Swan, good post, its funny you mention not being an -------- and EMG shows up hehehe. I think another factor with Spot Currency is new traders try to trade every pair their broker offers, that in itself guarantees failure. Here is another one, trying to trade futures as a first instrument, not a good idea. If more would trade one thing, like QQQQs, their start might be better. Here are some more trader killers, no revenue stream and trying to make a living trading right out of the box, just like any small business you need money to live off of till you are profitable, 3-4 years minimum. Over leveraging, hoping to make 200k a year on a 10k account. Sorry caint be done Son. Anyway just some random thoughts, oh by the way, emg don't flame me I was just kiddin, actually if more would listen to you maybe they would reassess what their plans are as far as trading is concerned. The Always Prepared For The Worst VIPER
in what? in trading? how so? let's say one did make 500K out of 100K in one year. pocket 400K and bought the house for cash. the only way he can lose is on the price of the house. unless he crazy enough to get the refinance and put those money back in the market. but if he that crazy-he shouldn't trading the first place. it is a must for successful trader to take some money off the table all the time.
Since I have far more losses, scratched with the flick of the wrist, than "wins:, why...........it's easier to remember the wins. Nevertheless, I maintain a copius losses journal for when truly wacked, generally a result of gaps. Paid for those lessons, not going to discard them. As for the 14th Amendment to the US Constitution, "no matter what" is kinda of eh, strong platitude. Try as I may, I can't envision anybody on the floor using that phrase. For YOUR viewing pleasure, I've attached a synopsis from Section 4, circa 1868 when the drunkard Grant was "our" fearless leader. I guess you're entitled to your interpretation. Emancipation is a tad (not to be confused with Lincoln's son) out-dated. Shit load of retarded bankers buy demand deposits for zip and/or time deposits a hair above zero, and put them is risk-free 10 year T-notes. They'd continue to do so IF they yield subsided to 2.5% or 2.25%, or 1.75%. Still a historically steep yield curve. No credit risk, no bank examiner compliance. With the left hand buying from the right hand (the one with the printing press) can their be an internal default? Technical default hinges upon Standard & Poor and/or Moody's ratings in the eyes of the Chinese, rather than gubment intent. Raisin (not to be confused with dried grapes) the debt ceiling is a foregone conclusion with (74) precedents.
Time will tell when u are tired of funding your failure account every 2 months in order to get your loss back.
on the other hand trading is very unique business. it is impossible to compare it with something else. where one can loose couple K's in 5-10 minutes and be happy about it? yes,happy, because if he didn't close this position, the loss will be let's say 10K. in what business one can make couple K's in 5-10 min and will be angry, mad after that? because if he did nothing till let's say EOD, he would made 10K i have to admit that from my experience it's actually very frustrating and self destructing hobby\business. specially day trading. specially for perfectionist's. prepare yourself for following: no matter of what you do, or make, you will be unhappy with your decisions most of the time.
I didn't click on the link but based on my experience, the 95%, 98%, whatever the number, isn't correct. I've been working in the tax field, in addition to trading, and the win rate, based on my sample is about 68%. If I had to pick one quality that's a solid predictor of success it would be previous success in a field completely unrelated to trading. It could be starting a business or rising to the level of an officer in whatever company a person works for. It shouldn't be surprising that a person who is successful in other aspects of their life are successful in trading. The traders that typically lose consistently are low level employees with 10k in their trading account but that doesn't mean that employee won't be the future CFO of their company, and a successful trader. I've schooled a lot of people in the profession and a professional history is the first thing I ask about.
Read Taleb (though he was not the first, who said it). Any scalable profession has extremely high failure rate, not just trading.