Thanks Don ....that s life....winners and losers, with your experience can you fell quickly a good or a bad trader and what are your firsts advices for your new traders ?? Thanks
This is a concern of mine, that if i go full time, I could get stuck with out a chair when the music stops.
It's really difficult to predict who will do well and who won't. I have been fooled many times....we have come across traders who you wouldn't think could tie their shoes, and they end up like some "Rain Man" - making great $$. Get some training from a trading firm (not a "training" firm)...associate yourself with a successful group...travel around to see how different traders make their money...inter-act. All the best, Don
Successful traders constantly adapt to new market conditions.. the old "Adapt or Die" scenario. You might like this: www.stocktrading.com/Adapting.html When you evolve, trading can be a lifetime career, and who would want to do anything else? Not easy, but relatively "simple" - it does take work. All the best, Don
It's just that it seems that some people can't even find 1 successfully edge to trade, let alone find one again and again when that edge fades. Like, when the NYSE changes to the hybrid system, will tape reading be gone as we know it? Maybe it's just from reading ET, but all you hear is %90 fail, doctors/lawyers/engineers/etc make the worst traders, prop shops just want you to churn and burn, and it goes on and on. The fact that there are successfully traders goes to show that trading CAN be taught, but what makes one person more apt to learning it then others? I've heard stories of some PHDs that couldn't hack it, and then there are traders that never were big on school but are very successful in trading. I would think that being in a professional environment where you are surrounded by other traders and can focus 100% on the market would give you a better chance at finding an edge and becoming profitable then a retail trader that is doing this alone... but what do I know...
Yeah, I know that ET can be really depressing at times...too many non-real world type "traders" - and the guys that do trade well don't necessarily post much (too busy trading I guess) (I do keep ET open next to my trading screens a couple of hours a day, LOL). New people (and even existing traders) really need to think of trading as a business...not a "job" - and treat trading like any other business...sure, 90% of all businesses fail in the first year, but that doesn't stop entrepreneurs from pay $250K-$500K for a franchise of some sort..and that money is gone and you still have to make pizza's (donuts, sandwiches, whatever). Continue to associate with successful people within the industry, continue training (a "journey" not a "destination")...and work hard... with the right tools and capital there is no reason why one can't do well. Those that fail breed contempt and influence failure in others...those that succeed do just the opposite. All the best, Don