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. Aisone

    Aisone

    You would have loved access to a quotron in the 80's then.
     
    #81     Jan 23, 2024
    schizo and TrailerParkTed like this.
  2. ironchef

    ironchef

    If you could find a way to automate that, you can go fishing and let your computer print money. Better than using your computer to mine Bitcoin.
     
    #82     Jan 23, 2024
  3. themickey

    themickey

    I see a problem with DOM following as a trading system, although its following the crowd following momentum, it doesnt see the whale who appears out of the blue to swallow the swarm of fish.
     
    #83     Jan 23, 2024
  4. schizo

    schizo

    No officer, I'm only trying to pimp my stocks to those who are dumber than me. Thanks god, you ain't on the west coast. Imagine standing in a phone booth at 6:30 in the morning trying to jerk everyone's chain.

    87 BID!!! 87 1/4!! OH FU*K WAS THAT 89??!!!

    This is why I can't figure out how to trade the DOM to this day. I can't hold down all them numbers in my head. On the chart, even though still tricky, I can kinda visualize the patterns.
     
    #84     Jan 23, 2024
    TrailerParkTed likes this.
  5. deaddog

    deaddog

    I as under the impression that back in the day the floor traders used point and figure charts.
     
    #85     Jan 23, 2024
    schizo and TrailerParkTed like this.
  6. schizo

    schizo

    Back in the 60s and 70s, they were drawing charts manually by hand. But then again, the volume was pretty insignificant by today's standard so they (or their hired hand) could probably do that while trading.
     
    #86     Jan 23, 2024
  7. newwurldmn

    newwurldmn

    you don’t feel the misery when you lose money?

    while I have gotten used to the drawdowns they still sting at my ego.
     
    #87     Jan 23, 2024
    TrailerParkTed likes this.
  8. Discomfort if the loss was outside the risk parameters. I don’t size up like you, Dustin or Dest so my losses are negligible to you guys. It’s the not letting the trades expand that kind agitate me. DWAC & SMCI calls today.
     
    #88     Jan 23, 2024
  9. newwurldmn

    newwurldmn

    I think Dustin and des are on another level.

    I think you turnover a lot more than I do.
     
    #89     Jan 23, 2024
  10. Good Evening beginner66,

    It does not matter what time frame or what bar I use.

    It makes no difference at all @beginner66

    The ONLY think you need to do in the ES futures market is 1 simple thing and one simple thing ONLY and that is

    1. Make money either everyday, everyweek, or every month for the rest of your life. PERIOD. That is it.

    It not rocket science. But to be an ES Master like me, it all starts with how you think, not what you think you know. What you think you know is a lie. Just take money from the ES futures market everyday.

    It is ALL about the money.
     
    Last edited: Jan 23, 2024
    #90     Jan 23, 2024
    beginner66 likes this.