Why Do People Trade when the Failure Rate is So High?

I consider myself an OK trader, i.e I make money more often than not. I have not been succesful in getting anywhere near being "rich" which was my original reason to get into trading. Now I am sure if you took the pain to answer you are not succesful either.
 
depends what you consider successful.....i know i will never do millions upon millions every yr because i would take too much risk or trade stuff i don't know too well but i know i will continue to make 300k+ every yr
 
Quote from Kicking:

I consider myself an OK trader, i.e I make money more often than not. I have not been succesful in getting anywhere near being "rich" which was my original reason to get into trading. Now I am sure if you took the pain to answer you are not succesful either.
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tradin' offers the worst r/r of any biz. i mean, succesful traders can pull off 100-200k a yr yet most businesses can make more than that with lesser risks of total wipe out. ever thot what cud happen with a highly leveraged short postion stuck into a halt due to a takeover offer or pendin' news of a new drug approval for eg in case of a biotech company[?] of course there are exceptions but as a norm this is the tougher biz on earth where makin' millions is a dream for most.
 
Quote from Kicking:

because people are brainwashed every day on ET by self deluding wannabe traders thinking trading your account can take you from rags to riches .

Now here is the truth for all to hear : no way it can, this a pipe dream folks. The odds are so stacked against you it's not worth it.

Even the very very few succesful"private " traders are only living on borrowed time.

The money is not in trading your account, manage money , make 10-30 % a year on a few millions, OK .

But forget about making a living over the long term trading your account. And don't believe any of the liars that will tell you otherwise, even if they are not lying they are living on borrowed time
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You are obviously a trading Loser.

The first half of your post is correct... about "brainwashed everyday on ET"...
Since ET is an integral part of the vertically integrated Securities Industry.

But you fail to understand that in ALL Zero Sum Games...
Roughly 5% of the players are successful...
Very succesful as in making well into 6 figures...
Or else these Genuis Level players would go do something else...
And make well into 6 figures.

You don't get that part...
Because you are no where close to that percentile in math/strategic analysis ** talent ** .

You should go do something else... sing, cook, tap dance, whatever...
Instead of wasting your life... and everyone's time with 2,600 posts on ET.
 
"Only those who dare to fail greatly can ever achieve greatly."
- Robert F. Kennedy
Visit Nightingale.com

If you fail at a difficult task, how can you say you're a failure. Only those who don't try will never know

But, just in my humble opinion, it is best to put the probability of success in your favor first, before attempting the task, as much as you can

just my 2 cents
 
Same reason that when people are asked to rate themselves according to what percentile they are at performing a given skill, almost the entire crowd will rate themselves in the top percentile even though that is statistically impossible.

People see the statistics on trading but disregard them. It is human nature to beleive that you are that one special unique beautiful snowflake...

-T
 
Quote from illiquid:

Nitro, sorry to hear about your experience -- I can empathize greatly, having been through it more than once.

The leverage offered from futures must be extremely carefully controlled when starting out -- like using TNT to drill teeth. I know it's very easy to rationalize that, if you are trading liquid markets like sif's, bonds, currencies, a trade for 1 lot has no more impact on the market than trading 10 or 100. And from the market's standpoint, that is perfectly true. But from the standpoint of one's personal account, especially with the pressure from having to "live" off your week-to-week gains, leverage can and will become toxic if not strictly applied. I am 99% certain that, had I had the same access to leverage allowed from futures when I started out trading equities back in '98, I would have blown out long before I had a chance to educate myself and make some decent returns, enough to live off of while re-learning to trade in the aftermath. But learning to trade futures is just 10x as treacherous only because they give you plenty more rope than needed to hang yourself.
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Quote from IV_Trader:

sorry to hear about your loss , Nitro. I hate to see hard working trader ( and you looks like one of them to me ) losing money
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Thanks for the kind words. Good trading to both of you.

nitro
 
EVERYTHING IN LIFE HAS A 90% failure rate people. Most people fail at most business endevors.

I hate these stats.

If you truly love the business, study, spend time, do your homeowrk, anaylze, make a plan etc....you can succeed in this business. the big problem is most people dont want to do the work.
 
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