thread is a bit old but i stumbled upon this and thought it was a good read: On Professionalism Thread Series really like this part from the first page too many sour grapes around here who couldnt make it as a trader so they think the entire industry is rigged what do you guys think?
I worked in this industry for that past 19 years and still do and I can confidently say that the entire industry is in fact rigged. A rigged system does not mean that no value can be extracted by not being a willing participant but it makes it incredibly hard, so hard that most people just won't cut it and lose a good chunk of their invested funds. You have to focus on a very specific niche and be nimble and above all patient and only play the highest probability setups. All else generally won't be rewarded. I laugh every time when I hear some retailers who try to convince the rest of the crowd that they draw a few lines on charts, look at a few MA crossovers and then place profitable trades all the while knowing that some of the smartest individuals on the planet in this industry frequently blow up, close shop, or just grind it out. Media blow up the few success stories while conveniently omitting that for each success story there are millions who failed. It's almost as if everyone is made to believe one can succeed playing the lottery via perseverance and hard work because there are a few winners who made it. Don't you find it hilarious that it is statistically easier to get into Harvard than being one of the few who consistently generate positive returns among the ET crowd alone?
I laugh any time I see Professional and those who are connected to financial trading. Many brokers, not all, but many are like used car salesmen working newbies to open an account, and yes we now offer micro slop markets, you can risk less and pay less in fees, work a couple hours and be on the golf course, ROFLMAO. maybe they will bring back Pork Bellies too. Not like you can go to University for four years to learn how to trade one minute bar charts time and sales. After a few years of giving up most of your time, bags under your eyes, you are so close to being a break even trader. it take less time to become a physician in Neurology for many than to get to be breakeven trader, HAAAAA. Yea it is rigged to a degree, HFT can push markets around for continually few ticks unless you figure out their game. I remember this guy he had worked his onions off for eleven months to have a 20k account nine years ago, then comes some fat finger trader and there goes the 20k in minutes, slippage and then someeeeeeeee, LOL. But it still only job where you don't produce any goods, have no inventory, people don't have a clue who you are and others can make billions for having a huge "edge". So many come into trading with their four/six year degrees and they had very good professional employment, they leave after number of years looking like they were hit by a bus by Ralph Kramden and have to start on the bottom rung of a ladder. LOL, use to watch Bond pit in Chicago, 500 plus guys it seemed crammed together, some would only take a shower on weekends and eat plenty of garlic, it was like no different than being at grade school. Yep very professional. LOL, yea I admire them to keep putting more funds into their accounts.
Is it not rather stupidity/ignorance instead of optimism? Or lack of realistic expectations? Wannabe traders overestimating themselves.
The Marshmallow Challenge provides some insights. https://www.forbes.com/sites/nathan...er-entrepreneurs-than-mbas-and-how-to-fix-it/ otherwise Kruger Dunning Effect reigns supreme in this field; https://www.forbes.com/sites/markmu...heyre-great-even-when-their-work-is-terrible/ Frankly, much to the protests of the majority, the less one is formally educated in finance the better chance one has. A strong approach to successful trading takes scientific experimentation with agile, flexible thinking and strong logical deduction skills; in addition, sprinkle in some counter-intuitiveness, a dash of calculated risk-taking, with some baked-in prudent risk management, tempered by a meditative practice. Even though all the above is mental, growing emotional intelligence combined with physical exercise and eating a wholesome diet are all part of a balanced mix.
While off topic, I think that's not really true, to be honest. There are multiple layers of selection for a school like Hogwarts even before you apply, while anyone can open an account at Interactive Brokers and try their luck.
How come this recount sounds so real, so authentic, so credible? Thank you so much for sharing your testimony. It will definitely help a lot of others. I only joke here, but on a serious note it does not take an eternity to identify and execute trading talent in the same way that it does not take a sushi chef 10 years to train and learn and to lick the mentor's anus for 5 years before he is allowed to even touch the sushi rice. Either one has certain absolutely required properties or one does not. There is a reason banks, hedge funds, and other trading outlets do not give anyone 10 years time to develop their skills but it is identified early whether someone has what it takes to be developed further or not.
You mean like with everything in life, the less one brings to the table education, knowledge, and skills the higher the chances of success? I see