What the world's greatest trader says about daytrading

Here's this damn statistic again. Of course, there's nothing to substantiate it, but it's tossed around so casually.

There are many degrees of being a trader that to simply lump everyone into one statistic is useless.

 

Great Post !

 

"but the older you get you realize that at the end of the day the amount of money you have has absolutely zero bearing on how you feel about yourself and the quality of your life. It becomes a very shallow measure of a person's worth."


Best quote in the whole article.

 

I don't understand why so many people get so defensive about daytrading. He didn't say that 100% fail; so you posting up about all your great years of success does not disprove anything.

The important thing is to realize that if you choose to daytrade, you're really stacking the odds against yourself. It's not that it can't be done. But if you're just starting trading and have a choice between daytrading and a style of trading with a longer hold time and a higher success rate, why make it harder on yourself? Most people don't have the luxury of going into a business venture just for the challenge of it.

 

Sorry, but that is usually only toutable by a rich person.


For a man
money = worth.


If you can't make money/food/sustenance/hunt, then you aren't worth much to anybody (espically a women) . PTJ can say that its not worth much cause he has it "covered" only when you have it covered, can you just pass on it onto other more higher "worthy" goals in life, such as charity etc..

 

you are missing the point CW

 

This shows where you're at in your development. Some people will never move beyond this stage, at least not while they're young enough to benefit from the maturation process.

Money is an effect, not a cause. Money does not cause a man to have worth, nor is money equivalent to worth, in the sense that you mean it. You don't have to have a lot of money to live like a man.

 

95% losers in trading is no different than any other business people enter they know nothing about. The problem with traders, they don't treat trading as a business. The try and convince themselves they do , but in reality they don't

 

That means 5% do make it in trading?

Where do you place yourself?

 

I love these threads 'cant make money daytrading'

I lost a friend this weekend. He was very young, died while on a bike trip.

Believe me when this happens money is'nt a thought.

Spent quite a few hours with my kids this afternoon.........