Why do 5% of Traders Win?

Quote from RCG Trader:

Precisely. You did not care about being smart, or right, or different....you began to care about making money. ET is very instructive here, because almost all the threads devolve into pissing contests, and until they can get rid of that which causes the need to feel superior, they are completely screwed.
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You're right. I'm guilty.
 
Quote from RCG Trader:

Actually, you can. The ego is but a manifestation of the self, and the self can manifest any way it wants in humans who are aware of this. Trading in the Zone discusses this at length.
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I believe ego should not be killed in this case. Simply, we switch our focus to something different.

Our ego bothers us with pain of being wrong on individual trades?

What we do is tell to ourselves: "I am going to be cool, very cool trader if I manage to deal with this fact of losing and manage every trade according to a plan, not obeying emotions".

After some practice, it switches ego focus to being a great trader in a sense of executing everything correctly.

And one feels bold for taking losses just as taking winners. :)

Similar simple drills can be quite productive.
 
Quote from Buckstops:

Yeah keep livin that dream and huggin that tree.. but even Ghandi did what he did because of egoic imperative
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IMO, violence to yourself is not optimal way to achieve goals. Much more productive is practice some exercises to transform your intents, even subliminal into something that suits your conscious goals.
 
Quote from Buckstops:

Yeah keep livin that dream and huggin that tree.. but even Ghandi did what he did because of egoic imperative
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Oh wait, I just figgered out you are Jack Hershey's serial stalker, I am talking to a nutbird!
 
Quote from oldtime:

everybody seems to be an expert on why 95% of trader lose. Just wondering if there are any experts out there on why 5% of traders win.
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"Don't aim for success if you want it; just do what you love and believe in, and it will come naturally."
-David Frost

"Belief in oneself is one of the most important bricks in building any successful venture."
-Lydia M. Child
 
Quote from oilfxpro:

When people talk of long term profitable automating , it is not possible to automate on the lower time frames , and in ranging markets.The rules coded can not be identified with higher probability , in a fifty /fifty range.
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You're talking about automating reading a chart?

That has NOTHING to do with automating a trading algorithm. The algorithm does not care what the chart looks like, it cares about what the DATA / PRICE is doing and while you think you can see it, the algorithm can see it faster and react quicker.

Many Automated Trading programs DON'T EVEN HAVE CHARTS!
 
winners never quit. quitters never win.

all about the attitude. not psychology.

among the trading community, only 5% win. because they are persistant, even stubborn. they do not feel boring if they keep doing the same thing.

while other 95% think they are smart, they keep trying and searching for the sure thing. they are not trading, they are search for the holy grail. everyone knows, there is No such thing.

trading is the simplest job among all professions.

just mouse click! money may roll in!

I see some guys who stack a bunch of indicators on their charts, do they become winners? doubt it!
 
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