The thing is noone is going to come to a golf tournament and take 1st place without a ton of practice. A monkey with a dartboard could pick a 20 banger. Then you throw in the psycology of gambling and how people get addicted to it (thats why state lotteries bring in so much money). The person whom said to treat trading like running a buisness pretty much sums it up. - You could get 'lucky' and buy a particular product(stock etc) and then sell it at the right time. But then next week you try the same thing and noone is buying. You have to worry about overhead; expenses, unforseen circumstances etc ... I do agree with you that many traders focus on the money and not on what it really takes to be a great trader. Like you said; think about what it takes to become a great athlete - theres the weight training, the basic practices, the scrimmages, the mental training and then you have the real games. Many of us skim over the above when it comes to trading and we wonder why we have all these Strong emotions coming up when we're trying to trade. Many top athletes talk about getting into a zone when it comes to performing. Now were they able to do this the first time they set foot in their chosen game? ... no ... They spent years perfecting their game; they already know how the club feels, what the wind might do to the ball, they are prepared for when their ball may go into a sand trap ... on and on. Success - many of us define success in different ways. Many traders would consider nabbing a 10 banger success and having many 10 bangers follow. But is that really realistic to expect this? What would happen if Tiger woods could hit a hole in 1 on some rare occasions but his normal game was crap? He probably wouldnt be that successful would he. Many of us define our success in different ways - it's pretty easy to define a traders success. To make money; but then we have how much, how fast, and how much risk, and how stressful we want to be. Some traders would consider it a success to nab 30% a year; then some want 30% a month; and then others want 30% a week. Is it possible? SURE ... we've all known traders that have scored big or that have done well over the longterm. But what happens if you set your goal somewhere and you dont hit it? Does that make you a failure? or does that mean you just need to try harder and perhaps redefine your goals. Maybe it might mean you need to practice for awhile. ... didnt mean to hang onto your reply that much but I was on a roll
That video is such B_sh_t. You must lose...it weeds out the weak, it weeds out the losers. Wow - that it great mental training - not! Yes, it takes a long time to learn how to trade - it took me 4 years. But you can use tiny position sizes while you learn. You can get a mentor. Training people that they have to lose $45k is such BS. Maybe that is what you did - but not everyone is a slow learner like you. Get with the program. Learn how to learn.
-------------------------------------------------------------------------------- Quote from duard: 95% mental..... -------------------------------------------------------------------------------- Quote from traderdragon2: No, 95% edge. -------------------------------------------------------------------------------- Trading is 95% mental for traders who don't have an edge. Jimmy Jam
I took the time to listen to the video based on your review. I wanted to see what it said for myself. The video is correct in everything it states, I could not find one salient point that I disagreed with: a) the push-up analogy was very apropro, b) the perfect trade calling (not) was spot-on, and c) the comment about having a FOCUS alone makes the video worth listening to, just to name a few. ... and for the record, he didn't say "a trader should plan to lose $45k before he/she should start turning their trading around and start winning", he said "a trader should expect to lose $4 to $5 before he/she should start turning their trading around and start winning". Big difference ... and I don't disagree with that statement, either. Good trading, Jimmy Jam
No. Trading is 95% whatever gives one the hardest time. It varies from trader to trader. And it probably varies at different times in their trading careers.