Why do traders fail?

[dbphoenix]

It is true that there is a very thin line between trading and gambling.
Without putting safeguards, one can easily fall into gambling.

I think one thing that would help traders reduce failure rate is to determine in advance how much profits they want to make for the year, and to work on exactly how much profits they should go for.

Actually, what would most help them to reduce their failure rates would be to stop losing. Then they can begin to consider profits.

 

[smallStops]

Actually, what would most help them to reduce their failure rates would be to stop losing. Then they can begin to consider profits.

I say this because if one has for instance first year trading a target of a completely ridiculous number of say 10$, the pressure is completely diminished. And I'd guess many more would have a positive year - 10$ is indeed achievable for everybody.
I think the problem is when looking for mega profits.
After all, with trading, the sky is the limit.

 

[cornix]

I now always says yes OK. First you need 200 hours with a qualified clinical psychiatrist.
I never hear from them again.

Refer them to one mental health professional you know in Siberia next time...

 

[smallStops]

Actually I doubt anybody would bother for 10$ target, even your nine years of trading problems person.
The reasoning being : not worth the effort.

 

[dbphoenix]

I say this because if one has for instance first year trading a target of a completely ridiculous number of say 10$, the pressure is completely diminished. And I'd guess many more would have a positive year - 10$ is indeed achievable for everybody.
I think the problem is when looking for mega profits.
After all, with trading, the sky is the limit.

The problem is not having a thoroughly-tested, consistently-profitable trading plan, which I really ought to abbreviate to TTCPTP, but it sounds like something you'd inhale.

 

[smallStops]

Refer them to one mental health professional you know in Siberia next time...

Siberia + mental health : they'll think I am having a go at them! lol.
But I will see about referals.

 

[smallStops]

The problem is not having a thoroughly-tested, consistently-profitable trading plan, which I really ought to abbreviate to TTCPTP, but it sounds like something you'd inhale.

I understand TTCPTP is something that enhance performance.

 

[smallStops]

I am actually playing with an excel sheet :
Day profits

profits target | how easy to make | and why | would I get out of bed for that ?
very interesting mind chatter.

 

[cornix]

Siberia + mental health : they'll think I am having a go at them! lol.
But I will see about referals.

WIll make sure they will never come back when they hear that.

Honestly speaking I don't practice too much lately, being busy with business in the morning and trading in the evening.

 

[cornix]

I am actually playing with an excel sheet :
Day profits

profits target | how easy to make | and why | would I get out of bed for that ?
very interesting mind chatter.

Actually even breaking even is not easy after the costs.