I'm starting to think that < 1 % of people on elitetrader are actually profitable

Discussion in 'Trading' started by Sky123987, Mar 9, 2008.

  1. I have heard that ~90% of traders are unprofitable, however I'm really starting to question that 90%.

    The reason why I believe this is because there is very very little discussed regarding taxes. I can barely find useful posts regarding taxes and if I post a questions regarding taxes... same situtation. However the post titled "why are traders so ugly and fat" gets countless replys

    So if no one really knows anything about taxes, that's probably because no one has to file trading taxes.

    My guess is < 1 % of traders are profitable
  2. cold


    hey hey hey
    someone here is using their head,
    you have no idea how right you are
    Take me for example, I have advanced knowledge of trading yet, I am broke
    I don't trade yet, rather life fcuked me, so I can only start trading later
    so even if you come across people who talk seemingly good stuff
    they could and probably ARE BROKE
    Also you will NEVER EVER, again, find such honesty as this post of mine
  3. Alexis


    Less among newcomers, more among old guys...
  4. If you are enough clever trade profitably you are enough clever not to pay taxes.
    Last is much easier.
  5. Why would only winning traders need to file taxes? In my bad years, I can defer losses against later winnings. Perhaps the difference is professional vs. amateur instead of winning vs. losing?

    Or, elitetrader has posters that don't assume everyone is in a single country. Frankly, tax laws in the UK really don't interest me, as I'm sure IRS rules don't interest UK residents.
  6. No one can say for sure what the true % profitability is.

    For a new trader, then getting past breakeven seems profitable

    For a person who trades on the side (has a job), then $15-$20K extra a year may seem profitable.

    For those who trade fulltime, enough to replace their job may seem profitable, but many have the attitude like that guy a week or so ago - he felt he had his nirvana after 5 weeks of trading. This is delusion at its finest.

    But to many, becoming well-to-do at it is "profitable"

    And many who claim profitability seem to not be so, because they seem too naive or self-centered.
  7. You are asking traders questions that you should be asking an accountant that specializes in handling traders. I might can come up with a few suggestions for trading accountants if you wish.
  8. cold


    majority of users on this site are from North America, Europeans are minority

    but final and most important blow to your logic

    is that regardless of country, if there were more REAL traders here, there would be more tax discussion overall

    AND finally, if you have "bad" years, well you just told us of your trading knowledge, didn't you :cool:
  9. Profitable traders use accountants ... hell profitable anything use accountants.

    Also, the poster who assumed that you could tell whether someone was profitable by the warm cuddly nature of their posts has little life experience. There are plenty of rich a'holes. :)
  10. cold


    so far in financial life I am a broke loser
    but what really amuses me
    I happen to know that 98% here are even bigger losers than me
    I at least have the knowledge, most importantly of who I am, and then the world :eek:
    #10     Mar 9, 2008