Same remark can be made for alot of sportsmen, politicians, moviestars, or even homeless or people who live on money from others (food stamps, money provided by government for doing nothing) ... Many (if not most) of them are paid with 0 skillset.
Anyone can become a "retail trader". You just need ID with social number, some money and then a broker. Therefore, yes...zero skillset is required. In contrast, to become a profitable trader...you need skillset and its "learned on the job" unless you're a professional trader at an institutional or financial firm. That case, you need to go to college, most likely go through an internship program, training program, psychological evaluations and so on. Simply, many traders have zero skillset while other traders do have skillset. Regardless how some is rich...most usually donate or give a little back to charity for whatever reasons although "Goodwill" has recently filed for bankruptcy and that's just the beginning of the decline in traditional way people donate to help others. In contrast, social media has taken control and people are donating in a different ways such as "gofundme" or keeping it closer to home via donating directly in their own communities or nearby communities. I think the latter (social media) is the primary reason why traditional donating resources like Goodwill are struggling. My point, you aren't going to hear stories like the institutional trader that made millions per year that decided to privately fund young business entrepreneurs from poor families. Traders give back to society but just not the traditional way that makes the news. In contrast, if you're a profitable trader and just barely making a living at it...most likely you are not going to be giving away your money that you need to feed your family and keep a roof over your head...just like anyone else such as the mail man, grocery store owner, pharmacist but you may have other ways to help such as volunteer sports coach for your local kids sports program and many other volunteering resources in your community.
If that is true everybody would make money. Even the biggest idiot would qualify for 0 skillset. In reality the opposite is closer to the truth as most people lose money.
Yeah, but the hardest. Or isn't it? Sometimes I ask myself if the failure rates are due to the technical difficulty or due to unreal expectations and lack of self discipline, the same self discipline required to achieve success by running a business on your own. I mean, sounds great, doesn't it? You have no boss, you make your own schedule, no formal education is required, etc. Heh. This is precisely the thinking that leads to doom in trading.
I am sure that, if every trader would have to qualify before receiving permission to trade, 75% of the losers from the actual statistics would disappear. ........ ........ ........ They would show up as losers in the preliminary tests for qualifying. That's the only problem. The only test that exist now is: do you have enough money to open an account? Give everyone, who wants to play doctor a free licence. Watch then 12 months later the mortality statistics. I think there will be a "small" difference form the actual statistics.
To last in this business you must be profitable. Yes there are those who can never quite make it and end up sucking resources from their main gig and family until they die or go bankrupt. That's a given. But to be self funded and stay alive in our business means you are swimming with the sharks. The ones that fucking bite. I just worked a corporate gig for the past 4 years. Was trading a little part time. Even though it was some sexy emerging market venture capital technology type job, it's still a job as an EMPLOYEE. Family run business style, lots of nepotism, cronyism and incompetence. Reminds me of when i worked in large corporate orgs. Fucking insane asylums. Obviously I have decided to go back to work for myself...
ok, I agree, good for you, never go back to being an employee unless you absolutely have to, but just remember if you are an entrepeneur and you find yourself selling hedge funds or market insight or writing books (or my favorite, can't make it unless they trade OPM)....you have failed as a trader
If you love it and are successful it is the best.... if you lose and you are stressed it will be the worst feeling in the world. (been on both sides).