Each item in life is a seperate market where supply and demand are in constant imbalance.
A few take and a lot lose.
The odds of day trading yourself to a profit are lower than you expect"
- Thread starter lawrence-lugar
- Start date
Each item in life is a seperate market where supply and demand are in constant imbalance.
A few take and a lot lose.
I knew a successful self made real estate investor-developer in Boston years ago. He started out as a school teacher, and when he made the decision to leave teaching, his father, who had worked for the post office his whole career, was beside himself because Bob was going to lose his retirement benefits. Haha. Anyway he used to say that if you took all the money in the world and redistributed it equally amongst all the people, within a few years it would all pretty much be back in the original hands. Hah!
L
lovethetrade
Thanks for confirming i'm a lot closer to the top 10% than I originally thought....and with a fair bit of upside to come. Cheers
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
Good post.
Thanks.
It was written quite many years ago.
Now I would probably add one more important quality - patience.
It is usually a great quality for investors. But wannabe-trader is also an investor - he invests in himself.
To have the patience of the mind while having fire in the heart (do not confuse it with the fire in the ass) is a very rare combination... some hybrid of a snake and a hawk...
L
lovethetrade
That's because people are unique, there's not two people in this world that are the same, and there's a thing called self-belief, people are entitled to have it without you doing your very best to make them feel average.
That's because people are unique, there's not two people in this world that are the same, and there's a thing called self-belief, people are entitled to have it without you doing your very best to make them feel average.
When I reread my posting I realize it was completely wrong.
I should have said: 90% of the people believe they are far above average in many things.
Unique has indeed a different meaning.
agree
actually i believe it was me who brought the term unique into this discussion
let me explain what i meant
while ago i was reading some recollections of one of the guys from Benchley Park
he was talking about Turing and used the word unique
he said something like that: "You know there are some people that are smarter or better than you in certain qualities, but somehow you have a feeling that you can catch up with them in that regard if you only would work hard enough. Turing was unique....- after dealing with him quite a short time one would quickly understand - no way you would ever catch up him regardless how much you would work on improving yourself..."
that is the kind of uniqueness i meant
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Thanks.
It was written quite many years ago.
Now I would probably add one more important quality - patience.
It is usually a great quality for investors. But wannabe-trader is also an investor - he invests in himself.
To have the patience of the mind while having fire in the heart (do not confuse it with the fire in the ass) is a very rare combination... some hybrid of a snake and a hawk...
I was 13 for 13 until you added "patience" lol. And you couldn't be more right. Very rare combo indeed as patience seems to be antithetical to the first 13. Excellent point. Will work on it