Hi I'm offering my long-time experience here for everyone for free! Subject matter: leveraged and unleveraged trading using non-fundamental analysis such as technical analysis, price action, tape reading..etc. I hereby confirm the famous saying of one CEO that "trading is a waste of time." Do not waste your money and more importantly do not waste your most precious asset, your TIME and life. When it comes to trading, nothing is going to work out on the LONG RUN. I spent more than 6 years trading on a fucki** daily basis, using four monitors I am very superior when it comes to study and learning having had admissions from the world top employers and schools in my area of study, which is law. I rejected all theses opportunities, believing and relying on trading I started trading when I was around 26 y/o old and I am now 33 y/o. My life has been an awful nightmare all over the years I was trading. I've almost red every trading books out there on Amazon, including books on options, futures, and forex. I've watched many of the trading videos of on Youtube and red many articles online. I swear all those fox claiming they are successful traders are lying, including mentors and those featured in that book " Market wizards." Trading Education is a growing profitable industry that relies on spreading the myth that trading can be profitable and can be lived off. Do not be a victim of those scrupulous, unethical people. There are inherently complicated issues (form both psychological and professional aspects) in trading that can not be solved. That is why traders fail on the long run. AND That is why there has never been a trader with PROVEN TRACK RECORD. This is my testimonial addressed to whom might be concerned. Thank you, Cool2334
I feel for you. I know how hard the journey is. Just keep on working harder and smarter and you will be where you want to be in no time.
Your post is well taken and largely accurate but there are some people who trade successfully for many years. If you try to go it alone you'll most likely fail. Prop trading experience in a very valuable way to break into the business if you can land a job. You either need to know someone or come out of a short list of schools to get those jobs, however. I met a lot of people throughout my prop trading years and the win rate, in terms of grooming successful traders, is about 50%. The people who do the best excel in math and tend to have IQ's into the stratosphere. One of the keys is to get hooked up with the right shop -- a type of shop that invests in you and puts up all of the money. If a shop asks you to put any kind of money in walk away -- they are a churn and burn shop. That being said, there is no magic formula. Some make it, most don't. If I had to do it all over again I'd never pick trading as a profession. It's a roller coaster of a profession. There will be good days and there will be bad days. There will be good years and there will be bad years.
Its more than that. Its a test of IQ, persistence, emotional control. OP claims - he has above average IQ, devoting 6 yrs while turning down opportunities in law is persistence. So, I guess OP was close to making it. Probably he just did not make the cut. I agree with OP that nothing works always in trading. There are 2 ways to deal with this truth: 1) Trade multiple strategies together - multiple means at least 8 to 10. So that even if 2-3 fail, others will take care of the overall account 2) Keep researching and developing.
Hi Greetings! Feel sorry for you. Lescor on this site proved it. Marty Schwartz proved it. Institutions prove it all the time e.g. RenTech, Citadel. So, your claim is incorrect. Anyways, I think it is a wise decision that you have taken. I also think this thread of you will not impact anyone at all in the sense that I do not think that anyone will not pursue trading after reading your personal experiences. REASON - Well, cool-aid has been served to them very well. Anyways, so what is your plan for yourself going forward?
EMG, where art thou?? OP, there are successful traders, very few, but they do exist. There is no shame in wanting to change careers because you don't feel this one is right for you. I could never be a lawyer. Maybe you CAN. If you don't like getting up in the morning and doing whatever it is you do during the day. Then change it.
I began to feel sort of the same way because I've been on a losing streak lately, but I refuse to believe that there's no way to make a living off of trading. I was brought into the game by someone who made his first million as a trader at the age of 21. So I know its possible. Watching Paul Tudor Jones' documentary "Trader" was also very humbling because we saw a guy putting in work before he became a mogul. Trading, from my experience, is about self-discipline more than anything. Every loss I have ever taken (except one) was always the result of me doing something I originally said I wouldn't do. When I'd stick to my system, I'd usually come out fine. I took a break away from trading to get my mind clear and discovered that the problem was me. But you've got to ask yourself why are you even trading in the first place. This is not the game for a person to enter if they're minds are stuck in a subconscious self-sabotage mode because you'll get just what you're looking for. Or, as Ed Sekota puts, "Everyone gets exactly what they want out of the market." Believe it or not, some people's minds are geared toward failure, no matter how smart they are. Unless you can correct that about yourself, leave trading alone.