skill is our attempt to harness luck. Luck is like a lightening bolt. If you could ever get it in a bottle you could light a whole city. and since they have already done that, I guess they are pretty skillful at harnessing luck
in otherwords, luck is the name I give to those things I don't understand. And if it is really bad luck I call it God.
LOL, so you think "Skill" is luck? dude, put down the bong once in a while, i enjoy smoking weed as much as the next guy, but this kind of stuff is nonsense. Try telling Lebron, or Crosby, or Tiger, or Michael Jordan that what they accomplished was "Luck" here is a hint, all the names mentioned above spent 5 times as many hours than any of their counterparts in a gym.
some people really like taking their clothes off. Especially if they have a body they like. And if they like their body, they get to thinking others may like it. And if others like it, why not charge for it? Now me? I would never sell my body. Not because it is sacred. I just don't think I could get much for it.
ok cool, so all I have to do is spend more time in the gym? Time in the gym is nothing more than screen time. I'm not trying to be Michael Jordan, he is one of a kind. I'm just a second tier jorneyman trader hoping to make a living. Skill is what I call those things I understand. Luck is what I call those things I still don't understand. The more I understand, the less I need luck. And that goes for God also.
Obviously those guys are blessed with a certain amount of genetics, but they also spend more time honing their craft than anyone else is willing too, thats what takes them from the level of an every day player, to a god, who will go down in all the history books. I have yet to meet a trader who was obsessed with trading, who spent every waking moment trying to be a trader, and trying to hone their craft, who eventually faileed, the reason why is because people who put that much time into their craft, who dedicate that much of themselves to a single goal, will never quit until they die trying. Over the years, at prop firms, i have met alot of guys who thought they could walk in at the opening bell and walk out at the closing bell and be successful, and inevitably they all failed. Ive met a couple people who were mildly successful being there from open till close with no afterthought as to what the market is doing when it closes, those are the ones who were "gifted." But i have never met a highly successful trader who didnt spend exponentially more time in front of a computer than all the people who failed before him.
the difference between those that are skillful and those of us that are lucky is we respect that which we don't understand and give it a free place to I will agree with you there. When they talk about the 95% who fail they are not talking about us, who work at it every day. I just know in my own life, it always goes back to a few lucky trades. And that is why I say, protect yourself from bad luck, and open yourself up to good luck. (unless you are Michael Jordan or Lebron James, then you don't need any luck because you are so skilled, except for those game winning long buzzer shots that could have gone either way, and you just got lucky.)
Thats the thing though, good traders dont allow themselves too be taken out by "badluck." Obviously "badluck" exists in the market to some extent. Anyone whose been in the market long enough has been the victim of "badluck." But the people who know what they are doing dont allow "badluck" to take them out. If you got wiped out by enron, or bre-x, or the flash crash, that wasnt bad luck, that was "bad trading." No single loss no matter how bad should be able to wipe you out, so while its "bad luck" that it happened, its also "bad trading" that you allowed it to wipe you out. Ive taken more than my fair share of horrendous hits over the years, but ive never allowed them to take me out, im still here, thats the difference between me, and the cry babies who get wiped out in 1 move and complain about luck. Trading, specifically good trading is about the process, not luck, if you execute properly you will have bad luck and youll have good luck, it will even out over time, but you should be positioned that "luck" is just a random element, that has no meaning in the long term.
I think you all got it wrong, it's an ad, she's pumping the trading or trading related companies at the beginning. What's the kick? If a dumb blond can do it, anyone can. Judging from the overall losing atmosphere in ET, it's pretty obvious, daytrading is not as easy as she makes it out to be.