Analytical skills and intelligence is highly overrated with regard to being a successful day trader. Why do you think actively managed mutual funds almost always underperform index funds? Believe me, there is a ton of brain power analyzing the markets with the most arcane computer models. For molding a successful day trader, I'll take a 17 year old video game prodigy or experienced poker player over an MIT PhD any day!
Video gamer kids and chronic gamblers make successful traders? Thanks for making and reinforcing my above points.
Speaking of video gamer, could someone please let me know the percentage of gamers who finish Mario Brothers? How many continue did they had to do? How much time did they spent on playing the game before finishing the game? I am just curious if gamers have a good deal of persistence. PA
Read Trader Vic's interview in Market Wizards (I believe it is in new market wizards). Success in trading is most dependant on emotional discipline and the ability to admit that you are wrong he explains. One of the best traders he hired at one point had not even completed high school.
"One of the best traders he hired at one point had not even completed high school" A person who had not completed a high school may not necessarily be a person with low IQ. when i mentioned IQ ,I was actually referring to intelligence. I apologize for the confusion because i realized that IQ measurement is as good as the concept of rational agent in economics. True measurement of intelligence is beyond the scope of mdern day mathematics. So low IQ score or higher does now have anything to do with intelligence in general. An intelligent person is somebody who can comprehend things beyond the scope of general population.
Yes I understand, but the point trader Vic was making is that intelligence is not the key. The guy he hired had a grenade explode near him in Vietnam and was very paranoid and nervous and therefore he would take losses very quickly and that quality according to trader Vic is what made him successful.
so if your in the 90% losing why dont you just do exactly the opposite of what you think you should do and be profitable