Where did the "90% are losers myth come from?

[xxxskier]

Quote from Sushi:

Pray to the trading goddesses that your with a prop shop. I hope the noobs keep coming foryour success. Very difficult road. Wish you all rhebest

nope, i'm an indep. trader. i've turned down offers to trade OPM because I've seen other successful traders turn to OPM and then watch their performance decrease. I can make as much or more trading my own $.

if you wish to see my success, follow me in the 2009 PnL thread, where i post my results via blotter everyday, unlike 98% of the posters here.

Sushi, are you a trader, or an "analyst"? because u don't sound like a trader to me, at least not a profitable one. in any event, i don't wish to get into an argument with you, as it provides with me zero value. but i'm curious if you actually make $ from the market with your type of thinking.

 

[Sushi]

Do you swear to the trading goddesss that your not wealthy prior to starting trading or have access to capital via family or wife?

Yes. I will follow you cause if you tell truth and are not lying about above your one in a million

 

[xxxskier]

Sushi, i have nothing to prove to you.

I have posted a daily pnl blotter daytrading the ES for the past 6 weeks. Go back and look at my posts in that thread. You'll see that I've made a modest amount in that time, about 30k in the ES......and I don't post my stock swing trading because that is not a daily deal (but my separate stock trading account is up about 20 k YTD).

as for access to capital, sure, i had a nice size account to begin with....proceeds from my 2003-2004 stock profits went, in part, to fund my futures trading account.

ET is mostly a waste of my time these days. There are so many opinions......and opinions are cheap, including my opinions and your opinions. However, here on ET opinions are not just cheap, they are worthless because there is no one to actually call you out on it in the real world.

Sushi, if want my respect, and the respect of others, please start posting your daily pnl blotter. Otherwise, you're just another in a long, long line of "opinions". Maybe you're just an "analyst" type, and not a trader, so maybe I'm barking up the wrong tree here.

again, nothing personal towards you. i would say the same thing about the vast majority of posters on ET.

Unfortunately for me, as I write this, I'm getting my emotions worked up, which is not good for my trading. I may not trade tomm., I'll see how I feel in the morning.

 

[TraderZones]

I am now putting on Sushi on ignore. He/she is to trading, what Laurel and Hardy (or Bugs Bunny) are to dramatic artistry...

 

[bwolinsky]

Quote from TraderZones:



#1 - there have been a few research items bouncing around the internet (one was Hong Kong I believe), and they were not promising about how many people were seriously profitable over a long period.

#2 - since few people have an outperformance edge, the risks and trading costs will mean almost all people lose, eventually. Think casino. It only takes a 52-48 spread + the fact that people tend to keep gambling to understand why most gamblers manage to lose.

#3 - money management. Even if people break even, they tend to sail along until a major market event or mistake blows them up

#4 - the Risk of Ruin. Almost without fail, just about everyone will blow up eventually. It just takes time, even for the "good" traders

#5 - most of the "traders who win" that people know are either lying, self-deceived, only profitable on paper, profitable for a short time (ane Risk of Ruin has not hit them yet) or only making small profits

#6. - It is more like 95%. And almost all the "5%" are only breakeven, making small amounts, etc. Maybe 1% make a living at it for a multi-year period. Don't let the claims on ET fool you. It is a marvelous thing even to make 25-35% for a long time. Consider how few multibillion dollar institutions outperform the market (like, 7-8% ANNUALLY.)

What's a long time? I think 1500 trading days, about 7 years. Oh, yeah, and making that 25-35% over a lifetime very easily propels someone to upper echelon. There's only so many "systems" out there that do this, and that's only for people with the confidence to put them out there.

Newbies fund these brokerage companies, and asset management with quarterly fees keeps them going so that brokerage by institutions that control the market in the first place profit. Thinking brokerage companies depend on you or I to trade 120+ times or whatever the minimum is anywhere will make you see that we don't keep them in business, their asset managers do.

 

[MandelbrotSet]

Quote from xxxskier:

Unfortunately for me, as I write this, I'm getting my emotions worked up, which is not good for my trading. I may not trade tomm., I'll see how I feel in the morning.

Don't let sushi or anyone else in this place throw you off your game.

I've seen your blotters and your contributions to ET, and believe me, you have nothing to prove, especially to someone who seeks only to instigate trouble with nary a positive word throughout the length of making all of his ignorant posts.

Treat what he says like virtually everything else on this site ... as market noise.

 

[bwolinsky]

Quote from xxxskier:

Sushi, i have nothing to prove to you.

I have posted a daily pnl blotter daytrading the ES for the past 6 weeks.

6 weeks? Lol...anyway....and a blotter that only posts profit with no entry and exit. Let me tell how you useful that is.

 

[xxxskier]

Quote from MandelbrotSet:

Don't let sushi or anyone else in this place throw you off your game.

I've seen your blotters and your contributions to ET, and believe me, you have nothing to prove, especially to someone who seeks only to instigate trouble with nary a positive word throughout the length of making all of his ignorant posts.

Treat what he says like virtually everything else on this site ... as market noise.

Thanks for the reminder.

I'm acutely aware that for me, my psych. balance is the the key to making $ vs. losing it. I have found my holy grail, and it's in my own mind. So, I guess I still need to do more work on myself if I can let some poster like Sushi get me off my game. I honestly found myself thinking, "geeeeez, I better show a profit tomm. or that Sushi character is going to rip me".... And that's the kind of pressure that I don't need.

Sometimes I feel like I'm walking high upon a tightrope where I can get knocked off by any little distraction (my wife knows not to come near me when I'm trading....).

In any event, I think I'll take a break from ET for a while. Not good for my head.

 

[MandelbrotSet]

Quote from xxxskier:

Sometimes I feel like I'm walking high upon a tightrope where I can get knocked off by any little distraction (my wife knows not to come near me when I'm trading....).

Yes, trading is a very serious business and many times is like walking a tightrope.

That statement alone shows that you actually trade, unlike ... well, you-know-who.

Quote from xxxskier:

In any event, I think I'll take a break from ET for a while. Not good for my head.

No arguement there, it used to be a really good site for traders, but now this place sucks.

 

[bwolinsky]

Quote from xxxskier:

Thanks for the reminder.

I'm acutely aware that for me, my psych. balance is the the key to making $ vs. losing it. I have found my holy grail, and it's in my own mind. So, I guess I still need to do more work on myself if I can let some poster like Sushi get me off my game. I honestly found myself thinking, "geeeeez, I better show a profit tomm. or that Sushi character is going to rip me".... And that's the kind of pressure that I don't need.

Sometimes I feel like I'm walking high upon a tightrope where I can get knocked off by any little distraction (my wife knows not to come near me when I'm trading....).

In any event, I think I'll take a break from ET for a while. Not good for my head.

Don't worry, I'm sure you'll have a winning day. I've already made $20 million tonight, you know? Trading what? I don't know. When did I Sell? Your guess is as good as mine, and when did I buy? Couldn't tell you. I'm assuming you're going to take my word for it, since you have the same assumption about your own trading blotters, and so do a lot of other whimsically, distorted individuals posting them.