This site is a good way to learn why traders fail

G

GOP_trader

If you want to know how to fail as a trader this is one of the best sites around for that. Most of the traders here just want to analyze like analyst. They think they can predict the market, the game has nothing to do with predictions. This has to be the number one flaw with traders. Number 2 is paying too much attention to economic data. If you have billion dollar fund do you think you can track the data yourself to know about where the numbers will be ? Stop trying to predict people, it's much easier to trade without trying to predict what will happen next.
 
There are plenty of people that trade are have tried to trade here. It's a hard game and takes years to perfect. I did not say they were consistent winners, I just said they trade. To be a consistent winner requires you to rewire the way you think and most people can't do it. If someone has the attitude that they know what will happen next they will fail as a trader.
 
Quote from GOP_trader:

If someone has the attitude that they know what will happen next they will fail as a trader.
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This is one of the greatest truths I've ever read on this site.
 
Quote from spinn:

who here trades? name one person, just one?
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check the PnL thread.


good traders focus on making money, not on being correct or having "status".
 
I quit trading like a bad pack of cigarettes.

I'm the guy in the other thread that took $10,000 and turned it into $36 trillion. I no longer need to trade.

I just sit on my island in a remote location from the profits of shorting Enron, drive my 10 expensive cars around in circles on my island, pay my staff of toe massagers and listen to CNBC for laughs.

Yes, I am an EliteTrader. Damn proud.
 
Quote from GOP_trader:

There are plenty of people that trade are have tried to trade here. It's a hard game and takes years to perfect. I did not say they were consistent winners, I just said they trade. To be a consistent winner requires you to rewire the way you think and most people can't do it. If someone has the attitude that they know what will happen next they will fail as a trader.
More...

Or, on the contrary, you can also take the attitude of NEVER placing a trade until you DO have a good guess about what will happen next.

As Richard Roma says from GGGR:

"You wanna learn the first rule you'd know if you ever spent a day in your life? You never open your mouth, till you know what the shot is."

Re-wire my friends, re-wire.
 
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