Why do newbies lose?

[deaddog]

I actually lean more towards savoirs way of thinking on this one but this was a great answer.

When you consider it a game then it's entertainment.
Make a little money and have fun!!

 

[semperfrosty]

If 4. Is True then what is “the truth” telling you about your approach?

Thats probably too subtle for him Sprout.

 

[semperfrosty]

When you consider it a game then it's entertainment.
Make a little money and have fun!!

I think theres a place for that,but real wealth in this game(imo)comes from scaling up.

Theres play money to be made at entry level but real money requires a routine and mindset that leaves nothing to chance.

Each to their own though.

 

[savoir]

When you consider it a game then it's entertainment.
Make a little money and have fun!!

You have a very narrow view of what a game is. Have you been around competitive chess? No one serious thinks it’s entertainment. Ratings, rankings, titles, but not much prize money.

 

[tiddlywinks]

Please don’t bring the tax code into the discussion. I am a tax lawyer by profession: JD BUSL, LLM in taxation NYU.

Tax definitions are for taxes.

Why did you ask to describe how trading is a business, what product/service and who is the client/customer? You should already KNOW.

The IRS agrees trading is a business, and a business that is seen as a (legal) for-profit operation subject to IRS tax code.

 

[SimpleMeLike]

If 4. Is True then what is “the truth” telling you about your approach?

Good Morning Sprout,

My approach is currently a Lie, until I prove it is the truth.

Thank you,

 

[SunTrader]

Please don’t bring the tax code into the discussion. I am a tax lawyer by profession: JD BUSL, LLM in taxation NYU.

Tax definitions are for taxes.

That must be your issue. Strange though.

Should be obvious to you trading is a service business. Buy something/anything (stocks, futures, options, bonds, etc) and sell it later for more, or sell something/anything and buy it later for less. Same as a retailer (I was once) or a wholesaler.

 

[SimpleMeLike]

Your asking how how to recover from a large drawdown and have stated you are in the red..

It's DUMB because I worked at IB's, a 20 bill hedge fund, as,well as making markets on the exchange floors and have a rarely if ever met someone with your belief system that didn't fail...

You are setting yourself up for failure..

Good Morning taowave,

Yes sir.

How do I set myself up for success?

Thank you,

 

[SimpleMeLike]

I think theres a place for that,but real wealth in this game(imo)comes from scaling up.

Theres play money to be made at entry level but real money requires a routine and mindset that leaves nothing to chance.

Each to their own though.

Good Morning semperfrosty,

This is the best post I read on ET the past 3 months.

Thank you,

 

[deaddog]

I think theres a place for that,but real wealth in this game(imo)comes from scaling up.

Theres play money to be made at entry level but real money requires a routine and mindset that leaves nothing to chance.

Each to their own though.

I'm assuming this is theory.
For all the "Should be able to's" out on social media, there seems to be little proof that retailers make any significant money.
At the top of every profession there are superstars. I'm sure there are traders who kill the futures market regularly. But one of the reasons that newbies lose is unrealistic expectations.
I doubt that there is a routine and a mindset that leaves nothing to chance.