Guys, I have to be honest here. I don't think trading is a lucrative business and here is why most people lose at trading. The markets ARE very random and they cannot be predicted. Nobody knows who is buying what and when so you are working off what data is given to you. I can tell you so many people on ET have probably lost their entire savings trying to make big money in the markets to only soon find all their money given back. Sad it is, but that is the nature of the markets. Spydertrader makes you think he knows what he's talking about, but he himself and old man Hershey cannot guarantee you the success like they like to make you try and think. So, for anyone that is new in the markets, I would just suggest give it up and try something else like working a regular 9-5 job. They are 9-5 fixed income for a reason. Stability. Markets =unstable Nobody can win the markets. Nobody
I agree that Markets are random and that the Markets are Effiecient to the point that the Efficient Market Hypothesis is actually true: Markets are IMPOSSIBLE to PREDICT. But, even in UNCERTAINTY and CHAOS, there is ORDER to the madness. You get there by realizing that you don't have to predict, all you have to do is RECOGNIZE patterns that could lead to something something..... Footprints in the sand sort of. Its OK even if you don't understand what I am saying, because IF WE ALL make money in the market, then markets would be INEFFICIENT and that would disprove EMH, and who would wanna do that?
Just because you are not successful in trading, doesn't mean others aren't either. If people were not successful, the markets would not be around. While a good part of newbies do loose their money, it is the cost of doing business. You need to learn the ropes and technicals. Stratigies help also. People think because Waxie and others say it is so easy to make bank in the market; that for $49.95 they can show you. They make money on the program and fees, not the market. The market is a very complex being (yes, being). It takes years to learn, but I do not think anyone is able to master it 100%. If you just go into the market and think by putting a half assed job into it they will be successful. WRONG. It takes time, money, patience, self-control.. and don't for get patience.
Mastering markets takes YEARS and a big chunk of change. Anything LESS would be UNSUCCESSFUL... Most newbies blow their $20K and a year of trading and go back to their job.. not realizing why they weren't so successful..
if enough people try to trade, eventually some will win just by random luck. Put another way, if enough ppl trade head and shoulders they will work for some people. Therefore, it is theoretically possible to be a succesful trader even with no skill; so trading =could= work for someone, even if it is purely random. Therefore, trading works!
I believe in technicals and even I would admit that H & S is nothing but mumbo jumbo.. It is purely subjective based, while people who tend to survive has more of an objective orientation.
I have a feeling there are a number of people who would strongly disagree with you that are lurking on this site. But if it makes you feel better ...