The odds of day trading yourself to a profit are lower than you expect"

[Cswim63]

"Life is a banquet, and most poor suckers are starving to death." --Auntie Mame

 

[Cswim63]

And that's how a wannabe trader (the man who is going to live from trading his own money) should be weight-in, :

A. Money. There is a trading minimum of $50k in account plus the money needed to live all the time while learning....do not have it - not suitable.

B. Time. There is required minimum 5 years (probably more) of life, during which you will only deal with self-learning of trading for 8-10 hours a day.. do not have time - not suitable.

C. The necessary qualities from highest to lowest.

1 Maverick

2 Egomaniac

3 I don't give a fuck" kinda guy

4 Do not like and do not want to work with people

5. One who can and like to take risks.

6 Unchanging, constant belief in yourself and in your own strength (screams "Help me!" like I sometimes see on the forums should not come from you)

7. recognize in principle the concept of game as a lifestyle , with consequent results of instability, loss or collapse

8. thinking outside of the box and the ability to independently search for the solutions

9 ability and desire to go his own way and not focus on the words and opinions of others

10 ability to create intuitive concepts based on the lessons learned

11 ability to visualization and abstraction from it .

12 diligence

13 will,volition

If one would sift all the samples that was taken for that statistics through the sieve of those parameters, i suspect about 90% would be disqualified

It's a good list. As usual we dismiss the tails as not being significant. It's because they're just tails. Yuk yuk.

 

[Cswim63]

I think it was Richard Dennis who said that you could publish The trading rules in a newspaper and no one would follow them.

 

[Cswim63]

Isn't it just the nature of the markets that only a few are allowed to succeed? If everyone took money from the markets, they would cease to be markets. If there were no lure, the innocent would not try their luck.

 

[Cswim63]

My father (who is in the industry) started teaching me when I was 13/14, but didn't let me have a real-money account until I was 18.

But there's a (quite recent) thread here, somewhere, about someone teaching his much younger son to trade.

Ok the obvious question is do you think it gave you an advantage and do you notice differences in your thinking over others who didnt have that exposure? I say your mind is less polluted at a young age, and if you were to train early you wouldn't have as much baggage as the rest of us. Plus, you came from a background of risk taking. Proper risk taking, I assume. That in itself scores you much higher. Most of us are taught the opposite. In school.

 

[Cswim63]

Since I've been blabbing incessantly, I haven't had the urge to trade after I said I was done for the day, nor even check the currencies and equities. Anyone see a connection to the OP?

 

[Xela]

Ok the obvious question is do you think it gave you an advantage and do you notice differences in your thinking over others who didnt have that exposure? I say your mind is less polluted at a young age, and if you were to train early you wouldn't have as much baggage as the rest of us. Plus, you came from a background of risk taking. Proper risk taking, I assume. That in itself scores you much higher. Most of us are taught the opposite. In school.

I agree with your perspectives. But I can't judge this for myself at all because (a) I have nothing to compare myself with, and (b) I have Asperger's syndrome and was always very "mathematical" anyway, so I can't really tell to what to attribute the benefit.

 

[Mtrader]

Isn't it just the nature of the markets that only a few are allowed to succeed? If everyone took money from the markets, they would cease to be markets. If there were no lure, the innocent would not try their luck.

In life everything is a competition where only a minority succeeds:

• A minority gets a university degree
• A minority gets a very well paid job
• A minority will find a beautiful and successful partner
• A minority will become rich
• A minority will win a medal in the olympics
• A minority will become successful sportsmen
• ...

It is kind of supply and demand. Many want a lot of things, but these things are only available in limited amounts. Like all good things in life.

So this has nothing to do with trading or the markets. In everything in life more people want the best, but not everybody can have the best. So there is a selection that reduces the number of candidates to the level of the benefits that are available for distribution.

 

[Cswim63]

I agree with your perspectives. But I can't judge this for myself at all because (a) I have nothing to compare myself with, and (b) I have Asperger's syndrome and was always very "mathematical" anyway, so I can't really tell to what to attribute the benefit.

Hmmm. Yes we never know what the alternative universe would have produced, do we?

 

[Cswim63]

In life everything is a competition where only a minority succeeds:

• A minority gets a university degree
• A minority gets a very well paid job
• A minority will find a beautiful and successful partner
• A minority will become rich
• A minority will win a medal in the olympics
• A minority will become successful sportsmen
• ...

So this has nothing to do with trading or the markets. In everything in life more people want the best, but not everybody can have the best. So there is a selection that reduces the number of candidates to the level of the benefits that are available for distribution.

Wait a minute, this has everything to do with the markets.