What's the Biggest Reason Why Traders Fail?

Discussion in 'Trading' started by schizo, Jan 21, 2024.

Why do so many traders fail?

Poll closed Feb 20, 2024.
  1. Being undercapitalized

    13 vote(s)
    26.5%
  2. Not having a trading plan

    15 vote(s)
    30.6%
  3. Lack of discipline (eg. too emotional and not following a trading plan)

    20 vote(s)
    40.8%
  4. Lack of knowledge or experience (eg. either too dumb or too arrogant)

    15 vote(s)
    30.6%
  5. Lack of focus (eg. jack of all trades, master of none)

    11 vote(s)
    22.4%
  6. Poor money- and risk-management (eg. taking on too much risk)

    26 vote(s)
    53.1%
  7. Impatience (eg. always getting in and out too soon)

    13 vote(s)
    26.5%
  8. Overconfidence (eg. IT'S DIFFERENT THIS TIME!!!)

    16 vote(s)
    32.7%
  9. Being emotionally tied to the stocks

    8 vote(s)
    16.3%
  10. Being emotionally tied to the market direction (eg. alway bullish)

    8 vote(s)
    16.3%
Multiple votes are allowed.
  1. Good Morning ironchef,

    You nailed it buddy. And guess what, my cost is $0.00 and no distractions reading books and watching youtube, buying trading courses, webinars, talking to people, listening to anything.

    my cost is exactly $0.00 as well. besides my trading platform cost.

    And I manual guess trade too everyday and win in the ES futures market. And I read people getting scammed and losing all this large sum of money in the options and all that stuff. Blows my mind honestly.
     
    #31     Jan 22, 2024
  2. tomkat22

    tomkat22

    SML you keep saying "your cost is zero" but how much have you lost on losing trades the last few years? Whatever that amount is it counts as a "cost".
     
    #32     Jan 22, 2024
    murray t turtle and SimpleMeLike like this.
  3. ironchef

    ironchef

    Sounds easy, except the program part.
     
    #33     Jan 22, 2024
    SimpleMeLike likes this.
  4. Quanto

    Quanto

    You should offer also trading courses teaching how to use your algos... :)
     
    #34     Jan 22, 2024
    zghorner, SimpleMeLike and taowave like this.
  5. taowave

    taowave

    LOL!!!!!!!!!!

     
    #35     Jan 22, 2024
  6. Hello Quanto,

    Yes, that is a good idea, but not my thing, although that is what some folks is doing nowadays. Seems like a lot of work.
     
    #36     Jan 22, 2024
  7. Hello ironchef,

    lol, yes the programming part requires some time and effort. In addition, alot of the ideas fail, ALOT!!!!

    Easier to just buy the edge already built. I do like manual clicking everyday, that is a bit more rewarding.

    I actually do not program anymore. Easier to just guess and click.
     
    #37     Jan 22, 2024
  8. Good Morning tomkat22,

    Correct, I have lost money prior years of trading, not alot. About a total of -$5000 to -$10000 overall trying all sorts of stuff.
     
    #38     Jan 22, 2024
  9. ondafringe

    ondafringe

    Self-immolation...
     
    #39     Jan 22, 2024
    SimpleMeLike likes this.
  10. Hello ondafringe,

    I am not sure what this means, but programming is a very wise and profitable skill to have. And fun.
     
    #40     Jan 22, 2024
    ondafringe likes this.