It is always that 1% that people believe it will never happen to them. I designed a system in 90s that was profitable 40% of the time, then I hit the mother of all losing streaks, 23 losing trades in a row, taking the 24th trade was as easy as taking the first trade as I knew the 1% could happen, and was well financed for this system, next trade was in Coffee and took care of all the losses and then some. We never know if next trade will be a winner, and like your magic coin, we keep trading as we believe in the numbers.
No, this is not a career in an analogous way. Careers produce some good or goods for society and careers can provide disability benefits if a worker is injured. Trading is more like gambling once again where we see failed traders often turn become trading-guru-salesmen for guaranteed predatory income, let me know when a successful trader starts a non-for-profit trading academy.
Correctamundo-- even if you are just 51% accurate you are ""in effect" predicting the future. Therefore these TA folks are quite deluded and some are even completely removed from reality. surf
I disagree with the analogy. The odds are way against u suffering from an life ruining accident or illness in your prime. However, the odds are way on the side of failing as a trader-- and the chaotic system of a playing field in the market s far different than a job or even business.
Traders referring to their work as "careers" is like soldiers being drafted into a war-zone considering their work a "career" That's a morbidly amusing thought
Harsh! I remember attending the trader monthly magazine parties-- there were very few folks over 30. The funny thing is that when I first started going to the NYC traders expo it was all young people excited about trading--- Today it is 95% old retired burned out strugglers trying to survive on dividends. really really sad how this business has changed. surf
Not sad at all...change is good. everything is constantly evolving. -- and only the tough, or sharp, survive. The world would be terribly boring if everything remained in the old school, or traditional, ways. (and besides, it's only the silly mid/late 90's so-called traders...that are the one's complaining now they can't make money in today's market.)
It's funny that the only non prop trained retail guys making money are only on elite trader. Can't find em in real life
I started trading in 2009. i'm somewhat of a baby in this 'game', compared to alot of you old farts who've been lingering here for a while. The Birth of the Speculator (2009)