Why 99,9% fail

[joe4422]

I think it's all about being positive. In life and in your trading. It's too easy to become a defeatist and destroy yourself in trading. Plus, you buy into all the bullshit you hear on TV.

I found a good video here:


http://www.youtube.com/watch?v=586cW7Xdewk

 

[TraderTactics]

I guess most people fail because they lack the capacity to absorb or manage losses and gains in trading, manage risks, good and bad times at trading market, etc. Those who make it are really committed to trading and know what they are doing.

 

[alberta01]

i can't think of a better way to learn the game than first hand experience... losers post about losing.

 

[ptrjon]

Anybody else want to see where retail daytrader is now? How's that schedule D preperation going?

Quote from retaildaytrader:

Now Im not making this post to brag or boast, but just to say that it can be done. I dont have a degree from an Ivy League college and just another guy you might see on the street.

I do have experience being a little more in touch with my emotions and ability to make decisions which is the most important aspect of trading. I have life experiences in the military and in several different work and social environments over the years.

I did do some trading a while back with disasterous results and that was from listening and following messageboards just like this one. However, after sitting down and reading the better trading books by successful known traders I think I have learned a thing or two. There was a post here by the ghost of cutten that seemed to hit the nail on the head.

Im not the best trader in the world, but I consider myself a student of the game. So if I can increase my account by this much in a month then you can too. It is a long road and took me about 3 months to read and study all the books out there not to mention a few failed trading attempts in the past where I looked to message boards for advice...a mistake.

Well , lets see how I do. Here is a screenshot of my account balance about 1 month ago:



Here it is now:

 

[TheFinn]

I failed at trading mainly because I could never find a way to read any pattern in price movements that would consistently make money. I tried stocks, FX and Japanese e-mini's, but nothing worked for me.

One thing is that there was no way I was going to quit my job to trade, so I needed something I could trade at night (lol at FX). I didn't find out about trading foreign markets through IB until a few years ago, I traded the N225M. I did all the money managment tricks, i.e., traded the minimum amount (only about $30 a unit, IIRC) used stops, etc. As I tried to find a system, I could find nothing that showed a pattern for making money, eveything seemed so random. When I had few winners in a row, I thought I had it figured out, then I'd have a few losers in a row and I realized the truth.

I think one other thing that did me in is the boredom of having to look at charts for long periods of time. I'm not the type of person that can pay attention to something for too long. I would be looking at the chart and then my mind would start to wander.

Trading has always fascinated me ever since I read an article on SOES bandits in Details magazine over 10 years ago and I really wanted to succeed at it, but I guess it's not for everyone.

 

[ammo]

that wandering can be solved by looking at several charts, short attention span kept busy

 

[failed_trad3r]

Quote from TheFinn:

I failed at trading mainly because I could never find a way to read any pattern in price movements that would consistently make money. I tried stocks, FX and Japanese e-mini's, but nothing worked for me.

One thing is that there was no way I was going to quit my job to trade, so I needed something I could trade at night (lol at FX). I didn't find out about trading foreign markets through IB until a few years ago, I traded the N225M. I did all the money managment tricks, i.e., traded the minimum amount (only about $30 a unit, IIRC) used stops, etc. As I tried to find a system, I could find nothing that showed a pattern for making money, eveything seemed so random. When I had few winners in a row, I thought I had it figured out, then I'd have a few losers in a row and I realized the truth.

I think one other thing that did me in is the boredom of having to look at charts for long periods of time. I'm not the type of person that can pay attention to something for too long. I would be looking at the chart and then my mind would start to wander.

Trading has always fascinated me ever since I read an article on SOES bandits in Details magazine over 10 years ago and I really wanted to succeed at it, but I guess it's not for everyone.

I failed at daytrading, because of market manipulation. But I am gonna try swing trading and investing buy and hold, and I think I will succeed in those.