If it's possible to be a successful trader why is it none of us personally know any. The majority of the people who claim to be pro traders are the ones we read about in their books or see at their seminars. Take away their book sales and seminars and see if they can make a living trading? (I highly doubt it) Even those people offering educational services will not provide you with account statements verifying that they're profitable. Sure I've made money and I've lost money but overall it's been a real Tug of War. (not a psychological war ) I myself am still searching for the so called "latch" to the cage.(an edge or system) Most of the people who I know made there money by buying and holding longer term. I'm not giving up just stating my experience. There will be many posts by traders claiming that I'm full of shit and that my reply is simply not true because there so Great. Well if somebody wants to challenge my reply then I will say back it up. Prove it by showing P&L statements for a long length of time otherwise it's just randomness and not success. Why is it that the guys that were so red hot awhile ago are not even talked about anymore? The so called Gurus (e.g.) Tony Oz, David Nassar etc... You can verify this by visiting the traderâs library and checking out the DVD section. Most of the traders in the DVD's are probably out of the game. Most prop firms cannot retain traders but they'll tell you they've trained hundreds of them. Well here's a question for the Prop firms. Where the hell did all of trained traders go? Think about it! If they made money they should still be at the firm but this is not the case. Most firms have less than 50 traders including those that trade remote. The one's that make the money in the prop firm is the manager who gets paid off of his or hers traders commissions. Why isnât there more traders at these prop firms. A good firm would show you what makes money teach you how to trade it and then make money off of you by your trading commissions. But the sad fact is that there's nothing to teach you. This is the toughest business you'll find and the most important thing you can do is have Strong Money Management until you find the latch. That's assuming this cage has a latch....
the market is different my friend. It changes the position of the latch from time to time and only the ones who are able to notice that the position has changed and not trying to bang their head at the old place have a chance of survival. Its the same with "the edge". There is no edge that works over a long period of time. You have to be among the first to notice something changed.
I have a friend who is an excellent trader who has now become powerless over the "all powerful". I can't believe the way he is trading right now. He wants her to become involved and she thinks she is sitting on a stool in front of a slot-machine in a Casino.
Excellent point! This so called latch changes its position on a day to day and sometimes minute to minute bases. Volitility increases and decreases, psychology shifts instantly, one second you're buying dips, next selling rallies. One second the world is ending, the next,happy days are here again. The poor pussy might need a kitty mental hospital if he keeps looking for that latch. Sometimes I think its easier to forget the latch and just stay in the cage till your master (the market in this case) comes home and decides to feed you.
It's a nice sounding quote and I'm sure it's applicable to most things but certainly not the market In the market the latch keeps changing so you better become a locksmith and forget being a pussy