I didn't think the article made the claim that all home-based traders are "amatuers". I think the article compared some of the distinctions between professionals and amateurs, wherever they may be trading. Amateurs are likely to be home-based in my view....but I didn't get the impression he was saying that either. OldTrader
Anybody earning 6-figures or more is professional in my book... whether an "at home" trader or not. Anyone not making 6-figures will be doing so fairly soon if his methods are sound. Making big money is usually about having big capital to work with... few of us started with other than small money. It takes time to build up the capital base.
Of all people you guys, schmucks,bash Dr. Brett? Give me a break, Bash CNBC every hour. Does he sell a commercial interest? Unreal. This guy throws out free ideas , observations galore, often states he doesnt trade that often and is very up front. Do i agree with everything he post.writes? of course not. Does he have some great posts, observations, yes. I have never met, or know Dr. Brett. But i feel his site may be one of the most underrated out there and its free, What does he sell? For Crying out loud.... offended? Wuss bags !!
The guy has spent most of his life hanging around professional traders but has not learned how to trade yet he feels qualified to teach others how to do it. What is wrong with this picture?
Did you actually get his point. Dr. Steenbarger isn't a professional. and for others who might read this. I have said basically the same thing several times. There are good reasons why professionals win at this game and retail traders do not. Taking offence because he points it out doesn't make him any less correct. It just points to a good reason, in fact several good reasons for aspiring traders to get a good educational background and to learn the appropriate skills. How many of you folks have any background in math or statistics? How many of you know how to make use of a simple spreadsheet program like Excel? How many actually backtest the strategy they trade? We are talking basics here. Professionals go several steps further. Don't shoot the messenger. Steve Edit: There is one last thing and I am on record a couple of time on this subject as well. People deserve some privacy. I can understand wanting to know a persons qualifications. If you are hiring someone for their skills, if you want to know their educational background, if you want to buy a product or service from them. Fine. Ask for a resume. Ask for references. BUT at some point, you (all of us) have to use our common sense. We have to look at what is being offered us, and make the best decision we can. Thats it.
I see your point, really should not listen to someone unless they make money. We agree. I dont know if he does or really wants to trade. I guess as a longtime lurker,for contrarian viewpoint minly , and on the mark criticisms on here...I i guess i dont see it on this guy, YET. He wrote two books, and is around winning traders everyday . I guess of all marketers in this industry. I felt the need to stand up for this guy. im usually in agreemnent with bashing. This guy has a decent site for people new and experienced in industry.
I dont have any problem with the content of the article. I just have a thing about trading shrinks who cant trade. I may be off base but so be it.
Completely agree. I think some here in this thread failed to make that distinction. I first read the article at the site and then came across it again here at ET. Also, anybody making the assumption that to be a good trader psychologist requires the psychologist to be a profitable trader while that trader psychologist has probably studied, worked with hundreds of losing and profitable traders in ways that most fail to do about themselves... Your lost. Mark
Thanks oldtrader, yes that is a good point. Yes Mark I agree I hope it inspires some (a few) to get better prepared before the enter the arena. Steve
I've never met Dr. Brett either although I'm a Chicagoan and know a few guys who were at Kingstree. Brett's website has tons of great articles. I for one am always interested in Dr. Brett's take on things even when I disagree. http://www.brettsteenbarger.com/