To be a winner, do like winners: winners don't trade!

R. Raskolnikov · Jul 1, 2009

Most people who try to do ANYTHING where the sky is more or less the limit, end up failing. What's your point?

And FAR less people become Warren Buffett types than they do successful mid 6/low 7 figure traders.

I really don't think you thought this through.

Quote from crgarcia:

If you insist on doing like losers do (most traders lose), you'll end up being a loser.

kxvid · Jul 1, 2009

Pretty good point actually. Buffet got rich from smart investing, but most of all the enormous cash flow his company raked in from DIVIDENDS. He got to reinvest the cash and get more dividends, along with stock appreciation. He approach is brilliantly simple, and could be replicated by an investor today with enough discipline and patience.

Traders do not get the benefit of dividends, which is a big negative.

HiddenAgenda · Jul 1, 2009

I am disappointed there is so much skepticism here about trading.

I've found my edge, and I'm quite successful. So are many of my friends. I'm not quitting my day job, the several simple tools I use
in my trading allow me to focus on other things, you could call it a hands-off approach, basically.

Why all the negativity here? Read the Market Wizards books, great and inspiring stories of trading success. I've learned a great deal from them.

cashmoney69 · Jul 1, 2009

Quote from traderNik:

+1, exactly. crgarcia tried trading, failed, and is now trolling message boards telling other people they can't trade either. He doesn't want to think about the fact that there are lots of well known long-term successful traders out there. That would mean that he would have to face up to the fact that he failed.

Most humans tend to look outside of themselves to explain the outcomes in their lives. In trading, this is the kiss of death (goddamn broker, goddamn specialist, goddamn floor traders, goddamn data feed, goddamn manipulation, goddamn stop hunters). That's why the old '90% of traders fail' thing is true. It just reflects the numbers in the general population.

damn straight!.

samueldoernte · Jul 1, 2009

Quote from kxvid:

Pretty good point actually. Buffet got rich from smart investing, but most of all the enormous cash flow his company raked in from DIVIDENDS. He got to reinvest the cash and get more dividends, along with stock appreciation. He approach is brilliantly simple, and could be replicated by an investor today with enough discipline and patience.

Traders do not get the benefit of dividends, which is a big negative.

Im a trader and collect dividends all the time. I also end up paying some for short positions. Overall though it adds to the bottom line nicely.

Bolimomo · Jul 2, 2009

Quote from crgarcia:

Lots?
Then show me one?

Let's see their account statements (5 year+). Let's audit them.

Do you know how much those traders at Goldman Sachs make from their bonuses, which are based on their performance in TRADING? (They sure don't "invest".)

http://online.wsj.com/article/SB124649352055183157-adfadsff.html

Quote:
Based on analysts' earnings forecasts for 2009, Goldman Sachs Group Inc. is on track to pay out as much as $20 billion this year, or about $700,000 per employee. That would be nearly double the firm's $363,000 average last year, and slightly higher than the $661,000 for the average Goldman employee in fiscal 2007, according to analyst estimates reviewed by The Wall Street Journal.
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Averaging $700,000 per employee for 1 year.

You can make that kind of money from your investments too, right?

LEAPup · Jul 2, 2009

crgarcia, did you really think this one out before typing?

makloda · Jul 2, 2009

Quote from Debaser82:

Jim Rogers: Buy commodities, go to the beach and sell in 2020.

1998 + 18 (18 year commodity cycle he believe in, last peak 1980) = 2016

short&naked · Jul 2, 2009

Quote from crgarcia:

Winners like Warren Buffet, George Soros don't trade, they INVEST.

If you insist on doing like losers do (most traders lose), you'll end up being a loser.

What makes you think you are in any position to give advice... we all know that you blew your account on SSO trades, get over it!

Bolimomo · Jul 2, 2009

Quote from crgarcia:

Winners like Warren Buffet, George Soros don't trade, they INVEST.

If you insist on doing like losers do (most traders lose), you'll end up being a loser.

Also, I think you should study more on your supporting examples in your assertion.

George Soros rose to fame from his overnight one billion dollar win against British Pound. He shorted the pounds. Shorting - is that what INVESTORS do?

http://en.wikipedia.org/wiki/George_Soros

Quote:
On Black Wednesday (September 16, 1992), Soros became immediately famous when his fund sold short more than $10 billion worth of pounds, profiting from the Bank of England's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.

Finally, the Bank of England was forced to withdraw the currency from the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed "the man who broke the Bank of England."
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