I doubt that.... and just in case no one else noticed. This interview was from January of 2000. 7 years ago....
Exacting...it's all about dedication....mastering your strategy and the psychology...coming out with a set of rules that work and don't require very much emotion. I will admit it's not for everyone but a fairly intelligent person can succeed if they make the sacrifices of losing in the beginning and not give up.
Have you been brainwashed by a churn shop? I was when I started trading and I sat there writing tickets everyday from 9:30-4:00. Then I ran statistics and saw that I was profitable at 11:00 95% of the time but only 60% of the time at 4:00. So I stopped trading past 11 unless it's really active and the market is just giving money out, and now my P/L is more consistent and my life is simpler. I spend 30 minutes reviewing my trades, but there's no need for me to work more than 2 hours to make my $500-1000. It's not about how much time you spend staring at the screen, but whether or not you know what you're doing and do you have an edge? Now, if you don't know what you're doing and you're only working a few hours/day, obviously that's a different story entirely... The doctor analogy doesn't make sense here. A doctor can't perform one amazing surgery that gives him 3 weeks worth of pay. "Trading is a fulltime job" was something my old churn and burn chop shop would say so that we would sit there and give our morning money back to them in the form of commissions. Trading takes as much or as little time as is required for a given trader to make money.
Gitty.....you are on the right track and will get there with that type of foundation to build from..but take your time and study the market or markets that you will trade. About all this day trading stuff !!!!!! Look at the commish that the locals pay in NY and Chicago, without those lower trading fees and BP that the clearing firms pass on..it is very hard to make it day trading/scalping in a high frequency system with out fees that are 70% lower than non members. It hard to do and thus swing trading futures is a better opportunity off the floor. My opinion only, but I have worked with and owned a trade operation for 4 years from 2002 to 2006 and this high frequency, key board jockey approach, only puts money in the shop owner and the exchanges/clearing firms for all those fees. Out os 200 traders that I have dealt with, the successful number was around 15 .......so this 90 to 95 % is ligit in my small sample. I got out of that business once I had a track record and was able to work with managed accounts, but it was pretty sad to see all the money lost over those 4 -5 years by guys that should not be in this completive game. It is addictive but if you treat is like a business and work at it and your own mind I think you can move the success rate up to 25%.
wow this guy jones is full of it, he has enjoyed fine restaurants, beautiful women , and private jets most of his life.. i know you you can be rich and unhappy.. but still.. money is powerful, it deserves respect..
ya, dont you just hate when these rich guys preach "money this...", and "money that..." Theres no way in hell these guys would do what their doing for much less.