Based on what? Stop having an opinion when you've not anything to back it up.
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Where did the "90% are losers myth come from?
- Thread starter human151
- Start date
Quote from TraderZones:
That is not a reasonable assumption. Most of those 10% succeeders likely break even, make small profits or make profits for a very short time.
Number of "traders" who are longterm successful and support themselves well or are rich from trading? I estimate maybe 0.3%
1. zero sum game.
2. Power Law.
Why don't you get serious for a change.
Quote from TapeFighter:
Based on what? Stop having an opinion when you've not anything to back it up.
You have no opinion in you life? You are opinion free? I have been trading 20 years. It is not hard to figure out about the success level - very very very few.
The fact that you have no grasp of what I said makes your lack of success easy to identify and to put on ignore.
Between leverage and the vig, the retail crowd loses almost all the time. Read The Education of a Speculator by Niederhoffer the chapter on Rake vs. Ruin. Even if you're not good at math you'll understand it. There are times where they win, usually during major bull markets but mostly they lose. Just pull up your last 6 months of trading and average your basic wins versus losses. Then plug it into into a basic expectation formula and it gets pretty depressing. You're destined to lose.
Retail traders don't spend any time on a method, nor do they do any research. They open an account, deposit money, and proceed to the slaughter. They're cannon fodder in an alpha male/female dominated world that is designed to eat them alive as soon as they hit "buy" on their online brokerage accounts. There are profitable daytraders out there, I personally know fewer than five. There might be one for every 10,000 people who succeed consistently. By consistent money I mean a living where you pay your mortgage, your bills, and fund your retirement. My estimates might be off by a few thousand but you'll get the idea. If you don't believe me, open an account and trade for 6 months and then let me know how wrong I was.
Retail traders don't spend any time on a method, nor do they do any research. They open an account, deposit money, and proceed to the slaughter. They're cannon fodder in an alpha male/female dominated world that is designed to eat them alive as soon as they hit "buy" on their online brokerage accounts. There are profitable daytraders out there, I personally know fewer than five. There might be one for every 10,000 people who succeed consistently. By consistent money I mean a living where you pay your mortgage, your bills, and fund your retirement. My estimates might be off by a few thousand but you'll get the idea. If you don't believe me, open an account and trade for 6 months and then let me know how wrong I was.
Personally, I wouldn't add all these emotions to it, as many are doing. Nobody is plotting against retail traders. It just happens that if you don't have a winning method (as I explained earlier at length) you'll win one every two trades (in the long run, more or less, and just to simplify). If you subtract commissions and spread, that explains why you overall lose money, instead of breaking even.
ha ha ha, I'm a loser alright... anyway I won't publicly post the results of my own personal accounts. But I will direct you to a public domain where my trading is simulated. I'm on Investopedia and I'm ranked 3rd in Market Wizards 1 Mil no rules. Here's the link feel free to check it out. http://simulator.investopedia.com/home.aspx
Yeah, yeah I know what your thinking I lost 3million whoop dee doo. I have 17million left after earning 20million from the initial start of 1million. Not to be rude or anything but your opinion of me being loser is a bit way to far fetched. If you think your better than me prove it by joining the game and do a better job trading. Until then you might as well keep your mouth shut.
Yeah, yeah I know what your thinking I lost 3million whoop dee doo. I have 17million left after earning 20million from the initial start of 1million. Not to be rude or anything but your opinion of me being loser is a bit way to far fetched. If you think your better than me prove it by joining the game and do a better job trading. Until then you might as well keep your mouth shut.
Quote from Sushi:
This is funnier than the natinal inquirrrrer. We have one guy who claims to have a seventh sense. Another never losses and takes only high probability trades yet is just guessing. Delusions in this business run deep hence the rewards for the winners. This thread is clear evidence of the 99% losers. One thing for sure. Ya can't argue with the mystics that use 7th senses! 90% win ratios. Mystics rule the freaking markets. Seriously delusion runs rampant on this site
Your laughing at my 7th sense? Ehehehehe, it's funny that my 7th sense managed me massive gains and secured me a bunch of call contracts on wells fargo at 17.50 strike for a cost .05 per contract. As soon as I exercise my option contracts in 2011 January I will earn an extra 20-40 million on my already well capitalized account. Sorry buddy you just don't know squat. Regardless of that being the case we will see who the real idiot is as time goes.
But since, your so much better than me steal my rank at 3rd place and I'll truly acknowledge your abilities but that's if you have any. You openly criticized a trading style because it's unorthodox but in reality my tactic is effective enough to generate unrealistically large returns that happen to become realistic. Is it talent? no... not really just well developed instincts backed by numerical facts and figures with large sums of economic data and pattern analysis on charts. But, whatever compete with me...we'll find out who's better
Also games with the term "no rules" are just games that don't have rules imposed on accounts that investopedia deems necessary to limit risk. Essentially "no rules games" are the exact same thing as real life meaning that you can risk as much as you want on any trade. So don't get the wrong idea by "no rules" it's not something that puts you at an advantages unless if your a professional at taking risks that will have a high ratio of success. Buffet became a pro at analyzing what a business is worth in minutes, I on the other hand can assess the success ratio of a trade within seconds.