Why traders keep trading after blowing-up 50%+ of their account?

Quote from crgarcia:

So they finally blow it all?
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In the case of Neoxx (who is a jack hershey student) and nkhoi (who is a jack hershey student and a moderator here on ET), the reason they continue to trade the system after failing at it for years (on nkhoi's part) and blowing out twice (curtesey of Neoxx) is because they are natural born Kool-Aid drinkers. :p :D :(

It's conceivable that some people are just born to be sheep.
 
Quote from pspr:

Madoff was a salesman, not a trader.

Good traders are not good salesmen.

If you believe you are a good trader and a good salesman, YOU ARE SADLY MISTAKEN.
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To be honest I'm both, lol. I plan on becoming a financial adviser and I am very convincing.

Their are good traders that are also very good salesmen look at Peter Lynch, Warren Buffet, and George Soros, people like that do exist.
 
Quote from alexandercho:

Their are good traders that are also very good salesmen look at Peter Lynch, Warren Buffet, and George Soros, people like that do exist.
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... and then there are bad traders who are bad (insurance) salesman too.

A fella named jack hershey is one who comes to mind. :p
 
Quote from alexandercho:

Lol being a bad salesman and a bad trader is a double kill. Then you really do SUCK.
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Actually, it's preferable to be a bad salesman if you are a bad trader (and all are bad traders)


If you are a bad saleman you'll get only a few dollars (which you'll lose)

Being a good salesman will get you millions of dollars, and you'll be another Madoff, Stanford, LTCM, etc.
 
problem is this: there is a big gambling component to trading and people become addcited. thet just "want to break even or make a little bit back" they just want to give it one more shot,they know they can do it,its a new system ect..." its a disease.
 
Quote from NY_HOOD:

problem is this: there is a big gambling component to trading and people become addcited. thet just "want to break even or make a little bit back" they just want to give it one more shot,they know they can do it,its a new system ect..." its a disease.
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It is an addiction in most cases. May be some therapy could help if making money is not the sole objective of trading.
 
Mike Caro has a great article on this subject, I can't find it now, but it is (or was) somewhere on his website, he wrote it in regards to poker, but it relates to trading just as well. Basically after a big loss the remaining chips don't seem as significant as they really are.
 
Quote from pspr:

Madoff was a salesman, not a trader.

Good traders are not good salesmen.

If you believe you are a good trader and a good salesman, YOU ARE SADLY MISTAKEN.
More...


I am a terrible salesmen... BS involved becomes nauseating... in trading you can't BS the market.



They trade to keep attempting to get that "big win"... 'if only I can get that BIG WIN everything will be ok and I will get laid'



And some traders, after reading posts that claim that to be a succesful trader you must blow up several times, get a notion in thier head it is part of an initiation to blow up.... so they blow up.


Other perhaps are just learning and don't mind to loose the money.... it's just fun.... or 'it's mah daddie's money, i can git sum more.'
 
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