I’m unclear on what you’re seeking here. You’ve gone from seeking a partner, to seeking trading advice, to giving trading advice, to requesting account statements. Maybe it’s time to be honest with yourself, and us, and clearly state your intentions and goals. Informed players can be more altruistic than you think, but demand a minimal level of seriousness and respect.
Why waste your time?
- Thread starter Euler09
- Start date
I’m unclear on what you’re seeking here. You’ve gone from seeking a partner, to seeking trading advice, to giving trading advice, to requesting account statements. Maybe it’s time to be honest with yourself, and us, and clearly state your intentions and goals. Informed players can be more altruistic than you think, but demand a minimal level of seriousness and respect.
I think it’s important to understand the evolution in risk preferences of a fund manager. At inception, most of the funds assets are his own and he has foreskin in the game. In fact, there are some allocators that specifically look for early stage funds where the most of the AUM is founders own money. These tend to a actually have real alpha and perform well. As the assets grow, it is in managers best interest to hold on to them, so he’s only going to take sufficient risk to retain them. At the limit he’s going to act as an asset manager and some funds have even officially made this transition.
That's pretty much my thing. I don't have a college degree nor any training in any high-paying field. Trading just might be my only shot at earning a 6-figure annual income at some point.
Good for you. We all need to set goals in life to be successful. We only live once, don't be one of those that at the end of the day says "I should have....".
But as sle said, the barrier of entry is low but huddle extremely high so we face long odds.
From one amateur mom and pop retail: You are unlikely to find it doing what everyone is doing, or fall for get rich quick schemes. I also suggest you get off the beaten path and find your own garden to cultivate.
Good luck to you and best regards,
I don't agree with that curve. The start section is correct in that our confidence explodes in the beginning, or is it rather arrogance due to being scared since deep down you know that you know almost nothing?
Then with some initial success your confidence truly skyrockets and you're on the top of the world. Then you fail and feel silly and worthless because the illusion is gone. As time passes you will have more failures BUT crucially learn to cope with them, you re-gain some of the confidence but it will always be moderate.
All this to say that after some 14 years dealing with the markets, my confidence is moderate at best because I'm quite certain the next troublesome situation will come from something I cannot foresee.
The DK effect has two sides. It is used as a stick often enough 'bad Mongo!' but useful as it put a commonly understood label on a problem. As the Peter Principle did before. Bold added.
As described by social psychologists David Dunning and Justin Kruger, the cognitive bias of illusory superiority results from an internal illusion in people of low ability and from an external misperception in people of high ability; that is, "the miscalibration of the incompetent stems from an error about the self, whereas the miscalibration of the highly competent stems from an error about others."[1] Hence, the corollary to the Dunning–Kruger effect indicates that persons of high ability tend to underestimate their relative competence and erroneously presume that tasks that are easy for them to perform are also easy for other people to perform.[1]
However many people have gone through cycles of learning and through experience and higher aptitude are not profoundly ignorant of their ignorance tackling a new skill. Helps to be over 40.
For me this idealised model of learning aids me, I keep it in mind. I have gone full-on DK in trading periodically when I thought I knew what I did not know, my software developer will attest to that
Is it worth it?
It depends on the passion you have for it. How hard are you willing to work at it?
Picture this for single-minded focus:
The lion mother protecting her two cubs from being snatched by the hyenas. She is fighting against the overwhelming force of a pack of 'em, but she knows surrender is not an option.
There is no life without them.
She is fighting, they are biting and ripping up her skin, losing blood, leaving her ever weaker, one of her legs is almost coming off.
She fights like her instincts tells her to fight.
There is no chance of her winning this, but as a miracle, two of her siblings come to the rescue and fight off the pack. She lives to see another day and brings up her cubs to be strong and mighty.
If you can feel a part of this fighting spirit inside of you, you might have a chance of making it as a go-by-yourself trader in this business.
Otherwise, no, it's not worth it.
H.