For 95% of people who start trading, the friends and family will be correct. The new traders will ignore them, and then realize why so few make money. For perhaps another 2-4%, they will wallow around, hanging on for a while, then perhaps give up or trade as a hobby. For perhaps 1-2% of traders, they will be right. Clint Eastwood said two interesting things: âYou've got to ask yourself one question: 'Do I feel lucky?' Well, do ya punk?â âIf you want a guarantee, buy a toaster.â
"Why do you want to trade? It's too risky. Why don't you do like me and work your way up in the company, get your benefits, invest in your company's 401K, and get a pension? Do you think you're too good to be like everyone else?" This statement is true, not just in trading but any endeavor that is not mainstream. Their opinion may matter in a personal sense but not in the real sense. I always fall back on this: If you want to get to Oz, ask someone who has been there. They will understand you. While the opinions of your loved ones are important, they have never done what you are going to do, so how could they "advise" either way. Their answer is pointless in the grand scheme of things. If you want to get to Oz ask someone who has been there.
Ask anyone who questions your goals if they think any important historical figure would have achieved what they did had they listened to the legions of average folk who told them they couldn't do it. Most people are average and can't stand it or don't understand it when their peers are more successful. These lifetime losers will do all they can to drag you down, consciously or not. That includes well-meaning friends and family. opm8
Matt23SPFL, 1) Well, if you can control your fear and greed you might be OK. 2) However, you seem to also need anger to successfully trade so keep close to those skeptical family members. 3) You really would be better off playing the 6 and/or 8 in a craps game; the odds are much better. www.wizardofodds.com I hope this helps. Tom
Dude im with you all the way! The only one who believes in me is my dad. My mom thinks its a waste of my time. My grandparents think that I will always just be a gambler and never amount to anything. The rest of my family just doesn't bring it up. How can you not like the opportunity that trading brings? You are your own boss (no ass to kiss). You are as good as your skill in trading is (the possibilities are endless). The hours are great! Most people when they go to work there biggest decision all day is probably to walk across the street on a red or not. I mean come on most people don't know what living is. When you trade you live life to the absolute fullest and what could be better than that?
Anyone want to guess what percentage of ETers are able to make their parents' Lexus payments, much less their own Ford Pinto lease payments?
I never understand the "I am on your side" or "go get em" attitude towards new traders. Almost all of them will fail. Few will do really well. That is reality. Offering positivistic slogans to pin up on the wall will not change these odds. I love his opening statement. "I swear, my friend's and family's financial IQ is zero. They keep saying..." The truth is, they are quite wise. It is his brokerage account that will likely be zero in the near future. The question is, will he be able to learn from his mistakes and stay in long enough Most new traders should read and study, try out things on PAPER for at LEAST two years (no, not 6 weeks - it takes a LOT longer than that to get a clue how things work). If trading indexes (not scalping), they can always get a free account at Timertrac.com to get real world independent monitoring. They are likely going to blow out their account. At least it would be better if the money weren't real. But we were all convinced we were different that other new traders in the beginning... I got started trading futures with the man in the cowboy hat (if you long timers know who I mean). Think TWMPMM... What a waste...
youngtrader, Soooo you don't think 'trading' = wagering = is gambling? Trading is a game of chance. It's a coin toss: the price will either go up, or it will go down. Belly up to the window son, and put you're $ down. Trading is just like playing craps; the only difference is, your odds are better playing the 6 and/or 8 in a craps game than they are 'playing' the Market game. You don't think I'm right? Just you wait a little longer young'n and we'll see you eventually come crawling towards the craps table. www.wizardofodds.com I hope this helps. Tom
Ok obviously tom is a moron we all can see that. I never said anything about trading not being gambling. I am a gambler by nature, I think its something in my blood. Not everyone is made for this business. It takes a certain breed to thrive in the hostile situations of the market but I would rather put my money on a trade than pull the arm of a slot machine.