You are more likely to become a top Hollywood actor or popstar than profitable trader

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Some will, maybe even most. You can say the same thing about aspiring actors, athletes, musicians, inventors, entrepreneurs etc.

Life is short, take calculated risks and follow what makes you happy and challenges you.

Quote from failed_trad3r:

Newbies, take heed of this guys words. cgarcia is telling the truth. Don't become a mindless screen monkey. You'll waste your life away searching for the holy grail.
 
Life is short, take calculated risks and follow what makes you happy and challenges you.
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Very Wise indeed.
 
Quote from Fireplace:

Some will, maybe even most. You can say the same thing about aspiring actors, athletes, musicians, inventors, entrepreneurs etc.

Life is short, take calculated risks and follow what makes you happy and challenges you.

Bullseye!
 
Quote from logic_man:

Didn't see this paper referenced anywhere in the thread.

Seems like the failure rate for traders has been overstated, although I do find the result that those who trade the least and those who trade the most were the most profitable to be interesting. Seems like there is something to learn in those facts. Either do a few things very well or scale up a methodology and make a ton of trades with each making a small gain.

http://www.nuff.ox.ac.uk/users/murphya/Active Traders.pdf

Original link was here:

http://www.cxoadvisory.com/individual-investing/the-odds-of-winning-as-an-active-trader/

Interesting...thanks for posting.
 
Quote from Fireplace:

Some will, maybe even most. You can say the same thing about aspiring actors, athletes, musicians, inventors, entrepreneurs etc.

Life is short, take calculated risks and follow what makes you happy and challenges you.

most people start trading not because they like it, unlike the above people. They want money.In trading your whole life is defined only by money. Money defines you.

newbies, if you start daytrading you will lose your soul as you will become money itself, the embodiment of greed, which leads ultimately to your destruction.
 
you will lose your soul as you will become money itself, the embodiment of greed,

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This statement is only true if you take "spirtuatlity" out of the equation.
If you understand that in the end, it is not in your hands but in that of a power that you can not see, touch, feel or smell, then things will work out.

I persue wealth all day long. I am greedy in a sense as when I raise capital, I take down 10% of what I raise and I try and get a piece of the project as well. However, I understand there has to be a win/win situation. I also know that my Earnings are not giv'n to me by my "Deals" or by the "Money I raise". It comes from something more powerful and I will always have what I need and will continue to be successful.

My advice...to all who are in the persuit of wealth. Read a few key books about those who did accumulate wealth other than "Wallstreet" kings.

The 7 habbits of Highly Successful People should be your first start.

You can apply the same mental and spirtual attitueds that Ben Franklin, Tom Eddison, Henry Ford, Carnagey, and many more did.

And remember that there are plenty of ways to make great money. If you do not make it in the Markets. Keep the faith and something will break as it did for me.

Building wealth only a few understand. Greed everyone Understands because those who are greedy for the worship of "Things" have no concept about how to truly build wealth.
 
The KEY to what you said is 'when people start trading'.....one quickly learns after they have 'started' that a lot of work must be put in to succeed and those in it only for 'the money' quickly figure out that it's very difficult and move on to something else. The ones who persevere are the ones who truly love the challenges each new day brings and who are willing to get knocked off the horse many times, unphased.
Money is just the score. I, personally, want my score to go up, not because of what it represents in $$ terms but rather what it represents in personal trading growth.

That's the difference between you and me, you are looking in unable to understand what those of us inside already know and understand.

:)


Quote from failed_trad3r:

most people start trading not because they like it, unlike the above people. They want money.In trading your whole life is defined only by money. Money defines you.

 
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