you are absolutely right: the vulture is the most long living role on the market but who have the courage to admit that he dreamed of becoming a partner vulture?
Look at the first part of my nickname. Seriously, I like vulture analogy, it may be not too "cool" but it's relatively safe way to parasitize on lion's dinner.
hey emg, if you can tear yourself away from the stroke inducing breakfast of yours...have you honestly answered if you are one of the losers; or one of the winners?
http://www.elitetrader.com/vb/showthread.php?s=&threadid=238230&perpage=6&pagenumber=1 Higher Education is the key to become a successful trader! Higher Education!!!
e, keep drinking the cool aid as you obviously are in the loser camp. ivy grads can't do squat at trading. cheers, s
What's funny about this assertion is that most Finance professors tend to teach the efficient market hypothesis (I know that's what I was taught in my Finance courses), so they will tell you not to become a trader at all. That's for the most part, although there is a minority of Finance professors who are active traders because they believe they've found an inefficiency in the market. But, basically you've reversed the causation. People who get accepted to top Finance programs are already intelligent enough to become good traders. Since Finance programs don't really teach you trading anyway, except indirectly through teaching you how to do valuations and financial statement analysis, to say that these people become successful traders because of what they study in school is incorrect. What these people learn about trading is either self-taught, since a lot of them were at least moderately active traders before school, or learned on the job. Now, it is true that recruiters for trading positions generally won't talk to you unless you've got certain credentials, but it's not the credentials or really even what you learn in school that makes you a good trader, it's your own skill. Basically, what you really want to say is "Being smart enough to be accepted to a top Finance-related program is the key to becoming a successful trader".
What types of people are attracted to trading in the first place? Thrill seekers? Gamblers? People who believe in get rich quick schemes? Lazy people? People who dont think of it as "work" People who give up easily? People who cant afford it? Educated? Uneducated? Id love to see a study on the types of people who go for it..... Me? I am not gonna say i am a 10% just yet, but im getting there... 16 months of consistancy is good for most, but its gotta be that way the next 16 months, and thereafter. (No, not every month is profitable). Ive been in the green 12 out of the past 16 months and just came off a max loss april. May has not gotten off to the greatest start for me either. But, Basically, I cant afford to lose money. The "book" would probably say i am undercapitalized. But this has worked to my benefit i believe. I just cannot lose money, the money is not 100% mine to lose. Plus, ive burned paths to other ventures.....so, I have to do this. Ive spent too much money and time in it to let things slip. Otherwise its odd jobs for me, which has kept me from being too stupid in the market. When you get hit on the head a thousand times, i believe everyone would eventually realize it hurts....but many do not have a long haul approach, nor are they able to stay in this for the long haul which is understandable.... These folks will either burn thru their capital intentionally to "move on" or just say "f... It, im going for it all this time"..... Thats when u get forced into being a 90% statistic. Allow me let me to be clear......Im not getting rich from this just yet,(been trading 2 1/2 yrs) but the future looks bright for me as long as i keep doing what im doing and dont get stupid... To those who are aspiring, i will be honest and say that if my wife didnt have a good salary, i would have had to do something else by now. So, i am fortunate compared to many. I try to remind myself that every day. So, thats my story. I dont really post to this forum, but i find this thread topic interesting.
Poor planning is the key to failure.Poor money management follows.Taking high leverage could be a course too since it posses higher risks.Never enter a trade because the price is suddenly rising or falling. Always plan your trades in advance. Know your desired entry point, Take Profit and Stop Loss rates before you trade and wait for the right opportunity to arise.