With all the uncertainty, risk, and failure rate associated with trading, why would one choose to become a professional trader?
Trading is a magnet for ego. It is full of promise and challenge and all egos relish a good scrap, especially when the odds are stacked against them and they have a sniff of heroism in the sweetened air. Statistics that regularly confirm that only 10-20% of traders are consistent net winners are music to the ego's ears. No self respecting ego could countenance the prospect of being in the realm of those poor, impoverished, less able 80-90%. http://www.forexjournal.com/index.p...g-and-ego-&catid=43:foot-drink&Itemid=509/vb/
Everybody has their personal reasons. My is familiarity due to the fact I grew up around traders (e.g. old man was an ex-floor trader prior to going to the FED, cousins work on wall street, another cousin maintains the servers at the CME, close family friends are institutional traders). Simply, it's always been viewed as a job to me and because of such I have a great support group. By the way, just like any other job, you need training or education to properly compete. One of the main reasons why I think trading attracts individuals is because they think they can do it without the training or education as in trying to take a short cut to financial freedom. This is why there's so much uncertainty, risk and failure rate. Regardless, the way things change in the economy, industries or specific companies...is there really a such thing as a safe, low risk job? My point is even if there's such a job...eventually shit does happen and you're out of a job or looking for a new one because the current one now sucks. P.S. Those that dream of being a professional athlete have a higher failure rate and there's more risk. P.S.S. Research shows that most folks work in jobs they don't like. Mark
Why do so many want to be a trader, despite the risks and long odds? Bella of SMB Capital said it pretty well: <blockquote><i> In your life you get very few opportunities to do something great. This is one such opportunity. Most in the world are in dead end jobs. This is never one of those jobs. In One Good Trade (Wiley Trading) I created a fictional character in Why Traders Fail who enters the game of trading for the coolness of it all. This character daydreams telling a young lady what he does and her disinterest instantly turning to total interest. Let me be clear, this is exactly what will happen. Other than playing CF for the New York Yankees or being a rock star nothing is cooler than being a professional trader. You will learn more about yourself in a year of trading than working for twenty years at never-challenge-me corporation. Learning to successfully navigate the markets is the Mount Everett of your professional life. </i></blockquote> And Larry Williams perhaps summed it up the best of all: <blockquote><i>It is about letting the world know I found a way out.</i></blockquote>
Tiz ull ehboutght ze parsonelity dysoredas. Ene genarel, mosht traidors argh: => enty-soso. => leizy. => proughld. => griidie. => eetc. mure den ze genarel popeulas!
For me its the ability to everyday come into the market and try to be an elite performer. Its the closest thing I will ever get to being a professional athlete, all the practice, hard work that I have put into this craft gets tested every day.