I havent read the article but are you sure you are interpreting the percentages correctly? E.g. is the 50k+ group 11% of the original 1000 (e.g. 110 people) or is it 11% of the 36% who are profitable (1000 x .11 x .36 = 40 people). From what you wrote above its not clear, perhaps the article made the distinction though.
Trading for a Low-Paying Living
- Thread starter smilingsynic
- Start date
Who cares? People make money trading, it happens everyday. If you don't believe it can happen for you then don't trade and move on. As someone said though, trading is just like any other high paying profession (Acting, Athletics, Music), you need to be the best to make the cream, but you can still be average and make a living of it.
It is 11% of the 36% who are successful. 11% of 36 is 3.96--less than four percent.
The stat is on page 60, under "The proof is in the pudding!"
No, but Green's numbers do not include all traders, but rather only those who have received the IRS label as a "professional." A person would need well over 10K to be able to live off of the income from trading.
Yipes !! First of all, if this is true, I see a huge problem. That is an accounting firm sharing publically statistics involving its clients profit and loss statements. Setting aside for a minute the validity of the statments and the quality of the client portfolio of this firm, we have the issue of public information sharing of information that normally is kept completely confidential and proprietary.
So my comments on this piece of information - if it is indeed true - is
(1) Public disclosure of any type, including statistics regarding your client portfolios is a big no-no and disqualifies this firm for any business with my firm in the future and
(2) Amongst the circle of people that I know there certainly is not only a 4% or less pool of people making a decent living trading.
Yipes !! indeed .....
Hi:
I guess its either distrubing or funny when people don't listen. Perhaps the voices in your head are distracting you. I said I could tell if a person was an engineer. Thats what I meant. Sorry about using analogies. I don't want to get too complex for the audience.
and people wonder why they can't make a living in this business?
I guess its either distrubing or funny when people don't listen. Perhaps the voices in your head are distracting you. I said I could tell if a person was an engineer. Thats what I meant. Sorry about using analogies. I don't want to get too complex for the audience.
and people wonder why they can't make a living in this business?
These Green numbers could mean nothing more than that Green is marketing his accounting services to be the H&R block to low end retail traders. If that is the case then these numbers look about right.
Would a successful trader making well over $100k select green to do their annual return? Or, would the successful trader select a well qualified CPA near their home and other business interests?
I looked at Green's stuff and did not see anything my local CPA could not do better.
The fact that a trader selects Green may be an indication that that trader is taking the 'packaged solution' to taxes as well as trading and not using the best possible approach in either. The typical Green client is also probably trying to find and purchase a successful trading system for $300, trading for less than 2 years, and asking for help on ET.
Just a thought...
Would a successful trader making well over $100k select green to do their annual return? Or, would the successful trader select a well qualified CPA near their home and other business interests?
I looked at Green's stuff and did not see anything my local CPA could not do better.
The fact that a trader selects Green may be an indication that that trader is taking the 'packaged solution' to taxes as well as trading and not using the best possible approach in either. The typical Green client is also probably trying to find and purchase a successful trading system for $300, trading for less than 2 years, and asking for help on ET.
Just a thought...
Based upon the first message in this thread I would have to ask .... did they sign a non-disclosure clause ?
Clearly they are disclosing - according to the thread - confidential statistics. Accounting firms just dont do this ..... Regadless of whether they agree to no do it in an NDA .....