why that is important. Some on this board are as selfish as you can get and wouldn't share a drink of water with a dying man. I think that is a big loss for them but again, that is just an opinion.