Lifetime Losing Trader

I know a close relative who has a PhD from an Ivy League School in Engineering, and he spent his lifetime trying to trade stocks. It's going on since 1970s to today. 40 years and still a losing/marginal trader now in his 70s. So, FYI, being a lifetime losing trader does happen.

OTOH, there are really gifted traders whom can learn and adapt to the markets effortlessly, eg. Andy Priston featured in Trader Monthly a few years ago.

Then there is everyone in between these two extremes. Struggle for years, then succeed and also those who strike it rich, but lose it all on one bad trade going back to rags.

One example of someone who made a modest success at trading is Gary Smith chronicled in his book "how I trade for a living." He turned $2,200 into $700,000 over a period of 14 years, which is a very respectable +50.9% annual return.

 

Almost everyone besides card counters or cheaters are lifetime losers in casinos.

But damn, you'd think this guy would've at least figured out that long term buy and hold while being diversified makes money.

 

until printing money stops working. this isn't a surprise. There are people in this world who have no interest in getting better or learning. They just continue to do what they do because they're stubborn. They do it for the rush. They're gamblers and I think he's in the majority....not the minority.

 

GS is still trading, but his methods have changed from the book.

He posts on ET every now and then: http://www.elitetrader.com/vb/member.php?s=&action=getinfo&userid=21652

 

he is not a trader, he is a gambler. U should change your title to:

Lifetime losing gambler

 

Hi flipside21, still trading - primarily bond funds and some individual equities - and it's now around $2.3 million. That's enough for this small-time (and aging) trader to enjoy much more of life beyond the trading arena.

 

Awesome. Mad props to you! Btw, I enjoyed your book.

 

Hello Gary

Any ET threads that you particularly enjoyed / found useful over the years and would care to share in the ET Hall of Fame:-

http://www.elitetrader.com/vb/showthread.php?s=&threadid=204669

Cheers
Ben

 

This is easy to do. I can personally attest to it.

ES

 

Ask him what are some of his most firm beliefs about the markets and trading methodology.

Take what he says. And do something completely different.

He prob has 100 monitors with all types of indicators crossing each other.. while he is sitting there scratching his head at age 70 still confused about price