People who trade , can do that for different reasons. For each trader the goals can be different: Some want to become billionaire Some want to become millionaire Some just want to make a few thousand a month to have a better life (financially) Some just want to make enough to pay the mortgage of their house, or the holidays or... ... Each trader that reaches his personal goal is a winner, not a failure. If they achieve what they were hoping to achieve, they did not fail. Their definition of their goal defines failure or not. Not your definition. About my view: I started daytrading in the early 90's. My view changed a few times indeed (markets are dynamical, trading systems are dynamical, so traders should be dynamical too): At the start the only goal was not to lose money. Later it become making at least 1 point ES a day consistently. After that it became making at least 2 points ES a day consistently. Over time I increased my goals a few times to a higher level as it became a challenge, just a competition against the market to show myself that I could catch more. But I never failed in reaching the first three goals, which were in fact the only real goals I had. I can easily live from my trading profits, but as I have other fix income (without having a job) I don't even need my trading profits for that. The next generation is having the benefits of my trading profits. It makes their live easier. I know a few people who tried TST or similar services. These people are in general people who have no money to trade or have a trading system that sucks. So the majority of the failures end up at TST or similar services. Which means that their numbers are not reflecting the general market of all traders. Their numbers are biased. If 90% of all traders at TST fail, the first logical question that pops up for me would be:Would it not be better not to go to TST, as your chances to make money with them is less than 10%. They tell it themselves.
Emotions are not the only reason. It is a major reason but not the only reason. People many times just copy these oneliners without thinking themselves. I don't like most oneliners, because many times analysis cannot be limited to the oneliner. Most analysis of problems are much more complex. I know people without any emotions (even on ET). They trade a bad system and keep piling up losses (and sometimes a few blow ups). If emotions would be the only reason, these people would all be millionaires. Which they are not. And several end up joining TST or similar services when their own money is gone.
Exactly! Emotions play a major role but it's not the only thing that's important. Other factors like trading strategy and skills etc. are equally important.
Lack of preparation could be another reason. In a hurry, lazy, taking shortcuts, not looking at detail, lack of education and experience.
I respect you opinion. However, stubbornness, the inability to admit your flaws, IS an emotion-based response, since it's not based in logic. If you continue to repeat a failed behavior, thinking that if you do it long enough it will work, the result will be different, it's an emotion-driven belief. People suffering from addiction exhibit the same behavior. Until they can admit to themselves they have a problem, they are stuck. Addiction has a physical component, yes, but like the gambler who thinks "the next will be the big one," the psychological component is pure emotion. Just because someone appears unemotional, doesn't mean they are. Grown ups learn how to mask feelings, unliike the stubborn kid, who wears it openly. What you described of this trader's behavior strongly suggests an underlying insecurity, which is an emotion-based response that I hope he can overcome before the inevitable financial disaster occurs.
The percentage is probably a lot higher than that, but the need to disagree without convincing counterpoints is also an emotional response, underlining my point. It takes a helluva lot of work, failure, and dicipline to remove emotion from trading, not easy whatsoever, so I'm not making light of it, just being honest. Emotion is what MMs use against you at every turn, fear, and believe me, they want to keep it that way. Everything they do is designed to keep you confused. Uncertainty = insecurity, a form of fear. They pay for the carrying costs of those huge marble buildings on Wall Street somehow. Their model works. Happy trades!
Not sure what that means. I have a different screen name for every web blog, all in fun, so not sure how relevent it is. If the only goal here is to voice opinions (every one has one), instead of talking craft, no point in continuing a discussing that leads no where. If people are only stating disagreeable beliefs instead of craft, there's little room for actual growth with tit-for-tat chats, no "win-win" in sight. So if you're pleasantly pleased and making consistent gains in your trading, kudos. You like status quo, stick with it. If you want to improve your results, happy to engage. Either way... Happy trades!