Live Penny, live. Live for me and all the others who cut ties with the deafening cacophony of the HERD. Walk away a free bird, look after yourself and family. Take that bold step forward. Just trying to make it easy for you, Penny. . Its a hard decision. You already know the answer to your own question, " wonder how many get what they wanted out of trading?" No more than 0.5%. truly get what the original draw to trading got them in in the first place. Total freedom. much smaller section just barely makes a living at trading but at what emotional cost? I call it a Phyrric Victory for these cats = victory at too great a cost = not worth it. The bulk, upwards of 90% get slaughtered and then, dig this, they cannae leave, they come back year after year for more punishment. These are the prisoners who may never escape. For you, here's the thing. ... they will not let you go so easily. They will try every trick in the book to get you to stay, for if you leave, in their heart they know you are a free bird. They cannot tolerate or allow this. MISERY LOVES COMPANY See lyrics that describe to a T every single trader here who before getting involved with trading walked with his chest puffed out, vibrant and happy. They are a shadow of their former selves. Run Penny, run like Hell. .
hell of a achievement:did not know it was so easy to get into the NBA....it is easy to get into trading and lose all your money
Anyone who try trading has contemplating quitting one time or another. That’s a fact. Trading is not for everyone. It is ok that you find out this now then blowing up your account. Also i will let you in a little secret. Most here don’t get rich from trading. It is only the very few. If are already wealthy/rich, trading/investing is to keep your existing money rotting away from inflation. If you are young just stick with putting your $ in an index fund and call it a day.
in this profession to get the clues you got to pay the dues (both in terms of money and time) for some it might take 3-5 years for some even a decade, but i have found that in the end there is no holy grail. you have to give it a lot of your time and youth to find out how market really works. Even if you find someone to mentor you, still that will help you only about 10% rest 90% is still you and unless you find it out on your own you will never get anywhere. in the end most important is to have a strategy that works or gives an edge. it might not work all the time, those times you manage your risk and sit on the sidelines. every one has an edge in term of using TA, PA, indicators etc. so at the right time of the day when your own strategy confirms a trade get in it, if not just stay aside. risk management is the most important of all in MHO. along with position sizing and proper entry and exit. All the indicators that are widely available work for specific times and specific trades. does not mean it will work all the time, so stick with a strategy and apply it when time is right and if you are wrong then no worries, manage your risk and wait to fight another day.
There is a side benefit which is the mental stimulation, a perpetual puzzle which unfolds daily. Like a maze house of mirrors full of intrigue or a shoot 'em up gallery where the target is the allusive dollar ducking in and out of an obstacle course. There is also the social aspect as in ET, lots of good humour and wit to be found. Then the psychological factor of getting to know and test yourself, like a mental boot camp. I wouldn't trade away this experience for anything.
Prechter, building on Elliott’s work, recognized that there must exist an unconscious herding impulse within humanity that impels trends in social mood. He proposes that this herding impulse is central to the working of the economy and valuations in the stock market. The herding instincts of early man are still apparent in today’s world. “Herding is an unconscious impulsive behavior developed and maintained through evolution.” [14] The knowledge that others’ investment decisions can determine their own success or failure creates an environment of uncertainty, in which people are ripe for taking cues for their own actions from others. “Herding induces feelings of safety and well-being” so investors whether buying or selling with the herd “are always acting unconsciously to reduce risks, thanks to the emotionally satisfying impulse to herd.” When humans do not know what to do “they sometimes act as if others do, and follow them as if following the herd” – even though “they don’t realize that most others in the herd are just as uninformed, ignorant, and uncertain as they are.” Herding occurs in a rising stock market. Buyer’s think, “‘The herd must know where the food is. Run with the herd and you will prosper.’ Sellers in a falling market appear to think, ‘The herd must know there is a lion racing toward us. Run with the herd or you will die.'” [15]