Was just looking for more books to read, just finished market wizards. Wow.. I'll read up his old posts and try my best to gain knowledge from it.
It's tough to try to start up a website in hopes of making it a steady source of an income stream. It takes a really long time to be successful, needs alot of members and traffic just to make a relatively small income from advertising. not to mention the overhead and management of it. Overall, i personally think it's a pain in the as5 to run/manage a website ...In just one day of trading, ...you can make multiples of what a website would bring in annually in advertising revenue. -- Why bother with/doing anything else...if you're a successful trader. Successful trading makes every other kind of income stream seem or look so not worth it.
I did that twice, blow huge money on being stupid and stubborn, took few years to make it and 25% of the time to blow it. I have enough rules in place, diversified enough, never be a third time.........knock on wood and have my lucky socks on too.
Most of this is false. You are assuming that the person starting out has vast wealth to trade with if you believe you can make trading in a single day more than annually with a website. Many trading / investing websites earn $5 million plus annually -- to make $ 5 million daily trading ( or whatever the number is) takes vast amounts of capital. An effective profitable website can be launched for under $500.00. Making it an ideal avenue for non multi millionaires,,
No. I married a doctor. Unfortunately, she doesn't make any real money... just a decent salary from the state run children's hospital.
There is likely a bell curve of performance in any subset of investing or profession. Choosing where to aim investing or working will affect the outcomes. In the middle of the bell curve are the averages, average job, average methods, generally safe, able to lead the average American Dream. Trying to work or invest at the ultra performance tail end of the curve requires a lot. Risk tolerance, hard work, better knowledge, better tools, better analysis, better methods, more education/tuition, EVERYTHING. THere is not a lot of room at the end of that curve, not many will get there. Picture all the high school football players that want to be great on the pro highlight reel. Many lack the talent, work ethic, willingness to do what it takes. And for those that possess all the great tools, few will get there, some will suffer from injury. Some will progress to real greatness but this is rare. Some will flame out, or have brief success, they will turn to being mere bystanders, perhaps commentators, basking in past performance but not participating. THe same is true for websites, there are few 5M annum sites, it is not easy. I doubt ET is in that realm. The same is true for great neurosurgeons or anything. The safe path to riches is having a day job, living below your means, saving lots of money, adhering to boglehead type principles. Let compound interest work over time and you will get rich. In order to get more out of the market, more has to be risked. I think many on ET think they want to be greatly enriched at the end of the tail. I don't see many with the talent, openmindedness, willingness, honesty, work ethic, etc... required to get there.
I become super rich after i took advice from ET and trade purely price actions, e g look at the chart pattern, draw support resistance, understand the context of each price bar & action, indicators, explain any chart pattern in hintside and etc. Sh**, the new trouble now is how could I spend all those free monies???
"Congratulations"? Shoot, she's the lucky one! I met her on a park bench. (You know, kind of like Aqualung.) She had a Husky puppy and a bottle of gin. I was defenseless.