Why do traders blame their firms for not succeeding?

[RichSohn]

Seems like every unsuccessful trader tends to blame everything else except for himself, including the firm he worked at. Look at how many traders post negative posts out of vengeance against their old firms (who probably fired them after blowing capital).

All the books: market wizards, reminiscence of stock op, van tharp..all mention that this is a common trait among consistently LOSING traders.

To all those guys who are struggling. DON'T LOOK ELSEWHERE EXCEPT YOURSELF TO IMPROVE. You're the same trader regardless of where you work.

 

[Satyrican]

Point well-taken, but keep in mind the commission structure.

If you're expected to pay 30% annual commision over the norm... then you have to earn at least 30% to break even.

Tough Tough Business.

Might as well go solo with cheaper commission.


Just my 2 cents.

 

[candletrader]

Quote from Satyrican:

Point well-taken, but keep in mind the commission structure.

If you're expected to pay 30% annual commision over the norm... then you have to earn at least 30% to break even.

Tough Tough Business.

Might as well go solo with cheaper commission.


Just my 2 cents.

Agreed... firms who push their prop traders to trade strategies that are highly commission-intensive aren't doing so to maximize the take-home pay of their traders...

 

[dotslashfuture]

Quote from RichSohn:

Seems like every unsuccessful trader tends to blame everything else except for himself, including the firm he worked at. Look at how many traders post negative posts out of vengeance against their old firms (who probably fired them after blowing capital).

All the books: market wizards, reminiscence of stock op, van tharp..all mention that this is a common trait among consistently LOSING traders.

To all those guys who are struggling. DON'T LOOK ELSEWHERE EXCEPT YOURSELF TO IMPROVE. You're the same trader regardless of where you work.

they should blame themselves for being big suckers. These businesses are legal, but they absolutely DO NOT exist for the benefit of their traders, and the people that believe that are the suckers.

Remember Jesse Livermore's first rule....DON'T BE A SUCKER !

 

[dotslashfuture]

they tell you they will show you how to trade for your own benefit but they don't. That is the scam, the rest of it is just a brokerage house, no big deal.

 

[CalTrader]

Quote from dotslashfuture:

they tell you they will show you how to trade for your own benefit but they don't. That is the scam, the rest of it is just a brokerage house, no big deal.

Exactly: Legitimate Prop Firms that train you, pay you well, and offer advancement as you progress in your skills are few and far between. They do exist but getting in the door requires herculean efforts - basically you have to know the right people.

In 20 years in this business - either directly or indirectly - I can count on one hand the number of such firms I have encountered.

 

[JWKirkland]

In am sure that there are prop groups/firms that do business exactly as the posters above have stated.

STAY AWAY FROM THESE GROUPS.

You have to find an office/firm that will be happy to share ideas, but will also let you trade your own style as long as it meets the risk parameters of the firm.

If you cannot trade the way you want to trade, leave. PERIOD.

My suggestion is to always find the best, consistent money maker in the office and copy what he is doing if you can. Why reinvent the wheel?

I have new traders who come in and want to trade the SPY. I tell them that no one in the office has made money to date on the SPY....but I allow them to trade them. (Before flaming me, I know that there are guys who can make money with the SPY, I just have not personally SEEN it with my own eyes.)

Ultimately in every instance, after a couple of months of losing, they tell me they are ready to trade like the guys who are making money.

Bottom line...IMHO...Strategies should not be pushed, but available.

Commisions are equally important...shop around.

 

[OVERtheLINE]

fine line between good and poor firms

I know people in KIRKLAND'S group who couldnt be happier
for several reasons... nothing more than the way he fights for them... a most admirable quality

bright has paved the way in so many ways for all of us its not even funny

these are just a few of the many good firms out there


BUT THE ORIGIONATOR OF THIS THREAD.... RICHSOHN.... IS
A DIRTBAG WITH A COMPLETELY DIFFERENT AGENDA..
HE IS TRYING TO MASK THE SMELL FROM THE BOTTOM OF THE BARRELL..... RICHSOHN NEEDS TO BE BANNED......

 

[esc_trader]

Drama queens! If you don't like the firm, walk.. Very simple. Whats the big deal!

If you flame them on ET it's pretty obvious you went broke and are trying to blame them instead of yourself..

 

[dotslashfuture]

Quote from esc_trader:

Drama queens! If you don't like the firm, walk.. Very simple. Whats the big deal!

If you flame them on ET it's pretty obvious you went broke and are trying to blame them instead of yourself..

you don't like the fact that you fell for a naive con game ? Walk away and leave them with your hard earned money without even saying anything ! yeah, thats the ticket !

really if you fall for this you should see a lawyer and see if you can at least get some of your money back.