What will you do if you don't succeed in trading?

"Over 90% of the people who attempt to earn a living from trading fail in this endeavor."


How accurate is this quote. Are there statistics to back it up. It's often used, but I would be intersted in knowing some real figures with reliable statistics.
 
"Over 90% of the people who attempt to earn a living from trading fail in this endeavor"
Does this statistic include people who try a little bit of trading, say a few months, to see how it goes? Or does it include only those who are making a serious, hard effort, say over a couple of years? My guess is that it's just one more useless statistic.
Also, who in their right mind would give up a regular job, to trade full time, unless they had a proven track record? The example given by the original poster is therefore a little unrealistic and silly, but some of the replies are funny and entertaining, lol.
Daddy's boy
 
better give it a go than live with the thought that u never had the balls methinks... what matters is not so much what u r not good at... if u suck at trading, chances are u'll be good at / enjoy being successful at sales, or sthg else...
 
Quote from Anon314159:

Over 90% of the people who attempt to earn a living from trading fail in this endeavor.

If you are one of the 90%, what will you do next, especially if you spent several years trying to become a successful trader, but failed?

Here's how I see it, and it doesn't look good:

Your resume won't look so great -- who wants to hire someone who failed at a multiyear endeavor?

Saying that you lost 100% of your trading capital (or more) doesn't look so good.

Also, unless a top-tier investment bank gave you a shot a trading, the name of your last employer won't impress anyone except lower tier shops.

Your network of contacts through your trading coworkers probably won't be so great either, because 90% of them are in the same boat as you.

What job could you possibly get next? You most likely won't get a trading position at a top tier firm, as you don't have a successful track record.

How many failed at trading, but was able to land a job with a top-tier investment bank afterwards?

Very few I suspect. Less than 5%, and that's only because they had a stellar background before trying to trade for a living.

How many failed at trading and ended up taking a less than desirable job to pay the bills?

Over 85% is my guess.
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same thing most of the losers do,

go elsewhere and succeed!

not to difficult, you know...

unfortunately, too many failures occur, not because of the person but because of the methods of the particular company they have associated with!

hence, one can return to their prior success that gave them the initial bug in the first place and ramp that method up or they can learn another method that works, just not work with the firm where they failed at....

so its not so bad afterall!

PM me with your success stories (all rights reserved and privacy respected)

what ever you do, avoid any company where you run across Gary Mednick, Robert Malin, Linus Nagibwe and any other associated person with Onsite or AB Watley.
 
Yeah but I wasnt profitable from the beginning or anything. I started off just like everyone else, but I did not allow myself to fail. I spent countless hours figuring out how the game is played (intraday) and also on improving myself in order to fit better with how the markets work. Your right though, maybe not everyone can make it in this business (certain psychological issue will def make it hard). I just feel that its really about how tough of a person you are to overcome an environment that is set up to have you fail.

And btw I am "fairly" (I use this term lightly) successful now but certainly dont take anything for granted, I'm always concerned about improving and learning more. Its not like once you know how to make some money, you just put things on autopilot. Its a constant struggle.


Quote from JMowery1987:

In all fairness though ... Steve, you are a successful trader. So your opinion is of one who will continue to do this for a long time, and it is easy to say you could easily switch to a new career, but, I must say, I don't think it would be a picnic to do that.

Although it isn't homeless overnight, to go from trading and bringing in several thousands a month, to a job at 6.50 an hour, I don't know really, again, it's easier said then done.

It is risky.

I mean it was actually tough for me to get a job locally, competing with others for local video-stores, foodlion's, burgerkings. Those jobs are even competative these days, it's amazing. So I don't know if you've ever had to deal with that, but it is very risky without question. Someone can ruin their life taking this path, that is fact. I'm just fortunate to have family that could help me out if needed. But 10 years from now, no college education, a family, trading. Something goes wrong. It's risky

Regardless, everyone needs to have a backup plan, anything can happen. :p

Homeless overnight? Doubtful, but is it possible? Very possible.

EDIT: I know that more experienced, older people that reply to this thread probably won't understand how competative jobs are these days.
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