As @Redneck put this on another thread: Also, most refined traders, are self-taught for the bigger part. They never saw the losing aspect in their journey. They were determined to persist. Getting it wrong is not failure; only when you give up is failure confirmed. Until then, you are still in the game and have every chance of success.
I'm not disagreeing with you.. But just trying to introduce you to another view of life.. There are different ways a person could get to success.. I'm just saying I rather take the more guaranteed route..
I know I will be flamed and hated for this, BUT the truth must be told--- "keeping at it after you fail" only enriches the market machine ( brokers, etc)-- its a myth. You have also failed after you lose all your capital and start begging folks for $$ like a degenerate gambler. Let failure teach you that trading is not for you and move on to something else. Remember that the markets hold the strongest attraction to those who are least suited fot them. I am not saying that trading successfully is not possible. It certainly is, but very few are suited for it. If you fail, STOP and try something else! Don't waste all your $$. surf
I completely agree with you @MarketAddict Unfortunately, there no guaranteed route. View the various journals going on at the moment and you will see that there are some very good traders "giving it away" and yet many struggle.
Never. Your opinion is very much respected. The failure is not from the loss of the capital, but from the personality flaw of treating trading on the lines of gambling. Trading is not a game of chance, but rather a task of statistical probabilities. Most that blow up accounts tend to do so with the vision of becoming millionaires in a couple of years and so enter with size. I think those that trade with minimal size (even 25 - 50 shares) tend to survive long enough to know if they will make or not. Sometimes this is very true. With an average statistical rate for success standing at 8%, you sure hit the nail on the head.
Cut your losses and ride your winners. It's true in trading and it's true in LIFE. After working really hard at this for five years and even feeling very close to actually making it, I went back to school instead. The market's still here and I'm now ready to give it another shot from a more strategic position. Some will say that I gave up and don't have what it takes. Maybe they're right, but maybe I was smart also. It was not an easy choice at all, but I decided that I didn't want to risk trying full time for another two years and still not have anything to show for it. That was the toughest thing back then. All this effort (I could easily have had a Master's Degree) and nothing but debt and high cortisol levels to show for it. I learned a lot from it though and I'm glad I did it. I just would have gone about it differently if I were to do it again.
I figured trading for a living is something you might consider if you're retired, or have enough money that you don't need to work. I can't buy into this idea that scratching out a daily wage is a viable way of making a living. I'll probably get some tomatoes thrown at me for saying this but this day trading business seems like a big wizard of oz show conjured up by the brokerages and education outfits.