I feel like giving up!

Discussion in 'Professional Trading' started by Unquestionably, Feb 1, 2011.

  1. Went into trading thinking that I'd make millions.

    Wasted 4.8 years of swing trading only to find out I'm faring no better than taking up a McJob.

    Should I have spent those years building up a business instead.

    Trading is a waste of time.

    Additional proofs:

    Cooweb => Made millions in business. He wanted to make 200K/year and couldn't achieve this goal in 5 years.

    Neke => Been trading since 1999 (+10 years; all time equuity high => $800K = <80K/year average).

    (If you want the big money, go into business).
  2. Roark


    Welcome to sanity. Trading may be a waste of time, but selling to traders is not. The key to gaining a foothold in the industry is to start a blog that initially provides trading advice for free. Once the blog becomes popular, go to a half-and-half subscription model, with promotional information being provided for free and useful information being accessible upon payment of a fee. For examples, see the Kirk Report, Stockbee, and the Motley Fool. Sneaky promoters start out calling their fees "donations".

  3. Eh, traders need an algo that makes sense. That's all. I'll give mine away when I reach 9 figs.
  4. Roark


    Yes, that's all there is to it. American Idol singers just need an outstanding voice. Pro-golfers just need a great swing and an accurate put. Pro-basketball players just need to be able to jump really high. Now go out there and find "an algo that makes sense". Read fifty bazillion books on trading. Get in the zone. Invest another four or five years. It's only time and money.
  5. The only individual who could possibly equate coolweb with success is.... well, coolweb.

    Welcome back coo(o)lweb!
  6. Excuse all the negativity below, but I simple feel the need to vent:

    Ten Reasons Why Trading Sucks, and Why You Should Go Into Business Instead

    1. In business, you can turn $5k into $100k's. In trading, you need at least $100k.

    2. In business, you can be making millions after five years. In trading, you need at least 5 years of learning to average $20k/year, only then do you get to see low-mid 6 figures a year.

    3. In business, you can set aside as much capital as you need to expand. In stock trading, you are limited to $50k / swing trade. Put anymore capital in and the manipulator will freak out and back out from their original plan, leaving you with a failed pattern.

    4. In business, you soon have cash flow. In trading, your cash flow sucks or is non-existant until after the 5th year.

    5. In business, you don't feel like committing suicide if it fails. You simple start another venture. In trading, you don't like how you feel after a significant draw down.

    6. In business, you exploit other ppl's weaknesses. In stock trading, you wait behind the bush to ambush the innocent.

    7. In business, at least ppl get something in return for giving you their money. In trading, ppl are left with nothing after giving you their money (coveting other ppl's properties).

    8. Most great stock traders committed suicide after they lost everything (Jesse Livermore, Nicolas Darvas). Most great business men lived on after they've lost their fortune (William Durant).

    9. In business, you can go on vacation. In stock trading, you must be present online every single trading day (or check on the behavior of your 'system').

    10. In business, you face competition and your income dwindles slowly, giving you time to react. In trading, your 'system' stops working suddenly.
  7. I think you’ve touched upon a subject here that could be covered in some depth.

    It’s a shame that you consider those ‘4.8 years’ as wasted.
    If the sole purpose of any venture you undertake is to ‘Make Millions’ then I’m afraid you need
    to prepare yourself for a life of disappointment.

    With an adjustment of your perspective things may not seem so bad.

    Focus on the process and not the result. When one focuses on the process the result takes care of itself.

    Let’s look at some examples …
    Eric Clapton. Do you think he learned to play the guitar to make millions or because he loves to play?
    Jonny Depp. Do you think he began acting to make millions or because he loves what he does?
    Michael Jordan. Do you think he despises Basketball and only played for the money?

    Hell no! True achievers would continue their chosen profession if they received no reward for it at all.

    Life is not a restaurant; you don’t eat the meal then pay for it.
    Life is a canteen; you have pay the price for the meal first.

    I’d like to suggest there many successful traders out there, but due to the discretion expected from their employers / clients you won’t see them shouting about it, or posting on web forums!

    Good Luck
  8. Four years is not enuf. Five years will suffice if you do it full time. The same applies for the Idol singer, the pro-golfer and pro basketball player, if they have the genes. In trading, you just need the drive.

    Here is something to munch, now do you want to be a professional trader? Or not?

  9. Roark


    Intelligence is not genetic, it's all about study and practice? A person with Down's syndrome can become a stock market genius with enough drive and 10,000 hours of study and practice?

    What does Tushar Chande say, if you can't put the gods on your side, then put the odds on your side. The odds are stacked high and tall against a trader. If you want the odds on your side, sell trading tools, advice, services, and training so that you profit no matter what the market does.
  10. Average intelligence and focused, directed practice is all it takes to get your goal. If one has some mental issues, such as inability to stick to a set of rules, then they need to practice that, it should out fairly early in the process. The odds against a trader are always the same, 50%. The way to profit is to effectively manage the risk reward ratio. If you have not accomplished this, then either you have not practiced enuf, or your practice has not been focused and directed. It really is that simple.
    #10     Feb 1, 2011